I am trying to make a decision on what is going to be simplest but comprehensive enough for order placement going forward in forex trades. I was a ninja trader user before and understand a lot of the ins and outs of that, so there is a learning curve for me on both the IG web platform and MT4. I started off on the IG platform and it is very user friendly. My biggest concern is that when placing an order, you can only set your stop loss and take profit by either pips away or price away from wherever the order happens to take. So whatever the spread is at the moment you order, that is how far off your stop and profit orders are going to be off by. I decided it might be better to learn MT4.
And on MT4, you can indeed setup your stop and profit orders by exact price, so that’s great. However, you do not get all the same information as you do on the IG platform, particularly what your per pip value is going to be. (Or maybe there is a tool for this available in MT4?). This bit me recently when I used an outside tool to calculate my desired lot size, had the trade hit my take profit later, but then found that my profit was about 1/3 of what I was expecting. I then discovered that various websites gave me various lot sizes with the same input, and none of them lined up exactly with what IG was currently saying the pip value would be. I don’t want to be trading in the dark with what my actual risk and profit potential is, and I also want to keep things as simple as possible without having to check multiple websites and/or trading platforms while getting ready to put on an order.
I would welcome any thoughts, feedback, or leads on additional functionality available in MT4 or the IG platform.