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The Best Trading Platform
Just quickly following up with a question from Seesway asking us, what trading platform would we recommend, and he says we are using TradingView, and wants to know whether we would recommend it above something like MT4. First of all Seesway, thanks for the question.
So firstly, I think it’s important for me to stress that we don’t really have any favourites or recommendations when it comes to trading platforms. There are many more than just MT4 and TradingView, and there are lots of pros and cons to many of them.
For example, many brokers are also offer their own proprietary trading platforms, which can also be quite good, and some of them are really bad in terms of functionality, etc.
Now, I used to trade on MT4 myself, until I switched brokers. I changed brokers, a broker to a broker that basically offers me a much wider range of instruments to trade like bonds and ETA stocks, equities, commodities, and of course forex, but the down side of that was that I could only trade all of those various asset classes and instruments through the online trading platform, so I was forced to switch to that, away from MT4.
Now even though it’s not perfect, it is, you know more than what I need for for trading. Now when it comes to TradingView and MT4 specifically to your question, I think it will really depend on what you want to use it for.
For example, we started using TradingView as a team for one specific reason, and that was that it allowed all of our analysts to work from the exact same charts on every day because we have it as a company profile, every change that for example, I make on the chart right now.
Everyone of the analysts will know exactly what chart I’m looking at and what changes I made on that particular chart so, if I’m looking at a particular range for a particular pay for example, all the analysts will know exactly where I’m looking at, because everything is synced, which is really awesome so, that it not really something that you would need TradingView for.
I think the one area where TradingView has really impressed me, has been with the vast range of instruments that you can track with it, so they have many brokers and liquidity providers that feed, that the feed basically taps into, so that gives you a really big vast majority of instruments out there that you can, that you can view, and that has allowed us to create charts for not only currencies like this, but also charts for looking at commodities as a whole, looking at equities as a whole, looking at things like bond yields.
We also have volatility indexes up there, which is really really helpful, and we compare that to something like MT4, you might not have that same type of, of availability of all of these different type of instruments, but again you know, the down side then is that you need to pay for TradingView to have access to all of the nifty features, where if you compare that something like MT4, that’s gonna be free with most brokers out there, but then of course, you’re gonna have that much more limited access to instruments, compared to something like TradingView.
So to be completely honest, there’s no thing as as a perfect trading platform out there. There will be pros, there will be cons to most of them. Having said that, I have been really happy with TradingView so far, but obviously keep in mind, I only use it for analysis, as I do trade via my own brokers platform, so I don’t know it is in terms of trading execution, and trade management, etc. I haven’t really had that experience with it. Just purely from an analysis point of view, so I hope that can help you out making a choice that you see if there’s any other questions, don’t hesitate to let us know.