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Hi Members, is the debate as to what platform to trade on resolved?
Am more accustomed to MT4 but the more I read about the future, MT5 keeps appearing and increasingly becoming prominent.
What are your views, what are the pros and cons for and against both?
Thanks
Jozo
I like MT4 too but I think - MT5 is more advanced.
I like MT5 because (pros)
- I can move stop loss/take profit by mouse on the chart, and
- because I can optimize the settings of EA using cloud (which much more faster than for MT4).
cons
- there are a lot of good indicators developed for MT4 but some good indicators still does not exist for Metatrader 5
- there are many manual trading systems for MT4 but just few of them only were developed for MT5.
Just for example - we can read this article about MetaTrader 5 - More Than You Can Imagine!
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I think - Metatrader 4 is not in competition with Metatrader 5 : those platforms are supplementing each other. Besides, it is the people's choice to use any of them.
Thank you for the reference.Quote:
Originally Posted by newdigital
Just one example - look at Brainwashing Trading System for MT4 and MT5 here - it looks very similar for Metatrader 4 and Metatrader 5
Metatrader 4:
Attachment 1274
Metatrader 5:
Attachment 1275
It looks very similar - same indicators and same rules for the system. And may be - similar the performance of this manual trading system. May be ... but the ability of mql5 programming language is much more advanced compare with mql4. And MT5 as a trading platform is more featured (compare with MT4 for example).
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By the way - this Brainwashing system can be easy backtested on the chart. Example for the past week - 19 of May till 26 of May.
MT4 for USDJPY H1
- This is first trade for last week - with 59 pips in profit
Attachment 1276
- This is the second trade for the last week with 47 pips in profit and this trade was not closed yet
Attachment 1277
And this is MT5 for USDJPY H1 - same system from this thread
- first trade with 73 pips in profit
- second trade with 48 pips (this trade should not be closed yet).
So, if we will compare Bw MT4 with Bw MT5 (4 digit pips):
- 121 pips in profit for MT5
- 106 pips for MT4
Results are simuilar for MT4 and MT5 (and basicly depends on quotes/data - MT4 is Alpari and MT5 is MQ in my example). But MT5 is more advanced. Why? because I can move stop loss by the mouse on the chart for MT5, and I can use 'chart trading' for MT5 too. So, it may be more easy to trade manually for MT5.
Very fascinating information. I have gone through the reference and now I understand a lot more about the two. Also seeing trading results opens my eyes wide open. Do you use the Brainwashing system exclusively? I have never tried it, because, I keep learning new things and not moving forward very much. What is your top 3 systems and EA, if you don't mind me asking?
Thanks
top 3 systems are the systems I started withQuote:
Originally Posted by Jozo
- asctrend (making money/profit)
- braintrend (making profit in low risk)
- brainwashing (recover initial deposit after loss).
I created those 3 systems with the help of Igorad many many years ago. So, it is something which I started my trading with real money.
top 3 EAs ... it is difficult to say about it in exact way ... I think - I like TickScalper by Igorad and latest versions of Terminator EA (with fibo/pivot) ... and some more. because I like stability/consistency. It means - I like when EA will be profitable for few years for example.
Newdigital, this is very valuable information. I will test them out - thank you. I hope there are links here on the best way to use them. Sometimes things are not clearly described on the download files.
Any help will be much appreciated.
Jozo
You can also look at some video I am uploading to this thread Metatrader 5 Overview
As far as I know - many traders are using Metatrader 5 for technical analysis, and metatrader 4 - for trading
MetaTrader 5 Platform Update Build 930: Books in MetaTrader Market
MetaTrader 5 platform update is to be released on Friday, April 11, 2014. It will contain the following changes:
Market: Another new product category has been added to MetaTrader AppStore following trading and financial magazines - Books. Now, you can purchase the works of well-known traders and analysts along with trading robots and indicators. The range of books is increasing daily.
Attachment 6495
Just like MetaTrader 5 applications, books can be purchased at MQL5.community Market as well as directly via MetaTrader 5 terminal. All books are accompanied by descriptions and screenshots:
Attachment 6496
Hi Newdigital,
I notice many indicators state Build 600 and above, if the older indicators are still working, is there any reason to upgrade to the 600 version?
Thanks
if working so - not a problem.
