The Forex market is attractive for its high income. But the efficiency of trading largely depends on the terminal used. A good trading platform is convenient and has many possibilities. Forex brokers offer various terminals, while each trader chooses which one to work with.
The most popular trading terminals
Without a doubt, the most popular trading terminal today is Meta Trader 4 (MT 4); the vast majority of brokerage companies provide an opportunity to work with it. Not so long ago, the manufacturing company released its new version of Meta Trader 5, which has not yet become widespread - according to statistics, only a few percent of traders use this terminal.
Some brokerage companies offer clients other trading terminals as well. For example, StartFX, Rumus 2, NinjaTrader, ZuluTrade and some others.
It is very important to find your “own” terminal - the one that will be truly comfortable for you. A correctly chosen and well-configured terminal increases the chances of stable profitable trading.
Choosing a trading terminal
Which terminal to choose for Forex trading? Despite the variety of offers, the most correct choice is the reliable, time-tested Meta Trader 4. This is a really good, convenient, functional terminal; the vast majority of brokerage companies offer trading using it. Choosing a little-used trading terminal, you will have to retrain when switching to another broker. MT 4 is used very widely, so you definitely won't face such a problem.
Another major advantage of MT 4 is the presence of a huge number of indicators, advisors and scripts written for it. In this regard, the functionality of other platforms is poorer.
Special attention should be paid to MT 5. This is an updated version of Meta Trader 4, but it has more disadvantages than advantages, which is why it is so little used. The main disadvantages of MT 5 are the lack of the ability to lock positions and the combination of unidirectional trades.
Let us explain these points in more detail. Locking is the opening of an opposite deal in the same volume for the same instrument. For example, you opened a deal with a volume of 0.1 lot to buy, and the rate went down. To protect the position and wait out the rollback, you open a sell order with the same volume. The loss on one order is offset by the profit on the second. When the market reverses, the lock order is closed. Many traders use a lock as an alternative to a Stop Loss order.
MT 5 does not allow you to put locks. In addition, you cannot open several unidirectional positions - for example, 5 orders of 0, 1 lot - they will automatically be combined into one order with a volume of 0, 5 lots. It is also very inconvenient as it narrows the trader's options.
If your trading strategy does not provide for the use of lock orders and you do not use several unidirectional orders for one instrument, you may well choose MT 5 for work.
Each of the remaining terminals also has pros and cons. To make a choice, study their descriptions well, test the demo versions of these terminals. And only after that make your final choice.
