The forex markets are exceedingly tough to control. Volatile, complex, and incredibly difficult to predict, new traders often find themselves overwhelmed by the myriad of factors and terms that they must grasp in order to trade successfully. They ask themselves a thousand questions, and often struggle to find an answer to any of them.
With the right help and a little dedication, however, each of these complexities can be unpicked, provided that you’re willing to put in the hours. One of the most important decisions that you’ll face, and one that really does require some serious thought, is the type of trading platform that you decide to use.
Options generally take one of two forms: MetaTrader 4 or MetaTrader 5. Although the latter was originally envisaged as an improvement of the former, many traders chose to stick with its first incarnation, and there are lots of good reasons for doing so.
If you’re still undecided when it comes to picking which of the two is better for you, then here are five points that you need to consider…
#1: User Experience
One of the primary reasons that so many traders prefer MetaTrader 4 to its newer counterpart is because they feel it provides a better user experience. Its interface is incredibly easy to get to grips with, and this makes it much simpler to use than its successor. Considering how volatile, fast-paced, and challenging the markets can be, it seems to make little sense to complicate things any further, lending the original option a real advantage over its contemporary.
Another difference between MetaTrader 4 and MetaTrader 5 is the charting options that they provide, and you’ll soon discover that many people prefer the originals. Advanced yet user friendly, they meet a trader’s every need, helping them to comprehensively analyse technical aspects of the market, whilst presenting their findings in an easy to understand format.
Another area in which MetaTrader 4 arguably outperforms its more advanced contemporary is in the minimal amount of disruption it causes. Unlike most other platforms, resources are low, keeping any negative impact on your PC or other devices to a level that’s barely noticeable. Thus, if you’re worried about slower performance or excessive lag, MetaTrader 4 is the perfect platform for you.
A lot of users also laud the profile feature available in the original platform. This allows users to view account information, such as balance, trading history, access details, and password information from within the platform, meaning that there’s no need to disrupt your trading whilst you check this data out.
Although there are numerous other benefits that we could list, we’ll finish here with five, and MetaTrader 4’s customisation features are surely worth a mention. The platform supports full personalisation, meaning that traders can adapt it to meet their every need. With the ability to do everything from developing expert advisors to customising your language, you can tailor MetaTrader 4 until its perfect for you.
If you’re searching for the most user friendly, advanced, and popular trading platform on the market, then MetaTrader 4 could be the ideal option for you. Why not contact a broker like Fx Pro and trial a demo account today?