MT4 or MT5 - is the question!

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.

Originally Posted by newdigital

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.

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:

Metatrader 5:

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

- This is the second trade for the last week with 47 pips in profit and this trade was not closed yet

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

Originally Posted by Jozo

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 with

• 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.