FxPro review: Сhoosing the Most Suitable Platform for Long-term Trading
As you might remember from the previous article, I’ve recently decided to quit scalping and intraday trading. I can’t stand that enormous psychological pressure anymore, but at the same time, I don’t want to quit trading.
My solution was to pay attention to H4 and upper timeframes in general. I guess this approach can alleviate stress. Here, all I need to do is to make a trading plan and later control my positions and adjust them if required.
The role of FxPro broker in my hypothesis
According to my observations, upper timeframes also allow better precision of entries and better accuracy of the market forecast. FxPro (the brokerage that I trade with) provides pretty good analytical materials, and I’ve noticed that the long-term forecasts they make have actually got high accuracy. My hypothesis is that risk and money management are the most important things that a trader must focus on.
So I’m going to rely on FxPro market overviews to make some plans for my swing trading. I’m going to increase my normal position size significantly and I hope that by making fewer trades and spending less time on analysis and trading itself, I’ll still be able to make some decent money. Hopefully, the results will not get worse. Moreover, I expect the equity curve to get a greater upslope due to such a change of approach.
Reviewing the best trading platform to trade long term with FxPro
The broker provides four trading terminals. Let’s see how good they are for longer-term trading
FxPro (EDGE) review
This trading terminal is mentioned in many FxPro reviews. As the name suggests, the broker developed this product as a custom trading platform for FxPro traders. With its 15 timeframes and intuitive design, this web-based trading terminal is a friendly solution for novice traders. As for me, I don’t use custom trading platforms. I find the MT line-up and cTrader more suitable for professional trading.
FxPro MT4/MT5 review
Today, it’s difficult to find a trader who knows nothing about a trading terminal Metatrader 4 and its upgraded version MT5. The platforms come with a huge number of free and paid custom technical indicators. So, you will have a good choice of professional tools for your market analysis. From 50 indicators available in the two terminals, you can choose enough specific ones suitable for long-term trading.
FxPro users who stick with MT4/MT5 platforms are mostly professional traders. Unlike beginners, they don’t care about intuitive design. Moreover, long-term trading doesn’t suggest staring at the monitor from morning till night. If you don’t want to pay commission, you can opt for this popular platform line-up. However, in this case, you will get wider spreads.
For inexperienced users, MT5 may seem a slightly updated version of MT4. However, it’s not so. Its functionality is much better. To analyze the market, traders can use up to 21 timeframes. It gives them a more detailed picture of the market when studying charts. Besides this, MT5 allows assessing the depth of the market. In other words, you can see how many selling and buying orders are to be executed. That’s how you can detect the dominant tendency on the market.
I chose MT5 because of its useful indicators and the feature of the depth of the market. DoM is not that important for long-term analysis, in my opinion, but it allows making some precise entries, which can also be beneficial for equity slope.
The MT4/MT5 line-up is a masterpiece of modern trading technology. The vast majority of technical indicators and news feeds are created exactly for these classical platforms. Even an ultra-intuitive layout of cTrader and its unique features can’t overshadow MT4 and MT5, the practical significance of which is proven worldwide.
FxPro cTrader review
Many FxPro reviews speak positively of cTrader. Earlier I used it for intraday trading and scalping. It offers the best bid and ask prices. As a result, you can enjoy tight spreads. However, the broker charges a commission for trading volumes on this platform. It comes with up to 26 timeframes — the number unavailable in any modern trading terminal.
Developed by Spotware to take on MT4, cTrader boasts a simple and accurate layout and up to 60 technical indicators. It’s visually appealing and very intuitive. With this terminal, you can instantly react to market conditions that quickly change. Moreover, like MT5, the platform also supports the depth of the market (DoM).
Like MT4/MT5, cTrader also offers to use trading robots. Moreover, your trading accounts are saved in the cloud, and you can conveniently shift from one to another without logging in each time you connect to another account.
Conclusion
MT5 is the best solution for long-term traders who use complex trading strategies built around several custom indicators. If your trading strategy is rather simple, or you practice scalping, opt for any trading platform. For example, you can choose cTrader provided by FxPro.
