Newcomers to the financial markets often find themselves at a crossroads, not deciding which broker to choose and not really knowing where to start trading on Forex. The choice of a broker is, of course, very important, because the final result of trading largely depends on the reliability and simplicity of the trading platform provided by it. Trading platforms offered by brokers differ from each other by the interface and functionality. In some cases work with the terminal requires special knowledge. Most platforms developers strive to make their functionality intuitive even for beginners.
Learn more about MT4 and MT5
The undisputed leaders among the trading terminals are MetaTrader 4 and MetaTrader 5. Even though they exist independently of each other, they have a lot in common, but there are also a number of important differences.
MetaTrader 4 is designed not only for working with currency pairs, but also has an automated trading mode, as well as everything you need for detailed analysis with the possibility of making exchange deals and implementing a large number of trading strategies. Assets can be traded in 9 timeframes and 50 indicators built into the terminal, allowing traders to determine the best time to enter or leave the market.
MetaTrader 5 has additional features, but it should be noted that it is not a modification of MetaTrader 4, because the programming language of MT5 version is completely different. Creators of MT5 tried to preserve already familiar interface. Thus, the working area of the new terminal has the same set of blocks, as the earlier one.
Differences between trading in MetaTrader 4 and MetaTrader 5
For those who are used to working with MetaTrader 4, MT5 may seem not very comfortable and convenient, as a number of familiar functions are absent here. For example, developers did not consider the need to support the compatibility of technical indicators and Expert Advisors used in MT4. This means that in order to apply the usual strategies in Metatrader 5, you will have to rewrite their code. However, you will not be able to do it without having studied the basics of MT5. In addition, MT5 does not provide hedging of transactions.
If you want to start your own way as a trader, you need to choose a reliable broker first. You can do it with the help of this rating of American brokers https://topbrokers.com/forex-brokers-for-usa-traders.