How to trade forex in MetaTrader platform

MetaTrader is firstly a popular trading platform for Forex traders who want to trade a variety of assets. It serves as a link between you and the financial markets.

It is also feature-rich platform that allows traders to perform a wide range of trading activities, including charting and technical analysis, market monitoring, and trade automation using Expert Advisors. Let’s take a closer look at the MetaTrader platform.

What is the MetaTrader Platform, and how does it work?

MetaTrader is also a prominent piece of trading software used by many forex┬átraders. It is often regarded as the preferred platform, and also supplied by the majority of reliable brokers. Let’s look at the MetaTrader platform in more detail.

There are 2 types of MetaTrader platforms:

MetaTrader 4

MetaTrader 5

What is MetaTrader 4?

MetaTrader 4 (MT4) is the most popular trading platform in the world, including everything you need for online trading in one place. A strong mix of analytical technology and premier trading tools are available on a single platform, allowing traders to apply even the most sophisticated technical trading strategies.

Metatrader platform
Metatrader platform

What is MetaTrader 5?

The most recent version of the popular MetaTrader platform is MetaTrader 5 (MT5). The MT5 is a newer version, although it is not necessarily an updated one. MT5 is the appropriate multi-asset platform for the modern trader who wants to improve their trading experience by making use of a variety of strong and effective new features as well as extremely practical trading tools and resources.

MetaTrader 4 VS MetaTrader 5: Which is better?

Even though it is marketed as being far more sophisticated than its predecessor, MetaTrader 4, it is very similar to it. The MT5 has more comprehensive charting systems and analytical capabilities, as well as being faster at execution. Both MT4 and MT5 are trading systems with back-testing features and similar-looking graphical interfaces. MT5, on the other hand, was designed to address the demands of non-forex and US markets in a way that MT4 couldn’t. In essence, MT5 is not necessarily superior to MT4, but rather distinct.

FeatureMT4MT5
Availability to brokersVery popularVery popular
User-friendly and easy to navigateExtremely easyExtremely easy
Roll-over and HedgingPossiblePossible
Programming Language usedMQL4IDE
Number of order execution types34
Number of Pending Order Types46
Depth of MarketNoAvailable in MT5 apps
Technical Indicators3038
Timeframes921
Economic CalendarNot AvailableAvailable in MT5 apps
ReportsTables onlyTables + Charts
Everything can be exported to Excel
Open Trades ViewLots onlyLots, Quantity + Milliseconds
Docked ChartsNot availableAvailable
Market WatchLess detailedMore details + easy navigation
Partial Order FillingNot availableAvailable
Email SystemNo attachmentsWith attachments
Strategy TesterSingle threadedMulti-threaded + Multi-currency + Agent manager
NettingNot supportedNot supported
Exchange TradingNot supportedNot supported
Funds Transfer between AccountsNot supportedSupported
Why should you use the MetaTrader platform to trade?

MetaTrader, in addition to being simple to download and install, includes a number of trading capabilities and features that other trading platforms simply do not have. However examine trading charts and keep track of instrument price movements. To assist you in making trustworthy trading judgments, employ complicated tactics and research while graphing patterns. Candlestick, Line, Heikin Ashi, and Renko charts are also among the chart types supported by the platform.

You may easily establish specified stop loss and take profit orders to activate automatically when you create your trading order. It’s just as well as simple to put up a trailing stop loss and pending orders. Using scripts submitted to the platform, an expert adviser can automate your trading. The scripts’ instructions are then followed out automatically. This eliminates the need for you to stay glued to your computer screen in order to settle positions or miss out on a lucrative trading opportunity.

Because the platform allows you to see your trading history, you may learn from your previous trades:

Download your trade history for each currency pair.

Make thorough reports on the roles you hold or request them.

Retain track of previous charts and graphs to keep an overview of trends for each instrument.

The MetaTrader 4 is an excellent forex trading platform, which explains its widespread appeal among retail traders; but, if you want to use more complex tactics, the MetaTrader 5 may be the better choice.

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