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How to use MT4 and MT5 with AI


The Metatrader suite of platforms, which consists of MetaTrader 4 (MT4) and MetaTrader 5 (MT5), is the most popular trading platform for retail foreign exchange (forex) investors and is developed by Metaquotes Software Corporation.

We expect to help you invest in forex efficiently and improve your results. Get extra forex trading insights from leading finance experts on the trading Academy and on our free forex Telegram channel. When trading forex, we suggest you consider long term results.

Traders all over the world use the Metatrader platform because of its advanced features, making it a good choice for professional forex traders. Wiseinvest clients, including Wise AI trading and AI forex signals subscribers.

What you can learn ahead

  • Basics on using MT4 and MT5 to trade forex
  • Getting started on forex trading with MT4
  • Does MT4 or MT5 work with AI trading?
  • What is the best way to trade forex without complex trading platforms

Whether you are a beginner or already have experience trading, this article will show you how to use MT4 and MT5.

Desktop and Web Version

The first step to using the Metatrader platform is to download the software to your desktop and mobile devices.

There is also MT4 web, a web-based version, which can be a great option for those who just need to check a position, modify an order, or enter or close an existing trade. (note: MT5 web is also available).

 

how to trade forex using mt5

Starting with the MT4 desktop version, as an example, the software can be downloaded directly from the developer’s website, and is primarily designed for Windows PCs.

There is also a version of MetaTrader for MAC, but it is not a native application and is wrapped within an emulator environment called Wine (which simulates windows on your macOS). Alternatively, if you have a windows emulator already installed on your macOS, such as Parallels, then you can proceed to install the windows version within that environment.

Follow installation instructions

After following the relevant instructions above to download and install the software, depending on your operating system, the next step is to launch the software by finding the application icon that will be installed in your local directory (the exact location is usually shown during the installation process).

Upon launching the MT4 platform, there will be a default layout with information that begins to populate, such as chart and prices, and a prompt should appear with the login screen.

Logging in to the MT4 platform with a demo account

When you are ready to log in to the MT4 platform, you can use an existing demo account that has not expired, provided you have the username and password, and choose the relevant broker from the list of server options.

how to trade forex with mt4

Alternatively, if you don’t have an existing demo account, you can set up a free demo account with one of our recommended brokers or the Metatrader broker of your choice.

Once you have entered your login information successfully, the platform will begin to fully load the broker’s products and related prices which will populate the default charts.

MT4 can be easily navigated using its main menu headers on the top, which include the File, View, Insert, Charts, Tools, Window, and Help sections. There are also toolbars where you can access the charts and line studies (drawing objects).

mt4 forex trading

The terminal is another important section of the platform. From the terminal section, you can access the lower tabs which include the Trade, Exposure, Account History, News, Alerts, Mailbox, Company, Market, Signals, CodeBase, Search, Expert Advisors, and Journal.

There is also a detailed user guide, in case you need any additional help finding your way around the MT4 platform.

Trading forex

Just like the MT5, the MT4 platform supports common order types, ranging from market orders to pending orders, and you can attach stop-loss and limit-orders to pending orders as well.

By attaching a stop loss and take profit to your pending order (or market order), once executed, any stop-loss and take profit will also be activated for risk-management purposes.  More advanced features include the ability to add a trailing-stop-loss order. There is also the ability to trade directly from charts, using the quick trading feature to enable one-click trading:

forex trading mt4

Metatrader Mobile app

The Metatrader mobile app is available for Android and iOS devices, directly from the developer. Using the mobile version is much like the web version of MT4, the app is limited in functionality, giving you just the basic options of managing your account, including open positions and orders, and viewing prices and basic charting.

Algorithmic trading

One reason why Metatrader platforms are popular is due to the ability of traders to use algorithmic trading strategies known as “Experts.” Experts are programs that are written in the MetaQuotes Language 4 (MQL4) syntax, from within the desktop platform by using the MetaEditor tool.

Experts can also be tested and optimized over historical price data, through the Strategy Tester section of the platform.

