If you what to trade currencies, but you don’t have the experience or the time to be hands on the market at all times, you may want to rely on an automated trading option that most of the trading platforms offer. MetaTrader is one of the oldest and best-known trading platforms that developed several tools for the use of traders. Back in 2010, they came up with MT5, a new platform, more complex and improved technologically.
MT5 offer the automated trading option, and we decided to have a MetaTrader 5 automated trading platform review just to see how it works and what are its strong points or weak points. As you know, algorithmic trading means trading with the support of robots, or Expert Advisors. The trader programs the robots, punches in the algorithm, and the EA trades accordingly.
MetaTrader 5 Automated trading: Programming
You can program your own EA, and using the MQL5 language offers you a good technical solution to do just that. If you are not a computer wizard, then you can choose from the many trading applications available for download for free, you can rent them or order them from other traders. The MQL community is big enough to accommodate any of your choices. The MT5 auto trading review shows that the application will not have trading “glitches”. Meaning they included hedging option, so that an order doesn’t cancel the other if the situation arises.
Now, if you don’t know which robot to choose, we found that the Market offers you the possibility to free trial any of such robots to see if they are good for you, if you can work easily with the respective solution or not. Moreover, the MetaTrader 5 algorithmic trading review revealed that the trader could test its application with any broker using MT5, and not just a single one. Thus, you would have the freedom to choose not only the algorithm, but also to test it with several brokers and determine which one is more suited for your robot.
MQL for the MT5 Indicators
Another thing worth mentioning in this MT 5 algo trading review is that the platform includes a large set of technical indicators, to cover most types of analysis, Therefore, you may have a higher chance to rely on a more accurate data and have results accordingly.
Again, if you are not a programmer, then the Market will offer you a wide variety of products, from scalpers to neural networks. And to determine how good they are, you may test them and see the results before actually buying them.
MT5 Automated Platform Review Conclusion
- Big community
- Easy to program and test
- Support from other traders
So, to sum up this MetaTrader 5 auto trader review, the tool is robust and complex, the developers are in constant pursuit of new ways to improve it, and the community of traders helps with this process. If you want to use a robot, or want to switch from one platform to another, you can take it for a test and then decide. If you are more experienced in terms of programming, you may make your own robot and let it trade for you.
If you enjoy trading with MT4 more – check our review of the automated trading platform for the MetaTrader 4!