Best forex trading platform for a newbie?

[Xela]

But what if my broker uses just MT?

I'm not criticising anyone whose broker offers only MT4.

I was just trying to suggest relatively tactfully to Esha.J, who is characteristically full of his own opinions but unwilling to listen to anyone else's, that if MT4 is the only one he's ever used, then he has no business offering anyone advice on selecting a trading platform (and incidentally no business at all arguing over it with people who have far more varied experience than he has himself), because by his own admission he has no basis at all for comparison!

Can I trade with that broker with the other platform or is it forbidden?

Sorry, but this is really a question for them. (But be aware that in the murky world of retail forex, some counterparty market-makers who are pretending to be brokers offer only MT4, because MT4-users tend collectively to be the type of client their own business model revolves around attracting: the lowest-hanging fruit in the market makes for a profitable and relatively trouble-free business, from their own perspective).

 

[Mohdfx]

Sorry, but this is really a question for them. (But be aware that in the murky world of retail forex, some counterparty market-makers who are pretending to be brokers offer only MT4, because MT4-users tend collectively to be the type of client their own business model revolves around attracting: the lowest-hanging fruit in the market makes for a profitable and relatively trouble-free business, from their own perspective).

Oooh, now I get it. I mean... why brokers using MT4 can be market makers . And what about MT5 - can it be used in the same way? (perfect for market makers)

 

[Xela]

And what about MT5 - can it be used in the same way? (perfect for market makers)

I think so.

The main point is perhaps that "brokers" who offer only MT4/5 are the ones who really want clients who use "Expert Advisors", because of course long and profitable experience has taught them that in the long run those clients always lose.

And if they're counterparty market-makers, obviously their own income - by definition - depends on having customers who lose.

(Some other, more professional platforms do have available some automated features similar to EA's as well, but the reality is that, overall, a far higher proportion of MT4/5 users are going to be among the "naive/gullible" group that those "brokers" want to have as customers. Many of them are people who want to use MT specifically in order to be able to import and use EA's, and the brokers know that that's all money that's coming their way, in the long run. Again, I'm criticising nobody, but "it is what it is".)

 

[trader_phil]

its a given, mt4 is the most popular yet the most suspecious platform out there, but thats the trend why go against it. kudos to anyone using a better platform and earns better, but in the end if i use mt4 and i earn using mt4 then im good.

 

[bublu]

I better guess newbie traders should take some time to find out themselves which platform gonna work best for them as it is everyone's own choice, however since my thoughts for MT4 are quite positive.

 

[Mohdfx]

I think so.
The main point is perhaps that "brokers" who offer only MT4/5 are the ones who really want clients who use "Expert Advisors", because of course long and profitable experience has taught them that in the long run those clients always lose.

Thank you for the explanation. I thought that EAs are not so bad, though I trade by myself from the start and don't see the undeniable benefits of robots. How can they trade if they are just algorithms. It's no surprise those people who use them lose finally... I had an idea that metatrader is used by market makers to do counterparty transactions in such a way that traders would think that their orders are transferred into the interbank, but without transaction in fact

 

[doggyfx]

Hello , i want a platform to practise forex trading with play money then proceed to real money , i prefer forex because it allows you to start with a lower capital , which platforms are the best and trustworthy?

Start with plain MT4 demo. Try to find brokers which has free of expiry demos so you can keep your trading history and track your progress. For example I use from Hotforex both demo and live. Later you can switch to exchange traded instrument and try Ninja Trader or CTrader offered by different brokers.

 

[liam6]

Metatrader 4 or more commonly known as MT4 is considered as the most popular software in terms of charting and analysis. It is suitable for all the types of traders from amateurs to professional traders. It is the oldest platform and provides traders with number of tools like analyze prices, manage and place their trades that facilitate trading experience of the traders. Through this platform traders are able to get best prices and fastest execution of their trades.

 

[Xela]

Metatrader 4 or more commonly known as MT4 is considered as the most popular software in terms of charting and analysis. It is suitable for all the types of traders from amateurs to professional traders. It is the oldest platform and provides traders with number of tools like analyze prices, manage and place their trades that facilitate trading experience of the traders. Through this platform traders are able to get best prices and fastest execution of their trades.

That wasn't even a good paragraph (or true) when it was originally published in Wikipedia, and you certainly haven't improved it by pasting it in here, unaccredited, as a "forum-post" of "your own".

 

[doggyfx]

That wasn't even a good paragraph (or true) when it was originally published in Wikipedia, and you certainly haven't improved it by pasting it in here, unaccredited, as a "forum-post" of "your own".

He is only trying, at least he didn't promote any bucketshops or trading stuff.