WHY TRADE FOREX USING MT5?
Metaquotes, the company that created the hugely successful MetaTrader 4 platform for currency trading, introduced the multi-asset trading platform MetaTrader 5 (MT5) in 2010. The MT5 platform was created using MQL5, a special programming language, to provide multiple functionalities to it.
The revised version of this platform released subsequently offers enhanced capabilities and helps you to trade a wide range of products on the platform. This is to say that you can use the MT5 platform to trade other assets such as stocks and commodities, among others, in addition to currencies. The brokers offering the MT5 platform were not immediately accepted by the trading community.
However, the popularity of reliable MT5 forex brokers in on the rise now due to the benefits offered by this state-of-the-art platform. Apart from offering more advanced trading functions, this platform makes available a number of superior tools using which traders can easily carry out both fundamental as well as technical analysis and trade in a better manner. Further, the key aspect of the MT5 platform is that it enables automatic trading with the help of trading robots. Additionally, the mobile or smartphone version of the MT5 software is available. As such, it is a good idea to choose an MT5 broker if your goal is to trade currencies and other assets from a single platform.
Benefits of MT5 Platform
The benefits offered by the MT5 trading platform are as follows:
1. It provides a very powerful trading system and offers features like separate trading and ordering accounts, support for not only various types of orders but also modes of execution, and Market Depth. When it comes to forex trading, the order accounting method is the hedging method. This enables you to open several positions, either in the same/opposite direction, in one instrument. Further, the MT5 platform supports four order execution methods. These are Request, Market, Instant, and Exchange. The fourth type of Exchange is used for trade operations which make use of stock tools.
2. As a trader, you want to be able to predict the market direction of the future in a precise manner. This is because it enables you to become successful as a trader. The MT5 platform provides you with several analytical tools, enabling precise price analysis and forecasting. The key aspects related to this aspect are:
– You can open as many as 100 charts at a time– The charting system comes with 21 time-frames. – There are 80 analytical objects as well as built-in technical indicators– There are 39 graphical objects– There are 38 technical indicators– There are 4 scaling modes;– You can choose from 17 display styles for client indicators.
These exceptional tools that are made available to you for technical analysis can help you to prepare well for any market changes.
3. The tools used for carrying out a fundamental analysis like the economic calendar, the financial news service provided by international news agencies, etc are made available to you by the MT5 platform. This helps you to forecast the movements of prices of various financial instruments.
4. A robotic or algorithmic trading feature offered by the MT5 platform is by far the best and most fascinating. Robots analyze the market and trade on your behalf. You are required to just decide the strategy and set up specific instructions. The robot would follow the instructions and execute trades for you.
It is the MQL5 environment that makes algorithmic trading possible. It enables you to develop, test, and optimize trading robots to suit your specific trading needs. The MQL5 environment also enables faster order execution than the MetaTrader 4 (MT4) platform. Apart from the fact that the MT5 environment allows you to employ complex expert advisors, it is also helpful for processing large amounts of data.
5. The MT5 system also allows you to buy additional services for enhancing its functionality. Actually, this offers unlimited capabilities as far as the platform is concerned. The MT5 environment offers a trading robot market, and a database of freelance strategy developers as well as virtual hosting and copy trading service providers.
6. For the purpose of quickly and easily analyzing trading activity, the MT5 platform offers inbuilt advanced reports. These reports help you to track initial and final deposit values and have a better understanding of indicators like Z-score, GHPR, and Profit Factor.
Summarizing, it is important that you have a simple, multifunctional trading platform if you want to enjoy success as a forex trader. An MT5 forex broker is your best bet in this regard.