Newcomers to the Forex market have certain requirements. A new trader needs around 18 months of experience, mentorship, and continuous practice before they are ready to move up to mid-level traders. Is it possible for beginners to reach the next level in only 18 months?
It’s critical to practice trading on both demo and real accounts, as well as to do extensive study on a wide range of topics, from trading strategy to trader psychology.
We’ll look at MetaTrader 4, MetaTrader 5, and Trader as the top three trading platforms in this post.
MetaTrader 4
MT4 is offered by almost all retail forex brokers. According to common sense, no one goes to war with an untested handgun once they are in a battle and have to practice with the same weapon they would use on the front lines.
Now is the time to begin learning about trading with real money on the MT4 platform.
Additionally, MT4 includes certain features that, when properly used, can greatly improve the trading abilities of newcomers who aren’t familiar with the structure of direct dealing.
Here are a few examples of these features:
It is very easy to learn how to use the platform’s various interactive resources and artifacts because of MT4 simple interface.
Most of the terminal windows are devoted to MQL4 Group asset control base codes and signals rather than trading-related information. Webtrader, the plugin that powers MT4, was ported over to the new platform. Additionally, MT4 is available as a general-purpose smartphone application in both the Google Play Store and the App Store for iOS-related devices.
For beginners to the forex market, MT4 is the first platform they should learn about. Automated trading tools may be used by even the most inexperienced traders. This would be advantageous to them to a great extent.
MetaTrader 5
MetaTrader 5 is the platform after MetaTrader 4. Despite the fact that many MT4 features have been retained, there are many upgrades and immediate improvements incorporated.
A great deal of uncertainty surrounds the use of Metaquotes with MT4 and MT5. It was difficult for MT5, which was originally launched as a complement to MT4, to achieve the same level of market penetration.
Metaquotes seems to be happy with the fact that both platforms urge retail brokers to join them. Some forex brokers have attempted to make the use of MT5 easier by offering just those trading features on MT5.
Individual brokers are likely to provide just stock CFDs or cryptocurrencies on the MT5 trading platform, which should come as no surprise.
MT5 is the next best framework to master after learning MT4 for the first time. Because of the similarities between the two platforms, learning MT5 should be a breeze.
Like MT4, MT5 includes a web-based version that can be downloaded from the Android and Google Play Stores, as well as a simple android app.
cTrader
As a trading platform, Spotware Systems offers ECN trading conditions to newcomers. To do this, you’ll need cAlgo, a program used in the development of algorithms for cTrader.
A variety of exits on forex positions may be easily rendered using cTrader, and brokerage order books can display market range. Beginners may make deposits and withdrawals using the platform’s graphical user interface (GUI).
In addition to the desktop and web-based versions, there is a laptop edition of cTraderwith additional features including “cTrader Copy” that loads fast. As part of cTrader’s social trading platform, this product allows beginners to copy the strategies of more experienced traders. This is a significant development that expands on the concept of social trade.
Although cTrader’s framework is more difficult to acquire than MT4’s, novices may easily restore the interface to its default settings.
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