The challenges of the financial markets at the time of writing are certainly taking traders to the limit, demanding a high level of flexibility and objectivity. It is during such periods that you simply must use advanced trading software, to make sure your decision making process is optimal. MetaTraders 4 and 5, the popular solutions designed by MetaQuotes, are among the top picks today for professional traders. If you are not yet familiar with these platforms yet, now’s an excellent time.
1. Install the MT platforms on multiple devices
Since most brokerages offer mt4 download links on their websites, it would probably be most convenient for you to install the platform on multiple devices, including your smartphone and tablet. That way, you can stay in close contact with market developments and monitor trades even while on the go.
Volatility is elevated in some currencies, stocks, commodities, and other assets, which means you are going to need to pay closer attention to your trading account. Don’t worry about device friendliness, though, because these two platforms are usually suitable for all types of devices and operating systems.
2. Upgrade to MT5
Although MT4 has been around for a very long time and numerous upgrades are still performed, it might be a better idea to switch to MT5, after a while of using the former. All of the benefits of MT4 are integrated into MT5, as well as many others, such as more order execution modes, time frames, technical indicators, market news, etc.
MT5 is an advanced multi-asset trading platform that can be used for stock trading or commodities trading, two markets that are very volatile right now. In such an environment, you need access to efficient trading tools. alongside the ability to get in and out of the market efficiently, without sacrificing your bottom line.
Transitioning from MT4 to MT5 is not difficult, because the user interface is very similar in many aspects.
3. Take advantage of EAs
When using platforms designed by MetaQuotes traders can use Expert Advisors (EAs). These are trading automation tools, which allow you to put the trading process on full or partial autopilot. Available for free or in exchange for a relatively small fee, EAs can be easily set up and used.
Most of the EAs are designed for FX trading, which is good news for traders interested in this market. Currency volatility is on the rise in 2022 and trading costs are tight with these assets. Using EAs can be very beneficial in such an environment.
4. Stay updated with market news
With MetaTrader 5, traders have easy access to the latest market news. There is a dedicated section on the bottom part of the platform, where you can read important headlines covering various topics.
Information related to economic indicators, politics, earnings releases, and other events that might have an impact, is available for free. Fundamental analysis, in tandem with technical analysis, offers a better picture of market conditions at any given moment. Prices are highly sensitive to such developments and you need to be able to understand how these headlines affect the markets – the sooner the better.
