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We all have different trading styles, trading techniques, budgets, and time constraints. Therefore, deciding which serves as the most optimal platform is generally dependent on one’s individual circumstances.
Regardless of the trading platform selected, all investors should have a sound trading plan, work with a trading journal, and adopt a risk-management system. It’s prudent to test any strategy on a demo account (or testing software) before you start trading with real money (a live account). Selecting a respectable broker is also imperative, irrespective of whether you employ TradingView or MetaTrader 4 (MT4).
Considerations for choosing a brokerage:
- Good customer service is essential.
- A broad range of tradeable financial instruments.
- Superior trading software.
- A choice of trading accounts.
- Fully regulated.
- Transparent fee structure.
TradingView is a social media network and research tool, designed specifically for traders and investors. 2011 witnessed the launch of operations, which now works out of locations in New York City, London, and Russia. Impressively, TradingView boasts 30 Million users globally and offers a free version (basic) to pre-paid plans. TradingView generates the majority of its revenue via the sale of advertisements and low-cost monthly memberships. Thus, TradingView is not reliant on whether or not you trade. Giving you access to the appropriate up-to-date platforms and charting tools is the company’s primary focus. TradingView is available online and operates through desktop, tablet, and mobile applications.
Major Features of TradingView:
- 100+ pre-built most popular indicators.
- 50+ drawing tools.
- The identification of candlestick patterns.
- The ability to trade using multi-timeframes.
- Stock market and Forex market screeners.
Customisable Alerts on all Desktop and Mobile APPS:
- Alerts on price movement, indicators and strategies.
- Pine Script alerts.
- Push notifications.
Testing your Trading Strategies:
- In-depth reports on the results of your strategy’s implementation.
- Pine Script allows for the design of flexible strategies and their individualization.
- Tracking of executed orders displayed directly on the chart.
- Reports on the performance of strategies that may be shared with other users.
TradingView’s Codebase: Pine Script™
With TradingView, you can develop unique custom indicators and execute them through TradingView’s servers. Pine Script can be learned for free by anyone, regardless of how proficient they are in coding. Pine Script information can be found on TradingView’s website. Importantly, users of TradingView’s website can discover top trading ideas (market analysis) with TradIngView’s dedicated community. Currently, in excess of 250 trading ideas exist as of 13/06/2022. Another feature, of course, is the ability to communicate in real-time with other traders.
MetaTrader 4 (MT4)
MT4 is a popular online trading platform among retail Forex currency speculators. Created by MetaQuotes software and made available in 2005, foreign exchange brokers are licensed to distribute the software to their clients. MT4 is where beginners usually start their trading journey.
- MT4 is available on Desktop: Windows, Mac OS, and Linux. For mobile trading: iPhone/iPad, Android, and Huawei.
- Trading in financial markets is possible using smartphones and tablets, powered by iOS and Android, thanks to the mobile apps provided by MT4. The functionality offered on the mobile versions includes interactive quote charts, trading orders, and the most popular analytical tools. Similar to the desktop version, you only need one touch (swipe) to purchase and sell financial products, check the status of your account, and look at the history of trades. Additional capabilities are push alerts and conversations with other traders, provided via desktop and mobile applications.
- The MT4 platform features MQL4 IDE (Integrated Development Environment), allowing you to develop Expert Advisors (trading robots) and technical indicators of any complexity. At its core is the object-oriented programming language: MQL4, which is used to create trading systems, and It has a high level of efficiency, flexibility, and utility. The built-in MetaEditor is designed to develop trading strategies in MQL4, and debugging is also performed inside the editor. The application is then usually (depending on the trader) sent to MT4 for backtesting or optimised in the strategy tester, another component of the MQL4 IDE. Following the completion of your algorithmic strategy development, you can do the following:
- Publish it in the Codebase so that millions of traders may freely download it.
- Offer it on the market for sale.
- Deliver it to your client via a freelance service and be compensated for your efforts.
Which is the best Forex trading platform?
Deciding on the most optimal trading platform is, as noted in the article, largely trader-dependent. The MT4 platform is one of the most widely used platforms for trading Forex. Market participants, however, should carry out extensive research before deciding on a platform. As an alternative to TradingView and MT4, traders and investors could take a look at MetaTrader 5 (MT5), and also the MTX Trading platform (MTX Trader).
Another alternative is FP Markets, a fully regulated Forex and CFD broker that provides real-time market quotes and speedy transaction execution on MT4, the platform of choice for many investors for forex trading. Providing a superior trading experience, FP Markets delivers advanced charting tools, a variety of technical indicators and current market news, along with market analysis using technical analysis and fundamental analysis. On top of this, a set of automated trading tools is available.