Why do I use trading platform MT4?

The best trading platform?

There are many different trading platforms, so you may be asking yourself: Which one is the best? I don’t think that there is a clear answer to this. Every trader use different tools, indicators, etc. You may know, that some platforms are used more than others and I believe, that there’s a reason behind it. 

We already mentioned MetaTrader 4 (MT4) and it’s because it’s my favorite trading platform. When I started trading I didn’t wanted to even try MT4, because of reviews of other traders, and because I thought that it’s too old to compare with new ones. Big mistake! I tried it for the first time because the prop firm didn’t have any other option. After few monhts of using I fell in love with it. I knew that it was most used trading platform, but never wondered why. 

Positives about MT4

1. Working in MT4 is intuitive, you don’t need any manual for most of the tools and settings.

2. MT4 doesn’t change (no updates, etc.), this means that once you understand it, you understand it for a lifetime :D

3. It’s free.

4. Allows Algo trading.

5. Tools and indicators are customable. You can also download or make your own tools and indicators.

6. Majority of brokers have the option to trade in MT4.

Negatives about MT4

1. Design is older and you will notice.

2. Accounts aren’t connected through different devices. Technical analysis which you did on your PC won’t be on your laptop!

Would I recommend MT4?

Yes! If you want to get really used to one platform choose MT4. It’s the most used trading platform, so you won’t make a mistake by joining the group. MT4 supports the basics in trading, at least that’s how I see it. The option of downloading tools and indicators can be very handy.

Some other platforms

Quite popular is TradingView, which is online platform used mainly for technical analysis, but you can also trade there. It’s a great environment for technical analysts, this covers the paid version. Althought free version is good, it doesn’t have some features which I personally use. The biggest would be restricted indicators, you’re not allowed to use much official in free version.

Next platform I could recommend is CTrader, which I was using earlier this year. There was one great function, that you could split take-profits and stop-losses to 2 and more market commands. I don’t know about any other platform, that can do that. In most of platforms you can close some part of your position, but you have to do that manually, but that doesn’t apply for CTrader, where you can just set the price where will be half of your position closed. Great! Not to forget, CTrader is more complicated, but everybody can learn to use it.

Let’s talk about less used platforms. There are platforms made by brokers, which are also used only for trading on accounts under them (broker). These are X-Station 5 by XTB or Trading 212 platform. In my opinion these are great to start trading, because of their easy to use design. Tools and indicators are basic, but beginners should be satisfied. If you take trading seriously and you want to expand there may be better platforms for you, because of more advanced tools and indicators which they offer. X-Station 5, etc. is great for investing.  

Your choice!

The best advice I can give you is to try out some different trading platforms and choose based on your experience! Don’t stick to one without trying any other. Sometimes you will be forced by broker’s limited offer, but if the offer doesn’t fit you, you can always choose different broker.

written by Filip Lemon