Hi traders,
I’m often asked by traders which charting package they should use? These days there are a plethora of platforms for a trader to choose from. These days many brokers provide their own platform. However for retail traders, especially those using CFDs / FX/ or spread-betting then, rightly or wrongly, they tend to coalesce around three major platforms. (I appreciate Futures Traders will differ here - and we'll look at that in a future post.)
Metatrader 4 – The “AK-47” of charting packages – it’s been around for ages, everyone uses it, it’s simple to use, and there are many add-ons and plug-in that you can use. The charts are fine, but the existing trading interface is generally poor.
Metatrader 5 - MT4’s younger brother – which has, until recently, never been as popular as its older brother. However, the prop industry and Metatraders parent company, have done much to drive volume towards MT5 these last few years. I think last year may even have seen MT5 volume over take MT4 for the first time? (Please correct me if I’m wrong.)
TradingView: - the all-singing, all-dancing offering. Newer, more capable, and cleaner in look and feel than its Metatrader competitors. Provides great access to exchanges/products/instruments around the globe, but it comes at a cost. Whilst there is a free version which is fine for simple analysis if you want to develop and trade through the platform then a paid version is required.
So, which one should you use?
All of them have their pro’s and con’s. On the VTP Stage 1 Course I suggest starting out with the Metatrader Platforms. Why? Simply, because they’re free, and they’re ubiquitous. This is a business, and you need to start out with the mindset that you should be controlling costs in your trading business from Day 1. Keep your overheads low as you learn your craft.
Having said that TradingView is a wonderful package (and I use all 3 of the charting packages myself) and if you look to upgrade to their paid packages then normally, I suggest there are great deals around Black Friday you can investigate. However they also have a great deal up until the 12th Jan should you wish to avail yourself of it.
So, which trading platfrom do you use, and why?
(As an aside, I am always looking for people who can code up indicators across MT4/5 and TradingView - so if you can recommend anyone then please let me know.)
Trade well,
Paul
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