I think - Igorad knows what to upgrade :)
How to Copy Trading from MetaTrader 5 to MetaTrader 4
Attachment 8881
Not so long ago, many traders believed MetaTrader 5 was a crude platform, unsuitable for real trading. But now, after a short time, the public opinion is wondering when the real trading will be available. Many traders have already appreciated the benefits implemented in MetaTrader 5. In addition, the Championship conducted by MetaQuotes Software Corp. increased interest of developers to the MQL5 language. And now this interesting wishes to be realized in the form of profiting from trading. The very question "When will the real trading be available?" is given to the wrong address. Its solution depends on the particular broker. It is they who make the final decision on the time of transition to the new platform.
What can a lone trader do in this situation? The answer is obvious, you should use the opportunities of real trading provided by MetaTrader 4, as a transit for MetaTrader 5. I.e. write a copyist. Binding between two MetaTrader 4 is not an innovation on the Web. Now it's time to implement such a binding with MetaTrader 5.
I like M4 more than its upgrade. One of the reasons for me is that Metatrader 4 allows me to lock the positions, while M5 doesn't. Maybe I just got used to it though, hehe (Fresh works with this platform).
I highly recommend MT4 because this platform has a web terminal now. I have tried to trade with it and found it very convenient. My broker FreshForex has launched this platform among the first. By the way, now it's offering a great nodeposit bonus $1000. It's a pity that I can't use it, coz I'm not a new client of the company, but if you don't have an account yet, this is great opportunity to test a broker.
Meet the MetaTrader 5 beta version with hedging and the new user guide
Attachment 19805
MetaTrader 5 beta build 1281 featuring the hedging system has been released. Unlike the usual netting system, the hedging one allows conducting multiple trades even on opposite direction of the same symbol. Now, you can use the netting model to trade exchange instruments and the hedging one for currency trading using the MetaTrader 5 institutional platform.
The new system of positions is similar to the widely known system applied in MetaTrader 4. However, MetaTrader 5 offers enhanced order management capabilities: filling orders using multiple deals, including partial fills. If a trader has an open position at a symbol and performs a new deal, a new position is opened. That is the core idea behind the MetaTrader 5 hedging system. The trader can set Stop Loss and Take Profit levels, as well as see the profit level for each of the positions.
Personally, I prefer trading with MT4, cause it has more user-friendly interface. Plus my current broker and majority of other companies work with MT4.
I, personally, trade using Metatrader 4 and I have no intention of moving. That said, I have only heard good things about Metatrader 5 lately, so I think it's worth to test both.
Automated trading platform is now being used. For this reason, a forex trader must be cautious to choose his broker as not all brokers can ensure well-timed, fastest and orderly trade executions all the time. Otherwise no trader can take the full advantage of the trading platforms presented before him. And yes, I favor to use MT4 platform as it is a benchmark platform for the stakeholders of decentralized market.
Initially, remain educated by checking the Economic Calendar each day, with the goal that you are prepared for market-moving economic occasions. Certain news releases and occasions can trigger high instability in the business sectors, which implies that you'll see enormous swings in the price of a benefit. Instability is brought about by a quick increase in buying and selling, and this abrupt spike in dynamic exchanges can altogether increase benefits and losses.
The MT4 trading platform is the easiest to use. I personally like it, I do not switch to MT5.
more...Quote:
In this article, we will develop a script from scratch to visualize deals during retrospective analysis of trading decisions. Simply put, if we trade manually and analyze our past market entries in order to improve our trading performance, we want to spend as little time as possible on manual history analysis and the purely technical work associated with it: opening charts, searching for deals in history, manually saving print screens in the terminal, independently drawing Stop Loss and Take Profit for completed deals, as well as collecting information on paid commissions and swaps. The script we are going to develop here will help to significantly reduce all mechanical work. Using the script (having collected it from the attachments below), you will be able to significantly reduce the time spent on technical work in order to pay more attention to analyzing trading decisions. Those who do not want to spend time assembling the projects can download a ready-made version of the script on the MQL5 Market. The script development will be divided in two parts with the source code attached to each part in full.
more...Quote:
The price of a financial instrument represents a highly volatile time series influenced by numerous factors, including interest rates, inflation, monetary policy, and investor sentiment. Modeling the relationship between the price of a financial instrument and these factors, as well as forecasting their dynamics, is a significant challenge for researchers and investors.
