I use MT4 with ironfx and I like it. Many friends tell me that the MT5 is better. What do you think and why?
Between those two I definitely would go with MT4. I think MT5 is a big piece of garbage.
I prefer trading MT4, it works reaaly well and I absolutely satisfied with it. Besides, I have known recently that it is possible to copy singnals of successful traders with help of MT4. At least Freshforex offers such an option.
I am also curious what are main differences between MT4 and MT5? and why not too many brokers offering MT5, MT5 must be better than MT4.
One big difference between the two is on how the way you will handle your entries and position at a certain currency.
MT4 allows you for multiple entry without changing and affecting those entry point position.
While at MT5 your position will be averaging between entries, that means no matter how many times you put an entry you will only see one position on that certain pair. It’s like your entry position will move to an average price if you add another entry. Imagine you set a buy then the price went up, and you add another buy with same size, it will average the two buy entries and combine it to only one entry, your buy position now will be also moving up from the original position.
This is why a lot still prefer MT4. If someone from MT4 moves to MT5, that someone will have to change his/her strategy… and… I don’t know if anyone would like to start again from scratch at MT5 if they are profitably doing fine already at MT4.
really thanks, it’s like most user using older Windows version than newest one. My broker also support MT5 but I never use.
I have been pondering the same question. Mt4 or Mt5. Can’t really say, I like them both. I am using MT4 until I fully decide. I have noticed the autoscroll works better in MT5 when not using it. In another words unclicking autoscroll in Mt5 works better than unclicking it in Mt4. Not much difference. On another note, in Mt4 your suppose to be able to use commodities, how do you do that. Through your broker I guess. Not sure about the entries on averaging.
Whether you go for mt4 or mt5…i think it solely depends on your preference. If you believe that “less is more” and you’d rather stick to the essentials of straight up forex trading, then you might be better off using the more straightforward MT4 platform. On the other hand, if you like the flashy new features and a jam-packed menu of options, MT5 might have just what you need.
Personally I prefer the MT4 since I am more comfortable with it,Yes the choice of trading either on the MT4 or MT5 platform is partly a matter of preference( One man’s meat is other man’s poison:D),A trader would have so many reasons/benefits of using the MT5,another trader would have the exactly opposite reasons of not using the MT5.
Here is what I got from my broker MT5 download page, however, imo, only first 3 features are better than MT4 that we should use in trading.
Trade with a variety of order types
Analyze the market with 30+ built-in technical indicators
Open up to 100 charts simultaneously
Use Expert Advisors for automated trading
Create your own technical indicators
128-bit encryption ensuring the security of trade transactions
MetaTrader 5 MT 5 for Windows PC - Download MetaTrader 5 platform
In my view Mt5 is probably the worst updated platform, I had plenty of expectation but with the setup that’s available it’s fair to say it’s really disappointing. I always prefer Mt4 since I have been using it for many years, but just recently I am trying cTrader platform with octafx since there is no trouble of manipulation here as it’s a platform which is especially develop for this, but if you give me choice between mt4 or mt5 then mt4 even in worst case scenario.
I have been using MT5, I actually like it better than MT4. I really don’t see much difference in the two. It is free, that is why it is popular. I use Mt5 mainly for practice haven’t tried the positioning yet. Seems a bit easier than Mt4. I could use Mt4 or Mt5. But if you can’t control your positions then it would be a waste of time. I was checking out the web site for Ctrader. It has a no dealing desk platform. I could see the benefits. What is the cost of this platform if you don’t mind me asking.