should I choose?
Depending on the selected trading platform, you need a good broker to get the best from your Forex trading platform. Do your homework. Decide on which type of trading path you will follow. MetaTrader 4 (MT4) is offered by many Forex brokers. From a beginner's perspective, MT4's user-friendly approach could be a good choice of platform. Beginners should consider choosing a demo account before trading with a live account.
What is Forex trading?
Briefly, you trade currencies: buying (selling) one currency while selling (buying) another. What this means, for example, is the rise in the value of the currency you purchase advances against the counter currency. There are many other factors to familiarise yourself with including technical indicators, backtesting, financial instruments, stop-loss strategies and pips (the amount by which a currency pair moves). Additional factors include your financial situation and goals, as well as how much investing experience you have. As with any investment, there are always risks.
Forex trading Good
With the right education, consistently successful Forex trading is attainable, though requires willpower and dedication. Nevertheless, it may not be suitable for all investors.
MetaTrader 4 (MT4)
The MT4 Platform, boasting an easy-to-navigate user interface, is one of
the most popular trading platforms for trading Forex. This also incorporates the MQL4 programming
language, developed by MetaQuotes Software.
Millions of traders with a wide range of demands use MT4: advanced technical analysis tools, a flexible trading system and algorithmic trading (Expert Advisors).
Mobile trading makes it possible to trade on the financial markets using iOS, iPhone, Android-powered smartphones and tablets using an MT4 mobile app. Having a range of tools and functionality similar to the desktop version is an ideal function. One obvious disadvantage, of course, is screen size. In addition, features such as mobile trading and trading signals all contribute to the overall ease of use and trading experience.
MetaTrader 5 (MT5)
Trading Forex, Stocks and Futures can be done on the MT5 platform simultaneously. Trading robots, Expert Advisors (EAs) and the ability to 'Copy Trade' are just a few of the features that make MT5 a great platform. Like MT4 employs MQL4, MT5 also uses the MQL5 programming language.
Multiple positions can be opened at the same time with the MT5 multi-asset platform, either in the opposite or in the same direction. Traders in the Forex market frequently use this feature.
MT5's depth of market (Market Depth or DOM) presents active bid and ask for quotes for selected financial instruments. Do bear in mind that the DOM is different between over-the-counter (OTC) markets and exchange-based markets.
Both the classic netting technique and hedge option system are supported. Typically, there are four different ways to execute orders on
MT5 (may differ depending on your broker): Instant, Request, Market, and Exchange. MT5 also facilitates access to the use of pending orders, protective stop-loss orders and trailing stop orders. With a variety of order types available and execution modes, traders are able to use most trading strategies. MT5 offers unique analytical tools and supports a number of currencies, together with stock quotes and other financial markets.
21 timeframes are accessible, allowing for a thorough examination of price fluctuation and long-term trends (helps with fundamental analysis). Of course, this is trader dependent on how one approaches the markets.
International news broadcasts are streamed directly into the MT5 platform, providing critical real-time financial data. What's more, MT5's economic calendar displays vital macroeconomic statistics for each country, allowing traders to assess the impact on various financial products.
In MT5, algorithmic trading refers to trading with the assistance of automated trading robots. Be reminded that a robot will only do what it is programmed to do.
This feature entails automated trading through specialized software referred to as trading robots (Expert Advisors). Robots function independently of the trader; they can assess quotes and execute trades based on an underlying algorithm.
cTrader has multi-chart, single-chart along free-chart modes.
View multiple charts tiled neatly beside each other or have the chart area filled with just one chart. We can also toggle between different charts.
How cTrader executes trades?
A vertical column on the platform's left side displays a list of currency pairs or other instruments with bid/ask quotes—similar to MetaTrader's Market Watch window. When you click on a currency pair, the quote widens and you may place an immediate order: an instant market order. What is nice is that the details of the executed order pop up in the top-right corner of the screen. You can also have a safe setting that causes a conventional entry order box to appear instead of automatic execution.
Orders that are still pending; take-profit and stop-loss orders can be altered immediately on the chart using drag-and-drop boxes that appear. Once you have entered a few trades, this process becomes more manageable.
All pending orders are visibly displayed on the chart, making it simple to keep track of which orders are where, together with what size they are. There are different tabs for positions, orders and transactions.
Chart colour selection can be changed from standard green and red candles on a black background. If you prefer a different colour scheme, you must convert it for each new chart you open. When you close the platform, it reopens in the same state (saves automatically). Most charting packages provide 1, 5 and 15-minute periods as well as the 1-hour range and more. This is the same with cTrader, but you also have the option of changing the time period to suit your personal approach. The standard 4-hour, daily, weekly and monthly views are available.
Over 50 indicators are grouped into four categories in the indicator list: Trend, Oscillator, Volatility and Volume.
eToro vs FP Markets – verdict
eToro provides a competitive asset selection. It is one of the largest trading groups for social traders.
Both brokers appeal to new traders with limited experience or time as both offer social trading platforms.
It is worth noting that the MT4 trading platform featuring its advanced features are not included on eToro. FP Markets provides social trading through Myfxbook Auto Trade, which can be accessed directly through the MT4 trading interface. Traders can also use MT5 or the proprietary Iress on FP Markets but are only available in certain parts of the world.
FP Markets' trading tools put it further apart from eToro, offering a superior trading environment on all fronts.
The Popular Investor is a program for people who want to make money. The Popular Investor program was designed by eToro to foster a robust community of traders and investors while encouraging successful traders to share knowledge. For being copied, this scheme rewards successful members of the eToro community. Simply put, the higher the compensation, the more copiers they have. Payments to popular investors are made on top of any trading earnings that can amount to as much as 2 per cent of their total AUM (assets under management).
Widespread financial knowledge and education have created a situation in which anyone who invests the time and effort to research markets can develop a sound trading investing plan and has a chance to succeed.
Newsfeed on social media
The customised social News Feed is another eToro-exclusive feature. Your News Feed, which combines social media and online trading, allows you to keep track of the financial instruments, in addition to copy trading.
You can make your own updates (tag the instruments or individuals you're talking about), share posts to your feed, comment on others' postings while gradually building a feed tailored to your trading investing interests, just like on any social network.
You will also receive notifications on the eToro platform when a user you have copied makes a new post; an asset on your watch list becomes volatile. Many other critical development notifications show on the online platform and your mobile device as push notifications.
Strategy's objectives and vision
Plus500 has a strong foundation to develop future growth. Plus500's strategic priorities have distinguished the company from competitors in the past and will continue to do so in the future, crucial to the company's long-term growth together with profitability.
Marketing is and will continue to be the force behind new customer growth within Plus500's current markets and potential new jurisdictions.
Innovative use of data analytics tools, proprietary algorithms, marketing initiatives is key. This enables Plus500 to deploy
targeted marketing resources to create highly effective marketing campaigns by monitoring, coupled with controlling client acquisition costs.
Increase trade volume on the Trading Platform from Active Customers.
Plus500's consistent commitment to innovation, best-in-class user experience, offering range is critical components of the Trading Platform's expanding activity among active customers. Plus500's continuous focus on innovation will enable it to remain a market leader. Introducing new instruments that consumers desire, such as high-profile, newly listed equities.
Source - database | Page ID - 1053