How does Copy Trade on MT4? – MetaTrader Tutorial

Have you ever wondered how to copy trade on MT4 in the best way? Why are more and more enthusiasts in the world of finance interested in learning something like this? And, above all, what does the famous label “MT4” even represent?

Whether you are a beginner in this industry or have already gained some relevant experience, it is very important to familiarize yourself with how to copy trade on MT4 and learn everything crucial related to this ticker.

Intelligent copy trading on MT4 can earn huge profits over time. Learning how to copy trade on MT4 is, undoubtedly, one of the most profitable things you can do as a devoted trader.

In case you’re a seasoned trader, you have probably heard about the MT4 team and how the famous MetaTrader 4 has impacted how enthusiasts trade in financial markets. However, here you’ll get to know one of the most innovative and interesting aspects of MT4, copy trading. But before that, let’s know what MT4 represents, shall we?

What is MT4 all about?

MT4 is short for MetaTrader 4 and refers to a widely used electronic trading platform launched in 2005. It’s mostly used by retail foreign exchange speculative traders online. This famous platform was developed by MetaQuotes Software, licensed to foreign exchange brokers. They provide the software to all their interested clients worldwide.

Server and Client Components

MetaTrader 4 is a software that consists of both server and client components. Regarding the server component, it’s crucial to understand that the relevant broker runs it. On the other hand, the client software is given to the customers of that broker who utilize it to:

See live streaming charts
Get to know the live-streaming prices
Manage their accounts
Place orders

The Microsoft Windows-based application

MetaTrader 4, or MT4, is an application that is Microsoft Windows-based. It mostly became popular because of the great ability of end users to write their robots and trading scripts for automated trading.

In 2010, the MetaTrader 5 was released as the MetaQuotes successor. Nonetheless, the uptake was extremely slow, so numerous individuals worldwide continue using MetaTrader 4.

Where is MetaTrader 4 available?

Even though Mac OS users cannot use MetaTrader 4 version, some brokers have managed to provide their version of MT4 for Mac OS since it’s not available on that operating system. Besides that, you can use MetaTrader on Android and Windows Phones. Until September 2022, the MT4 was also available on iOS.

The complete package of the MetaTrader 4

Before learning how to copy trade on MT4, you need to know the several major components of the MetaTrader 4. Here they are:

MetaTrader 4 Mobile
MetaTrader 4 Server
MetaTrader 4 Manager
MetaTrader 4 Client Terminal
MetaTrader 4 Administrator
MetaTrader 4 Data Center

Besides these components, it’s crucial to understand that MT4 is focused on margin trading. So, what about copy trades and MT4? What is necessary to know about it?

What is MT4 Copy Trading exactly?

MT4 copy trading, or copy trade MT4, refers to a concept that enables users to copy winning strategies to easily trade their favorite financial asset. Integrating cryptos, commodities, and CFDs on the MetaTrader 4 platform has enabled traders with a new lifeline.

For years, enthusiastic traders have utilized MetaTrader 4 to trade numerous financial assets. This platform has gained widespread popularity since its inception in 2005. The trading community adored MT4 because of its fantastic user-friendly interface, automation, streamlined operations, and innovative trading features.

It is extremely easy to make MT4 work for you 24/7. There aren’t any complicated learning curves or setups. It’s important to understand that MT4 is suitable for both beginners in the crypto Universe and those with some valuable experience.

How does MT4 Copy Trading Function?

With the rapid development of technology, trade signals led to so-called “mirror trading.” This type of trading enabled numerous traders to mimic successful trading strategies.

Even though this so-called “mirror trading” enables automated trading, it’s restrictive. Traders aren’t allowed to change parameters. Instead of that, they need to follow trading strategies. With the emergence of MT4 copy trading, all that has changed.

Utilizing the MetaTrader 4 platform, traders can easily follow a trading strategy. In addition to that, they’re able to define their trading parameters. Since it’s an entirely new setup, it’s relatively easy to change all those parameters, such as:

Profit margins
The exact number of trading lots
Stop-loss, and more.

Without a doubt, MT4 has brought copy trading to an entirely new level. So, how do copy trade on mt4 exactly? Here is what it’s crucial to know!

How do you set copy trade on the MT4 platform?

If you were wondering how to copy trade on the MT4 platform, you’d be delighted to know that we’ve prepared a simple guide on placing copy trades on it. The MetaTrader 4 platform is extremely easy to work on when you know all the basic rules. To provide you with the most efficient copy trading on the MT4, here are all the necessary steps:

Get yourself an MT4 trading account on a relevant trading platform. Make sure to click on a confirmation email that includes your login and password info to your MT4 platform.
Download the MetaTrader 4 platform and register for a special MQL5 account. With that server, you can add additional signal providers in the future to your MetaTrader 4.
Make sure to find the “Signals” tab in the Toolbox section at the bottom of the MetaTrader 4 platform.
From the list shown, pick the best provider and add it to the chart.
Choose either the free or paid crypto strategy you wish to use from the list below. If you’re interested in testing the platform, we advise you to start with the demo account.
With the subscribe button, you’ll get to select desired trade parameters that will be shown on the pop-up screen. We recommend using the default settings if it’s the first time you’re wondering how to copy trade on MT4 and how to use MT4 copy trades. On the other hand, those with experience in crypto trading could set their trading parameters accordingly to their goals and risk relish.
Once you’ve managed to subscribe, you will see the trade statistics of your subscribed strategy. You’re able to do so by clicking on the “Statistic Tab.”
If you wish, you can unsubscribe from the chosen strategy by clicking on the strategy’s name and selecting the button: “unsubscribe” on another page.

However, our expert advice is always to try the demo version before you really get into MT4 copy trading. Only in that way will you learn how to copy trade on MT4 the best and why it is essential to know so.

Can you become an MT4 signal provider?

Believe it or not, you can become an MT4 signal provider. Everyone is more than welcome to do so by following these simple steps:

Register through your MT4 account.
Right-click on the account number you’ve got in the navigator panel in order to commence the registration process.
You’ll be taken to the signup page, where you’ll be able to fill in your profile details.
Agree to terms and conditions.
Type in the SMS code on the screen you’ve received on your mobile phone.
After your request gets processed and approved, you’ll be dispatched to the moderator.
Once receiving the message on your mobile, you’ll be able to log in to an MQL5 page to create the signal.
Fill in the required form to create your signal.

Keep in mind that once you’re listed on it, all the other traders will be able to find you and subscribe to the trading strategy you’ve chosen. MetaQuotes exist to enable the system with additional visibility and exposure as you progress through the ranks.

What are the main benefits of using MT4?

After, or even before you started learning how to copy trade on MT4, you’ll probably ask yourself, “What are the main benefits of using this platform in the first place?”. Here are some of the main advantages of using the MetaTrader 4 trading platform:

Save your capital – It’s unnecessary to lose your money to become a great crypto trader. With MT4 copy trading, you can rely on professionals who have the necessary knowledge, which means you’ll get to skip the line.
Trade with limited knowledge – Even though you might have limited knowledge about the copy trade MT4, there’s a big learning curve involved here. It will allow you to become a profitable trader in the long run.
Learn to use profitable crypto trading techniques – It’s extremely important to understand that copy trading assists beginners in learning all the profitable and successful trading strategies. They’re able to learn by visualizing experts’ underlying trading patterns.

Conclusion

Using MT4, or MetaTrader 4, has a lot of advantages. With it, traders can manage their copy trades without needing professional help or relying on crypto experts. This platform is unique because traders can generally manage copy trades on the fly.

Ultimately, we are talking about a huge step in the right direction. It’s changing how numerous traders from across the globe are copying trades.