Are there good reasons to avoid MT4? | Forex Factory

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Are there good reasons to avoid MT4?

  • #1
  • First Post: Apr 22, 2020 12:38am Apr 22, 2020 12:38am
I've spent a long time researching and developing a strategy, and now I'm looking for the best platform to write an algorithm.

Huge numbers of traders seem to use MT4, and are presumably quite happy with it. Occasionally I encounter a seasoned trader on ForexFactory who says to stay away from MT4, but without saying why.

So my question is, what's wrong with using MT4?
Monopoly Money Trader
  • #2
  • Apr 22, 2020 1:21am Apr 22, 2020 1:21am
Quoting Flunky
I've spent a long time researching and developing a strategy, and now I'm looking for the best platform to write an algorithm. Huge numbers of traders seem to use MT4, and are presumably quite happy with it. Occasionally I encounter a seasoned trader on ForexFactory who says to stay away from MT4, but without saying why. So my question is, what's wrong with using MT4?
Probably because non-fx brokers use proprietary trading platforms, or by some reason avoid MT4. And CFD trading as we know is not quite popular among professional traders, hedge funds or trading firms. The downside of MT4 could be mixed with drawbacks of CFDs
  • #3
  • Apr 22, 2020 6:08am Apr 22, 2020 6:08am
Quoting Flunky
So my question is, what's wrong with using MT4?
It depends on the trading style and assets to be traded. If your trading sytle can be considered "slow" and you only trade forex, cfds, and prefer buckt-shop type of brokers where you get scammed every way possible, need not sophisticated level of automation, bet on a dead horse (Metaquotes has abandoned developing it further), then it is (possibly) perfectly fine. In any other case it is not so fine. However, you may not have the luxury to choose anyway because most brokers force it onto the traders anyway.. because it is good (only) for them!
Return To Disorder
  • #4
  • Apr 22, 2020 2:08pm Apr 22, 2020 2:08pm
Quoting rockit
{quote} It depends on the trading style and assets to be traded. If your trading sytle can be considered "slow" and you only trade forex, cfds, and prefer buckt-shop type of brokers where you get scammed every way possible, need not sophisticated level of automation, bet on a dead horse (Metaquotes has abandoned developing it further), then it is (possibly) perfectly fine. In any other case it is not so fine. However, you may not have the luxury to choose anyway because most brokers force it onto the traders anyway.. because it is good (only) for...
What do you recommend for FX?
Brokers
Platforms
  • #5
  • Apr 22, 2020 2:40pm Apr 22, 2020 2:40pm
Quoting Flunky
I've spent a long time researching and developing a strategy, and now I'm looking for the best platform to write an algorithm. Huge numbers of traders seem to use MT4, and are presumably quite happy with it. Occasionally I encounter a seasoned trader on ForexFactory who says to stay away from MT4, but without saying why. So my question is, what's wrong with using MT4?
MT4 is a middle man, helpful to some, unnecessary for others. If you are a capable programmer and your broker offers an API direct to their servers, it is preferable to write your own independent program.
  • #6
  • Apr 26, 2020 12:40am Apr 26, 2020 12:40am
Quoting rockit
{quote} However, you may not have the luxury to choose anyway because most brokers force it onto the traders anyway.. because it is good (only) for them!
And that, in my opinion, appears to be the biggest problem. CTrader looks OK, but the number of brokers offering it is fairly small.
Monopoly Money Trader
  • #7
  • Last Post: Apr 26, 2020 12:47am Apr 26, 2020 12:47am
Quoting Beerrun
{quote} MT4 is a middle man, helpful to some, unnecessary for others. If you are a capable programmer and your broker offers an API direct to their servers, it is preferable to write your own independent program.
How is MT4 a middleman? I thought they just created a trading platform. Isn't a connection directly to the broker in MT4?

I could probably write something in MATLAB to use the API, but I don't really want to invest the time and effort, because I suspect all brokers require slightly different access protocols. At least with MT4 if I write an algorithm then it should be reasonably portable if I decide I don't like my current broker.

The other main issue is that anything I write will probably have a fairly clunky charting display. Of course there are people who use one platform for charting, and another for trading, but I'd rather try and keep it all in one place.
Monopoly Money Trader
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