Online trading is becoming more popular. Before one starts to trade, it is important to choose a good platform. One factor to consider is automation. Effective automated software will help make trading easier and faster. A trader can make more profitable trades within a shorter time frame.
How does NinjaTrader work?
NinjaTrader is an automated trading platform that allows trading forex, options, stocks, and features. It has over 400 indicators and more than 1000 add-ons. You can add as many add-ons as you please. It also supports a few other brokers like Forex.com and City Index.
This platform focuses more on the American markets where it’s not been able to gain a significant market share. It lacks data streams, so customers are forced to buy data from third parties. Free data is accessible to US residents only. It can be leased per year or purchased for a lifetime with charges not including data fees making it too expensive for retail traders. Brokers can, however, consider it.
How does MT4 work?
Started in 2005 by MetaQuotes software, MetaTrader 4 is a software that enables trading Forex. Traders can see live financial markets data on MT4. The platform has an easy-to-use interface, various currency pairs to choose from, and customizable indicators and charts and more.
You can also use a demo account before putting money at stake until you are comfortable using the software. As much as it is slow compared to other programs like MT5, some settings can be altered to solve this. Primarily, MT4 was started for FX, but brokers added other assets like CFDs with time.
What are the similarities between MT4 and NinjaTrader?
- Automation – they are both automated and host several trading strategies for users to choose from.
- Advanced charts – with both MT4 and NinjaTrader, you can access highly advanced and customizable charts.
- Ease of trading – it is easy to trade on both platforms as one only needs to download, set it up, and the platform is ready for use.
- Fundamental analysis – with both, you can pull out information about revenue, financial statements, growth, among other economic data.
- Technical analysis – both allow a trader to access mathematical data on the markets. Such data include trends, price movements as well as volumes.
- User-friendliness – both MT4 and NinjaTrader are open-source easy-to-use platforms for even beginners.
What are the advantages of MT4 over NinjaTrader?
- Availability – it is available worldwide and with advanced tools for properly analyzing the markets, identifying signals for trade, and calculating entry and exit levels. You can use a desktop app, mobile, and even web application.
- It allows traders to execute their trades instantly. This is excellent for minimizing risks as one can trade. Beginners can start trading with all the tools they need at no fee at all.
- It gives alerts notifying you of market moves. The platform does a real-time market analysis and sends signals to traders reducing their risks of making losses.
- Demo version – MT4 allows you to use a demo version to do simulations until you are comfortable navigating around it. Once one is satisfied, they can now put their money at stake.
- Brokerage availability – the platform has an unlimited number of brokers for traders to choose from. It also has a wide range of data streams available for both brokers and retail traders to use in their market analysis.
- Automation – MT4 is more autonomous compared to NinjaTrader as it supports more indicators and has over 15000 expert advisors.
- Charges – as much as both MT4 and NinjaTrader have hidden charges, MT4 is relatively cheaper to use. A one-off lifetime license will cost $1100 for NinjaTrader while it’s free in MT4. Other costs like data access also exist depending on traders’ needs and are much cheaper in MT4 than NinjaTrader.
What are the advantages of NinjaTrader over MT4?
- Chart customization – chart customization is way better in NinjaTrader than in MT4. Charts can also be linked together. For instance, you have a EURUSD and a EURGBP chart. A change in EUR position in one chart will mean the other chart will be altered.
- Daily free webinars – they provide traders with free daily training via webinars, making it easy for new traders to learn the platform faster and just as soon as possible.
- Developer advantages – the platform is developed in C#. All windows functionalities, including Cortana’s voice command, are supported by this platform.
As much as there are some aspects of NinjaTrader that outdo the MT4, upgraded versions of MT4 can address them at a lower cost than the price of getting a version of NinjaTrader ready for trade. MT4 is easier to use and more superior in automation, making it more popular than NinjaTrader. MT4 is more readily available as it can be accessed on all devices, operating systems, and web apps. NinjaTrader, on the other hand, can only be accessed as software as a service. As much as NinjaTrader offers better chart customization, what MT4 has is way above what an average retail trader requires.