There are lots of trading platforms that you can use for forex trading. But you don’t want to use just any platform but one of the best platforms if not the best. The MetaTrader 5 multi-asset platform includes the hedging approach, which enables establishing numerous positions of the same financial instrument, of opposing or same orientation. It provides improved capabilities for detailed price research, usage of algorithmic trading apps (trading robots, Expert Advisor), and copy trading.
Here are some of the reasons you should trade forex using MetaTrader 5 platform.
1. Adaptable Trading System
With Market Depth and a system of distinct order and transaction accounting, MetaTrader 5 offers a powerful trading system. For a variety of trading goals, there are four order execution mechanisms available: Instant, Request, Market, and Exchange execution. All trade option types are supported by the platform, comprising market, pending, stop, and trailing stop orders.
2. Expert Technical Analysis
Up to 100 currency and stock quotation charts may be opened at once in the terminal. The availability of 21 periods allows for a thorough investigation of any little change in pricing. There are more than 80 technical indicators and analytical tools available, together with visual objects, that provide thorough examination. You may design your own indication with your own special traits thanks to the MQL5 programming language’s outstanding performance.
3. Fundamental Analysis
An additional method for predicting the price movements of financial assets is fundamental analysis. The objective of fundamental analysis is the ongoing observation of several open-source economic and industrial data. The website broadcasts news stories from worldwide news organizations, giving you access to the crucial financial data. The economic calendar includes the primary macroeconomic data of numerous nations, enabling traders to assess their effects on various financial assets.
4. Copy Trading and trading signals
You no longer have to trade alone thanks to the MetaTrader 5 copy trading feature. Let your platform act as a professional trader in place of you. With only a few clicks, you may join up with a certain signal source and have your platform trade for you. You have the option of keeping tabs on your trade performance or only relying on the signal behavior.
5. Trading on the Go
The MetaTrader 5 mobile platform puts the world of finance at your fingertips. Even a desktop is not required to engage in complete financial market trading. Installing the Android or iOS mobile applications on your mobile devices is all that is required. Packages for mobile devices feature strong analytical features and cover the entire range of trading functions.
6. Automated Trading
The MetaTrader 5 platform offers the full development environment to support the creation and improvement of your trading bots. To achieve the most precise technical analysis and forecasts, you may build Expert Advisors using the high-performance MQL5 programming language. Choose from hundreds of ready-to-use trading programs if you don’t like creating.
7. Online Hosting
MetaTrader 5 is still functional irrespective of whether the computer is off. With just a few clicks, you can create a virtual platform and operate it on a distant server (Forex VPS). Trades from your bots and alert subscriptions will be completed whenever possible with the least amount of delay.