TradingView vs. Metatrader: Which Platform is Best for Forex Trading? 💭📈

it is time to settle one of the biggest debates in forex trading which platform is the best trading platform for traders on my channel I get comments all the time saying Nick do more videos using trading view or Nick use meta trader more often and people saying that they like the look of one platform better or that the tools are more effective on one platform or the other well today we're going to settle this debate today we're gonna talk about numbers we're gonna talk about a vote that we're holding on the social media platforms that I have on Instagram as well as my youtube channel I've put up polls on each one of these to determine which platform is the better platform and I'm going to also review and give my personal opinion on these platforms but the other that we will be able to see the numbers of who is the winner is it Metatrader or trading view which platform is more popular among forex traders and we're going to talk hopefully about why I like or dislike certain things about both of these platforms let's go ahead and get into the video right now okay ladies and gentlemen so in the left side of the Ring this is not how we act in the left side of the Ring we have the reigning champion of metatrader4 this is the old-school tool that a lot of traders use and a lot of traders love this tool is well known for being one of the most popular trading platforms for forex traders as almost all of forex brokers allow access to meditator for and this platform is super easy to use and pretty intuitive in nature and in the right side of the ring we have the Challenger or the possibly more new or more clean and young looking fighter which is going to be training view I'm not to say this as if don't discount metatrader4 as it's the reigning champion and it slugs pretty good as what oh god oh god oh god I'm cringing myself out tradingview has a lot of new parts and so does metatrader4 they both are great platforms in my opinion and I'm pretty impartial honestly to training with both I like both platforms quite a bit but for different reasons I've actually got a score sheet that I'm gonna take a look at here and we'll see breaking down category by category which platform is better in my opinion okay traders so I've taken a little bit of time here and I've put together a basic score sheet for metatrader4 vs trading view now what we're gonna do here is we're gonna go through each of these categories and judge metatrader4 out of scale one to five and trading view as well what we can do is we'll start out taking a look at metatrader4 waveforms okay so I've got my Metatrader 4 platform pulled up here and what you can see is that for the most part what I do like about meta trader quite a bit is that meta trader is a very simplistic look things are very very kind of they are as they seem right on meta trader for for the most part things are just pretty straightforward you have your candlestick chart and up along the top you have your toolbar where you have all different access to different sorts of things at first trading view I mean metatrader4 here can be considered a little bit clunky to a lot of people I know just because the zoom in function you know it's not as quite as easy as you know the scroll function on metatrader4 kind of moves you around on the chart whereas in trading view it zooms you in and out personally I think I'm not sure if that's something that you can change or not but the zoomin function is kind of a little bit kind of binary in a way like you can't zoom halfway in between these two levels so to me that's a minor thing but when your charting quite a bit these little things start to really add up so on the flip side we have trading view now trading view the word that I would think for this platform as opposed to metatrader4 metatrader4 again I mentioned that it looks very simple right on trading view I would say that the word to describe it is very clean price and everything on trading view just looks really really slick and clean you have a very smooth transition transition if you want to look at the charts differently right so you have you know if you want to zoom in I can do zoom in with the mouse button I can also use this panel to the side and I can use the panel along in the bottom right you have a lot of adjustments that you have control of and the overall kind of layout of the chart is very very clean as well you have a search bar up at the top that is super easy to use you have you know you can change the time frame you can change the type of chart that you're looking at you can add indicators very easily you know for the most part the overall layout of tradingview in my opinion is just very clean very straightforward as you can see over here on the on the right side we have all these different things and there's kind of a lot to look at for starters so I will say that you know maybe in terms of appearance tradingview has a very clean layout on the chart but it also has a lot of things for you to look at all at once and that can be a little bit confusing a little bit overwhelming and honestly I've been using tradingview for years and I still don't know what some of these things do so now it's time for the scoring metatrader4 overall performance versus trading view remember we're scoring 1 to 5 just probably put that somewhere 1 to 5 we're talking about 5 being really good and 1 being really poor so the overall appearance when it comes to metatrader4 I'm gonna give metatrader4 the platform itself the appearance that it has I'm gonna give it a three and with trading view I'm going to give it a four okay and there's a reason that I choose trading view overall for just its simple appearance when I want to look at the charts and I'm looking at charts all the time to me having a very smooth transition between how I look at the charts and all that sort of stuff it's very important to me I need to be able to very cleanly and very easily look and change things on the charts which you can do with Metatrader don't get me wrong 3 is not necessarily a terrible score but a 4 is given to a trading view in my opinion just because of how slick and how clean everything lays out and how easy it is to adjust the charts to your liking round 2 for next up is going to be trading tools and this is a big one for a lot of people including myself software is very important to trading right if you want to certain indicators if you want certain risk management tools all that sort of stuff metatrader4 and trading view both have a different option list