Key Takeaways from Lesson 4
- MT4 is ideal for forex-only and legacy EAs; MT5 is superior for multi-asset trading, faster backtesting, and more timeframes.
- Master core hotkeys (F9, Ctrl+M, Ctrl+T) to navigate efficiently.
- Always input Stop-Loss and Take-Profit values directly in the F9 order ticket.
- Use VPS hosting if running automated Expert Advisors 24 hours a day.
Developed by MetaQuotes Software, MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are the undisputed industry standards for retail forex and CFD trading. Over 80% of online brokers provide MT4/MT5 access due to their rock-solid execution engine, extensive charting suite, and unmatched automated trading ecosystem.
MT4 vs. MT5: Which Platform Should You Choose?
| Feature | MetaTrader 4 (MT4) | MetaTrader 5 (MT5) |
|---|---|---|
| Asset Coverage | Primarily Forex & CFDs | Multi-asset: Forex, Stocks, Futures, Commodities |
| Timeframes | 9 standard timeframes | 21 timeframes (including 2-minute, 8-hour) |
| Order Types | 4 pending order types | 6 pending orders (adds Buy/Sell Stop Limit) |
| Depth of Market (DOM) | No | Yes (view real-time bid/ask order book) |
| Programming Language | MQL4 | MQL5 (faster, object-oriented execution) |
| Economic Calendar | No built-in calendar | Built-in real-time news & data calendar |
Essential Keyboard Shortcuts & Hotkeys
| Hotkey | Function | Practical Benefit |
|---|---|---|
| F9 | New Order Ticket | Instantly open execution window to enter market or pending orders |
| Ctrl + M | Market Watch Window | Display real-time bid/ask quotes and spreads for all symbols |
| Ctrl + T | Terminal / Toolbox | View active trades, floating P&L, balance, margin, and account history |
| Ctrl + N | Navigator Window | Fast access to multiple accounts, indicators, and Expert Advisors |
Step-by-Step: Executing Market & Pending Orders
4 Steps to Flawless Order Execution in MetaTrader
- Open the Order Window (Press F9). Select your currency pair symbol and verify the volume matches your calculated lot size.
- Select Order Type. Choose 'Market Execution' for instantaneous entry at current price, or 'Pending Order' (Buy Limit, Sell Limit, Buy Stop, Sell Stop) to enter at a future price level.
- Enter Exact Stop-Loss & Take-Profit Targets. Fill in your SL and TP fields directly in the ticket before clicking Buy or Sell. This registers safety limits on the broker server.Tip: Double-check that your stop-loss price is on the correct side of the market price.
- Verify Execution in the Terminal (Ctrl+T). Confirm your ticket number, entry price, SL, TP, and current floating P&L under the 'Trade' tab.
Brokers mentioned in this lesson: published data
Figures come from Brokeli's published research snapshot and can differ by country and legal entity. This is not a recommendation.
Frequently asked questions
Are MT4 and MT5 free to use?
Yes. MetaTrader software is 100% free for traders. The license fees are paid directly by the brokerage company.
Can I run MT4 Expert Advisors (EAs) on MT5?
No. MQL4 and MQL5 are distinct programming languages. EAs written for MT4 must be converted or rewritten to run on MT5.