What is the best program to make money in forex?
In this article we will introduce you to the forex trading programs most used by traders worldwide. Start using the programs that advanced traders use to make more profit.
Each program has its pros and cons and some specialize in a particular market niche or trading profile. In this article we detail some features of MetaTrader 4, MetaTrader 5 and NinjaTrader, the most commonly used programs
MetaTrader is the program most used by forex market operators. Being one of the first programs that quickly became popular, hundreds of brokers offer it and it has a broad user base and help forums. Also, thanks to its popularity, there are a large number of packages available, such as custom indicators and Expert Advisors.
While it is the most widely used forex trading program, its relative popularity has been declining in recent years.
MetaTrader is free, and is available in 2 versions: MetaTrader 4 and MetaTrader 5.
MetaTrader uses its own programming language, called MQL. The MQL language allows you to develop (program) Expert Advisors and indicators for your own use or for distribution to other traders.
Some traders complain that the execution of MetaTrader is slow and therefore do not recommend it for high-frequency strategies.
MetaTrader 4 versus MetaTrader 5
Metatrader 5 is the latest version of MetaTrader and the successor to MetraTrader 4. Its adoption is slow and most brokers still use MetaTrader 4.
The main differences between MetaTrader 4 and 5 are as follows:
Unlike MetaTrader 4, MetaTrader 5 is designed for equities trading, in addition to forex trading, futures and CFDs. MetaTrader 4 also allows the use of these instruments but was not specifically designed for this.
MetaTrader 5 includes an integrated MQL product market, which allows you to buy products such as indicators and strategies. In MetaTrader 4 you should visit other websites, such as the official site.
MetaTrader 5 products are not compatible with MetaTrader 4, this means that MetaTrader 4 Expert Advisors will not work on MetaTrader 5.
MetaTrader 5 has more indicators of its own. 38 in MT5 versus 30 in MT4.
Most traders still prefer MetaTrader 4 to MetaTrader 5
While it is widely used for forex trading, it has many followers who specialize in futures trading.
It is not free, but its price to trade is affordable. ($600 per year or paying a commission less than one dollar per contract, other plans are available). It can be used for free to analyze charts, develop strategies and backtesting.
Its popularity has been slowly increasing since 2007, but it is even lower than MetaTrader.
Unlike MetaTrader, which uses its own programming language to build strategies, NinjaTrader allows you to build strategies using the C# programming language. This language is used to develop all kinds of programs, not necessarily for trading. C# is considered more flexible than MQL, but programming can take longer.
It also has many unofficial add-ons and has a market for buying and selling strategies included in the platform. Unofficial products require approval from NinjaTrader.
NinjaTrader execution is excellent and considered faster than MetaTrader execution.
Compared to MetaTrader, learning to use NinjaTrader is more difficult and time consuming.
While many brokers offer integration with NinjaTrader, their adoption is much lower compared to MetaTrader.
Other programs are well known, such as ProRealTime and TradeStation, but their adoption by brokers is much lower, so we will not expand on it.
In addition, many brokers offer their own platforms, either to download, such as FXCM Trading Station, SaxoTrader (from Saxo Bank) or to use via the web, such as FxPro webtrader, SaxoBank SaxoWebTrader, FXCM Trading Station Web, etc.