For years, MetaTrader5 has been the leading trading platform for stock traders and forex traders alike. In its most recent iteration, it’s also become a valuable tool for cryptocurrency traders. MetaTrader5 has a variety of features dedicated to limiting risk and maximizing ROI. These features have easily translated from markets such as forex to the very similar market of cryptocurrency.
Eliminating the Emotional Aspects of Trading
Trading platforms are often used by investors as a way to automate their trading strategies. While every investor is going to develop a unique trading strategy over time, it can be difficult for investors to stick to these strategies when their emotions get involved. MT5 makes it possible to eliminate these emotional aspects by programming the platform to conduct trades ahead of time. If a trade is programmed to sell at a certain price, it will sell at that price… regardless of how the investor feels.
This is an important aspect of trading because it improves consistency. It’s impossible for traders — especially beginners — to determine whether their strategy truly works if they are applying it inconsistently due to their emotions. MT5 improves ROI by creating more consistency and therefore making it easier for beginners to truly fine-tune and follow their strategies.
Increasing Responsiveness on the Market
In addition to eliminating emotional aspects, the MT5 platform’s automation features also increase responsiveness. An investor is not able to be on the market 24 hours a day, and the cryptocurrency market is a continuous market that is never closed. The MT5 platform will conduct trades as needed even when an investor is asleep, thereby capturing the appropriate profit (and reducing losses) 24/7.
Performing Analysis on Trades
Through MT5, investors are able to perform in-depth analysis on different currencies and trades. These are proven analysis techniques, even though different investors may apply them in different ways. Analysis can show you key indicators that tell you when you should conduct trades — when, historically, it’s most likely that a certain asset will continue to go down or continue to go up. This analysis helps investors jump aboard trades that are more likely to be successful.
Initiating Robotic Trades Based on Expert Advice
In addition to programming MT5 to conduct trades yourself, you can also use robots that have been programmed by expert analysts. These robots will trade based on the data and strategies these analysts provide, thereby making it possible for investors to trade identically to those who are experienced and knowledgeable about the market. These robots make it easier for beginners to get into the market, though understandably these beginners should still be careful and cautious.
Reviewing Your Trade Strategies and Performance
MT5 provides a wide variety of reports that make it possible for you to review your performance. Through these reports, you’ll be able to determine which strategies are working best, and which strategies are yielding the most substantial returns. Reporting can be used to identify broader market trends as well, educating you on the market overall. All of these things will ultimately be used to improve your returns.
i-Pandora supports MetaTrader5 to make it easy for anyone to get their start in the cryptocurrency market. With i-Pandora and MetaTrader5, investors can mimic trading strategies of experienced analysts, control their trading strategies with algorithms, and analyze the market for signals. For more information, check out the features of i-Pandora.