The best terminal for Forex, the right choice of trading program
The trading terminal is the trader’s working environment, his tool through which the entire process of trading and market analysis takes place. As strange as it may sound, your future success directly depends on the choice of one or another platform, and if you are new to the market, then the speed of your learning directly depends on the platform.
It is the trading platform that allows you to realize all your possibilities, and in some cases, severely limit you.
If until recently the number of types of trading programs could easily be counted on the fingers of one hand, now various brokers, in pursuit of improving service for clients, are creating more and more new applications that have a number of their own features.
Each platform has its own unique flavor, so depending on the goal you are pursuing, it is advisable to choose the best Forex terminal according to your requirements.
The most popular trading platform today is considered to be the Meta Trader 4 trading terminal. This platform has a simple and unobtrusive design, very wide functionality and huge trading opportunities.
Meta Trader 4 is truly the best terminal for Forex; it has a simply huge range of analytical tools, namely, more than 30 different standard indicators, as well as more than 25 graphical analysis tools.
The MT4 trading platform is especially interesting for more experienced traders and programmers, since it now has the ability to automate many processes in the form of scripts, as well as special robot advisors that will imitate your actions according to a programmed algorithm.
A special strategy tester allows you to test your advisor or trading strategy on any selected time period in the past. The ability to program your own indicators, advisors and scripts makes Meta Trader 4 the best terminal for Forex.
The second trading terminal, which is actively gaining momentum in popularity, is the new Meta Trader 5. This development is an active continuation of the improvement of MT4 and contains almost all the trading capabilities of MT4 with some innovations.
For example, MT5 has a Depth of Market, which allows you to see monetary volumes. The most interesting thing is that MT5 was initially developed for brokers, since it was impossible to use order locking , hedging and martingale, and the principle of adding to an open position was in effect.
Naturally, such a dirty trick on the part of the developers was negatively perceived by traders, so for two years after the release, almost no one used it, and brokers simply did not see the point in implementing it by force. Actually, such a strike led to the fact that the developers recently allowed hedging orders and opening counter positions, so there was increased interest in the platform.
Unlike MT4, MT5 has a wide selection of tie frames, namely m2, n2, n3 and others.
However, the main attraction of the trading platform is the advisor designer, which allows you to create your own robot based on more than 30 standard indicators without knowing a programming language. MT5 also has the ability to conduct multi-currency backtesting, which greatly simplifies the search for profitable currency pairs. The list of standard indicators and graphical analysis tools has also expanded significantly.
It is worth noting that MT5 can be easily used for trading futures and stocks.
The third very interesting platform with which we would recommend starting trading on the Forex market is called Libertex.
This trading terminal, unlike the previous two, opens directly through the browser on your device, so you are not tied to a specific computer and can trade from a mobile or tablet with the same functionality as for a PC. This terminal completely changes the approach to trading on the Forex market, namely, it turns your speculation into investment due to the fact that there is no such thing as leverage at all.
The trading platform allows you to invest in currency pairs, indices, stocks and precious metals. Since there is no leverage as such, but instead there is a multiplier, which you don’t have to use, the risk of losing your deposit is greatly reduced.
The trading platform has a wide range of tools for technical and graphical analysis, and even surpasses MT4 in terms of graphical analysis. However, Libertex does not have the ability to use advisors and scripts .
In conclusion, I would like to note that choosing the best trading terminal for Forex is a responsible decision. However, you should understand that at this stage MT4 is the undisputed leader, since there are hundreds of ready-made custom advisors and indicators for this platform, by downloading which you can significantly expand your trading capabilities, and completely free of charge!