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Thread: Advantages and Disadvantages of MetaTrader 5

  1. #1
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    Advantages and Disadvantages of MetaTrader 5

    Metatrader5, or familiarly called MT5, developed by Metaquotes company as a newest generation forex trading platform after Metatrader4 which is managed to become the most popular platform in the world. Now, the majority of forex traders seem to still prefer the MT4 than MT5, but it was not because MT5 worse than MT4.

    And so why?

    Trading conditions presented by both of them have striking differences, though its interface is similar. Therefore, forex traders who are comfortable using the MT4 be reluctant to move to MT5. However, many trader also admitted to falling in love with Metatrader5 after testing. Why? of course, any trading platform has its advantages and disadvantages. Similarly, the MT5 which offers various advantages that have not been given by his predecessor MT4.

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    Advantages of MT5
    1. More Time frame
    Metatrader4 only provide charts in nine timeframe, but MT5 can display 21 timeframe, the time frame range from M1, M2, M3, M5, M10, and so on until the annual time frame. Moreover, traders can open 100 chart simultaneously. Features for trading with tick charts is also available. This is obviously a very profitable trader, both scalpers who like lower time frame or swing trader.

    2. There is a Forex Calendar
    Do you like news trading? or just the opposite, rather avoid the market when important news is announced? Forex calendar has become a major requirement for the both trader (news trader or avoid news trader). This feature does not exist in the MT4, but MT5 provide this calendar as part of the platform, complete with measuring impact, forecast, and the previous data record. Thus, you no longer need to open browser and visit third party website only to see the latest news schedule.

    3. More Technical Indicators
    As we know, the indicator is a key component in any trading platform. Now, related to this, providing more MT5 indicator built-in rather than MT4 or generally any other trading platform. If peek menu of options "insert" in the tool bar MT5, then we will find more variety of variations Moving Averages, Oscillators, and custom indicators. In fact, if we want to 'shopping' indicators in MQL website, then of MT5 we can directly access it from the "Market", it is easy and practical.

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    Disadvantages MT5
    However, behind these advantages there area significant differences in the default setting MT5. MT5 than that caused it became like a double-edged sword. The programming language used to create the EA for MT4 and MT5 is very different. MT5 been accompanied by MQL5 Wizard to simplify traders who want to make their own EA. However, the programming language that used is different from MT4 means people must learn again make EA since its inception. In addition, many Expert Advisor that can be applied smoothly in MT4, will not be able to run on MT5.

    Then, one of the largest trader complaints about MT5 is on its default setting that applies the principle of FIFO (First In, First Out) and do not allow hedging. In fact, the default setting MT4 allow hedging and new FIFO imposed if the broker wants to implement it.

    The principle of 'First In, First Out' refers to the process of execution applied brokers the United States on the instructions of regulators, NFA. NFA prohibits hedging in any position. In the form of certain conditions in the open trading positions in a currency pair. The rule is if a trader opened several trading positions on the same currency pair, the first open position will be the position of the first well to be closed. These regulations clearly hamper implementation of hedging trading strategy, especially brokers who do not come from the US generally allow traders execute hedging. But if you are out in anywhere else of United States you are recommend to use MT4.

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  2. #11
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    Quote Originally Posted by seyfellah View Post
    METATRADER IS the best platform for newbie i suggest it to the new people in forex and i still use it for 3years :D
    I think you may revised your statement about the meta trader is the best trading platform. Meta trader now is having serious opponent facing through the internet on line business. Ctrader is the prime opponent of the metatrader. Maybe sometimes, I must write thread about cTrader in the future. Meta trader is the first trading platform software leading in many broker. But cTrader has the other advantages in forex. cTrader can perform good trading with market execution which makes cTrader can be favorite by trader. Trader prefer use the market with actual market order send into the market

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  3. #12
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    Still haven't used metatrader 5, but I get the idea of the shortage of expert advisors and indicators on MT5, because most of the traders are using MT4 or browser based trading systems. Mt4 is easy to use and quiet helpful for newbies. With more users on mt5, it will gain more attention and we will se more EAs and more indicators on MT5.
    Mt4 is on other hand slow and the internet connection breaks many times in your on a poor broadband.

