Trading Platforms

Hi…just about to begin demo trading. Which platform is recommended for newbies?? Read about “Traders-Hideout” anyone tried it?? Thanks.

MT4 is commonly used by most traders and is pretty convenient since it already has the charts, tech indicators, calendar, and other helpful tools. Just practice with a demo account under a broker of your choice to gain a better understanding of its features.

Every forex brokers provide MT4 (and MT5), other platforms work same like MT4 but MT4 is stable and intergrate many things. Here is a safe link for you to download MT4 and you can use it to connect to any broker with the ID & Password broker provided you.

I only use one trading platform and that is MT4, you can get all kind of help, queries, indicators and trading systems if you use mt4 as it is the most widely used platform in forex market.

We have MT4 platform at my ASIC and FSA regulated Broker. Would you like to try out test account?

I will recommend you to start demo trading on the platform same as the one you are considering to use for a live trading. My recommendation will be the MT4.

MT4 can be used for trading, this is very familiar. So that the traders can analyze the good and further achieve a profit.

cTrader is another alternative, but MT4 is indeed the most commonly used platform.

It seems to be, certainly. Things like that tend to become self-fulfilling.

One could be forgiven for wondering, in a field of endeavour with such low overall success-rates as forex-trading, whether copying the majority is a good or a bad principle.

Opinions vary - as on everything - according to the experience and perspectives of the people offering them. I suspect that this is one of those common trading questions to which you can get (at least) two very different sets of answers: there seems to be one approximate consensus of opinion among “aspiring traders” and “traders in general”, and another, [I]very[/I] different one, perhaps, among “people who are trading for a living”.

Personally, I recommend NinjaTrader, and I’d never encourage anyone to use MetaTrader. But that’s “just my perspective”.

Hi Lexys,

What is the reason you recommend Ninja trader ?

What do you look for in a forex trading platform ?

Thank you

The “NinjaTrader vs MetaTrader” discussion is always a huge and complicated one.

These are [U]subjective[/U] opinions only, about what suits me and what I like (and I haven’t used MT for a while, either, so I’m not “a regular user of both” … and I’m no “techie” either, far from it, and for both those reasons I’m probably not the best person to answer your question, really!).

Ease of using tick charts, chart appearance and backtesting/forward-testing facilities are really important to me. I won’t trade with real money without knowing that my trades collectively have a genuine, proven edge.

It seems to me that everything about NT is far more professional and sophisticated than everything about MT.

Its charts are also far more attractive and easier to read, and when you’re sitting in front of the screen for long periods of time, that really matters.

“NinjaScript” is nearly identical to C # programming language, so it’s easy to find real professionals to programme things for you if you need to (there’s a community of MT programmers as well, but I’m looking at this issue, from my own experience, in terms of quality rather than quantity).

NT’s testing suite is far superior to MT4’s strategy tester, and it includes the ability to back-test and forward-test trading scripts even while running a live account.

NT’s platform supports simulated data-feeds.

You can also use “Monte Carlo simulations” with NT (that’s very important, to me, for testing).

NT’s “ATM” (advance trade management) feature is absolutely essential to me. I’ve lost count of the number of times I’ve seen people asking questions in forums about “How can I easily do this, that and the other”, with large numbers of people chipping in with their comments, replies and suggestions, at the end of which the OP’s original problem remains unsolved because he’s using MT. It [I]just doesn’t have[/I] the trade-management flexibility of NT at all. I want and need [U][I][B]with one click[/B][/I][/U] to be able to enter a three-lot trade with different stop-loss and take-profit procedures for each of the three lots. I can do that with NT, but not with MT.

NT supports more chart-types.

NT’s standard of technical support is higher.

NT is [B]far[/B] more reliable and smoother-running than MT, which is slow, cumbersome and sometimes crashes.

There are better (I didn’t say “more”) third-party add-ons available for NT.

NT has a whole range of features (e.g. Projections/Forecasting and Walk-forward analysis) missing from MT.

If it helps/interests you, here’s an independent article which compares NT and MT, feature by feature.

To me, it all adds up to the difference between “professional” and “amateur”. Just my perspective! :wink:

Hey, thanks for this! Most are recommending the same so I will try out.

Thanks for this! So much to wade through but the replies are consistent with using MT4.

Thanks for bringing a balanced perspective. I will also take a look at NinjaTrader.

The answer should be obvious to those who understand how trading works, but everyone needs to figure that one out. IMO, MT4 is a POS.

In my opinión, MT4, it is easy to use, I like it much, I recommend it, definitely.