MetaQuotes Software produced the well-known MetaTrader 4 trading platform. It was first released in 2005 and quickly became a hit in the industry. In reality, it’s challenging to find a Forex broker that doesn’t provide MT4 to their customers. MetaQuotes has launched a new trading system after a five-year hiatus. This time, MetaTrader 5 comes with a more comprehensive set of tools while still retaining a user-friendly user interface. While MT5 has these intriguing features compared to MT4, it has not dethroned its predecessor.
MetaQuotes stopped supporting MT4 versions earlier than 1065 in 2017. The organization is increasingly concerned that, even after so many years, MT5 will never be able to replace MT4 fully. The question now is whether you should turn to MT5 or not. People used MetaQuotes Language 4 in MetaTrader 4. Many think that the coding in MT5 is less reliable than MT4, which is one of the key reasons why many traders still prefer MT4. It still seems to us like people are less prone to get out of their comfort zone, and we’ll explain why in a few moments.
What Makes MetaTrader 4 So Effective?
According to MetaQuotes, MQL4 is an interactive programming language used to build forex trading techniques, libraries, and scripts for trading. These are the factors that contribute to traders’ willingness to trade in the market.
MT4’s ability to manage automated trading systems like Expert Advisors is another vital attribute (EA). It was possible by using revolutionary methods, backtesting, and optimization. Trading robots are another name for EAs. According to experienced traders, they advise aspiring traders to test their EA before putting it into the live trading market where the real money is what you hold at stake.
A demo account comes in handy in this situation. Demo accounts work similarly to simulated trading platforms that use real-time rates. Traders will begin gradually building their profile after proving the EA’s effectiveness.
What makes MetaTrader 5 even better?
MetaTrader 5 (MT5) is a new trading platform that uses a different programming language. It employs the MQL5 programming language, which is thought to be more user-friendly than MQL4. It’s also more effective, and end-users can personalize their scripts. When it comes to the programming language, no functions are needed to run in the background while the trader executes and operates.
Furthermore, fundamental research is available in MT5, but not in MT4. This is due to MT5’s built-in economic calendar, which provides data on various economic activities that could impact the stock market. If you are unsure about how to use the calendar, you can rearrange it to your liking. You may customize the calendar based on the currency of importance.
DOM (Depth of Market) is another of MT5’s great features. This trading platform also allows for netting and hedging. Traders would be able to ‘lock’ their trading positions while leaving them open or concentrate solely on hedging. MetaTrader 5 also includes two business orders and six pending orders, among other order forms.
As you can tell, MT5 has far more benefits, and take into consideration that it’s constantly improving and it’s the “platform of the future”. Why not take a chance? Be sure you check for the best MetaTrader 5 brokers, such as Forex.com, IC Markets, etc. See who suits you the best, and good luck!