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.
Verify Execution in the Terminal (Ctrl+T)
Confirm your ticket number, entry price, SL, TP, and current floating P&L under the 'Trade' tab.
🏆 Top MetaTrader 4 & 5 Brokers
Audited for optimal MetaTrader server speeds, minimal slippage, and support for automated EAs.
IC Markets
ASIC · CySEC · FSA- True ECN connectivity with raw spreads from 0.0 pips
- Equinix NY4 server cross-connects (<1ms latency)
- Zero restrictions on scalping, news trading, or EAs
RoboForex
FSC Belize · CySEC- Proprietary CopyFX social copy trading network
- Pro-Cent accounts for micro-lot testing with real cents
- Free VPS hosting for qualifying active accounts
Admiral Markets
FCA · CySEC · ASIC · JSC- Exclusive MetaTrader Supreme Edition add-on suite
- Free premium market sentiment and volatility indicators
- Mandatory Negative Balance Protection for all retail accounts
📌 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.
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.