Trading in options, futures, commodities, forex and other types of securities online is made easy by the large number of online brokers in the market. It is now easier for prospective traders to find a suitable broker and start trading. After finding a suitable broker, traders have to decide whether to use the MT5 trader or the webtrader. Both options have pros and cons that aspiring traders need to be aware of. Keep reading to learn more about the MT5 trading platform.
What is MT5 Trader?
The MT5 trader is an online trading platform known as the metatrader version 5. The earlier version of the metatrading platform, the MT4 trader, was incredibly popular with traders, but needed improvements. That’s why the MT5 trader was developed. Today, this computer application is considered the industry standard.
The MT5 trader differs greatly from the webtrader. While the MT5 trader has to be downloaded and installed onto a laptop or desktop computer, the webtrader does not. To use the webtrader, you only need to visit the website of the broker and click on the webtrader option. This is a cloud-based application that provides users with a superior trading experience.
In addition to the webtrader, and MT5 trading platform, there is also the mobile trader, this version has been optimised to make trading on mobile devices easier. The best thing about mobile traders is that they allow aspiring traders to trade on the go.
Trading on the MT5 Platform
Before aspiring traders can start using the MT5 platform, it’s important to get familiar with it. Fortunately, most brokers offer dummy trading accounts that can be used for training purposes. This allows users to explore the computer application and discover all the features it has to offer. The dummy accounts are used with the MT5 platform, so users can try out different trading strategies with free virtual currency. After honing their skills, traders can open a real account and start trading in real money. Since online trading of commodities, currencies, securities and derivatives can be risky, newbies have to be careful before they put their money on the line.
Features of the MT5 Trader
1. Trading Bots
There are only 24 hours in a day, but most of it is spent at work, sleeping, traffic jams and other activities. This means that aspiring traders have very little time to focus on trading. The good news is that the MT5 trader has automatic trading capabilities. This means that the trading algorithm can execute trades even when your computer is off or when you’re away.
2. Accurate Analysis
Traders and investors have to be well-versed with both technical and fundamental analysis. The MT5 provides users with advanced tools for both technical and fundamental analysis. This means that users can easily obtain information that can help them take profitable trading decisions.
3. Market Predictor
It’s possible to predict the market with the help of the market predictor tool. Nobody can predict the future, but at times it helps to know the direction key indicators are pointing.