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Best Trading Platforms: How MetaTrader 5 Helps Every Trader Find Success in Trading

In: Business

As technology advances, more trading platforms are found online. But if you are looking for a platform that was able to stand the test of time and still remains one of the best trading platforms available today, then you must check out the MetaTrader 5.

MetaQuotes released the MT5 and everyone got their eyes on this new trading platform. MetaTrader 4 was very successful that people couldn’t totally replace it with the new version. But MT5 continues to impress a lot of traders with its fresh updates, addressing the errors and bugs that were encountered in the previous version. If you are yet to be convinced by these innovations, we are going to tackle below how this trading app became one of the best in the industry.

MT5 is known to have enhanced and upgraded tools and analytical capabilities compared to its predecessor, the MetaTrader 4. MT4 basically aims at Forex traders and its features are widely praised by brokers and traders for many years. But, no matter how excellent it works, there are still loopholes that need to be filled. And the emergence of MT5 has fixed these bugs and errors, resulting in a much better version of a trading platform.

The Revolutionary Features of MetaTrader 5

If you cannot stay in one place, in front of your computer all day, watching the movement of the market, then this update might excite you. MT5 allows traders to trade on the go, even without the use of their desktop computers, but their mobile phones and tablets only. MT5 supports iOS and Android devices. This is pretty handy, isn’t it?

Additionally, with the same iOS update, trade actions are made more convenient just with a single tap. These trade actions include increasing, modifying, and losing the position volume as well as opening the chart can be accomplished with a single tap on the pending order or the position.

MetaQuotes also announced that the latest update on iOS devices allows viewing of market statistics for different financial instruments. Important information that might affect your trades such as the percentage price change, buy and sell volume, total volume, buy and sell orders and the average weighted price can all be viewed upon opening the MT5 mobile app and then clicking the Market Watch then ‘Statistics’.

The Importance of Having Customized Financial Instruments

The new version of MT5 also features customized financial instruments. With it, traders can add symbols, import price data, configure the settings, and also see the resulting charts. There is now an overwhelming number of symbol parameters available in MetaTrader 5.

In MT5, strategies are easily tested and even customized through the use of the Strategy Tester option. As for the price history, it can be brought in from a text file. You can do so by picking a symbol and then clicking the ‘Bars’ tab before customizing its parameters located in the import dialog box.

For you to configure the custom symbol or copy the parameters available in other similar instruments before modifying them, you have to make sure that the name is not the same as the other symbols simply to avoid confusion.

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