Is metatrader the right software ?

Hi,
i'm looking for a software that will let me:

- Create an automatic/mechanical system that will open and close several positions in a same currency pair intraday without my intervention.

- Backtest my system and generate profitability report.

- Integrate with brokers to handle the process.

Is metatrader the best software for this ? It seems the most used on the forex market. Are there alternatives ?

Thanks,
Brakkar

Check out TradeStation, but only 1 broker. eSignal - good charts and scripts, some hooks for direct submit of orders to various brokers. MB Trading - write your own in C or VB. MT4 is probably the easiest and most straightforward to get a system up and running the quickest.

Hi each time not around my system, people use to open my Mt4, so what can i do to it if after using it so that they don't get to open it when am not around again and at the time easy for me to log in back when i want to use it. Thanks and hope my question is understood. Nerry.

Log out!

dont save your login/password and log out then your account will not be att risk

thats my advice

There are plenty of alternatives. MetaTrader is the most economical one and the most practical for portability.

Hi M4X, Thanks so much for the reply. Hope my chart would still be save if want to log in later. Nerry.

Can metatrader perform backtests and TICK dat a ? I read it can only work with minimum "minute" scale. True or not ?

Thanks,
Brakkar

There are many platforms that allow you to mechanize trading.

One has to carefully consider the following most important points:
1. broker stability
* its useless if your broker isnt stable and one day you wake up with a bankrupt broker. MBT seems like a stable broker; but there are tons of MT4 based brokers to choose from too.

2. Platform stability
* its useless if your broker kept crashing even once a day causing your script to malfunction. I have this bad experience with VT.

3. software portability
* its a pity if your software works only on one particular broker - what if you decided to run it on a different broker?

personally, MT4 is the answer for mechanized trading. it is guaranteed that your software will work on ALL MT4 brokers - therefore, you can trade it with as many MT4 based brokers you want. MT4 is relatively stable. I have been running em non stop with no crashes for weeks.

So yeah, MT4 is a good answer.

However, I dislike MT4 because of the Virtual Dealer Plugin. its a broker's super cheat used to tilt the game slightly in favor of the house. But I am sure other platforms have similar cheats up their sleeves.

Brakkar: Some decisions depend on your budget and your programming skill level. No, MT does not offer native tick charts, but - yes, if you know how to capture the ticks as they come in you can build your own charts from them - likewise from other non-supported data. I have posted a tick collector and history builder in another thread. (The original author was komposter on the ru forum). I have never run the backtester on these - or any other -data so do not know how it would work. If you have money for streaming real-time data and some programming ability eSignal offers a good product. Ninja Trader offers good free charting and free forex data from Gain and free futures data from some brokers that you have an account with. NT is C++ .NET - a whole nother animal. It has tick and second level charts. I have found I end up working in several platforms at a time to get what I want. Ken.