Pros and Cons of MetaTrader4 Trading Platform
When using the Metatrader4 trading platform, you will find that it is useful. It has some limitations though.
Metatrader4 is a program that you can use to look at the history of the stock market. It has tables with data and they are organized in a way that starts with information from long ago, ending with today. You can also just use other time periods or different currency pairs.
This is a complicated sentence. Another advantage of the metatrader4 is you can see errors in the program. The function "GetLastError" is very useful. For example, an order always returns its ticket number. You can also move to the beginning of a new bar but sometimes this doesn't work when loading history.
This method can fail when there are a lot of incoming ticks. When this happens, the incoming tick is not processed to avoid overloading the processor. To work around this problem, you can also save the previous "Volume" value and check it more carefully.
After you review all of the pros and cons, it is up to you to follow the instructions on how to use the tool or take care of it so that trading will be more successful.
Cons of MetaTrader4 while trading
MetaTrader 4 has some limitations that MetaTrader 4 does not have. One of the limitations is that you cannot hedge on the same trading account with MetaTrader 4 and it needs to be respected.
Hedging is when you buy and sell the same amount of currency. This helps you if the currency goes up or down. When you use partial hedging, this means that one trade has more of a volume than another.
Forex trading is not safe. Some people do not like it because it is risky. In some places, it is against the law to use a strategy called hedging when you trade Forex. MetaTrader 5 is often used in those places instead of using this other trading strategy called hedging because the law prohibits it.
One limitation in these trading platforms is the FIFO rule. This rule says that traders can only close trades according to their opening, not their closing. This rule needs to be respected if you come from the United States.
For example, the trader bought EURUSD at the start of the trading week. But then you found out that markets don't go up and down as easily as you thought they would. They only make fake moves instead of going in a good direction.