i have seen a lot of traders are using metatrader 4. right now im using fxcm. can anyone tell me why metatrader 4 is better? fxcm offers metatrader too
What most people like about the metatrader platform is that it allows you to develop, backtest, and automatically trade your trading strategy. You can also do things such as set trade alerts so you get emails when certain levels are hit in the market etc. I think it really depends on what you are looking to do whether its a better platform or not.
-FXTrader1979
What most people like about the metatrader platform is that it allows you to develop, backtest, and automatically trade your trading strategy
.
I can see the point here that fxtrader1979 is trying to make.
But as for the quality of the charting package…well I trade the GFT platform and compared to that MT4 is yesterday’s charting as far as I am concerned.
What are the advantages that you have found with GFT Tymen?
I agree here that people like GFT’s chart’s as well however you don’t see forums with thousands of members like strategy builder or the metatrader section of forex factory which have thousands of posts for GFT Charts so I think most people would agree that at least for now metatrader is the more popular package. This is another advantage of the package in that there are lots of places you can go with lots of people who will share and discuss new strategies etc.
Another good thing about metatrader is that it is a third party platform which is sold to brokers so there are a bunch if you like the system but don’t like the broker there are other options so you are not stuck. Just my two cents.
-FXTrader1979
A major consideration with MT4 is it’s flexibility.
It is very popular, so therefore more EAs are available,
it is discussed more than any other platform, a lot of
different brokers use it.
But which ever platform you use to trade the forex market,
the biggest consideration is to get to know that platform & find
a winning system.
Yes, I think daydreamer65 hit the nail on the head when he says that a winning system is more important than what package you use.
I appreciate that many people like MT4 - the fact that is runs across several brokers is great.
To answer Tonymand :
Since I trade candles, I can set them out anyway I like with the GFT program. I can put the candles right next to each other with no spaces - this is great. The sizes of the candles can be altered with borders added to them. Many charts can be seen on the screen at once. Then with the click of a mouse you can see another screen full of charts. All charts maximise and minimise with one mouse click
You can load umpteen versions of the one [U]same [/U]indicator - and each one of those in a different colour if you like. The Guppy multiple moving average is one such case in point.
The method of loading chart details by using a window within a window is, to me, the most logical way of loading complex data. GFT had done this in a marvelous way - it is so user friendly.
Your equity, cash, margin, profit/loss and immediate floating profit loss are all displayed and computed instantly as the price action varies. This is done in your base currency or any other currency you like. As such, you can see your money being made - I like it. A pip calculator is standard.
The number of time frame is enormous. This is good for me looking for candle patterns. You can go 1,2,3,5,10,15,20,25,30,35,40,45,50,55 minutes, 1,2,3,4 hour, daily etc etc. What other program offers these time frames AND lets you see them all at once on one screen - and set out exactly the way you like, each with it own indicators.
You can edit and click little icons at the bottom (as many as you like), and these will take you to any chart set or anything else you have set up in the program.
To sum up, the GFT program will do asolutely anything you like - and does it in a user friendly way. So simple is the program that I learnt by myself without input from anywhere else.
Hope this helps.
Thanks Tymen
I agree that GFT platform is a fantastic platform as I used it once upon a time. Also I heard that GFT are re-programming their platform so that MT4 EAs can be accepted, which is also very good.
However, at the moment MT4 allows you to switch away from bad brokers and therefore enables choice as you do not have to learn a new platform.
While with GFT if they stuff you around you can’t leave without having to re-learn your instruments.
Also with the people base of MT4 EA advancement is much more likely and and there is greater potential for the development of more precise indicators. Once GFT can accept the MT4 indicators and / or EAs, the GFT platform would seriously kick MT4’s butt.
I agree what aquaart has explained about Meta 4 trader.
I guess if you�re a seasoned trader you can look for the platform you think is best for you, but if you�re new, you can learn along a bunch of people using the MT4, like right here.
there are lots of advantages using mt4 but it�s also true when you become a kind of �oldbie� there are more platforms to test. It allows you to change your way of trading, learn more about commodities and stuff. I�ve been checking out which offers my broker and I know what I have is way to go. Adrian
I really love it because of the customer service too, it is good, they provides you the information you need and for newbie I think it is very helpful.
For me, it was the first one I was told to download, and got used to it. I’ve only been in forex for 1-2 months now, tried downloading a couple brokers’ software, and didn’t like it, mainly because I’m use to mt4 and don’t like change!
I guess that’s what happened to all of us. MT4 is the most popular so you download it and get used to it. I won’t deny is built in a logical manner, though you can always try some other good platforms as T-view platinum.
Without going into a whole lot, FXCM has one of the BEST data feeds as they are a liquidity provider and work right alongside the banks.
will this make you a better trader at this stage – probably not, but at least you get bragging rites about your data feed !
EITHER platform is good, with MT4 simply having been around longer and having MORE “things” like custom indicators and EA’s that can be easily attached to it. Its age makes it a simple program that many have “open sourced” a lot of stuff for, BUT GFT is a newer platform, that has encorporated much of what MT4 had or never had.
for an experienced trader, the flexibility of the GFT platform can make the difference between a “specific” ease of use and “dislike”, as Tyman points out, but REALLY wont make much differnce in your life at the moment — yes, I have two charting packages, and one is better for research and one a bit better for trading, but are they REALLY that different ---- NO !
it would be best to simply test both and remember that whatever your choice is NOW, it will probably change on down the road and knowing how to drive a six speed Porsche AND a cheby automatic will serve you in good stead with most brokers !
Its a pretty limited trader that cant easily learn two platforms, so dont let that concept get in the way — just kinda go forward and do it and not to sweat the small stuff !
i believe your original question has been well answered — dont dwell on things and just put that one foot ahead of the other and this will soon be yet another past experience on the yellow brick road to forex riches !
enjoy and trade well
mp
[B][I]Within the great hall at Elfinore stands a wondrous coffer, precisely four cubits square and securely latched against the outside world. Inside that repository, shut away from impertinent eyes, abides many an intriquing trading secret garnered from around the world and over the ages !
As a child, i used to watch from the darkness as the secrets were debated and annotated by the elders. No one there held a single thought of my presence – BUT I KNOW WHERE THEY HID THE KEY !![/I][/B]
Is true, for a newbie is difficult enough to learn about analysis and stuff like that, and then learn about a new platform, when everybody talks about MT4
keep in mind there are more ways to make profits. If you use more platforms you�ll have more than currencies then more chances to win. I�m trying a T-view platinum demo and there are lots to trade and learn. Adelin
I�m not sure if I want so many currencies, I�ve been working with EUR/USD only. I have to mention that I�m very new though, aren�t those other currencies too volatile?
That is exactly my case, I got MT4 because of the forums recommendation, but if many people use it I suppose it is because it is a good one. the real fact is that I�ve learn with it, but I never tried another.