The best Forex terminal: choosing the right trading software
The trading terminal is a trader's work environment, the tool through which the entire trading and market analysis process occurs. As strange as it may sound, your future success directly depends on the choice of a particular platform, and if you're new to the market, the speed of your learning curve is directly affected by the platform.
A trading platform allows you to realize all your potential, and in some cases, significantly limit it.
While until recently the number of different trading programs could easily be counted on one hand, today, in pursuit of improved customer service, various brokers are constantly creating new applications, each with its own unique features.
Each platform has its own unique appeal, so depending on your goals, it's advisable to choose the best Forex terminal that meets your requirements.
The most popular trading platform today is considered the Meta Trader 4 trading terminal. This platform has a simple and unobtrusive design, extensive functionality, and vast trading capabilities.
Meta Trader 4 is truly the best Forex terminal; it has a simply enormous set 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 appealing to more experienced traders and programmers, as it offers the ability to automate many processes using scripts and specialized robotic advisors that will simulate your actions according to a programmed algorithm.
A dedicated strategy tester allows you to test your advisor or trading strategy on any selected time period. The ability to program your own indicators, advisors , and scripts makes Meta Trader 4 the best Forex terminal.
The second trading terminal that is rapidly gaining popularity is the new Meta Trader 5. This development is a significant continuation of the MT4 improvements and incorporates virtually all of MT4's trading capabilities, with some innovations. For example, MT5 includes a market depth display, which allows users to view trading volumes.
Most interestingly, MT5 was initially developed for brokers, as it did not allow order locking , hedging, or martingale, but instead relied on adding to an open position. Naturally, this nasty move by the developers was negatively received by traders, so for two years after its release, virtually no one used it, and brokers simply saw no point in forcing it.
This reluctance led to the developers recently allowing hedging orders and opening opposite positions, which has generated increased interest in the platform.
Unlike MT4, MT5 now offers a wide range of time frames, including m2, h2, h3, and others. However, the trading platform's most significant feature is its Expert Advisor builder, which allows users to create their own robot based on over 30 standard indicators without any programming knowledge. MT5 also features multi-currency backtesting, significantly simplifying the search for profitable currency pairs.
The list of standard indicators and graphical analysis tools has also been significantly expanded. It's worth noting that MT5 can easily be used for trading futures and stocks.
The third very interesting platform we recommend for starting forex trading is Libertex. Unlike the previous two, this trading terminal opens directly through your device's browser, so you're not tied to a specific computer and can trade from a mobile device or tablet, with the same functionality as a desktop computer.
This terminal completely changes the approach to forex trading, transforming your speculation into investing due to the complete absence of leverage. The trading platform allows you to invest in currency pairs, indices, stocks, and precious metals.
Since leverage is not used, but rather a multiplier that can be omitted, the risk of losing your deposit is greatly reduced.
The trading platform offers a wide range of technical and graphical analysis tools, and its graphical analysis even outperforms MT4. However, Libertex doesn't allow you to use expert advisors or scripts .
In conclusion, I'd like to point out that choosing the best Forex trading terminal is a responsible decision. However, it's important to understand that MT4 is currently the undisputed leader, as there are hundreds of ready-made custom expert advisors and indicators available for this platform. Downloading these can significantly expand your trading capabilities, completely free of charge!