Artificial Intelligence

While there are thousands of Metatader-compatible automated strategies on the internet for over a decade, such as found in the Metaquotes forex signals market, none incorporate artificial intelligence (AI). Wiseinvest has made a powerful entrance into this ripe market for AI trading, thanks to years of research & development, with the release of our AI trading system and manual AI forex signals subscription-based service.

Wise Automated AI trading and AI forex signals

That’s why our clients who subscribe to Wiseinvest AI trading system and AI forex signals use the Metatrader platform for its simplicity, and not for its automated trading features, which can be overly complex. In addition, most strategies on the market are unable to perform consistently over time. We aim to change that trend as our track record evolves with returns that are targeted above-average.

Regardless of your broker or platform, whether you are a passive or active trader, we are confident that our signals will help bring value to your trading toolbox.

At Wiseinvest, we proud to be a leader in combining AI trading systems for more than 40 simultaneous strategies, to deliver professional-grade trading signals to our subscribers.

Does MT4 or MT5 work with AI?

A frequent question we have received from forex traders is regarding the use of AI on MT4 or MT5It is important to make clear that MT4 does not support AI and many websites out there have been promoting this sort of service (MT4 with AI).
You should also be wary of free forex signal providers and fake professional traders who may be scammers displaying that they offer AI through MT4. The native trading code solutions of Metatrader are not able to fit an AI software.
The only way to use AI via MT4 or MT5 is to connect it to an external source, on which the AI can execute, mirroring the negotiations on Metratrader.
With Wiseinvest automated AI trading, you do not need MT4 or any other trading platform. You just need to link your forex broker account directly on our dashboard and enable the AI trading in 1-click.

The best way to trade forex

There are two ways to invest with our AI in forex without concern about MT4/MT5 or any other trading platform.

1. Automated with AI-Trading. Check out the 3 steps to trade automated with our AI.

automated trading with ai bot

By trading forex automated with AI, you will save time and improve your performance without monitoring the market and managing trading platforms.

With Automated AI trading you do not need MT4 / MT5 and other trading platforms to invest in forex. All forex trades are automatically placed into your broker account every time that our AI system identifies a new worthy trading opportunity. You can monitor the AI trading performance in real-time directly on our dashboard.

Automated AI trading benefits

  • Setup in 3 minutes.
  • Totally hands-off, from anywhere.
  • Invest from just $1.
  • APY of 40% over the past 13 years*.
  • Lightning-fast execution & no slippage.
  • No commissions, no management fees.
  • Portfolio with 40 different automatic strategies.
  • No MT4/MT5 or other platforms required.
  • Test with a risk-free practice account.
  • Trading results directly on our dashboard.

Don’t you have a broker account yet? Our AI is integrated to trade automated with the broker Oanda. Click here to open an account.

2. Manually with AI forex signals.

Wiseinvest also provides AI forex signals that perfectly fit into MT4, MT5, and any trading platform. To trade with our AI forex signals, you must simply copy the data you receive from each real-time signal into any forex brokerage account of your choice.

There are five unique variables for each AI signal, and each must be copied exactly, in order to match the performance of the signal as close as possible.

Each AI forex signal alert consists of the following five data points:

  • Symbol (forex pair)
  • Direction (long or short)
  • Position size (number of units or lots)
  • Take profit (price level to exit with maximum gain)
  • Stop loss (price level to exit with maximum loss)

Check out how to trade with our AI forex signals.

  1. Subscribe to a Wise-Plan.
  2. Open a Brokerage account. Check this article about the best forex Brokers.
  3. Set an amount and a position size on our Wiseinvest dashboard.
  4. Our AI will send you real-time trading alerts by email and Telegram.
  5. Copy the signals and paste into your Brokerage account.

All forex signals are sent every time that our AI trading system identifies a new trading opportunity. Our trading strategies are developed on a variety of time frames such as 4 and 8 hours.

Wiseinvest AI forex signals are Market Orders and you do not need the entry price. You can copy each signal while it is available on our dashboard. We do this way to assure that traders will just place signals while they are good to be traded.

