Hey all. In the videos I’ve been watching, I’ve noticed a lot of the “experts” doing the teaching use the MT4 platform. Would it be worth learning this right off the bat? I’m just starting my demo account, and learning my way around the platform. Currently using Oanda, I could use theirs, or I have the option to use a MT4. Any thoughts? Thanks all.
It all depends on what you are going to do.
Oanda and MT4 for trading a live accounts isn’t a good combo. Oanda’s proprietary platform is much better. But other brokers using MT4 have much more solid performance, and MT4 charting is decent enough.
I would recommend getting familiar with both. Neither are terribly difficult to navigate.
And once you’ve got a grasp of them, there’s really not a platform out there that you can’t work around in fairly easily. The basics are the basics regardless where you end up.
“other brokers using MT4 have much more solid performance”… Do you think it’s worth finding a place to Demo that does work well with MT4? And thanks Master Tang!
IBFX, Alpari, and FXCM all come to mind.
FXCM has it’s own platform as well.
Along with Oanda, all solid brokers.
The advantage of MT4 is that you can use Expert Advisors for automated trading. For manual trading I would go with the platform recommended by the broker. If you intend to switch brokers a lot, MT4 might be an easy way to keep trading on the same platform without the hassle to get used to a new system all the time.
When it comes to which platform it really boils down to preference. I do have one trading account which offers MT4 and I trade using that, but it is not my preferred platform. I prefer a brokers prop platform and when it comes to licensed platforms I prefer cTrader over MT4 (cTrader is heavily used for ECN brokers and their fees are much higher than MT4, but that concerns the broker and not you directly).
Tried both Oanda and IBFX but I personally liked IBFX better. Here’s a tutorial on MT4 if you decide to pursue it (School of Pipsology How to Use MetaTrader�4).
Good luck!
Agree with Master Tang.
Again, thanks all.
In addition to being able to run EAs on MT4, you can also use MT4Sync to have your trades published and tracked on MeetPips.com. This can help you journal your trade thoughts and analyze your trade performance.