Which Platform Should I Use

Trading Tech and Tools
1

Good afternoon traders!

I am trying to decide which platform I should use for trading. My needs are fairly simple: Fibonacci extensions, Fibonacci retracements, RSI indicator and the ability to enter one cancels other orders. Also, the ability to save chart images is needed as well.

I use the OCO orders to implement a two target strategy where I close half my position at target 1 (which is usually a 38.2% retracement) and the other half at target 2 (which is usually a 61.8% retracement). My imagined order flow is to open my position with a market order, then set 2 OCO orders with the stop order on both at the same price and the take profit order at each target.

Right now, I am using NinjaTrader but can’t figure out how to do the OCO orders if that feature is even available in the free version. When I last looked at MT 4 it didn’t have the Fibonacci retracement or extension tool that I could find.

I also considered using TradingView as my platform now that they can hook up to brokers for order execution.

Any thoughts?

2

MT4 has the Fibonacci tools you are looking for. Check under ‘objects’.

I went with MT4 because it’s the gold standard, and most brokers use or allow it. This means that if/when I want to change brokers I can take my platform with me rather than learn a new one.

3

I always vote for MT4 and suggest also for all kinds of traders especially for the beginner traders. It’s really supportive and comfortable than others. No way to avoid it

1 Like
4

Thanks @Drekieyja and @PeterBorren!

I’ll give MT 4 another look this week and do a few demo trades with it.

5

Welcome for nice decision. Please don’t trade at random in demo. Just keep calm and trade here with your real experience.

6

I agree with the others that you will find the MT4 Platform helpful. Recently many brokers launched the MT5 as well so you could give it a try. It has the same conditions as MT4, is quite stable and offers some extra features.