Best forex trading platform
Why MetaTrader 4 is Still King
A trading platform is computer software that acts as a conduit of information between the broker and the trader. In its simplest form, a trading platform is an interface that allows traders to open, manage or exit trades in the Forex market. But using a trading platform simply to execute trades is an outdated way to trade; because the best forex trading platform will additionally help you to perform quality analysis, develop and test trading strategies as well as assist in money management.
In Forex, there is only one name that comes to mind when talking about trading platforms - MT4. MetaTrader 4 is used by more than 90% of Forex brokerage firms, but unlike before, there is now competition from some other software providers. Nevertheless, here is why MT4 remains the best forex trading platform available to online currency traders:
Almost 90% of brokers and traders cannot be wrong; MT4 offers nonpareil convenience. With years of experience in the industry, MT4 is also the best forex trading platform in terms of protection technologies and it guarantees around the clock stability across all its platforms - both desktop and mobile.
A major reason for MT4’s supremacy is the ability to personalize your charts to suit your trading tastes and preferences. You can change the appearance of your charts as well as install, tweak and enable any custom indicator on the platform.
In all ways, automated trading is the future, and indeed the present as well. To meet this ability, MetaTrader 4 remains the best forex trading platform to develop, test and implement trading via Expert Advisors (EA). The proprietary MetaQuotes’ MQL4, designed for creating trading robots, scripts, technical indicators as well as other function libraries for MT4, is one of the best programming languages in the world. MQL4 is very simplified and anyone with basic programming knowledge can easily navigate it and develop trading robots.
Traders can also use MQL4 to back-test or forward test their automated trading strategies in the market. MT4 provides years of historical data for back testing, and traders can use demo accounts to forward test their strategies.
As stated earlier, simply using a trading platform to place trades is outright outdated; and MT4 can prove this to you. It has by far the largest and most comprehensive collection of both technical and fundamental analysis tools. There is the MetaTrader Market that allows traders access to over 2,100 indicators and over 1,700 expert advisors, as well as other free and commercial trading products and applications.
In addition, you do not need a separate economic calendar tool because the message section streams the latest financial news in real time, with the option of activating alerts so you can receive timely notifications of important events that you are tracking.
Still, it is the charts and analytics that matter, and here, MT4 cements its status as the best trading platform there is. Traders can simultaneously toggle between up to 9 timeframes and an unlimited number of charts, use advanced analytical objects, such as Channels, Shapes, Arrows or Gann, as well as the various technical analysis tools that are available. Additionally, MT4 also helps in risk management, as traders are always informed on which currencies their trading capital is most exposed to.
While ‘best’ is always subjective, depending on your trading needs, for most traders MT4 ticks all the boxes. It combines great charting and excellent order execution with stability, convenience and full-feature trading. Also, with a user-friendly interface and its high customizability, MT4 is without doubt the best trading platform for currency traders worldwide.