Myths about MetaTrader 5 Platform Spreading in the Society!
The trading platform is the most useful tool that you should use when it comes to the financial market. You can experience the platform either by using a broker or by self operations. The choice is up to you. MT5 is the latest release to the older version of it i.e. MT4 where the program comes with top features. These elements are better than the previous ones but still, some traders or newcomers have myths about them. There is no denying the fact that the MetaTrader 5 Platform is the best but to give you clarification of it, let’s bust some myths about it.
Top MetaTrader 5 Platform Myths You Have heard in the Financial Market
Lack of Tools
This is the biggest myth a person will hear from people. They think that MT5 does not comprise better tools than the MT4 one. They think that only the MT4 platform is the best in the market without even using the mt5. The tool can provide you the freedom to select the futures or stocks platform other than forex trading. The platform is capable of controlling the analytical parameters. You can easily adjust the color, line type, and width of the technical indicators in the software. These indicators will help you know the average value points of online forex trading. You can simply see the 44 analytical objects in the software like Gann, Elliott, Fibonacci, and more.
Lack of Timeframes
Some newcomers to the trading world think that the platform has low timeframes but it’s not true. You can enjoy seeing more than the timeframes available on the MT4 platform. You can easily see the 21 timeframes that will tell you the trend that occurred last time for 21 markets. This will serve you to understand trading in a better way and help you stay along with the trend lasting for years, days, hours, weeks and more than this. If you have no support for a trend, then it’s possible that you can ignore a trend and your trade may fail. This will cause a heavy loss of money and time & money.
Lack of Charts
It’s seen that people think that MT5 has a lack of charts but it’s not so. You can simply get the advantage of the MT5 charts that shows you when the market is high or low. You can figure out the market demands as per the candlesticks. These are the combination of a line chart and bar graph. The changes in the market can quickly be understood with the red and green colors. Short sticks will show the little price moments in the online forex trading while on the other hand long sticks will show the largest price moment in the market.
Short wick will offer most of the trading that happens close to the starting price. Long wick is for understanding the price movements significantly. Doji shows the identical prices moments & dragonfly Doji will tell you the opening, closing & highest prices when the period was identical.
The other myth about trading is related to order executions. Traders think that order execution is not present in the MT5 but that’s also not the right thing to believe. MT5 gives you the option of accepting and completing the buy or sell order in the market. It’s your choice whether you want to buy a currency in online forex trading or not. Make sure you make informed decisions after analyzing the market conditions before buying or selling. However, a great ECN broker will offer you the support of automatically matching the buy and sell orders. The MT5 platform offers 4 types of order executions an instant, on request, exchange, and market performance.
It’s one of the most famous sayings of the people that the MetaTrader 5 Platform is not secure. Well, the MT series has never been weak because the safety of the product is top-notch. You can simply enter all your details into the software and it will safeguard your private information. The platform won’t share your personal or financial details. You can simply trust its security as it’s a super safe software to rely on and hard to hack.
Some traders are in doubt about the mobile usage of this trading software. They think that it’s not practical to use MT5 on a mobile phone but things are easier via mobile. You can directly use the platform on the go using a mobile phone. It has the same features as above mentioned that can be used on the mobile app. Just download the app from Apple and Google Play store, enter your details and start trading.
Vanish the Myths, Start Using MT5 Now!
Different traders will say what they have to say but a pro trader will understand the power of MT5. He will never misjudge the importance of this platform in online forex trading. You can earn a great income through this software but all you have to do is install it. Xtreamforex is providing you a chance to use this software where you can trade easily. Register on our site to become a member of MT5 Now!