available when it comes to trading tools so let's go ahead and jump into metatrader4 so when it comes to metatrader4 we're still in the navigator window here you can see you know you have a lot of options when it comes to software there is a lot of built-in tools here for tray looking to use software the other really cool thing about metatrader4 and why i honestly love the software tools so much about metatrader4 is the customization and the ability to kind of write in the programming language in Metatrader 4 which is MQL 4 now if you're not a programmer don't worry this still applies to you because there's our downloads all over the internet and things for you to purchase and things for you to buy in fact that's some of the things that I sell myself is like my currency strength meter right the currency strength meter is a tool that I programmed in MQL for specifically for metatrader4 this is awesome because tools like this can be programmed and brought in to metatrader4 and you can easily add whatever you'd like you can go into these folders right if I went into you know my folders and grabbed I can I can add or remove things as I like and honestly it's kind of more sandbox in the mode that you can easily create things for Metatrader built around whatever software demands our software needs you have you want to build expert advisors which are trading robots right you can build that if you want indicators you can build indicators and put them into your trading and your your metatrader4 trading platform you know all that sort of stuff is super super important especially if you rely on software for part of your trading as I do myself trading view on the flip side also has some built-in ways that you can write scripts and write code but here's my honest opinion I don't love the trading language I'm sorry the the coding language associated with trading view that's my personal opinion there of course people will disagree I don't love it's called pine script and I have programmed it in the past it's just not as intuitive in my opinion as metatrader4 I have a background in software development in case you don't know that about me I went to school specifically for computer science and metatrader4 to me is a much more intuitive language in ql4 is just very easy to program however that doesn't say negative things entirely about trading view because the indicators available on trading view are awesome because not only do you have the tools available by default or the built-ins as they call them but you also have the ability to search up what other people have built in the trading view community and apply them to your chart or to purchase them directly or you know do some sort of way to get that software onto your chart so to me overall I think that both platforms have a decent opportunity or decent options for using trading software now if I had to put a score to this concept when it comes to trading tools I'm gonna have to give meta trader a 5 and the reason I say this is because I'm a little bit biased I build tools specifically in metatrader4 it's a language that I really understand it's something that I use every single day for my trading you know and I just love the language and I love the the sandbox kind of style when it comes to metatrader4 so when it comes to trading tools and software metatrader4 is gonna be a five for me and when it comes to trading view here I'm gonna give it a three and it's not that I think that the trading view has bad options it's more so that metatrader4 just has incredible options so let's talk about the smoothness so I want to clarify a little bit here when I say smoothness I don't necessarily mean the same thing as the overall appearance what I'm talking about here is transition and talking about navigation and how easy it is to maneuver around these two platforms so metatrader4 to me is a bit on the clunky side it's a bit old-fashioned it's a-you know a lot of people complain that metatrader4 is a little bit old-school and then it doesn't have all the bells and whistles which is again a positive for some and a negative for some right some people like the simplistic side but in terms of clunkiness to me the zoom function is kind of a little bit frustrating these tools to me are a little bit clunky as well to scroll to the end of the chart and the distance kind of thing or whatever you call this what is shift end of the chart from the right border right this to me you know it makes sense but it's just a little bit on the clunky side not to say that I don't you know I'm not like thinking I can't get over this concept but for me the overall bias here is a little bit more to the side that things on trading view are a little bit less clunky so let's take a look at trading view so back to trading view honestly the smoothness of the chart is just incredible you can grab the chart just by left-clicking and you can move it around you can adjust it you know if you have something you want to just do over here you know if you want to make room on your screen you have something else pop-up right trading view just has a very smooth interface as I mentioned with the overall appearance so to wrap up on the smoothness factor we'll keep things simple here I'm gonna say that Metatrader in terms of smoothness is only gonna get it to and I'm gonna say with a trading view it's going to get a 4 the reason for this is again metatrader4 to me is still a bit clunky I still use it every single day I use both of these platforms but the clunkiness I will say is a little bit I've been using it for years and it still feels a bit clunky to me so let's talk about free content everybody wants to hear about free content well the thing about metatrader4 when it comes to free content is that I don't really think that there is much available to pay for unless you're looking to buy products and services from other individuals who sell meditator tools Metatrader has a lot of everything built-in right you can get this through most brokers right so we'll get more into that in a second but for the most part a lot of the stuff that's available is as is and you have it all for free trading view on the counter side is going to be one of the probably the biggest complaint here in terms of free content they do give you quite a bit for free and I'm not ungrateful because I love trading video I think it's a great platform I don't personally own the or I used to pay for the premium but I don't have the premium service anymore just because I don't use it quite as much as I use Metatrader just because again I use a lot of trading software