The online forex trading platform has an extremely wide spectrum in many regards. Apart from the ever-increasing number of traders and the escalation of professional and expert advice, there is also a labyrinth of trading tools and programs that seem to be on the rise every single second.Different trading mediums with a multitude of features are constantly breaking into the market with each one presenting itself as the most viable of the lot.
This situation has aggravated the deciphering challenge especially among first-time traders who are spoilt for choice and therefore confused when it comes to selecting the most suitable trading platform and tools for their individual needs and goals.
This article is specifically tailored to address these concerns as far as the Meta Trader trading platform is concerned. It seeks to reveal the proven strong-points as well as the potential drawbacks of using the Meta Trader trading medium for both current and prospective forex traders. This write-up is meant to be a compass of clarity in forex trading for all its readers.
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Meta Trader Models
Meta Trader is an online commercial avenue which is universally known for effectively acting as an interface that connects electronic devices to asset markets particularly among forex traders. It facilitates the process of trading by enabling traders to conduct technical analysis through presenting current market charts and prices. It also allows traders to place real-time asset orders with market brokers.
There are two existing models of the Meta Trader Software. The MT5 is the newer version of the two even though MT4 is more common among traders. They are both available as applications on mobile phones and personal computers.
The following are some of the general advantages of using both Meta Trader versions:
Meta Trader Merits
Market Watch and Depth of Market
The Market watch is the channel through which a trader can gain access to the state of global forex assets and investments per time. It is a window that shows all the available trading instruments in the market while also giving valuable insight on the unique specifications of each asset such as charts, trading hours and contract size.
The depth of market is a mechanism that exhibits the order liquidity position in a given currency pair. This feature informs keeps traders constantly informed on current market activity such as state of buy and sell orders at various prices.
Both these features are advantageous particularly for short term traders who are looking to make profit through holding a bought or sold currency pair otherwise known as scalping.
Customizable Technical and Fundamental Analysis Tools
Technical indicators and charting features are an integral part in the make-up of the Meta Trading platform. They confer to traders the ability to forecast future price behavior by providing up to date price analysis features such as Moving Average, Relative Strength Index and Fibonacci just to mention a few. Furthermore, these tools can be tailored according to trader specifications and saved according to their profiles.
Data Encryption
The continual productivity of the online trading arena demands a constant updating and upgrading of cyber security features particularly where the sharing of data between traders is prevalent. The Meta Trader ensures protection of clientele data through encrypted end to end communication between the traders and their digital portals. It also supports digital signatures as well as holding in confidence the internet protocol addresses of each trader.
Device Adaptable
Working from home and on the go has been necessitated by the need to reduce production lead times among other factors. The Meta Trader offers accessibility to various electronic devices such as mobile phones, tablets and personal computers while still retaining the same level of utility on all the digital interfaces.
Meta Trader Risks
Meta Trader may not be suitable for traders who may require historical data on market depth for initial forex dealings. This data is not present in MT4 but can be found in MT5 although not at the initial trading stages. High frequency trading which may require split second decisions and a great degree of speed may also not work effectively on the MT4 platform.
Conclusion
Online Forex trading can only be as profitable as the quality of tools a trader chooses to utilize as far as decision making and transacting are concerned. Choose Meta Trader and begin your journey towards a productive trading experience.
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