MetaTrader is a free electronic trading platform published by MetaQuotes Software that allows retail investors to trade in the foreign exchange and futures markets, according to the company's website. The company has released several versions of the software, including 2005's MetaTrader 4, which is the world's most popular foreign exchange trading platform. As of 2015, the company has released an updated version, MetaTrader 5, but continues to support MetaTrader 4 as well.Continue Reading
When a user first installs the MetaTrader software, the program begins in a demo mode that lets the user learn the software without risking real money, according to Investopedia. The program's default settings show four real-time charts representing pairs of currencies on the foreign exchange market. The user can customize the charts in various ways. Once an account is linked, the user can begin placing orders, including stop loss and take profit orders in addition to standard buy and sell orders.
Much of MetaTrader's power lies in its ability to execute scripts, explains Investopedia. Scripts allow users to program the software to trade automatically based on technical indicators. Another powerful feature is the program's historical data and demo mode functionality, which allow users to backtest and practice a trading method before going live with real money.Learn more about Investing