Traders all over the world are well aware of the recent improvements in technology. That’s because most brokerage firms now offer high-tech functionality like fully automated and robotic accounts. But there’s another side to the issue. Besides forex, commodities, shares, and other assets, consumers everywhere are affected by the immense transformation of economies. For instance, customers in millions of retail stores can now use cryptocurrency to make purchases. Workers receive their paychecks via electronic deposit, and many other types of financial activities have been revamped and streamlined by technical improvements in the speed of money transfers and exchanges of all kinds.
Many of today’s top online brokers give account holders the chance to use various kinds of automatic features for buying and selling, like automated and copy trading. Users can download the platforms directly to their web browsers or operate solely within the confines of their favorite broker’s platform. Users can opt for copy trading or the use of expert advisors (programs that implement trades based on a set of rules) within the metatrader 4 platform, one of the most widely-used forex platforms in the world. Automatic functions let users pick an expert from a long list of available names and follow that person’s buying and selling activities exactly, but with a different amount of capital.
Whenever a trader decides to end the connection to the designated expert, they can opt-out whenever they wish. Some people choose to test out this automatic copying feature and rotate their activities through several experts to gain exposure to multiple tactics and techniques used by professionals. A similar technique is the use of expert assistants, which are strings of a programming language built for a specific purpose, namely to guide trading customers during every transaction based on a set of entry and exit rules. Expert assistants differ from copying in many ways but are just one more way that modern technology offers account holders the chance to speed up and streamline their way of transacting business via an online broker.
MetaTrader 4 and MetaTrader 5
Two of the most popular trading platforms in existence are MT4 and MT5, the former built specifically for forex dealing and the latter for a more wide-ranging set of assets, like commodities and equity shares. It’s important to remember that MT5 is simply a different product, not an upgrade of the earlier offering from the company, MT4. However, both offer sophisticated functionality with an easy-to-use interface and dashboard and dozens of features. How do they differ?
MetaTrader 4 has been around longer and is well-known in the forex world due to its immensely simple operating method and the fact that it includes an agile simulator so users can practice before putting their own capital on the line in real transactions. There are ten timeframes and countless technical indicators for users to analyze deals before entering the market. MT5 was introduced several years after its predecessor and, as such, has a few advanced technical capabilities. Users can take advantage of expert advisors and can create their own technical indicators, as long as they take the time to write the codes themselves.
The central difference between the two products is MT5’s ability to operate in markets other than forex, namely shares, commodities, cryptocurrency, and more. Along with a very high level of cybersecurity, MT5 can help account holders who want to deal with CFD (contracts for difference), exchange-traded funds (ETFs), and, of course, forex. There are competitors to the MetaTrader products, all of which is more evidence that technological advancements continue to impact the entire universe of online buying and selling of assets like stocks, crypto, and forex, to name just a few.
Web Apps for Traders
For on-the-go adults who don’t want to use specialized apps for doing their brokerage transactions, there are equally competent web-based apps that allow simple buying and selling from any location on various devices. These kinds of programs require no downloading of products like MT4 but work solely from the user’s browser for the sake of simplicity and fast order entry. What’s the advantage of using a web-based method? One is that some smartphones are not capable of executing orders through high-end programs and platforms. However, the main reason so many opt for in-browser applications is ease-of-trading. There are those who would rather not download or install programs on their phones, tablets, or other devices. When that’s the case, technology comes to the rescue in the form of browser-based trading. While web apps might not have the full range of features compared to offerings like MT5, they do include technical indicators and other functions for everyday trading.