Most traders are completely novice of the trade secrets in Forex trading. They are lured to believing that pure gut and instinct alone is enough to survive. While some call dibs on signal providers, others are busy taking on some forex trading video tutorials on how to become a pro. Truth be told, there may or may not be trade secrets in Forex reality but if you pick the right trading platform, then you may have one.
One of the most common trading platforms that are notably used by starters and even skilled traders is the MetaTrader (MT) from MetaQuotes developers. While there are already two versions of it as of the moment, MetaTrader 4 is the one platform which is widely used by capable brokers. However, the release of MetaTrader 5 caused a major disturbance to most traders. The controversy lies on the rumor that MetaQuotes will stop supporting MT4 and this version will vanish. There is no truth to this. The fact that it started as a rumor, it will remain and end as a rumor. In all actuality, there was an update to MT4 just last December 2018. How can one say that MetaQuotes is going to trash MT4 anytime soon? The answer is no.
Between MetaTrader4 v 5, I will go for MT4. But why?
Free of Charge
Most brokers provide MT4 free of charge to trade their instrument markets. Unlike any other platforms available in the market, MT4 platform keeps your resources to a minimum. It will not rob your hard-earned money. Basically, it is low maintenance. Knowing this, anyone can be a fool if they will not start choosing MT4 as their trading platform.
MT4 allows you to customize a platform that best suits your needs. Users are able to make their own technical indicators besides those indicators made readily available by the system to the brokers. Charts can also be customized. Through its advanced charting capabilities, traders may tailor-fit their charts to show only those functions which they consider as a personal priority. The platform has also been made to support all currency crosses and it has been also been capacitated to trade other markets like that of commodities, futures, and equities. It provides convenience to the traders in all levels of experience.
The platform is extremely user-friendly. It is widely used by both starters and experts in the field of trading. Navigating in the platform can be easily done since you may avail of the platform and all its data in your own native language. You may also trade with MT4 through your tablet or mobile phones, thus providing you easy access to the platform whenever, wherever. This feature makes the product notable among its diverse range of users.
A wide range of analytical functions is provided for by the platform. The functions enable the traders to work on the trading charts and graphs while simultaneously plotting the trading trends in order to locate their planned trades. There are also several online quotes and interactive charts with nine periods which allow the user to choose among quotes and respond to any price changes.
Data collection of the platform is highly protected. Considering the sensitivity and privacy of Forex trading, it is of outmost importance for traders to know that their accounts are not vulnerable to any security breach. MT4 offers a highly secured system that encrypts the data between trader and server. The users’ IP addresses are also concealed. The platform offers traders the maximum security for their trading data to save them from worrying about its stability.
Expert Advisors (EA)
A famous and vital feature of the platform is its expert advisors which utilizes an algorithmic and high-frequency trading system. This enables traders to enjoy automated trading by directly linking the system to the internal charting, which makes it possible for traders to be up-to-date in real time with trading opportunities. At the same time, it helps traders to develop effective trading strategies.
In order to make your way to and through the Forex market, a platform like MT4 will come in handy. Between MT4 v MT5, MT4 is considered as a market standard among new and skilled traders alike. There is no doubt that forex market is a tough game to beat. You just have to play your cards right. Choosing MetaTrader 4 vs MetaTrader 5 might be the right card for you.
By Angelique Kay G. Consular