Daily Price Action

What Is the Best Platform for Trading Forex?


Image showing charts and graphs for trading platform

Happy Friday!

This week’s question comes from Rizah, who asks:

What is the best platform for trading Forex?

There are dozens of platforms for trading Forex. When you factor in the various proprietary platforms, there are hundreds.

For the beginning trader or the one still trying to find their way, this can seem daunting.

Each one offers different features and layouts. That means each time you switch, you have to relearn everything.

This takes away from the time you could otherwise spend learning how to trade Forex.

You didn’t decide to become a trader to learn a piece of software. You did it because you love trading and ultimately want to learn how to extract money from the markets.Therefore it makes sense to choose a platform that doesn’t have a steep learning curve.

So what is the best Forex trading platform?

Everyone will have their own opinion, but in my experience the MetaTrader 4 (MT4) trading platform is superior to the rest.

Why is it my favorite?

Not because it offers features or resources others don’t. Just the opposite, in fact.

Read on to find out why I favor MT4, especially for those trading Forex price action. And please be sure to let me know which platform you like at the end of this post.

4 Reasons MT4 Is the Best Forex Trading Platform

Logo of MetaTrader 4 platformThere are obviously more than four reasons to use the MetaTrader platform. It’s been around since 2005 and has been through dozens of iterations. This means the team behind MT4 have had plenty of time to get it right, and get it right they have.

Here are my top four reasons to use this platform, especially if you’re trading price action.

1. Simpler Is Better

Forex brokers often entice traders to sign up with new features and resources.

There’s a common misconception that retail traders fail due to a lack of inside knowledge. The idea is that if these traders were more informed about what’s happening in the world, they would perform better.

My experience tells me otherwise. It isn’t a lack of resources that causes retail traders to fail.

It’s a lack of patience, overcomplicating a simple process and overleveraging one’s account. Those are the primary reasons more than 90% of retail Forex traders fail.

Lack of information has little to do with it.

I’m sure there are exceptions to the rule, though. However, if you’re trading price action, simpler is better.

This is where the MetaTrader 4 platform really shines. It cuts through all the unnecessary add-ons and allows you to focus solely on the price action.

2. You Only Have to Learn It Once

MetaTrader 4 is available at just about every major Forex broker.

This is great news if you’re tired of jumping from platform to platform.

There’s nothing wrong with using your broker’s proprietary trading software. If you like it and it works for you, then by all means use it.

However, doing so means that if you decide to switch brokers, you have to learn an entirely new piece of trading software.

So instead of learning how to trade Forex, you’re stuck learning a new technology.

But if you’re using MetaTrader, you don’t have that problem.

If you decide to switch brokers, no problem. The new one likely offers the exact same MT4 platform you’re used to.

Apart from the broker’s logo in the top left corner, everything is the same.

I don’t know about you, but I would rather spend my time learning and trading rather than fumbling around with a bunch of new features I don’t need.

3. It’s Lightweight

The last thing you want is a resource-hungry trading platform.

Unless you have a brand new computer or one designed specifically for trading, using a lightweight platform like MT4 is key.

I have used other proprietary ones and I can tell you that MetaTrader is by far the lightest on resources.

That means faster load times and less lag while navigating the platform.

Although rare, the lag from other resource-hungry platforms can even cause delays with the data. This is especially true for older computers.

Accurate and timely data is a must. By using MetaTrader 4, you can have greater confidence that your trading software isn’t the bottleneck.

4. Perfect for Those Just Starting Out

I get a lot of emails asking about the best Forex trading platform for beginners.

These individuals are clearly looking for something without a steep learning curve.

That makes perfect sense. You’re new to Forex and you want the most direct path to learn how to trade.

Learning how to use a complicated trading platform is seen as a roadblock.

The simplicity of MT4 allows you to jump right into the price action on your charts.

Sure, you will need to learn how to use some of its features, but that’s true of any new piece of software.

So if you’re a beginner, give the MetaTrader platform a try. It will cut the learning curve in half and allow you to spend your time learning new strategies and techniques.

MetaTrader 4 and Price Action

The four reasons I just listed explain why I favor MetaTrader above others.

I have been trading price action since 2010. During that time I have used at least five or six platforms.

Some were better than others, but I always came back to MT4.

That may be confusing for some traders, because it doesn’t include many of the features that come with other software. Even the charting tools are somewhat limited.

But you know what? That’s a good thing.

I don’t want a complicated platform and I certainly don’t need an arsenal of unnecessary add-ons.

Simpler is always better. All I need are candlesticks charts, two moving averages and some lines. That’s it!

Anything more than that is not only unnecessary, it’s a distraction.

How to Get Your MT4 Charts to Look Like Mine

Last but not least, I want to show you how you can get your charts to look like mine.

These steps are specific to MetaTrader 4, but any good trading platform will have similar settings to these.

Step 1: Remove all indicators

The first thing you need to do is remove all the indicators from your chart.

