Aug 7, 2023
MetaTrader has long been the standard for forex traders across the globe. With the recent popularity of the newer TradingView, learn what differentiates the two - and which platform is right for you.
Source: Bloomberg
Glen Frybarger|
Senior Content Strategist
,
Chicago
Forex markets are among the most volatile, given its high leverage, and can be traded 24 hours a day, 5 days a week. To help traders monitor positions and trends, forex trading platforms offer robust market analysis tools to buy and sell with efficiency and precision. These platforms can particularly assist traders employing technical analysis strategies with indicators to identify specific market trends. Indicators are technical analysis tools that are designed to help visualize complex price action and volatility trends based on specific criteria. Popular indicators include moving averages, relative strength index and Bollinger bands. Automated trading software can also be utilized to eliminate emotion from trading by scheduling trade execution and allowing pre-planned strategies to run. Additional capabilities include analyzing market activity over multiple timeframes, backtesting trade strategies and executing multiple real-time trades simultaneously. While tastyfx’s proprietary web-based, desktop, and mobile platforms contain and support many of these key features, forex traders may prefer the advanced capabilities provided by third party trading platforms such as Meta Trader 4 and TradingView. It is important to note that even though trading platforms can provide access to forex markets and charts, an open trading account with a forex broker like tastyfx US is required to execute trades. While tastyfx does not currently support TradingView, forex traders can open and use a Metatrader4 account directly through tastyfx. TradingView is a powerful charting platform and social community. It boasts a modern user-friendly interface with a wide array of indicators and screeners. Their charts support multiple asset classes such as stocks, forex, cryptocurrencies and commodities. In addition to over 100 prebuilt indicators and charting tools, TradingView’s proprietary programming language Pine Script allows users to create custom indicators for specialized functionality. TradingView also advertises social trading through an extensive network of news and trade ideas from other traders. Users have the capability to explore trading strategies others have posted and follow their accounts. They can also join live chats and video streams to interact with groups of traders with varying trading experience- from beginner to expert. The subscription model includes both paid and free versions. Paid plans are tiered by increasing capabilities such as number of indicators per chart, active price alerts and additional data. MetaTrader 4 is built for forex and has been a favorite of traders since its inception in 2005. The platform's analytical capabilities and automated trading systems provide fast and stable order execution. This speed and reliability has allowed MT4 to retain its relevance even among newer platforms like TradingView. MetaTrader 4 also offers their code base for free which grants traders access to create and share their own algorithms for automated trading. These premade MetaTrader4 algorithms available to download or purchase through their marketplace are referred to as Expert Advisors or EAs. Because of the platform’s tenure as an industry favorite, this library of programs is among the largest. Both platforms grant direct access to financial markets through a forex broker and provide advanced trading tools. TradingView is a powerful charting platform and social network for traders. MetaTrader 4 has a strong algorithmic trading focus with reliable execution. Below highlights other key distinctions between the platforms. Modern user-friendly interface Fast, stable execution More time frames Free through tastyfx More indicators Expert advisors Social networking Built for Forex Features other asset classes Autochartist If you have trouble logging in, check our MT4 help and support area. You can help develop your forex trading strategies using resources like tastyfx’s Learn Center. Once your strategy is developed, you can follow the above steps to opening an account and getting started trading forex. Your profit or loss is calculated according to your full position size. Leverage will magnify both your profits and losses. It’s important to manage your risks carefully as losses can exceed your deposit. Ensure you understand the risks and benefits associated with trading leveraged products before you start trading with them. Trade using money you’re comfortable losing.Why are trading platforms important?
What is TradingView?
Key features
What is MetaTrader 4?
Key features
TradingView vs MetaTrader chart comparison
TradingView
MetaTrader4
How to trade using MT4
This information has been prepared by tastyfx, a trading name of tastyfx LLC. This material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. You should not treat any opinion expressed in this material as a specific inducement to make any investment or follow any strategy, but only as an expression of opinion. This material does not consider your investment objectives, financial situation or needs and is not intended as recommendations appropriate for you. No representation or warranty is given as to the accuracy or completeness of the above information. tastyfx accepts no responsibility for any use that may be made of these comments and for any consequences that result. See our Summary Conflicts Policy, available on our website.
