Am I wrong in saying that MT4 is the most used and preferred fx trading platform, seems to me that every level of trader and almost all brokers offer this platform for trading. So, what’s all the hype about?
Just the most supported by brokers. It does the job but from a broker point of view I assume it is to do with ease of API integration and coding. Maybe someone else knows more?
From traders point of view also I think it is about ease of use, it is flexible and installing any plugin is never an issue.
Are you ready to start trading? Demo or real?
Still demo trading, not yet ready to go live.
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Think it’s mostly the beginners that prefer MT4, perhaps because it’s easy to use.
MT4 is clearly everyone’s favourite, both traders and brokers alike. Direct market access is its best feature. And doesn’t cost anything.
If you ask me the reason it’s so popular is that it’s got analysis tools of all levels, so all kinds of traders use them. I have been using Mt4 from my initial trading days till now. Have changed many brokers in the past 4 years but the platform has remained the same. Also it supports EA so that’s a plus.
It was also the first big one used so now everyone is used to it.
Don’t you guys think MT5 is a much better trading platform. The advanced version got to be better right, it only makes sense. The number of orders are more, and so easily all securities can be traded.
You just echoed my thoughts. I don’t know why everyone’s raving about this limited platform. There are far better ones in the market. Thinkorswim’s the best in my opinion. It’s a much more advanced platform. Once you are a real trader, you wouldn’t want to play with small fish like MT4.
Care to explain what does a “real trader” imply, I wonder how many mils you’re minting everyday!
I started off with MT4 on Fxview and then moved on to ctrader on Interactive brokers. It gives more time frames to use, something which is not of much use to newbies.
Why the switch? I’m a current ATFX and Fxview user, just recently created an ECN account with them and have just downloaded the MT4 onto my lappie. I hope I have made the right decision, their demo account experience really suited me. Now let’s see how they perform for me and if I’m able to make any profits using them. Frankly I’m getting a bit paranoid.
Great! You have taken the right way, it’s natural to be a little flaky in the beginning. It’s now about real money after all. But I must warn you that your live trading experience is nothing going to be like your demo one. Just stick to your tested out strategy and keep a watch on the markets. Don’t use too many indicators or anything, just follow the price movements. And definitely do not use autochartist on fxview. The broker is good but this charting software is seldom right in its estimations.
It is not just the beginners that enjoy trading MT4, even the expert prefer trading in MT4 because of the great features offered by them. It has everything that you wants - both fundamental & technical analysis on all levels, robust platform and good security.
I mean, if this one is offering such strong capabilities for trading, you don’t feel the necessary to shift to MT5, atleast that is how I feel.
TOS is way too advanced, no good for most traders. Beginner and mid level traders have no choice but to go for metatraders, 4 or 5.
I don’t suggest beginners to start with day trading as it is a risky business. You should start with swing trading to get a hold of the market and move further towards day trading.