One of the first challenges novice traders face is a significant decision; “what trading platform should I choose?”
This decision can alter the course of your trading and can determine many outcomes. It can also colour and prejudice your initial experience of trading. Get it wrong, and your enthusiasm will die. Get it right, and you’ll give yourself the best chance of success.
Many experienced traders and industry experts consider the Meta Quotes Software, MetaTrader MT4 platform to be the go-to option. We’re going to explain why brokers and traders recommend you use it when you’re trading FX and precious metals. We’re also going to propose that it’s the only choice you should consider and why you only have to make this choice once.
But first, let’s talk about an alternative; proprietary platforms. The proprietary platforms are created for brokers by either outside agencies or in house IT departments. Some are quite simple to use and pleasing on the eye; others can be quite confusing and daunting. Some come complete with essential but fundamental charting packages.
Many experienced traders regard proprietary platforms as biased; they arrive at this conclusion by claiming the design gives the house (broker) an edge. The complaints and criticisms are various; “they have built-in lag, they freeze and time-out, are slow to execute orders, during times of volatility they’re unworkable” are just some of the claims.
How valid many of these claims are would require a full bench test and comparison of each platform with data to back up the tests. If you search Google, you might read the outcomes of various tests. But there isn’t a conclusive all-platforms study that’s reached any conclusions that have then been peer-reviewed.
MT4 is independent and transparent
Initially launched in 2005, MT4 has undergone various iterations since. The user-friendly interface and overall ease of use haven’t altered since its release. MetaQuotes have added enhancements to the platform since 2005.
Independence is undoubtedly the primary consideration when you’re looking to trade on a platform, and MT4 and MT5 are not the only independent platforms on the market. Still, independence is the unique selling point of respected trading platforms.
The design of the MT4 platform caters to traders of all levels of ability and experience. It grows with you. You can use it in its simplest form, and once your confidence, skills and expertise develop, you can explore its complete functionality.
Right from the get-go, MetaQuotes built their platforms with all levels of ability in mind. The platform comes with fifty built-in indicators and is available to use on smartphones and tablets such as android and iOS devices.
You can code your trading strategies using the MQL language/code MetaQuotes have created. Within months you could be coding your system; giving your personalised platform instructions to buy or sell at certain price levels or when specific market conditions and criteria become evident.
There is a critical message your broker is delivering if they offer you the MT4 platform; they’re respecting your independence and choice. Too often with proprietary platforms, traders become wedded to a platform and fear change—this deliberate psychological ploy by the broker encourages dependence.
Whereas, when you choose to trade through MT4, you’re retaining your independence. As a proficient trader who’s mastered the platform, you maintain your independence. You can move your personalised version of MT4 and your custom elsewhere if the broker fails to meet your expectations. You open another account, choose which server the broker uses, and you’re ready to go.
Meta Trader coding forums
Another considerable advantage of MT4 is the open-source nature of the coding. MT4 forums exist where traders and coders exchange ideas mainly based around strategies and coding. You can even pay small fees for coders to code up your system, or ask for help. The level of debate on MT4 forums contrasts with other venues where marketers push their products. Independence, neutrality, transparency, and portability, these are just some of the qualities you should look for in a platform. Some of these qualities are also evident with ECN-STP brokers; they’re neutral, transparent and fair. So if you use MT4 and a respected ECN-STP broker, you’re giving yourself the perfect combination to succeed.