Excerpt: What is the most popular Forex technical analysis software for traders out there in the market? Forex4you has narrowed down the most popular ones and also reviewed the differences.
It is almost impossible to consistently make money from the forex market without a good Forex technical analysis software. There are many traders who think they can trade based on fundamentals. However, it is almost impossible to make do so. Thus, a professional trader usually combines both Fundamental and Technical analysis before they make trade decisions. In this guide, Forex4you will review and explain the most popular trading platforms used by Forex traders in the market, which are centered on the trading platforms software of MetaQuotes. Of course there are more trading platforms, but these are the most used Forex technical analysis software in the market.
Trading platform MetaTrader4 (MT4)
MetaTrader 4 is the most popular trading platform for trading Forex, analyzing financial markets and using Expert Advisors in the financial market. Also, mobile trading, trading signals and the Forex market are the integral parts of MT4 that enhance a trader's forex trading experience. MT4 is the mostly used Forex trading platform by retail clients. It is well organized, simple and easy to use and understand. However, some of the functions could be missing, mostly for very pro traders with lot of money. In addition to the MetaTrader4 advanced and user-friendly trading features, the software also offers advanced charting capabilities. This cutting-edge charting enables traders to trade and analyze the technical aspects of the market simultaneously. Also, you can change the colors and styles of the charts and even load customized templates to reflect your personal preferences. This makes the charts easier to read and since you can remove functions that do not interest you, the focus will be on your personal priorities.
Unlike other software, MT4 platform is relatively low on resources, meaning it keeps its disruption of your PC to a minimum. This enables the platform to run faster, making it possible to implement the trades and traders' requests quicker.
Trading platform MetaTrader5 (MT5)
MetaTrader 5 (MT5), is also a Forex technical analysis software developed by MetaQuotes, it is basically is an improved version of the MT4 platform. The trading platform is perfect for those who trades currencies, CFD’s and futures. All could be done in one account. It helps traders greatly with numerous instruments for technical and fundamental analysis, multiple time-frames, alert system, etc. However, comparing it with MT4, there is not much difference in terms of tools and specification. The main drawback of MT5 is that it supports less trading strategy as compared with MT4, which is available in the market. This can be a crucial factor to consider when deciding between the two platforms. If you prefer simplicity over new and improved features, then MetaTrader 4 (MT4) would be a better option for you.
(An overview of the MetaTrader 5 trading platform – Source Image: MetaQuotes Software Corp.)
The advances can be considered complicated by some and an important plus by others. By programming in MQL5, traders can create their own technical indicators and create their own Expert advisors (EAs) trading robots. This makes MetaTrader5 (MT5) more customizable but more complicated at the same time. A trader with zero programming skills or understanding would be more comfortable with MT4 although there are forex brokers who offer these tools as part of their services.