What is a good trading platform?
MetaTrader5 is a forex trading platform, which allows online trading in forex, stocks and futures market. This platform offers comprehensive technical tools and indicators. Algorithmic trading is also a feature that MetaTrader5 has made possible by using Expert Advisor. In this article we are going to introduce MetaTrader5 as a comprehensive forex trading platform.
MetaQuotes company released MetaTrader5 in 2010 after the successful MetaTrader4 version. MetaTrader5 attracted the attention of professional traders, and became their favorite trading platform due to its advanced features. This platform allows traders and investors to trade in several markets:
- Stock market
- Cryptocurrency market
- Commodity market
- Forex and currency pairs
- CFD contracts
MetaTrader5 is available for free and can easily be downloaded from any web browser. This platform is compatible with Windows XP, 7, 8 and 10, macOS and Linux. This platform can run on both 32bit and 64bit systems.
When you successfully downloaded MetaTrader5, go to the registration page and create a new account. Most brokers ask for your personal information for authentication. They also ask about your trading goals and risk management plan.
You could deposit and withdraw from you user panel. The minimum deposit required by each broker is different. The deposit and withdrawal fee is also dependent on what method you choose.
The trading cost, commissions and leverage is informed to traders at the time of registration. Forex traders may also need to pay swap. Swap is issued when a position is kept open over night.
MetaTrader5 offers 38 different technical indicators:
- Exponential moving average
- Volume profile
- Reversal point
Other indicators could be obtained from Code Base or Market. This platform offers 100 charts with 21 timeframes from one minute to one month. This feature makes MetaTrader5 suitable for both short-term and long-term analyses.
In MetaTrader5, you can follow live news through economic calendar. This platform also offers a feature named “Depth of market” which informs you about the liquidity of each market. There is also a large library of market history existing in this platform. MetaTrader5 supports both Netting and Hedging tradings.
MetaTrader5 terminal is designed in a way which could be customized easily. Programming interfaces such as JAVA and Python allows users to benefit from the below features:
- Indicators: Indicators can be defined and used in price analysis
- Scripts: Scripts can do anything such as adding an indicator to a chart or closing a pending order
- Libraries: Several functions with different applications which are shared by users
Please note that the appearance of the platform is completely customizable. You can make the environment lighter or darker as you wish.
Algorithmic trading is possible through Expert Advisors. Algorithms start opening and closing positions based on determined criteria.
The MQL5 programming language allows for improvements, backtesting and optimization. Experts could be bought directly from Market or downloaded from Code Base for free. There are also a lot of online tutorials on how to use Expert Advisors.
If you intend to trade on your cellphone, the mobile application suits you best. In this application you will have access to all pending orders. Mobile traders are also able to navigate through several charts and use features such as economic calendar, technical indicators and other analysis tools. They also have access to the price history of each market.
You can download the Android version from Google Play Store, and the iOS version from Apple App Store. Additionally you can use WebTrader with any web browser on your cellphone. Most brokers provide their clients with a tutorial on how to set up MetaTrader5.
The free MetaTrader5 demo account could assist traders before entering the real market. Novice traders can get familiar with market analysis and market execution. Demo accounts are also a good way to test trading strategies without loosing real money. You could also test different trading volumes with different T/P and S/L levels. Please note that one standard lot equals 100,000 unit, minilot equals 10,000 and microlot equals 1,000 units of the traded pair.
We recommend novice traders to keep a trading journal and record every successful and unsuccessful trade.
MetaTrader5 supports its customers through several ways. The help page in MetaTrader5 consists of the following topics:
- Price analysis
- Copy trading
- Mobile trading
- Trading signals
- Algorithmic trading
For common problems such as connection problems, platform corruption and forgetting passwords, most brokers offer customer support services via phone calls or live chat. Written and visual guides are also available for more complicated matters.
However, the best source for MetaTrader5 support are the online forums. If you have any problems regarding the connection and shortcut keys, you will always find help on forums. Eager users will also help you to use MetaTrader5 better.
Common errors in this platform include:
- Market closed: This error occurs when the trading hour is finished
- Off quotes: When the internet connection is weak and platform isn’t able to update the prices
- Can’t place order: Occurs when there isn’t enough equity to open a position
Comparing MetaTrader5 and MetaTrader4
MetaTrader5 isn’t used as commonly as MetaTrader4, but it has a lot of additional features. The key difference between these two is that MetaTrader5 has more professional tools. MetaTrader5 offers 38 different technical indicators, while MetaTrader4 only offers 30. The number of drawing tools in MetaTrader5 is 44, whereas MetaTrader4 offers 31. MetaTrader5 offers 21 different timeframes, while MetaTrader4 only has 9 timeframes.
MetaTrader5 allows traders to trade in different asset classes, while MetaTrader4 only offers currency pair trading. Ultimately, MetaTrader5 has 2 market orders, 6 pending orders and 2 exit orders, whereas MetaTrader4 has 2 market orders and 4 pending orders. The only challenge in using MetaTrader5 is the complexities which new traders tend to get confused with.
Therefore if you don’t know which platform to choose between MT5 and MT4, review your needs once more. MT5 usually suits professional traders, but MT4 offers a much simpler environment which makes it suitable for most traders.
Aron Groups Broker facilitates trading by offering MetaTrader5. MetaTrader5 suits experienced traders who want to trade multiple asset classes and have access to powerful trading tools. The server of this platform also allows you to have several accounts from several brokers. This platform also offers copy trading and algorithmic trading. Generally, MetaTrader5 is suitable for complex trading strategies.
Written by: Mohsen Mohseni (Aron Groups).