5 Ways MetaTraders can Advance your Trading Career
Retail trading has been a popular choice of investment for many. With the possibility of high returns, this form of investment is attractive to those with a palette for risk. If you are starting your trading journey, you need a platform that can support you in making profits from trades. Metatrader 5 (MT5) is one such platform. But why should you use it? Let’s find out.
Metatrader 5 (MT5): An overview
Metatrader 5 (MT5) is a trading platform from MetaQuotes. Released in 2010, MT5 targets retail traders and is a successor of MetaTrader 4 (MT4), the market’s driving trade force. However, when it was launched, MT4 was dominating the market, overshadowing MT5’s launch. Recently, MetaTrader 5 has been gaining more prominence in the market with the advanced features it offers.
5 Reasons to should use MetaTrader 5 for Trading
Many traders today are opting to download MetaTrader 5 for Android or iOS to advance their trading careers. They do so after understanding the benefits of this platform beings to the table. Here are 5 reasons traders should consider switching to MT5
1. Genuinely Multi-asset platform
Unlike the common misconception, MT5 is not an improved version of MT4. MetaTrader 5 was built by MetaQuotes to offer features that MT4 cannot offer. It wasn’t created for retail forex trading and can deal with other asset types, including stocks, equities, and commodities. MT4 can only deal with over-the-counter (OTC) products like forex and requires contracts for differences (CFDs) for other assets. MetaTrader 5, on the other hand, can trade every asset type without needing a broker, removing any conflict that may arise.
1. Accurate data
To make profitable trades and trading decisions, traders need accurate information to perform technical analyses of asset groups. With MT4, it is not possible to recover historical tick data from the server and requires traders to rely on external data and charts. With MT5, traders can easily download historical tick data from the broker’s servers without doing external research. Furthermore, the trading platform offers granular charts and improved chart storage features. This further makes technical analysis easier.
1. More charts and execution types
MetaTrader 4 offers 9 charts that traders can use to review previous price patterns and algorithmic trading. However, the platform has limitations on how many charts you can store, creating hurdles for traders. For instance, when aggregating one-minute (M1) data into M5 or M15 charts, the algorithm does not offer accurate pattern analysis. MetaTrader 5, on the other hand, offers 21 charts for technical analysis. With this platform, traders can download and store more charts and bars and high-quality trading data. Furthermore, MT5 has two new pending order types: stop limit and buy stop limit, allowing traders to place classic stop-limit orders.
1. Market depth function
A key feature missing in MT4 is the market depth function that gives traders a better idea about market activity. This data can allow them to make better investment decisions by accurately predicting the execution price based on trade size. MT5 offers this function, improving trading quality and profitability.
1. High-speed order processing
MetaTrader 5 has a 64-bit engineering build and is multithreaded. This makes the platform faster and enables it to work on simultaneous tasks at a time, including back-testing trading algorithms. Therefore, MT5 is able to process orders much faster.
Talk to us
To conclude, MT5 offers features that can help traders improve the way they make trading decisions. If you are planning to download MetaTrader 5 for iOS, and need assistance with starting out, reach out to EclaveFX today. We can help you advance your trading career.