Most traders, especially forex traders must be well-versed with the popular MT4 platform. Even beginners start their trading journey with MT4 due to its user friendliness and powerful features. But its successor, MT5 platform is also a worthy contender to MT4 and has been becoming a popular choice among modern traders. The best thing about MT5 is that it has retained the user friendliness of MT4 even with the updations and modifications. But many of us may still be in doubt about trading on the MT5 platform. Today, we will be reviewing the MT5 platform and why you should take interest in Metatrader 5 platform as a 21st century trader.
Basics of MT5 platform
MetaTrader 4 was a revolutionary software that made a major impact in the forex world. It was one of the very first platforms that was specially designed for forex trading. MT4 stood out among other trading platforms due to its simplicity and advanced features that gave a solid support to traders taking part in the fast moving forex market. But MT4 was not a perfect platform for trading as it also had some drawbacks and room for improvements.
The developers of MT4 did fix many of the issues but also came up with the idea of launching a successor for the platform which was named MetaTrader 5. The MT5 platform is not a replacement to the traditional MT4 as it is still very popular among traders. Still, MT5 platform secured a place of its own as an advanced multi-asset trading platform with superior tools and features.
Highlights of MT5 platform:
- Multi-threaded strategy tester with multi-currency support and real ticks.
- Embedded MQL5 community chat.
- Can send emails with attachments.
- Faster and more stable.
- 6 pending order types.
- 21 timeframes.
- 38 built-in indicators.
- 44 graphical objects.
- Advanced features for Algo trading.
- Can trade a number of different asset classes with ease.
- Provides an advanced trading experience.
Drawbacks of MetaTrader 5 trading platform:
- Traders may get confused and overwhelmed with the vast number of tools and features available.
- Beginners may find the platform a bit complex at first.
Who should use MetaTrader 5 trading platform?
MetaTrader 4 is like an old friend for traders whereas MetaTrader 5 is relatively new to the trading space but has become an attractive option for the modern traders. MetaTrader 5 trading platform has many unique features and tools that are not there in MT4. Traders who are keen to grow by using some more advanced trading tools should definitely take a moment to explore this powerful software solution for trading.
In fact, MetaTrader 5 trading platform would be ideal for someone who wants to use modern trading techniques such as algo-trading where the trading process will get automated. MT4 also provides some powerful tools for automated trading but the MetaTrader 5 platform was designed with the intention of making trading automation easier and faster for everyone. So, traders with an interest in using automated trading systems and forex robots can surely consider switching to MT5 for getting the best possible trading results with minimal effort.
To sum it up, Metatrader 5 trading platform is a complete package of all basic to advanced trading tools that can be used by all types of traders to upgrade their skills. Because having enough skills and know-how is essential for getting good results by using any trading platform. MetaTrade 5 can surely be your helpful companion in the trading journey with its advanced capabilities. So, make sure you take time to learn more about the MetaTrader 5 trading platform and use it well for a better trading experience.