Trading With MT4 VS Other Platform

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PebbleTrader
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Postby PebbleTrader » Fri May 03, 2013 5:40 pm

Historically none did, I thought that a few brokers had somehow updated things that allowed it to be done.

But, it was just clever wording and marketing in the end...

Same crappy ordering system as before...
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Postby PebbleTrader » Sat May 04, 2013 5:00 am

Maybe MT5?

http://www.mql5.com/en/articles/384#3_4

Anyone demoed or using it?
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Postby aldomcfaldo » Sat May 04, 2013 9:06 am

Can't comment on MT5 but a while ago when I discovered I couldn't close part of my position on MT4 I thought I would need to split my lots and close part of my position that way, so I found this MT4 lot splitter. It will split your order into how many parts you need, you could maybe remove the need to set a risk reward, TP/SL from the code.

I also just found this Visual trading console

I haven't thoroughly tested any of these though.

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Postby PebbleTrader » Sat May 04, 2013 3:08 pm

Thanks for the response, I'll look into that, but I think there is a fundamental problem with how the software is built.

See MT5, I think it works as does something like MB Nav Pro does:

"3.1. Net Positions. The so-called "netted" accounting of positions is adopted in the MetaTrader 5, which meets the requirements of all modern exchanges. The meaning of netting is that for one financial instrument only one position can exist at any given time. Differently directed positions (buy and sell) are not allowed.
Thus, if you have a position to buy 1 lot of a financial instrument and sell one lot of this instrument, the position will be closed. If you have a position to buy 1 lot of a financial instrument and buy one more lot, you will have one position of 2 lots. In this case the open price is re-calculated - a weighted average open price is calculated for the position: (Price of the 1st deal*Volume of the 1st deal + Price of the 2nd deal*Volume of the 2nd deal)/(Volume of the 1st deal + Volume of the 2nd deal).

3.2. Six Types of Pending Orders. In addition to the market, limit and stop orders, the MetaTrader 5 platform supports two more types of pending orders - Buy Stop Limit and Sell Stop Limit. When such an order triggers, the appropriate type of the limit order is placed. New types of orders enhance the possibilities of implementing trading strategies."

I'll be demoing MT5 soon to see if it is the way to go...
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Postby PebbleTrader » Sat May 04, 2013 3:10 pm

It also has built in features that you would otherwise need an EA to do in MT4
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Postby PebbleTrader » Sat May 04, 2013 3:24 pm

So far I'm only seeing lot's of advantages and am wondering why I didn't look into this sooner!
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Postby trueblueTEX » Sat May 04, 2013 4:04 pm

PebbleTrader wrote:So far I'm only seeing lot's of advantages and am wondering why I didn't look into this sooner!

Hey PT, I've never looked at MT5 but I thought that it would NOT run MT4 inidicators and scripts. Please let us know what you find in that regard.
Thanks

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Postby Karma » Sat May 04, 2013 4:13 pm

Just something to consider and I could be mistaken about the specifics

but MB Trading puts a limit on the amount of canceled orders in one day before they start to charge me for it

This limit is 100 cancels

And order placed and executed obviously doesn't add to this number
In their MBT Pro software's Balances window it shows your number of canceled orders

Constantly placing and moving and removing limit orders may get you in trouble. Obviously a fraction of a pip or two doesn't matter if you're getting paid

But limiting your overhead will save you millions in the long run
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Postby Karma » Sat May 04, 2013 4:16 pm

That's why I use limit orders in the first place, because if I'm careful I can pay almost no commission...

And what is a spread anyways?

Does someone make money off of that?

It doesn't feel relevant when I'm picking my own price
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Postby PebbleTrader » Sat May 04, 2013 7:14 pm

"Hey PT, I've never looked at MT5 but I thought that it would NOT run MT4 inidicators and scripts. Please let us know what you find in that regard.
Thanks"

It doesn't but you can find a converter:

MT4 To MT5

The code is 95% the same, I'm in the process of converting one of mine now...
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