You can trade forex with our free forex signals clicking here, or with our Premium subscription that provides you unlimited AI signals and automated AI trading in partner brokers. Whether you are a beginner or a professional forex trader, our AI trading system can help you save time and improve your trading performance. Get started with free AI.

When investing through Wiseinvest automated AI trading or AI forex signals, you do not need to calculate pips and change the leverage in your forex broker account. Learn more about leverage in forex trading clicking here.

What is the AI performance in forex trading?

The Win Rate of our AI moves as shown by the period and can reach up to 95%. The introduction relies upon the capable wild estimation metric, which infers that our model is valuable at whatever point the Win Rate is more noticeable than 60%. All methods of our AI trading system search for stable returns and sufficient results to achieve an ordinary return of 40% consistently (APY), without the usage of high impacts.

We appreciate that what is significant in forex trading is the definitive result. Thusly, the money related master needs to consider that Win Rate isn’t commonly the best estimation to measure execution in forex, as other sign providers uncover. For instance, out of 100 trades, solitary 1 trade may be an adequate disaster to make the 99 trades not gainful. For this circumstance, the Win Rate would be 99%, yet the convincing result would be unfeasible (negative).

We revolve around the appearance of 40% of APY and not just on Win Rate.

It is essential to see that forex brokers may charge spreads, commissions, and overnight costs in your trading account, and these components can impact the AI execution. You can check our forex trading history to see more about AI trading execution clicking here.

How much do I need to trade forex with AI?

You can start in forex trading with a free AI signs or AI trading record and make a store from just $1 in the dealer. It is moreover possible to test using a danger-free practice account with our AI trading structure. Regardless, in order to do a capable peril, the board in authentic records, we suggest you start from at any rate $100. Notice that some forex traders require assorted beginning stores to trade forex.

What is the trading strategy of our AI?

Our AI methodology is the blend of different AI trading structures, with more than 100 features, that portray 40 particular strategies which simultaneously consider: Quotes of the 28 forex symbols, Supports, and Resistances in different time-frames, Trends and Counter-designs, Cross-markers, Index of each pair, Economic Calendar, Investors Sentiment.

Our AI looks at those fundamental, technical, and sentiment factors that impact forex trading, and all models are surveyed constantly using different burdens. In the wake of completing the examination, the choice of the sign transmission procedure is made considering the improved likelihood of flashing advantage and the total open for theory.

Using technical analysis, our count considers not simply the instances of various examples, including sponsorship and deterrent levels and cross-pointers, yet our AI is moreover prepared to make its own progressing record for each cash pair, that is used to recognize what is the best course and target.

Practically identical to fundamental analysis in forex, the AI makes an association inside the budgetary calendar to find news data that can impact express money sets.

Why trust Wiseinvest instead of other trading solutions

These are the main reasons why forex traders at all levels trust us, rather than other trading solutions.

  • Our automated AI trading is efficient, simple, safe and affordable. You do not need MT4 or other complicated platforms to trade forex.
  • We are a legitimate and reliable company with extensive experience in finance. We combine 19 years of trading experience and extensive academic research in the financial markets.
  • Our AI outperformed the investment market with an average annual return of 42% over the past 10 years (2011-2020).
  • The automated AI trading works with some of the best forex brokers.
  • When using our AI solutions, all your money is protected by brokerage firms.
  • We do not have access to withdrawals from our customers’ accounts.
  • All of your data is encrypted and will never be shared.

Disclaimer: Forex and Contracts for Difference (CFDs) are complex instruments and come with a high risk of losing money due to leverage. Forex trading is not suitable for everyone. You should consider whether you understand how forex and CFDs work and whether you can afford to take the high risk of losing your money.

The forex brokerages displayed shall disclaim the overall performance of traders in their platforms. Oanda warns that 76.8% of retail forex traders lose money trading CFDs. XTB warns that 80% of retail forex traders lose money trading CFDs. The forex broker Fxcm warns that 69.66% of retail forex traders lose money trading CFDs.

The performances aforementioned are not related to Wiseinvest AI forex trading and AI forex signals system. You can check the performance of our AI forex system on our dashboard.