but in terms of free content you do get it quite a bit amount of stuff right you for free you get templates I think you get one free template you also get a lot of indicators for free and you can add up to three indicators on the chart at a time now three indicators depending on your trading style is either sufficient or it's just not enough and if it's not enough then this is going to be a big problem and probably going to be frustrating because the membership or the premium on trading view is not extremely cheap and it can be kind of expensive for people who are working on a budget right so in terms of overall access to free content you do get quite a bit with trading view but there are some limitations that Metatrader just does not have so in terms of free content I'm going to have to give metatrader4 a 5 I'm gonna send metatrader5 a 4 but metatrader4 deserves a 5 in this category in my opinion just because of the fact that you know here you get everything for free you get everything as part of you know just having the Metatrader 4 platform you get it all so with trading view again you get a lot of good stuff for free but I think that the the price as well as what you get for the price just in my personal opinion is not quite there that's just again my personal opinion and I would say that the 3 here is probably well deserved you get some really good stuff for tradingview again but it's not quite as good compared to just having free access to most things on metatrader4 now I'm looking at the premium content and because metatrader4 doesn't have any premium content I'm realizing that this probably is not a very good thing to have and I should probably have started over the video but so let's talk about broker access the cool thing about metatrader4 is that it is available on almost all forex brokers offer metatrader4 in fact I've seen very few that don't offer metatrader4 so in this category metatrader4 is going to have to get a 5 because they get a lot of stuff they get a lot of access for a lot of brokers and for the most part it's a pretty Universal tool trading view on the other end is not very available to most brokers you know at least a lot of brokers are not available on trading view and there are some limitations there but when you do have access to it which I do fortunately for my broker the cool thing here is trading view does offer the platform there for that so we'll see you know overall maybe in the future that will change but for me in the time being trading view is going to for broker access is just gonna get a three kind of a middle line there because some brokers have access and others don't depending on where you are in the world and kind of just the regulations and things that are set up on trading view it's gonna be different from where you are in the world so that brings me to a conclusion I actually haven't calculated this up so I don't know which one's gonna win but let's see how good my math is 3 plus 5 that's 8 9 10 10 plus 5 is 15 then we have 20 here for metatrader4 and we have 4 7 another 7 so that's 14 15 16 17 so overall 17 for trading view and 20 for metatrader4 so there's my personal opinion and this was again kind of built just on the concept of these categories that I find valuable but depending on where you are with your training and what you value these categories might be weighed differently for me wind farms ok traders so the results are and you guys on my social media you gave your opinion here I put up a vote both on my Instagram here on the right side and you can see on the YouTube side as well I gave my subscribers and my followers the chance to pitch in what they think we had 716 votes here on YouTube and overall trading view come in first place you can see not by a huge amount you can see that we had 52% of people saying that treating view was their preferred platform they think it's better and then we have on Instagram 130 people said metatrader4 and 143 people cent trading view let's pull up the calculator really quick and we will see what that actually comes out to so we had 130 out or plus we had 143 this gives us 273 total votes so one for three out of two seven three gives us about a 52.4% kind of the same results interestingly enough between both of these platforms so on Instagram we had a 52% trading view vote and on met on YouTube sure enough we had a 52% vote for trading view as well so it seems like between at the community here the reason that this is such a big debate as we had originally kind of speculated on it was because these platforms are pretty split people seem to like both trading view as well as meta trader and for different reasons now I mentioned previously that my personal favorite based on those stats would have been metatrader4 but I do want to clarify that I think for strictly charting if I was only to be doing my charting on one of these two platforms I would probably lean towards trading view and I think that if I was doing all around you know good easy access to a broker I think that meta trader is the winner so for me personally and according to you guys trading view seems to be the more popular charting platform as I mentioned here on my Instagram I said which platform do you prefer for charting specifically so for charting specific it seems like trading view is the winner here not by a ton but by a small margin and again I probably pretty much agree with that I think for charting trading view is my opinion but then for all-around if I'm just day to day everything trading you know software all that sort of stuff accessibility I think metatrader4 as I mentioned based on my scorecard there was the favorite so overall interesting results guys I hope this was helpful to you if it was please smash that like button down below it helps me out here on the YouTube channel and I hope that this review was helpful to you in making your own decision for which platform you would prefer to use thanks for much guys for watching we'll catch you next time

Channel: TraderNick

Views: 83,471

Keywords: forex trader, forex trading, forex, forex strategy, forex signals, forex trading live, live forex trade, best trading strategy, day trading, swing trading, technical analysis, price action, USDJPY, EURUSD, GBPUSD, trend following, pullbacks, fibonacci trading, forex lifestyle, learn to trade, learn forex, forex education, forex course, forex mentor, forex mentorship, best forex signals, learn technical analysis, forex market, forex for beginners, simple forex strategy, fx

Id: IFe2lx2UO2o

Length: 17min 18sec (1038 seconds)

Published: Mon Nov 04 2019