Most foreign exchange (forex) brokers are using the Metatrader trading platform for their forex traders. Metaquotes is the developer of the MetaTrader software and it has developed two versions of the software Metatrader 4 (MT4) and Metatrader 5 (MT5). Like most software developers, Metaquotes is releasing new versions of MT4 and MT5 periodically. These new versions may fix the bugs in the earlier version. Additionally, the latest version of the software will also include new features that will make it easier for the forex trader or will help improve their performance while trading in forex. Most people will prefer to update the Metatrader which they have installed on their desktop since the personalized settings will be retained.
The trader can update MT4 manually using right-click on the Metatrader icon on the desktop and then the trader needs to run the application as administrator. When MT4 or MT5 is opened and the computer is connected to the internet, the latest version will be automatically installed. This method of updating will ensure that all the information of the forex trader is retained, no time has to be wasted customizing or adding data.
Typically, like most software, the default setting for MT4/MT5 is updating the software automatically. This means that the software will periodically check the Metaquotes website to find out whether there are any new updates. These new updates will be downloaded automatically on the computer, laptop, smartphone, or another gadget where MetaTrader is installed. The updates will be made automatically so that the updated version is available. However, in some cases, the forex trader would prefer to update mt4 manually since they want to control what is downloaded on the computer.
People with a slow internet connection may not want automatic updates since it will make their connection even slower. So they will change the default update option in MetaTrader from automatic to manual. However, in this case, they will have to manually check the MetaTrader version installed on their computer, and find out the latest version which is available at the official website. The version information is available in the help section of the MetaTrader menu, under about subsection. It will have details of the version and build. If there is any difference they will have to arrange for a manual update of the MetaTrader on their computer to the latest version.
Reinstalling MT4 software
Alternately the latest version of the forex trading software can be downloaded from the brokers website and installed after uninstalling the earlier version. This fresh installation of MT4 or MT5 will remove any customized settings of the forex trader, he may have to spend some time customizing the settings again. If the older version of MT4 or even the device where it is installed is hacked, uninstalling is a better option, since the updating, the earlier version may also allow the hackers to retain control of the gadget, steal confidential information.
Forex traders spend a lot of their time connected to the internet, so their gadgets are more likely to get hacked. Hence many of the forex brokers do not allow the traders to trade forex if they do not have the latest version of MetaTrader installed. So though it may be tedious, it is important to update mt4 regularly.