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Originally Posted by MDunleavy
I've found good explanation how to select the right metatrader 4 brokerage firm. I think, this info would be interesting for all forex traders. I use scalping strategies and I had to change a lot of brokers before I found this information. See iticsoftware.com or BJF Trading Group .
(How to select right FOREX brokerage firm for you strategy: scalping, hedging etc.)
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MT4 PROS:
1. Yes, it is user-friendly
2. Stable
3. Allows automated trading with a huge community behind it and thousands of free EAs available.
It does lack some things which may or may not be important to you, though.
CONS:
1. Charting is pretty good, but trend lines often look different on different timeframes.
2. Trailing stops are client-side, which means your MT4 terminal must be open for them to work.
3. No If/Then or OCO orders available, making it tougher to apply certain trading styles.
4. Some of the MT4 brokers are scams, and MetaQuotes knows it, yet does nothing about it.
So think about it twice and then choose!!