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  4. #13
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    Quote Originally Posted by GreenHamza View Post
    Still haven't used metatrader 5, but I get the idea of the shortage of expert advisors and indicators on MT5, because most of the traders are using MT4 or browser based trading systems. Mt4 is easy to use and quiet helpful for newbies. With more users on mt5, it will gain more attention and we will se more EAs and more indicators on MT5.
    Mt4 is on other hand slow and the internet connection breaks many times in your on a poor broadband.
    Mt5 was a flop in my opinion. Many trading softwares have come and gone just like that. Meta trader has retained its position on the top due to feasibility and knowledge and discussion availability. There are a lot of programmers who can help you build an EA or indicator of your choice for free. You can learn mt4 very easily yourself or by just searhcing internet or by asking any person who has been in this business for just a month which is not the case when you talk about mt5.

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  5. #14
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    Quote Originally Posted by GreenHamza View Post
    Still haven't used metatrader 5, but I get the idea of the shortage of expert advisors and indicators on MT5, because most of the traders are using MT4 or browser based trading systems. Mt4 is easy to use and quiet helpful for newbies. With more users on mt5, it will gain more attention and we will se more EAs and more indicators on MT5.
    Mt4 is on other hand slow and the internet connection breaks many times in your on a poor broadband.
    I also do not have a plan to move into the meta trader 5 on the forex broker. The easy use of the Expert Advisor on meta trader 4 is the main benefit for trader. And the meta trader can not allow hedging. And yes, the meta trader can run over the at least slow internet connection
    Quote Originally Posted by Man Utd View Post
    Mt5 was a flop in my opinion. Many trading softwares have come and gone just like that.
    You think that meta trader 5 is blunder by meta quote company? I think meta quote must revised the feature of the meta trader 5. I think trader does not like no hedging program, and new developer must learn the new programming language

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  6. #15
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    Quote Originally Posted by aris90 View Post
    You think that meta trader 5 is blunder by meta quote company? I think meta quote must revised the feature of the meta trader 5. I think trader does not like no hedging program, and new developer must learn the new programming language
    No aris, i do not think that it is a blunder. I said it was a flop because it was not appreciated by traders maybe because of no hedging option. It came suddenly and also gone very quickly. Meta quotes will not let their product go vanish that easily and i am sure they will be working on it and will bring more features in it which are not available in mt4 to increase traders interest in it.

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  7. #16
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    Nothing has advantage without disadvantage, that is why i will not like to look at the disadvantage of the mt5 platform. What i will focus upon is the good side, and how i can make it to work for me and make money in the forex business. This is not what many traders are not doing, it is so possible when the trader can learn how to trade.

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  8. #17
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    MT5 is a good platform and widely used by the traders and many traders like it because it has many advantages and the trader can benefit from it, the trader needs to test it and try to find a strategy related to it because it is different from mt4 and the strategy that works on one platform will not work on the other platform and so the trader will be able to work well with it

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  9. #18
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    Mt5 is a good trading platform I don't no if there are disadvantages on this platform well we won't be able to trade with most indicator on mt5 but I don't think this is a problem because indicator is not what we need to become successful in this trade, mt5 is a very good advantage which have a lot of features.

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  10. #19
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    I just hate Meta trader 5. Meta trader 5 is hard to maintain. Not just that some new feature of Meta trader 5 really made me bore. I guess meta trader 4 is much better than Meta trader 5. Meta trader 5 gets slow and sometimes chart does not show the movement and if you open order in same pair on different time then it will calculate. Which I do not like. Meta trader 5 may be updated but I do not like that software.

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    Don't loss you hope.

  11. #20
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    Mt5 is far more superior and looks more modern than the mt4, it offers depth of market view where you can use a information for short term market analysis, also mt5 mobile version has a better chart and you can use the cross hair of the mt5 mobile to measure pips on the chart, like the desktop version, a feature that many traders miss on mt4 mobile

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