As far as I can see there's not a lot of difference (apart from it being the 'IN' thing) between synthetic phonics and the stuff I was taught to teach at college 37 years ago.
However if your little one is only 4 I wouldn't bother to try all that much yet. You don't say if he/she is already in school. If he is ask at school how they teach reading. That way you'll know and not confuse the child with different ways and so put them off reading for life.
At that age 'sharing' books and reading them both with and to the child encourages the fact that reading can be fun. There's loads of brilliant children's books about for that age group these days. A check of any decent book shop or your local library will show you. Don't be afraid to ask for help.
Good luck. You may be lucky and find your school already uses a phonic approach. Many do these days - or at least a mix of phonic and 'look and say'.