My very clear opinion is NO!!!
The reasons for my distrust of MT4, in fact all of the Meta Quotes software are numerous.
First and foremost it is clear that MT4 can easily be manipulated by dishonest brokers either by way of the back end settings of MT4/5 but also by way of the Virtual Dealer Plugin for MT4/5.
Further there are numerous cases of brokers (Gain (forex.com), FXCM, and others being fined even having their licence withdrawn by regulating US, UK Australian and other regulation authorities for using the MT4 plugin to manipulate the trades of retail traders. These cases are clear cases of fraud and such fraud is widespread throughout the FOREX brokerages, even the largest brokers have and probably still do manipulate their free charting software, servers and data feeds.
Personal experience is a further factor in my distrust of MT4/5. When I first started out trading FOREX about 12 months ago I found that I was profitable for about 3 months on my FXCM demo account using MT4. Great results I thought - so I opened a 2,500 USD live account and blew that out within 8 weeks. All manner of issues with the trades conducted on the live account that I never experienced on the demo account with FXCM using MT4.
I also spent time researching MT4 manipulation on various FOREX information sites and was, as a newbie at that time, horrified at what I found. Others had the self same experience, not just a few retail traders, but hundreds had reported similar experiences and losses.
The findings about MT4 and brokers dishonesty led me to seek alternative charting solutions and I found NT7 (NinjaTrader 7). This gave me the independent charting I sought to eliminate the broker manipulation through the MT4 platform. NT7 anonymises my Stop Loss and Take Profit settings as these reside on my trading PC and are not visible to the broker.
I ran NT7 on a demo account with FXCM again achieving similar results as on the previous demo account with MT4 and after a couple of months switched to a live account on FXCM using NT7 for my charts and to place my trades. Have now been trading profitably for 5 months using NT7 on FXCM.
The summary is BEWARE of free gifts from your broker!!!
MT4/5 costs millions to develop and maintain - these costs are paid by the broker by way of licensing to Meta Quotes the developer of the MT4/5 software. No broker will invest these huge sums and give the software away free of charge to its retail customers without a clear range of benefits in doing so.
It is my firm belief that a major factor in 95% of retail traders losing money whilst trading FOREX has to do with broker dishonestly manipulating the settings of MT4/5 on live trading accounts (not on the demo accounts) to ensure that newbie traders lose their account deposits.
Read the other posts on this blog relating to Broker Manipulation and you will find much to confirm my views viagra rezeptfrei billig. An extended search on Google for FOREX MT4 Manipulation and you will find a host of links providing evidence of brokers using MT4/5 to manipulate trades in their favour.
Just a few links for your convenience below.
The conclusion is that you can trust neither the banks nor the brokers when Trading FOREX. To successfully trade FOREX you need to avoid free data feeds from your broker's servers, free software such as MT4/5 and other free online charting software provided by brokers and ultimately to limit the access of brokers to your funds.
Setting up a profitable FOREX trading system will require an investment in clean data feeds, a genuine charting software that is beyond the reach of your broker and a broker that sends your data directly to the relevant exchange. You should also only keep sufficient funds in your brokerage account to cover your day to day trading needs with all other funds removed and held in a separate account not accessible by your broker. Anything less and you will probably lose your live trading account at some point in time.
Follow Forex SM for further safe and Smart Money FOREX Trading tactics.