It is common to see new traders looking for the best trading platform to trade CFD. You will mostly see traders asking the same question hoping to find a satisfying answer. CFD Trading is complicated especially for beginners. It is complex and can be overwhelming especially if you are not adept at using it. For this reason, it is just right to choose the best and the right trading platform, something that can meet your needs and is user-friendly as well.
When choosing a platform, you must make sure that it is efficient when it comes to entering an order, when enabling account management capabilities, and also when facilitating the market analysis. When a trading platform offers CFD trading, it normally allows you to access real-time quotes, enter orders, analyze the market, and also implement trading strategies. Additionally, the best trading platform must have a wide range of available indicators and useful tools.
Trading CFDs Using the MetaTrader 5 Trading Platform
MetaQuotes launched MetaTrader 5 in 2010 following its successful predecessor, the MetaTrader 4. The first stop is the user-interface of this trading platform. If you are controlling a couple of accounts, you might find it easier to manage through the use of MT5. This trading platform has a new accounts window called the ‘Navigator’ tab that permits the movement of accounts from one to another as quickly as possible. It also facilitates the use of different trading strategies with different accounts, without experiencing troubles or delays.
Indicators in MT5
There are a couple of indicators in MT5 that cannot be found in MT4. These indicators are as follows;
- Bill Williams
- Volumes
- Trends
- Oscillators
If you want to customize your own indicator, you can do so with MT5. Custom indicators are available which can be made according to your needs. Trend indicators such as Adaptive Moving Average, Exponential Moving Averages (EMA), and the Variable Index Dynamic Average are all available in this trading platform.
There are also oscillators in MT5 and an example of this is the Triple Exponential Average (TRIX) which has a triple exponential moving average feature. It also oscillates to almost a centerline at zero. This indicator is efficient in filtering out the market noise and this is considered its greatest advantage.
As for the Bill Williams Indicators, there is a tool called New Market Facilitation Index Supplement. It is a tool that releases trading signals according to the mutual interaction of price, volume, and the indicator itself. As for the version of this software, there are currently 7 new indicators available.
Among the said indicators, the five new trend indicators showcase the great potential. The double exponential moving averages and the triple exponential moving averages together with their derivatives are considered as the best addition to the features of MT5. But if you prefer to utilize automated trading, you can feel at ease with the good Expert Advisor that MetaTrader 5 has. Without a doubt, this trading platform is powerful, user-friendly, and has resolved the previous errors that the previous version has.
