Forex is a dynamic market and traders, both beginners and professionals, try to actively use different tools. The trading terminal is a unique program that will help not only to perform the bets themselves. Here you can test strategies, create your own strategies and learn the full functionality of the program in order to gain advantages in forex. For example, you can use social trading. But what is the best forex trading terminal? We will tell you in our material.
MetaTrader 4 (MT4)
MetaTrader 4 (https://www.metatrader4.com/en) remains one of the most popular and widely used forex trading terminals. It is ideal for both beginners and experienced traders due to its simple and intuitive interface. MT4 offers a wide range of technical analysis indicators, allowing traders to customize their trading strategies. A powerful feature of MT4 is the ability to use and create Expert Advisors (EAs) or Expert Advisors.
MetaTrader 5 (MT5)
MetaTrader 5 (https://www.metatrader5.com/en) is an updated version of MT4, designed for more advanced forex trading, which is already appreciated by professionals. It offers more order types, an expanded set of time intervals and additional technical analysis indicators. However, it is important to note that EAs (EAs) created for MT4 will not work in MT5 due to differences in the platforms’ programming languages. In addition to the previous version, MT5 offers built-in strategy testing and optimization features, as well as advanced charting capabilities.
TradingView
TradingView is another very popular web-based platform that probably almost every trader has. It allows users to view up-to-date charts of various financial instruments, including forex currency pairs. It provides an extensive set of tools for technical analysis and creating trading strategies. One of the key features of TradingView is a social network that allows traders to share ideas and strategies. In addition, this terminal supports automated trading through forex brokers.
cTrader
The cTrader is also an advanced trading platform that provides direct access to the interbank market. This means that traders can get the best prices from various liquidity providers without the intervention of a broker. cTrader is characterized by high speed of order execution and offers a wide range of technical indicators and charting objects. Thanks to the built-in cAlgo programming language, users can create their own indicators and Expert Advisors.
NinjaTrader
NinjaTrader is a powerful and flexible trading platform that allows you to trade not only Forex, but also futures and equity markets. It offers many tools for technical analysis and development of trading strategies.
NinjaTrader is especially known for its automated trading capabilities. Thanks to the built-in NinjaScript programming language, traders can create their own trading strategies and Expert Advisors. An important advantage of the program is its Market Replay feature, which allows traders to replay past trading sessions to practice and test strategies.
How to Work in the Terminal for Beginners: Tips
- Familiarize yourself with the interface
It is important to familiarize yourself with the interface of the trading terminal. Study the main functions, available tools and settings. Most platforms offer demos where you can experiment and learn without risks.
- Use educational resources
Many terminals offer educational materials: video tutorials, webinars and articles. Use them to improve your understanding of the trading terminal and forex trading in general.
- Start with simple strategies
If you are just starting out in forex trading, avoid complex strategies. Focus on the basics and use simple, proven strategies. Over time, you will be able to move on to more complex strategies.
- Practice on demo
Before you start trading with real money, be sure to practice on a demo account, for example, with RoboForex – https://revieweek.com/review/roboforex/. This will help you learn how the platform works, allow you to test different trading strategies and understand how the market reacts to various events.
- Use tools for risk management
Most trading terminals offer risk management tools such as stop loss and take profit. Learn how to use them to protect your capital from significant losses.
- Keep learning
Success in forex trading does not come immediately. It takes time, patience, discipline and strategy. Do not be discouraged if you have difficulties in the initial stage. Keep learning and improving your skills and you will see progress.
