When I (oMoDalton.com)first started trading Forex, one of the first problems I ran into was which platform I was going to do my research and trading from. It seemed to me that most people did their research on Tradingview and then used MT4 platforms to do their actual trading.
The problem for me is that while Tradingview was very easy to look at and use, MT4 seemed to not have had an update since 1985.
Tradingview boasts beautiful colors, extreme ease of use, and a host of knowledge-building resources, while MT4 had the usability of Windows 95.
Now don't get me wrong, the guys that know MT4 are good at MT4, but they were different from me in that they were used to using the Excel spreadsheet-type interface, while I'm a gamer and am used to very smooth and user-friendly interfaces.
I was told at the time that I had to use MT4 to place my trades, but I found out soon that that was not the case. Tradingview actually has a host of brokers that have built usable trading interfaces that integrate with Tradingview creating a seamless study and trade relationship. Which I love!
When I log into Tradingview I also log into my broker. From the chart, I am researching I am able to EASILY enter and exit trades, drag and drop stop losses and take profits. Trading view even has a margin usage and pip value calculator built into every trade. That is unheard of! I enter quantities for my pair and a sliding scale shows how much margin I have used and how much I have remaining as well as the value of my trade overall and also per pip. Tradingview has also developed its own script for indicators called Pinescript, so the traders are on the leading edge of developing and testing trading tools. It really doesn't get much better than that.
Now let's look at MT4. While it is not user-friendly, it is usable. Many of the automated traders that you will find are only available in MT4 format. Also, instead of there only being a few brokers to choose from. Almost every broker has its own MT4 interface. But that's not anything that draws me to MT4. Literally, the only reason I learned to use it is that private trading firms like FTMO will not let you trade from Tradingview, you must use their MT4 format.
So what's the answer then? I use Tradingview for research and personal trading, but when I trade for my funding agency, I switch to MT4 to place my trades.
I hope this helps you on your trading journey.
Be sure to go to oMoDalton.com for one-on-one training with me. I also have a host of very helpful videos that you can use to hone your skills. Come join our trading community on Facebook in the Forex Help Group.
See you on the charts!
Comments