It doesn’t matter which chart you use, because we’ll save these settings as a template in Step 4.

Just be sure to remove all of them. That includes the RSI, MACD, Stochastics and any moving averages.

The only thing left should be the price action on the chart.

Step 2: Configure colors and layout

Properties window in MT4There is an easy way to configure the black and white charts in MT4. This is a color scheme I have used for years. I find it much easier on my eyes than having a darker background.

To get it, simply right click anywhere on the chart and select Properties.

On the Colors tab, choose the Black On White color scheme from the drop down menu.

MT4 properties window showing colors tab

That will take care of your chart’s background colors,  as well as the candlestick’s colors.

On the Common tab, be sure your settings are the same as the image below.

MT4 properties window common tab

Once you have the color scheme selected and the options configured on the Common tab, click OK to activate the new chart settings.

Step 3: Add exponential moving averages

Now that you have a nice clean chart to work with, you’ll want to add the two moving averages I use.

The 10 and 20 exponential moving averages (EMAs) serve as a mean reversion tool.

Navigator window in the MT4 platformTo add them, click View and then select Navigator.

Drag the indicator titled Custom Moving Average onto the chart. As soon as you let go of your left mouse button, you will be presented with a window.

Before I show you the settings, I do want to point out that these are the only two indicators I use. I don’t use a MACD, RSI or anything of the sort.

I also don’t use the 10 and 20 exponential moving averages as a crossover signal. In other words, I don’t care much whether the 10 is above the 20 or vice versa. That isn’t how I enter the market.

The only thing that matters to me is where the two moving averages are in relation to the price on the chart.

See A Guide to Market Timing to learn how I use them.

Here are the settings for the 10 EMA:

Metatrader settings for the 10 EMA

If you move over to the Colors tab, you can set the color for the 10 EMA. I use red.

Click OK and you now have a 10 EMA on your chart.

To get the 20 EMA, you need to drag another Custom Moving Average onto the chart from the Navigator window.

Here are the settings for the 20 EMA:

Metatrader settings for the 20 EMA

Be sure to choose a color from the Colors tab. I use blue for the 20 EMA.

Step 4: Save the configuration as a chart template

You don’t want everything we just did to go to waste. Nor do you want to do these steps for every currency pair.

Luckily, MT4 allows you to easily save chart settings at a template.

To do this, simply right click anywhere on the chart we just configured.

Then scroll down to Template and select Save Template.

Save new chart template in MetaTrader 4

Here is where you can name your template. I’d suggest giving it a  name you will remember, such as Price Action.

Just be sure to use the default Template Files (*.tpl) as the type of file. See image below.

Naming new chart template

Once you click Save, your chart settings will be added to the list of templates.

To access the template you just saved, open a new chart and right click just like you did before.

Select Templates and then choose the one you just saved.

Selecting saved template in MT4

Now you have a quick and easy way to transform any MetaTrader chart into one that looks just like mine.

Final Words

There are many reasons why MetaTrader 4 is a great fit. Whether you’re a newly minted Forex trader or a seasoned professional, the MT4 trading platform has what you need.

I’m a big fan of keeping things simple. Unlike other Forex trading platforms, MT4 is rather basic in its features, which is a good thing.

When it comes to trading price action, simpler is better. Everything we need is already on the chart.

That means there’s no need for those additional features and resources offered by some brokers. Not only will it overwhelm and distract you, but it will also hog computer resources.

In my opinion, MetaTrader 4 is also the best Forex trading platform for beginners. It’s easy to use and available with most Forex brokers, so you only have to learn it once.

It’s important to find a platform that you’re comfortable with, so be sure to experiment. That said, MT4 is a great place to start.

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Your Turn: Ask Justin Anything

I’d love for this new weekly Q&A to be successful and provide an invaluable repository of answers to common Forex questions.

To do that, I need your help.

Here’s what you can do to get involved and have your question answered in next week’s post:

  1. Ask questions. Post them in the comments below or Tweet them to me @JustinBennettFX
  2. Help me answer questions. If I missed something or if you have something to add, don’t hesitate to leave a comment below.

Leave a Comment:

John says

Thanks Justin for the insight on metatrader just a line to ask the difference between mt4 and mt5 and which one is better? Thanks.

    Justin Bennett says

    You’re welcome. I have limited experience with MT5. However, I have heard that it can be more problematic compared to MT4. Hence the reason most brokers still promote its predecessor.

paul says

thank you,
but for me i use c-trader with price action

    Justin Bennett says

    Sure thing. It’s certainly a personal decision. Thanks for sharing.

Richard says

Yeah Justin I was wondering is there a difference between meta trader 4 and 5? Can we use either one starting off?

    Justin Bennett says

    See my reply to John above.

Comfort says

How to add a EMA on a Tablet using an Android

    Justin Bennett says

    I’ve never done it on a tablet. Sorry.

