Like you may already know, the metatrader platforms are provided by most forex brokers for their clients to trade with. The metaquotes platforms include the metatrader 4 (MT4) and the metatrader 5 (MT5) platforms, two of which are among the best trading platforms in the forex market. Most forex brokers support this platform as a result of its indisputable qualities which are not readily available with other trading platforms.
METATRADER 4 (MT4):
This was the first trading platform the metaquotes company introduced into the forex market, and it recorded a huge amount of success. Here are some of the features of the Metatrader 4 platform as offered by most forex traders
It offers some really efficient technical analysis indicator which traders can use to examine past market data in order to help them forecast future price movement. This is one of the basic skills in the forex market; forecasting the future price movement.
The Metatrader platform also offers extensive back testing environment. The aim of backtesting in forex help a trader understand a particular trading strategy based on pat history. With the backtesting tool, one can tell how effective a strategy would have been if it were applied to past trades. With these findings, a trader can decide to use that strategy on a similar current condition, or not.
The metatrader platform also features advanced charting packages from which a trader can view historical currency exchange rates.
There is also the most common currency trading tools and the flexibility to add new ones at will.
All of these and more make the metatrader 4 platform most sought after trading platform in the forex market.
The MT5 is simply an upgrade of the MT4 platform. With the MT4, one can trade the forex market with the most efficient trading tools, and a freewill to add one as and when due. Most of these features are present in the MT5 plus additional platforms to trade other securities that are not currencies. Asides from the additional platform for other securities, the MT5 is found wanting in features like the MT4 indicators and expert advisors. This is the actual reason a whole lot of forex traders prefer the MT4 to the MT5 platform.
Since the MT5 was not as popular as the MT4, the producers at metaquotes decided to make some additions to it in a bid the gain momentum. To do this, the hedging platform and a number of other enhancements were added to the MT5. Good addition, a lot of traders will agree, but not better than the MT4.
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