But MT5’s interface is really confusing both the web as well as the mobile app
It’s not very good in my opinion.
I discovered Trading View and it’s perfect ! Smooth with good charting options !But it doesn’t have the brokers that is legal in my country ( Malaysia ) and I can’t open positions on it’s mobile app which is weird .
Anyways do people use a different chart / broker to make things work ?
I’ve checked both charts and they’re always a little different
ie .
EURUSD
Trading View is @ S 1.10140 B 1.10142 using Oanda Demo
MT 5 is @ S 1.10130 B 1.10145 using FxPro Demo
Is this because of different brokerages ? should I be concerned ? Or is this isn’t something to be worried about
If you’re scalping or doing any intra-day work, you need to use the chart from the broker your money is with. No doubt they will say in their T&C’s that their chart is not a definitive quote, you need to look at the specific quoted figures for those prices in the “buy”, “sell” or “set order” panes. But at least you will be looking at charts that are mostly what the quotes will say.
I trade mostly long-term using D1 charts so its less of a problem for me. I do use another chart source as well as the broker. Sometimes issues - e.g. my proprietary charts sometimes show a hammer candlestick for a day when all the broker shows is a bullish day.
A real issue is the open value and that often derives from differences between different sources as to what they call the “close”. When there is a true closed session, such as the weekend for forex or overnight for stocks, different sources use different definitions of opening price too.
Maybe you should stick to the mt5 or mt4 chart. Many traders are using it and making money with it. Focus on that chart and learn to use it. Mt5 and 4 is the easiest and most common platform there is.
I use TV to do my charting and analysis and execute on my brokers platform. It is fine for me. The free version of trading view updates prices once per second. Your broker should update prices every second.
There will always be a slight discrepancy between price feeds because every broker has different spreads and Forex is an over the counter uncentralized market. But we are talking maybe a pip or two.
If your strategy and analysis depends on a pip or two then it probably is best to stick with your brokers charts
A slight discrepancy in pricing is acceptable but significant pricing discrepancies are not. This is why it can be a good idea to get prices from multiple sources so you can cross reference the price integrity between brokers.
But, your brokers pricing is the one you have to go by.
Metatrader 5 is the most popular platform used by every type of trader. You must learn how to use it properly and work on it. It will take some time but you will get a hang of it.
Due to the difference in opening / closing time of the broker, so the candle (h4, D1) of the broker will be different. Only brokers who use European time will have uniformity and standards.
Therefore, to analyze candles and indicators, you should use the MT4 of the European regional broker. eg Fxpro. You only need to install mt4 and create a demo account, and you analyze on mt4 of fxpro, but the trade you can trade on the current broker you are using. No need to open a new trading account on fxpro.
like me, I analyze on mtx of fxpro, and I trade on mt4 of another broker. This will be more professional and separate.
having fun!
Well, In my opinion, MT5 may be popular among traders that use many indicators and robots that I don’t. Many think that MT5 is an upgrade of MT4, however, that is not true MT5 has a totally different architecture. It was created to provide certain functions that could not be added to MT4 due to its original architecture.