The MetaTrader series of trading applications have achieved outstanding levels of success among consumers, the most recent MT5 having being lauded by experts as a pinnacle of design and usability. Despite this, however, there is genuine reason to believe that a number of traders have remained loyal to the MT4 platform and ignored the appeal of the 2012 upgrade. So is the MT4 program a better trading platform than the MT5 alternative, or are users simply struggling to manage the transition between the two?
The MT4 vs. the MT5: A Battle of Old against New
Aside from familiarity, there are several factors that could influence the choice between different versions of the MetaTrader software. Consider the following: –
Not all Change is Viewed in a Positive Light: Occasionally developers make unnecessary changes that detract from the appeal of their product, and the team behind the MT5 application are not immune to this aspect. One of the most popular features of the MT4 platform was the Fibonacci Retracement tool, but this was amended significantly prior to the release of the MT5. Users were subsequently left disappointed, with the result that many of them returned to using the enhanced currency chart features of the MT4.
A Shift in Target Market: While the MetaTrader 4 platform is renowned for its user-friendly interface and tools, the MT5 is, technically, a more advanced platform and therefore geared towards a more experienced user base. So while traders who are well versed in the function of technical indicators and analytical tools are likely to favour the latter, less experienced investors are generally deciding to remain loyal to the MT4. It is unclear as to whether the developers intended this or not, but the design of the MT5 has certainly discouraged novice traders from switching platforms.
The Need for Flexible and Fluid Trading: One of the most surprising features of the MetaTrader 5 platform is that it does not support hedging, which is in stark contrast to its predecessor. In addition to this, the MT5 does not support expert advisors from the previous platform, and together these restrictions have been roundly criticized by experienced and novice traders alike. In terms of facilitating a flexible and fluid trading experience, the MT4 remains the most popular user choice.
While the changes made to the MetaTrader 5 platform have created a product that boasts more features and tools that its predecessor, there are questions as to whether these amendments have actually improved the software. Given the competitive nature of trading and the increasing number of platforms that are being developed by rival firms, the developers of the MetaTrader series will need to think carefully prior to releasing their 2013 version of the program.