MetaTrader 4.0
4.0
1 votes
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  • Inside the platform, I love the way that order placement segment is done
  • Also, the platform lets you customize the charting by clicking on ‘F8’ key, so you can select colors that are not boring but rather engaging and pleasing to your eyes
  • I have programming experience in TradeStation and C++ so it was not difficult to jump in
  • There are some aspects of the platform I found lacking and needing improvements
  • Regardless of that, MetaTrader is still one of the best software for trading currencies and I think that anyone who wants get into this business should defiantly get accustomed to it

    • by cadami
      TRUSTWORTHY

      all reviews
      MetaTrader 4.0 is probably one of the most widely used platforms for trading foreign currency in the Forex market. I started to use it more than a year ago when I opened the demo account with FX Clearing. It was very clear from the start why it became so popular as there are a lot of aspects of this software that are done very well.

      First of all, MetaTrader 4.0 is extremely easy to get around in and use it. Even logging in is completely effortless, almost instantaneous, with no need to put in your account number and password as the program automatically remembers it from the last time. That is completely different than some other platforms, such as the one that Interactive Brokers use which requires lengthy confirmation process that can take even 60


      seconds to complete. Down side of that is that you should not use it on a publicly shared computer due to security reasons, so keep that in mind.

      Inside the platform, I love the way that order placement segment is done. Just by clicking F9 keystroke, I’m presented with the trade options where I can select volume of the trade, type of the trade and stop loss and profit targets. Equally important to me is that I can easily put in limit order under “Pending Order” option since that way I can limit my slippage. I also used Oanda platform, and this one seems so much easier for placing orders and changing it later if you have to. If you are active day trader like I am, that makes a world of difference.

      Also, the platform lets you customize ...


      • the charting by clicking on ‘F8’ key, so you can select colors that are not boring but rather engaging and pleasing to your eyes. That is very important for traders like me who can spend hours on end looking at the screen.

        However, the most important aspect of this platform is its back testing capability. You get there by clicking on F4, and there it lets you program and test different strategies and signals. I have programming experience in TradeStation and C++ so it was not difficult to jump in. But I guess anyone without programming experience should look at the existing samples that are present there in the abundance.

        There are some aspects of the platform I found lacking and needing improvements. One of them is the lack of full data customization. I just can’t

        select 20 or 8 minutes charts that I found sometimes work really well for my trading style. Platform such as FX AccuCharts does a much better job at this than MetaTrader.

        Another point I find that the platform can improve is the lack of possibility to manage risk on a whole account base rather than just on per trade base. I like to stop trading for a day when I lose 5% of my equity regardless of my open positions. Platform such as the one employed by ATC futures permits me to do that, but here I have to do total risk control manually.

        Regardless of that, MetaTrader is still one of the best software for trading currencies and I think that anyone who wants get into this business should defiantly get accustomed to it.




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    The review was published as it's written by reviewer in March, 2010. The reviewer certified that no compensation was received from the reviewed item producer, trademark owner or any other institution, related with the item reviewed. The site is not responsible for the mistakes made. 4219031029540531/k2311a0319/3.19.10
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