MetaTrader is the most widely used Forex trading platform.
Almost all forex brokers with MetaTrader, the ones worth considering at any rate, will make it available for the free use of their clients.
Different versions have been released over the years. Most traders are familiar with MT4. The latest version, MT5, came along early in 2011.
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For the most part, the two versions are similar regarding the general design interface, which is only logical considering MetaTrader’s dominant position among Forex trading platforms.
Both versions are computer softwares and the creator (Metaquotes) do not have a web-based version of the platform, meaning that traders can configure the platform according to their personal preferences, then access, given that similar hardware is available, an identical trading interface to the one at their main trading station.
Of course, don’t expect to see the same screen layout that you have on your quad monitor workstation on a mobile device or public computer, but if you just want to check in on your trades once in a while as you go about any other business or task
While MetaTrader is perfectly suited and adaptable for the needs of the discretionary trader, it is geared towards automated trading.
This is a major benefit for traders who don’t want or can’t be, glued to a computer monitor. MetaTrader has automated trading programs built in that can be easily edited to account for the variables of various currency pairs as well as varying degrees of price volatility.
It doesn’t require an excessive degree of computer tech savvy, either. Many users are attracted by the ease with which indicators can be customized or created. This is also true of the automated trading programs.
Another aspect traders find appealing is the large community of MetaTrader users. This large user base means that just about any scenario you can imagine has already been encountered by someone, so getting technical questions answered and issues addressed is fairly simply accomplished.
One potential flaw in the opinion of some traders is the lack of automated back testing, but this should not be taken to imply that system back testing is not possible, just that it must be done manually, which takes a longer. Of course, there are those among the ranks of successful traders that express skepticism around the whole subject of the value of back testing, so feel free to draw your own conclusions here.
Some traders may also find, if moving from a broker’s proprietary platform to MetaTrader, that it takes some time to get used to. The analogy here would be to compare proprietary platforms to a typewriter and MetaTrader to a full-featured modern word processing software package.
Of course, trading on a new platform of any kind without first giving it a good shake down with a simulated account is foolhardy at the least. Most brokers make MetaTrader and simulated accounts freely available for some period of time, in some cases for as long as there is an active account with them, so unfamiliarity with MetaTrader is not a valid objection.
Now, if anyone knows of broker that will overlook losing trades, please inform us posthaste.
The latest version has all the great things that have made MT4 so popular and much credit should be given to the developers for not fixing something that wasn’t broken.
Improvements include greater ease of multiple account management. This benefits traders who, for example, like to day trade under certain market conditions but have a different account for swing trading or scalping purposes.
There are seven new indicators, more powerful Expert Advisors and bugs and other issues with the trading script from the previous version have been remedied.
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MetaTrader, although it continues to be challenged by NinjaTrader and a few ptjers, continues to occupy the number one spot for number of users, for good reason. Its power, depth and flexibility has made it the standard by which all others are judged.
Either version will do everything you could ever want a trading platform to do, as well as many things you will never think of.
Consider making it a part of your traders toolbox, even if you should decide to not make it your primary trading platform.