A trading platform acts as a very important tool in uplifting your performance in the financial market. Some platforms are provided by individual software like the ones from MetaQuotes, and MetaTrader 5. The said trading platform is known as the newer version of the trading platform released by the same company. Basically, if you would come to take a look at it, you will see that this version is somewhat similar to MetaTrader 4, which is the previous version of the trading platform. However, the company didn’t really go into the depths of performing total innovation and changes in the trading platform. In fact, it is still user-friendly just like its predecessor. Despite this, it is important to understand that there are changes worthy to be identified. By doing so, you can be sure that you can use the trading platform to its full extent.
What Is MetaTrader 5
MetaTrader 5 or MT5 is a trading platform that is used to assist you in trading several financial markets. Through the help of this trading platform, you are able to conduct a thorough analysis of the price dynamics of the instrument that you have and implement automated trading. Basically, what you really get from MetaTrader 5 is sophisticated tools for trading Stocks, Options, Forex, Commodities, and a lot more.
What Are The Advantages And Disadvantages Of MetaTrader 5?
There are numerous features available in MetaTrader 5. This includes;
- 82 technical tools
- Can open 100 charts at a time
- Availability of 21 timeframes
- Can come up and create technical indicators
- Availability of 4 kinds of order execution – market execution, request execution, instant execution, and exchange performance.
- Availability of market depth to keep yourself from low-volume trading instruments.
- Enhanced security, transparency, and encryption
- More sophisticated and allows complex trading strategy
- Convenient access to multiple accounts
Availability Of Mobile Trading
Indeed, there is a long list of advantages found in MT5 because the software is undeniably good and modern. However, no matter how good it is, this trading platform isn’t perfect. There are several drawbacks that need to be considered. One of the biggest disadvantages found in MetaTrader 5 is the disabled hedging. In this case, spreads go up because most liquidity providers allow the use of hedging. This could create a huge gap when working against a good risk management approach. With MetaTrader 5, you will also need to re-code all technical indicators as well as your expert advisers with MQL5 because it doesn’t support the previous MQL4 used by MetaTrader 4. There are also traders who claim that it is impossible to allocate several orders and positions with the use of a single instrument. If there are new orders that are being opened, there are specific modifications found in the previous one. Also, when using the mobile version of this trading platform, you can only use it on Android and iOS devices and not on Windows mobile phones. Always remember that MetaTrader 5 is made uniquely and not out of MetaTrader 4, which is its predecessor. These two trading platforms have their own target markets.