Modern Forex Trading Software helps Analysis and Research, handles all administrative account management and sets if necessary, complex trading strategies fully automatically. However, it reveals little about the broker and dismiss traders not their responsibility to analyze the market itself. The biggest misconceptions among beginners affecting Forex Software MetaTrader.Beginners often looking specifically for MT-4 or 5-MT brokers. The trading interface is the only thing in common «MT-4 Broker». Behind the surface entirely different market models can hide their properties are more important than the functions of Forex software itself.
1.) The MetaTrader enjoys great popularity
The MetaTrader 4 was introduced to the market in 2005. Its development gave the world the broker of the company. MetaQuotes Software Corp. The successor MetaTrader5 could not run the rank despite improved tools and stimulate promotional activities of already established global platform.
MetaTrader is offered both by market makers with regulatory overseas and wide and intransparent spreads as well as STP / ECN brokers from Germany or Great Britain. There are good reasons — such as the large number of outstanding scripts — for trading on MetaTrader, the in Search a broker may well be necessary, but never simultaneously a sufficient condition. Especially the individual configurability of the desktop makes the platform so popular with brokers, from beginners to experts. With the help of additional functions such as back testing and experienced traders can use their new strategies using previous values test without a demo account having to open up or to take a risk. Among the most interesting features of Forex charting software is part of the automated trading, which in the case of MetaTrader MQL programming language is realized. Automated trading systems are based on quantitative, mechanical regulations (one or more indicators) that produce objective and mathematically clearly defined trading signals. Trading systems cover ideally the entire value chain from scanning multiple markets on the selection of forex trading signals through to risk and money management from. Of course, should not be forgotten in all the positive facts about the MetaTrader that it is primarily used by many brokers because it is free.
Conclusion: If such a well engineered product is on the market available for free, you should carefully consider whether the development of its own software really brings a greater benefit.The MetaTrader convinced since 2005 brokers and traders alike. This is partly because the free offer and the other on the sophisticated design of the product with individual configurability of the desktop. Numerous and useful additional tools facilitate trade and assist in trading decisions.
2.) Use the proper chart and parameter settings
The considerable range of functions and the alleged precise trade recommendations of Forex charting software can easily lead to overconfidence. Traders should therefore always be to analyze itself able to market — to the chart feature is there eventually. Especially beginners make in charting easily avoidable mistakes.
Conclusion: The trader should despite numerous aids may itself analyze the market. For this purpose, various chart tools can be used, among other things, the setting graph in logarithmic scale and candlestick charts.
3.) Network effect in MetaTrader
The number of employed in forex brokers chart programs is large and growing at the same time resistant. Basically, a software has a fast trade execution, a simple user interface and a wide range of drawing tools and indicators to provide for the entry to be good enough. The proliferation of MetaTrader brings a major asset to be: The more traders use a standard software world, the more ready-made scripts for automated trading systems and indicators are freely available. This network effect is both the novice and advanced and professional benefit — yet even more with MetaTrader 4 as in the follow-up version MT. 5
Conclusion: The basic requirements for a software are a fast trade execution, a simple user interface and a wide range of drawing tools and indicators. The worldwide use of MetaTrader has also the presence of numerous scripts finished result.
4.) Alternatives to MetaTrader 4 and 5
Although the MetaTrader is accepted worldwide, there have been some brokers do not let take additionally or alone to develop their own platforms and offer their customers. One example is the trading platform of eToro. Lately she refuse the use of MetaTrader and set entirely on their own platform. This is fully tailored to the Social Trading, which does not come to bear on this scale in MetaTrader.
Another platform in this area is Zulutrade. This platform is also offered by several brokers and allows you to copy successful strategies to his own trading account. Another platform is the development of AvaTrade — The Mirror Trader. Here, the trader can decide whether to completely copy the strategies of successful traders, copied in part or even can act fully automated. Gradations are possible and can be used individually in all forms. The basic equipment is comparable with most brokers. Here differ only layout for the desired clientele and the corresponding usability.
- Brokers who rely on younger clientele and Social Trading customize their trading platforms rather based on Mobile Apps.
- Broker who prefer other hand, the affluent clientele with professional character, rely on numerous trading tools and a custom configurability. Here the MetaTrader is thanks to its functionality very popular.
Conclusion: In recent years, competitive alternatives to MetaTrader 4 and 5 have developed.They are usually tailored to a younger audience and support the so-called Social Trading.