If you are about to start trading Forex, you must first choose a broker through which you want to trade. One of the most important factors to take into account is the quality of the trading platform offered by this particular broker. While some of the brokers offer in-house platforms, others use open source solutions, which are already very popular among Forex investors because of their proven record.
This is the case with the MetaTrader trading platform, which comes in different versions for all devices including smartphones and tablets. Here we showcase the outstanding trading capabilities of this cutting-edge platform.
The beginnings of MetaTrader
The MetaTrader trading platform was developed back in 2002 by MetaQuotes Software and was specifically designed with the foreign exchange market in mind, even though some brokers use MetaTrader to speculate on other types of financial assets such as CFDs.
Since the creation of the first version of MetaTrader in 2002, things have changed a lot due to the participation of many enthusiasts. MetaTrader has evolved over time with the help of its dedicated language, called MQL, and now offers 5 different versions.
A scalable trading platform
The MetaTrader trading platform has been designed with continuous development in mind, in order to meet future investor needs and to offer ever more sophisticated tools. Thanks to numerous upgrades MetaTrader has become one of the most popular and widely used trading platforms in the world.
The most popular feature of MetaTrader is the automated trading system. The programmer language is quite simple, it is easy to understand and to implement complex strategies that operate in a totally autonomous way.
It is above all the community around MetaTrader that made the platform as it is today. MetaTrader involves a lot of IT geeks from all over the world. The community is really passionate about trading and contributes to the development of new features every day.
The advantages of the MetaTrader platform
The MetaTrader trading platform has many advantages compared to other trading platforms. Multiple versions allow for greater mobility. There are no compatibility issues with MetaTrader, as the platform includes versions for Mac and Windows. It even offers versions for Smartphones regardless of operating system.
The MultiTerminal version of MetaTrader is particularly suitable for large investors who manage several portfolios. Thanks to this solution, they are able to monitor several accounts simultaneously. The latest version of the platform integrates automatic trading.
Finally, MetaTrader’s flexibility and scalability are the most attractive to Forex traders. All MetaTrader features are fully customizable and modifiable from the moment you have some knowledge of the programmer language. In addition, contributions from the community keeps the platform up to date.
Automatic trading with MetaTrader
Strategies that involve automatic trading scripts are used by many banks and financial institutions around the world. In the latest version of MetaTrader, automatic trading strategies have now become accessible to all individual traders. MetaTrader 5 has been designed to simplify the automatic order entry process as much as possible.
By following pre-defined criteria the trading bot executes orders automatically. This way, once your strategy is in place, you don’t need to scrutinize the market movements anymore, since it is the bot software that performs this task for you.
To set up your automatic trading strategy, you just have to determine the triggering criteria for a particular trade. MetaTrader allows you to configure as many criteria as you want, so you have all the tools to set up your killer strategy.
For beginners, MetaTrader also offers turnkey trading solutions for which you don’t need to have programming skills yourself. It’s a great way to quickly earn money in a fully automated way. You will also find many MetaTrader followers who will be happy to share their trading methods and knowledge with you.
Of course, automatic trading is not without risk. Forex is a very volatile market, so it can be dangerous to use automatic trading when no apparent trend is visible. You must therefore systematically test your strategies before applying them to a real trade. Moreover, some of the trading scripts available on the trading platform are very complex and require careful consideration before you start using them.