Forex newbies have a unique set of requirements to fulfill. Training, coaching, and regular practice over the course of about 18 months are required to elevate a trader from the level of novice to that of a mid-level trader. The issue is, what do newbies do during the first year and a half that could be required to make the switchover to forex trading?
It is necessary to carry out a great deal of practice on simulated as well as real money accounts, as well as a great deal of research on a wide variety of resources that cover topics ranging from the actual trading process to the mentality of traders. Take into consideration the fact that we have already brought up the need to engage in a substantial amount of trade on real and practice accounts. Therefore, traders need to understand the kind of platform they should utilize to get a significant amount of knowledge from the platform.
This post provides a description of the Forex trading platform that novice traders need to make use of to go to the next level in their abilities.
MT4 Platform
The original version of the most widely used trading platform is called MetaTrader 4, or MT4. As a result of its many advantages, it has quickly become the platform of choice for millions of traders.
Virtually every retail forex broker makes the MT4 platform available to its clients. Reasoning based on common sense dictates that if you are going to war, you should train with the weapon that you will be required to use on the battlefield. This is because no one goes to war with a gun that has not been tested and proved effective.
If you are going to start trading with real money, the MetaTrader 4 platform is the only thing you need to start learning on to get started. Besides the fact that training with the platform that will be met in direct trading, MT4 has specific features that, if utilized properly, can enhance a rookie trader’s abilities in the financial markets.
Some of these characteristics are as listed below:
- Reading is made more simpler by MT4’s graphical interface, which also eliminates the need to become proficient in the platform’s myriad of graphical tools and objects.
- Terminal windows are crammed full of tabs that are pure assets. These tabs include news bars for trading news and market tabs, as well as Base Codes and Signals tabs for accessing resources within the MQL4 Community.
- This has a user-friendly design of the interface and makes use of specialized consultants. However, a webtrader is a browser-based version of MetaTrader 4, which is also available.
- Additionally, MT4 is available as a general mobile application that can be downloaded from the Google Play store or the App Store for iOS-based devices.
Therefore, if you are just starting out in foreign exchange, the first trading platform you should be familiar with is MT4.
MT5 Platform
The MetaTrader 5 (MT5) trading platform is designed to satisfy the ever-increasing requirements of brokers and traders. The MT5 Platform supports all the different capabilities that are supplied by the MT4 Platform, in addition to providing new features such as better trading functionality and increased scripting tools for customized indicators and expert advisors.
The MetaTrader 5 platform is the highest level available in the series of MetaTrader platforms. Although many of MT4’s features have been preserved, several enhancements as well as direct modifications have been included. There is a great deal of uncertainty over the future of MT4 and MT5 as far as Metaquotes is concerned. When it was first released, MetaTrader 5 was intended to serve as a replacement for MT4, but the product struggled to attain the same level of market penetration as MT4.
Therefore, Metaquotes is content with the fact that it permits retail brokers to walk with both systems. Certain foreign exchange firms have made efforts to promote the usage of MT5 by restricting the types of financial instruments that may be traded on the platform. It should thus not come as a surprise if you come across any brokers that limit the MetaTrader 5 platform they provide to the trading of just stock CFDs or cryptocurrencies.
Therefore, after a newbie has finished mastering MT4, the greatest platform for them to go on to is MT5. Because of the similarities between the two platforms, mastery of MT5 will be much simpler. In the same way that MT4 has a web-based version, MT5 also has a general mobile application that can be downloaded from the Google Play Store and the Android Market. Both stores may be accessed via the MT5 website.
cTrader
Trading conditions on an ECN are covered in this platform provided by Spotware Systems, which is aimed at first-time traders. This works in tandem with cAlgo, which is a platform that allows users to construct algorithms for use in cTrader.
CTrader gives forex traders the ability to exit their positions in a variety of different ways and enables the display of market depth on brokerage order books. Transactions including deposits and withdrawals may be completed through the platform’s interface by novice users as well.
CTrader is available in both a desktop and web-based format. The web-based version loads rather quickly and includes new capabilities that were included in the most recent version of cTrader, such as “cTrader Copy.” cTrader Social Trading is a program that enables novice traders to imitate the trades of experienced traders directly from inside the cTrader trading platform itself. The idea of social trading has been taken to a whole new level because of this incredible invention.
Although the cTrader review interface is a bit more tough to get than the MT4 interface, it is simple to reset the interface in order to produce personalized workspace configurations.
The Bottom Line
Traders who are just getting started in the market can choose assets that they want to keep an eye on, and they are provided access to a selected group of “Leaders” whose trading tactics may be imitated. The Risk Score is the most important consideration for novice players to make when choosing a Leader. For beginners who are interested in beginning to profit from fx forex trading while they are still learning the ropes of the business, the social trading platforms described above provide such opportunities. You can download mt4 for mac users.