MetaTrader is a trading software that is most commonly used amongst forex traders as their trading platform. Posing similarly as a connecting channel between currency trading systems and your computer (or mobile device), and so MetaTrader is the link. Let’s take a look at the MetaTrader in review.
There are two versions of the MetaTrader Platform:
- MetaTrader 4
- MetaTrader 5
Either platform you choose, one can run multiple platforms where you will not experience a lagging effect on your server or computer. The software is light and will not overload the systems in place, making for fast trading and immediate executions, a must when trading on the volatile markets.
Why trade with the MetaTrader Platform?
Besides being easy to download and install, MetaTrader has many trading capabilities and features which other platforms lack. Follow instrument price fluctuations and examine the charts and graphs, while plotting the trends to locate your planned trades. The platform showcases and supports the following graphs: Candlestick, Heikin Ashi as well as Renko charts.
Setting up your trading orders is simple and predefined stop losses and targets are executed immediately. The trailing stop loss and pending orders are just as easily accessed.
Expert advisors (EA’s) can automate your trading by using scripts that are uploaded to the platform and the instructions of the scripts are easily carried out. Saving you the hassle of being close to your computer or missing out on a trading opportunity.
Learn from your mistakes, the platform offers a functionality of convenience to view your trade history:
- Download your historical trading data per currency pair
- Create / request detailed reports on the positions you take
- Track past charts and graphs to keep a summary of trends per instrument
With these features the Metatrader 4 is really enough for forex trading however for more advance strategies the MetaTrader 5 would be the alternative option.
MetaTrader 4 in forex trading
MetaTrader 4 (MT4) is the world’s most popular trading platform that offers all you need for online trading on one interface. On the single platform you will find a powerful combination of analytical technologies and leading trading tools that allow traders to implement even the most complex trading strategies.
The MQL Language:
Developed by MetaQuotes Software Corp. the MetaQuotes Language is a script that is built-in for programming specific trading strategies. The purpose of the way these scripts are written is to easily facilitate automated trading as well as customize technical indicators, libraries and scripts.
One can also analyze large amounts of information and assists users in orientating themselves easily in the expert systems.
Each program (pertaining to MetaTrader 4 and MetaTrader 5) has different features and purposes:
MQL4 and 5
An algorithmic trading system that links directly to the internal charting. Allowing the system to run when an event happens in real time, or remind you of a planned event.
In addition to technical indicators already written into the system, you can write your own technical indicators independently.
Scripts are imposed when traders want a single execution in an action. They are only acceptable for the start of an event and cannot process any other trade actions.
This is a set of custom functions that is intended to store and distribute the same used parts of the program.
MetaTrader 4 vs MetaTrader 5
The relatively recently launched MetaTrader5, is not that much different from its prototype MT4, even though it is advertised as substantially more advanced. The features you will find are: more advanced charting systems as well as deep analytical tools. Even though the MT4 is more than enough of a platform for the forex trader, if these two functions will improve your trading skills then MT5 would be the way to trade. MT4 is still the most widely used and downloaded platform and traders are satisfied with its current abilities, hence not feeling a need to change / upgrade.
|Availability to brokers||Very popular||Less popular|
|User-friendly and easy to navigate||Extremely easy||Has a level of complexity|
|Roll-over and Hedging||Possible||Unavailable|
|Programming Language used||MQL4||MQL5|
|Number of order execution types||3||4|
|Number of Pending Order Types||4||6|