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iPhone App Review: MetaTrader 4

iPhone App Review: MetaTrader 4

September 9th, 2012 by

Trading in the Forex markets is now something you can take on the go wherever you are, with MetaTrader 4. Connect to your broker, execute orders, and hopefully watch the money roll in if you know what you’re doing. MetaQuotes Software has created an easy-to-use pocket-sized version of their popular free desktop forex trading software, and if your broker is running the compatible server on their end you should be ready to go right out of the gate.

How It Works

Your first task when you fire it up is to create an account. You can select your broker and log in through the app, or create a demo account to try things out before you make the plunge with your own money. The app is divided into 5 screens: Quotes, Chart, Trade, History, and Settings.

The quotes screen shows a customizable list of financial instruments. Tapping on an item brings up an option window: Trade, Chart, or Details.
The chart screen naturally charts the trading price of your selected item, and has several widgets and menus to customize this chart. There is also a handy crosshair that you can drag around the chart to pinpoint areas for more precise study.

The trade screen shows a quick run-down of your account, with your profit, balance, equity, and margins at the top of the screen. Tapping “Open Position” slides you over to the transaction window, where you can select am instrument and create an order to execute a trade. Depending on your choices the next screen may also have some options, which I hope you understand because I certainly don’t, but it all looks very detailed.

Pros And Cons

This app is similar in most respects to their newest version, MetaTrader 5. There are some underlying differences in how orders are executed or placed and the speed of the scripting engine, but everything I said about MetaTrader 5 more or less applies for version 4.

The layout of the app is intuitive and simple, so that even a financial idiot like me could play “let’s pretend” with the demo and feel like I was doing things that made sense. The charts in particular are well executed, and while they are small you can use the crosshair tool to target a specific point on the chart and see the date and price.

Another handy tool that’s buried in the app is the journal, which is sort of the raw data behind the history screen. It’s basically a text dump of every command and the response that came back from the server, which is a nice feature to have for those of you who are paranoid about your money and need a place to double-check your work.

My only issues with the app would be to have a universal version, so that the graphics are scaled up for the iPad, and I would also like to see the app start quicker after switching away and back. You should also look at MetaTrader 5, which is similar to 4 in most respects but features different methods for placing an order and a faster scripting engine (but check with your broker to see which versions they support).

Overall

MetaTrader 4 is a great free app for tracking and managing your forex portfolio. With wildly customizable charts, an offline mode, and support for all types of execution modes, it’s a handy tool to have in the pocket of any forex trader.

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