    Razia says

    Click on the screen till you see a blue button wth different icons
    Select the f icon
    Then select main chart
    Select moving averages
    Then select method n choose exponential

    Kwena says

    You just touch your screen then press where it shows something like “f” then go to main chart, add your EMAs

Roger Jenny says

yep, I also use MT4 as my only platform. The only lack is, if you draw Trendlines on the weekly chart, they do not match in the right way on the lower timeframes. Of course you can see the trendline on the higher timeframe and adjust it on the lower.
But finally MT4 is great tool !

    Justin Bennett says

    It’s a known design flaw. That said, I’ve seen the same thing on several other platforms, not just MT4. It doesn’t bother me as I do 99% of my analysis and trading from the daily.

Hooshang says

I am using MT4 platform too but there are some less ideal features. For example, New Order table does not have memory for SL and TP in pips; or when you put the cursor on the bar it does not display the OCHL data. Maybe I have an older version of the software.

    Justin Bennett says

    Make sure you have OHLC checked on the common tab of the properties window. See my explanation above.

    You can also always see the open, high, low and close in the bottom right corner of the platform when hovering over a candlestick.

Mark says

One issue I have with MT4 is the variability of trendline accuracy when swapping between time frames. Do you have any advice Justin?

    Justin Bennett says

    It can be a bit of a pain. I do 99% of my analysis and trading from the daily time frame, so I don’t run into that issue very often.

Barry op says

Yep i use MT4 to find it very easy and simple.

    Justin Bennett says

    Hi Barry, thanks for sharing.

Brian says

MT4 is the best platform. I like the “Alerts” feature the most.

    Justin Bennett says

    It’s certainly one of the best trading platforms out there, and I’ve used a few. Thanks for stopping by.

Agung Lintar Alfian says

I agree, the simple is better.

    Justin Bennett says

    You got it. Thanks for commenting.

Greg T says

What are you hearing about the emergence of MT5, the push by metaquotes to motivate brokers to offer MT5 and the demise of support for MT4 from Metaquotes.

    Justin Bennett says

    Hi Greg, I hear that MT5 is still too problematic to be offered as a replacement for MT4. Most brokers are comfortable with the latter and are hesitant to switch. That said, I don’t have much experience with MT5 so I can’t comment personally.

Razia says

Hi..i use MT4 platform because it i find it to be extremely simple n functional…fr charts as well as execution of trades..

    Justin Bennett says

    I agree with you. Thanks for sharing.

Tony Balazs says

Justin, I am a ne trader, and only used the MT4 as it was recommended to me, so really cant compare it. But I have to say, I can relate to all your comments. I have changed my settings to your suggested & saved, but when I open the template, it reverts to the default ?

    Justin Bennett says

    Hi Tony, if you save the chart settings as a template and then apply those settings to a new chart it should work just fine. You may need to contact your broker if the problem persists.

Mohammad says

Nice post have a good day
i learn many things from you sir
Still i am at demo account i want to start real witch forex broker is best for deposit and widhrawl and other good serves

    Justin Bennett says

    You can email me and I’ll be happy to share who I use.

Kwena says

Thank you Justin, about EMA do I need to look at daily or or 4 hout chart? Because sometimes when I look at 4 hour I see the price whithin these EMA or very close to them, but when open daily I see different story the price is far above or below the EMA

    Justin Bennett says

    The EMAs as a mean reversion tool are most effective on the daily time frame and higher.

John S says

In MT4 when you save your template you can use a filename of default, then all new charts will open automatically with that template loaded, including what timeframe eg daily that you saved on.

    Justin Bennett says

    Thanks for the tip, John.


How does one set up a trade? I will need step by step guide, if you don’t mind. Thank you.

Prince says

Thank you very much Justin, i am still a beginner and have not yet started but from all my researches i have done so far about FT, your teachings are very easy to go by, very simple but helpful for s learner. I just want to be your student Justin, that is my request to you so that i can start learning fast and be in the game. I love trading. Thank you so much.

Elolo says

hi Justin your teaching method is the best, and im also a big fan of mt4, even though i used few platforms. Tell me have you ever experienced data loss with your computer ? (computer crashed), in that case you loose all you settings on mt4(i have been through that once and had to configure everything new)… how do you deal with such an issue ? is there any tip you have to stand when the problem arises or you just configure all the settings from scratch ?

Ian says

Your article is helpful, I should try this guide you provide with FxLeaders app. This would be a great combination about trading.

hailey says

thank’s justin this is really a great guide every one should read this before choosing a new trading platform.

hussein shein says

thnx for your emails about possible price movements, i also read your article on mt4 as best forex trading platform. im requesting your suggestion to the most genuine forex brokers offering mt4, who are FCA or ASIC regulated. non sacms.

Korir Marris says

Hey,Justin what about trading view for charting any comments?

Jack Dawson says

I think brokers offer huge bonuses because its easy to lose in the market, it doesn’t cost them anything to offer this extra money on the platform and invariably make it back when the trader loses the rest.

Forexsuggest says

Would you still recommend trading view as an option, Justin?

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