When it comes to software, the most you want to get out of this is to have one that let you set the rules and will only follow them. When there are no emotions involved, it makes your investment more professional.
Straightforward and Direct Usage
This type of straightforward software is most useful when the market is in its normal condition. However, when the market is abnormal or very volatile, going by the rules might not be the best way to invest.
Where this is concerned, you want to use the type of forex trading software which does the analysis for you. Under most circumstances, you might not be an expert in analysis, whether fundamental or technical and you will need software which gives you the answer to your questions. All you need to do is to enter the data of what it needs and the answer will be given to you. To obtain the best software in the market, it is most important that you find out what are the benefits of specific software before you purchase or engage them. Common sense must prevail in these situations.
Enter MetaTrader 4
If you have been considering going into online forex trading, you would have come across names like Markets.com and AvaTrade Forex, among the many. You will surely notice that there are a lot of differences among them but most (if not al) of them adopts the MetaTrader 4 platform while some pushes on the MetaTrader 5 which is more updated.
So, what really makes MetaTrader 4 such an industry standard when it comes to online forex trading? MT4, as it is known in short is actually the ‘only’ software designed for this purpose. After all, it has been around for more than a decade now. The main point that MT4 is so popular is that it is extremely User-friendly . You could be a new investor in this market but your first impression of MT4 is that you should not have any problems using it. From the earlier versions, the complex functions that are unnecessary has all been removed while it takes a few clicks to give you prices, indicators and charts which are extremely relevant to you.
Reliability of MT4
Besides being easy to use, MT4 is popular for being reliable. After all, it has been used for so many years by brokers and traders across the world. To date, this number would have breached the million mark and so far, it is almost unheard of that MT4 is unreliable. Take note when it comes to investments, downtime is a definite no-no. As such, MT4 cannot afford to have any downtime at all.
Runs on most platforms
As a software application, MT4 has grown to run on multiple devices. When it was once only designed to run over the web, it has now grown to be executable on other platforms including iOS, Android and others. What makes it all the more exciting is that you can actually use a single account and run it across various devices and enjoy seamless usage.
Analysis and advice
The MT4 is intuitive and that is the very reason why applications are developed. MT4 is designed to offer EAs or expert advises. EAs are basically small components of codes that are derived by the trader to help with their automated trading activities and this becomes extremely useful since this is one market that never sleeps. On top of that, you can run MT4 on a remote virtual private server for a nominal fee.
There is no sure-win when it comes to software. Remember, these tools are designed to help you and no one can claim that they guarantee you profits when you use their tools. If they say that, then they are probably bogus tools and agents because at the end of the day, you still make the final call.
Updates and MT5
Naturally, there will always be an upgrade to an existing application especially when it is very effective. MetaTrader 4 is arguably the most popular Forex trading software in the market. This is why there will always be a demand for more and better upgrades. That is where MetaTrader 5 comes into play. Introduced merely 5 years after MT4, it uses the MetaQuotes Language 5 (MT4 use version 4).
Where MT4 was developed based on the ordering system, MT5 is more about positioning. So, the way people trade might be different. Another notable difference is that MT4 was specifically designed for Forex and several CFDs but MT5 is catered not only for Forex but CFDs, options and stocks.
This deals a lot with indicators. In MT4, there were 30 built-in indicators and 33 analytical objects while the new version comes with up to 38 built-in indicators and 22 analytical tools together with 46 graphic objects. Among the new features that are supported by MT5 (not available in MT4) includes Exchange Trading, Netting, Multilingual Unicode, Exchange Data, Depth of Market and Partial Order Filling Policies. Besides that, MT5 provides Built-in Order Routing, Report API and Gateway API as well as multi-threaded strategy tester as opposed to MT4’s single-threaded platform.