Choosing the most convenient platform for trading depends on a trader’s preferences and type of trade. If you just started trading, you will have to select the most multi functional tool possible in order to feel comfortable at the beginning of your investments. For process automation and strategy optimization, you might consider choosing MT5 trading. What is it and what are the main features of this platform? Let’s figure it out.
MT5: can it help you or is it just another hyped-up trading platform?
MetaTrader 5 is a trading platform designed for Forex trading, but you can also use this tool for other markets and trade different assets such as gold, oil, cryptocurrencies, and so on. Due to its enhanced features, it quickly became famous in trading circles. Why? Because MT5:
- open up to 100 charts for monitoring all needed financial tools;
- charting system has 21 time-frames: from 1 minute to month;
- has up to 44 graphic objects (charts, graphs, tables, etc.);
- has 38 technical indicators, but you can purchase even more indicators, if you wish, on the Code Base, Market, or Freelance service;
- is available on any device – mobile, laptop, or desktop, so you can monitor and trade in any situation;
- expert advice;
- possesses four services: access, trade, history, backup;
- integrated economic calendar with trading news.
Compared to its predecessor, MT4, MetaTrader 5 possesses an enlarged functionality. But, with a broader spectrum of features comes a more complicated interface, and the trader’s interaction with the platform may get complicated. That is why some experienced traders tend to stay at MT4, though it is quite limited in its abilities. For instance, MT4 is only designed for Forex trading, has lesser built-in indicators, and has only one server.
What platform should you choose as a beginner in trading?
It is complicated to say what exactly you need: MT5 or MT4, hence both of the platforms have different approaches to trading. If you can’t already tell how the bear market differs from the bull, the platform will be hard to choose, because you don’t know the basics. Simply saying, if you know the fundamentals of trading, then based on that you will know what platform you need.
Some traders allow you to train before stepping into the real “battlefield”: you will only have to download the platform, and, by using the “practice account” you may trade with imaginary money to test your abilities. At the beginning of the article, there is a link where you can download MT5 for Windows with detailed instructions on how to install or uninstall the program.
MetaTrader 5 will be somewhat more sophisticated than MT4, but it has much more tools for trading and market monitoring. You will probably have to look up a tutorial on how to use it before downloading it. It is also worth mentioning that the sophistication is justified by enhancing the protection against cyberattacks, stealing data, and better channel encryption.