There are unique needs for newcomers in Forex trading. To be ready to shift from becoming a novice to the domain of being a mid-level trader requires around 18 months of experience, mentoring, and consistent practice. The question is: what are the things newcomers need to level up in just 18 months?
It is essential to carry out many exercises on demo and live accounts and much research on all sorts of materials that vary from the actual trading method to traders’ psychology.
In this article, we will discuss the three best trading platforms namely MetaTrader 4, MetaTrader 5, and cTrader.
MetaTrader 4 (MT4)
Nearly every retail forex broker provides an MT4 platform. Common sense logic states that once you go to combat, you train with the same firearm you have to use on the frontline, so no one goes to war with an untested pistol (or a skill that has not been proven in this case).
So if you are going to start trading for real money with the MT4 framework, you need to start your learning journey.
In addition to training with the framework that would be found in direct trading, MT4 has some features that, if appropriately utilized, will really boost novice trading skills. The following are some of these characteristics:
MT4 visuals render it very simple to read, and you do not have to master how to utilize the platform’s different interactive resources and artifacts.
Terminal windows are filled with pure asset tabs: news bars for trading news and sector tabs, MQL4 Group assets control base codes and signals. MT4 comes as a port of a plugin known as Webtrader. You may also download MT4 from the Google Play Store and App Store for iOS related smartphones as a generic smartphone program.
So for forex newcomers, MT4 is the first trading platform you need to remember. Any novice may also use automated trading tools. To a large degree, this would be beneficial for them.
MetaTrader 5 (MT5)
The next-level platform in the MetaTrader sequence is MetaTrader 5. There are many updates and immediate improvements that have been included, despite retaining several MT4 functions.
There is also a lot of mystery regarding what you want to do with MT4 and MT5 with Metaquotes. MT5, which was initially introduced as a supplement for MT4, found it challenging to attain the type of market penetration acquired by MT4.
So Metaquotes seems to be very pleased that both platforms encourage retail brokers to walk with them. Through having only those trading properties on MT5, some forex brokers have tried to facilitate the usage of MT5.
So it’s no surprise you’re going to find individual brokers selling just stock CFDs or cryptocurrencies on the MT5 platform they sell.
So, the next best framework to master is MT5 until a novice finishes with MT4. The similarity of the two platforms would make smoother MT5 mastery.
MT5 has a web-based version, much like MT4, which is also accessible as a basic android app that can be downloaded from the Android and Google Play Store.
This Spotware Systems framework is a trading platform that brings ECN trading conditions to beginners. This goes hand and hand with cAlgo, a tool used to construct algorithms used in cTrader.
CTrader makes it easier for traders to render a range of exits on forex positions and helps brokerage order books show market scope. The platform GUI can also enable beginners to make deposit and withdrawal transactions.
CTrader has an edition that is laptop and web-based. “The web-based version loads reasonably quickly, and the latest version also has new features introduced: “cTrader Copy. This is a social trading product from cTrader, enabling newcomers to clone active trading from inside the cTrader network! This is an exciting breakthrough that has taken to a greater degree the idea of social exchange.
While the cTrader framework is a little more challenging to obtain than MT4. To build personalized workspace configurations, beginners can quickly reset the interface.