4 Top Trading Platform For Algorithmic Trading
With the growth of technology, several traders have opted for algorithmic trading. This involves entrusting machines to make major marketing decisions or automating the trading process. Several benefits come with algorithmic trading. For example, algorithmic trading has the power of performing millions of transactions within seconds, something that normal people cannot do. Moreover, since the overall process includes artificial intelligence, there are fewer chances of attracting losses. In the same vein, algorithmic trading will save you the hassle of analyzing complex trading patterns. However, not all trading platforms support algorithmic trading, and it is one reason traders should be careful when choosing a trading platform.
Having said that, let’s walk you through four platforms that will permit you to use algorithmic. The list may not contain all websites but brings the best algorithmic trading forums across the continent. Before focusing on the main topic of discussion, it is important to highlight a few algorithmic trading roles that include generating trade signals, managing open positions in an existing trade, and, to say, nothing of 24/7 trading. The top on the list is a Meta Trader 4 platform, the most popular exchange forum on the Internet. Meta Trader 4 is preferred by many brokers because of different reasons. The platform is flexible, with traders expected to use only three modes to initiate trading.
Not only that, you will have the power of accessing two market features as well as stop orders. The significance of the two features is to ensure that you don’t run into losses. Equally, Meta Trader 4 comes with analytic functions; about 30 technical indicators, customized charts, plus many features for credible results. Its mobile app will ensure that you can monitor your trading signals from everywhere. If you are attempting algorithmic trading for the first time, there’s always a demo account for traders who want to boost their experience and develop new trading strategies. In general, Meta Trader 4 market has over 1700 trading robots with more than 2000 technical indicators that will boost your trading procedure.
Meta Trader 5 or MT5, as popularly known, is the upgraded version of MT4. The platform comes with the following features: increased securities classes and a more advanced backtesting process. Different from MT4, MT5 has 4 execution modes and not to mention 6 types of pending orders. Just like the previous platform, MT5 has analytic functions, although with different magnitude. In total, there are 38 technical indicators and 21 timeframes in MT5. Another difference between MT4 and MT5 is the programming language that was used to design the two programs.
While developers used MQL4 in designing MT4, MT5 uses MetaQuotes Language 5. You can depend on its superior backtesting to improve your trading process. The only challenge of using Meta 5 is that it has a smaller trading community. The third trading platform on the list, cTrader, created a decade ago was created by Spotware Systems. It is a perfect choice for someone that wishes to trade in the Electronic Communications Networks trading environment. The cTrader platform has an extensive charting ability that will boost your trading process. On the positive side, cTrader can allow you to place multiple orders simultaneously.
In terms of the technical analysis, the trading has more than 50 templates in 28 different timeframes. Similarly, the cTrader platform has about 70 indicators with a downloading feature that allows users to download charts from the trading platform. Unlike the previous versions, ProRealTime or ProOrder is suitable for a business that wants a trading system with advanced features. The ProRealTime platform provides users with unregulated access to more than 100 technical indicators, 8 types of orders, unlimited timeframe selection, and 20 drawing tools. With a strong network connection and a web browser, traders can access cTrader much easily.
Since the listing does not include all trading systems that support algorithmic trading, it will be good to check out other available forums before coming up with a final decision. Most importantly, some trading websites will charge more subscription fees than others, and therefore, price should be one of your considerations. All said and done, don’t miss the opportunity of taking your business to the next level.