MT4 - Why is it loved so much | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

MT4 Indicator that shows how much I can buy of the currency? 2 replies

How much profit is too much for brokers? 4 replies

How much would you pay for an MT4 ECN bridge? 3 replies

How much Memory is needed to properly run MT4 Terminal 10 replies

Why does the Yen trend so much???? 1 reply

Attachments: MT4 - Why is it loved so much
Exit Attachments

MT4 - Why is it loved so much

  • #1
  • First Post: Jan 5, 2009 6:44am Jan 5, 2009 6:44am
What is it about MT4, I have tried it, not a fan, I know there are EA's, and its pretty customizable, but to be honest I have been around this industry for about 5 yrs, and still not seen one Auto traded system that works long term.

What is it......What am I missing?

I guess to ask a direct question, what is your favorite feature?
  • #2
  • Jan 5, 2009 7:10am Jan 5, 2009 7:10am
The Performance-price ratio is unbeatable.
  • #3
  • Jan 5, 2009 7:11am Jan 5, 2009 7:11am
Quoting themchose
The Performance-price ratio is unbeatable.

What do you mean by this, its a leased system....Many brokers use it...
  • #4
  • Edited 7:48am Jan 5, 2009 7:38am | Edited 7:48am
if you are not a creative and like trading with grandfather's indicators any platform are good, otherwise if you want to trade with your own "mathematical" vue of the market ,MT4 is one of the best with a large sharing community.


Quote
The Performance-price ratio is unbeatable.
  • #5
  • Jan 5, 2009 7:45am Jan 5, 2009 7:45am
Quoting themchose
The Performance-price ratio is unbeatable.
You think MT4 is free? Think again..
  • #6
  • Jan 5, 2009 8:19am Jan 5, 2009 8:19am
Quoting shrike
You think MT4 is free? Think again..
Yeah MT4 comes at a high price.
You pay with your spread.
  • #7
  • Jan 5, 2009 8:39am Jan 5, 2009 8:39am
Quoting pointorpip
What is it about MT4, I have tried it, not a fan, I know there are EA's, and its pretty customizable, but to be honest I have been around this industry for about 5 yrs, and still not seen one Auto traded system that works long term.

What is it......What am I missing?

I guess to ask a direct question, what is your favorite feature?
I think generally it's just a well thought out, easy to understand platform. When I traded with a Currenex account, I used MT4 just for the charting. It's free, I could customize the charts to my hearts desire, and have many charts open and easy to see at once.

As for trading, it's fairly easy to use, but I guess it was primarily designed for bucketshops. But with ECN brokers like MB Trading, ATC now offering or starting up MT4 platforms, the 'cost" (high spreads) of using MT4 may disappear, which is a good thing for sure.
  • #8
  • Jan 5, 2009 8:39am Jan 5, 2009 8:39am

  1. I can demo as long as I want for free
  2. It has a GREAT programming language that I use to program my own filters, tools and EAs
  3. The charting tools are intuitive to use and have good data
  4. The Strategy Tester is one of the best out there
  5. Its a local program - I hate using the Java-based online trade managers that some brokers use

  • #9
  • Jan 5, 2009 9:05am Jan 5, 2009 9:05am
PRO:
1. Its very easy to learn MT4 platform.
2. Once I learned MT4 platform, I have a horde of MT4 brokers to trade with it; unlike those proprietary platforms that need hours if not days of tinkering to get used to and at times making mistakes with the platforms.
3. very easy to run. it takes very little resources to run.
4. Easy to write custom indicators - makes programmers and indicator websites happy
5. automated Expert Advisers - makes programmers and EA websites happy


CON:
1. Most MT4 brokers are crap BUCKETSHOPS
2. Virtual Dealer Plugin = automated wholesale "screw-the-trader" cheat
3. slow "1st order execution" - must be the way MT4's badly written client-server protocol


Someone said that MT4 broker's spread are horrendous.. I beg to disagree. thought it is true that some broker's spread are huge; however most MT4 brokers have better spreads than even ECN brokers (like CNX or MBTs).
For example:
FXDD's EURUSD spread is 2 pips. NO COMMISSIONS
CNX spread ranges from 0.1 (very very seldom), to 2 pips (very often), to 5 pips (during dull market hours), to 50 (during news times). And on top of that, pay commission of about $10 per 100K Lot sizes.
MBT's EURUSD spread is much like on most CNX. the difference is the higher commission. I pay about EUR1.00 per round trip on 100K lot size EURUSD trades.
So in the end, i pay MORE on many ECN brokers than on many MT4 brokers.


But of course, what I dont like about MT4 is the F**K Virtual Dealer Plugin. The mere name of MT4 platform immediately advertises the broker's intention to CHEAT the trader.
  • #10
  • Jan 5, 2009 11:28am Jan 5, 2009 11:28am
Agree with LongToBeFree.

Quoting LongToBeFree

  1. I can demo as long as I want for free
  2. It has a GREAT programming language that I use to program my own filters, tools and EAs
  3. The charting tools are intuitive to use and have good data
  4. The Strategy Tester is one of the best out there
  5. Its a local program - I hate using the Java-based online trade managers that some brokers use

6. It smoothly running on my Ubuntu machine.
  • #11
  • Jan 5, 2009 12:00pm Jan 5, 2009 12:00pm
it is indeed the most lightweight of the platforms, easily portable -- just copy it to a usb stick and run it from there. Can't think of any other platform that does this..
  • #12
  • Jan 5, 2009 2:40pm Jan 5, 2009 2:40pm
Quoting pippero
it is indeed the most lightweight of the platforms, easily portable -- just copy it to a usb stick and run it from there. Can't think of any other platform that does this..
Huh, I do that with my current platform, so does it save the entire program, or just save a layout?
  • #13
  • Edited 6:45pm Jan 5, 2009 4:07pm | Edited 6:45pm
Quoting BurgerKing
But of course, what I dont like about MT4 is the F**K Virtual Dealer Plugin. The mere name of MT4 platform immediately advertises the broker's intention to CHEAT the trader.
do the ECNS have this? or is it just for any broker offering mt4?
Grabbing the bull by the horns!
  • #14
  • Jan 5, 2009 4:54pm Jan 5, 2009 4:54pm
Quoting BurgerKing
PRO:
CON:
1. Most MT4 brokers are crap BUCKETSHOPS
2. Virtual Dealer Plugin = automated wholesale "screw-the-trader" cheat
3. slow "1st order execution" - must be the way MT4's badly written client-server protocol
I agree with this list but I can see that the Bucketshop are in BIG TROUBLE now that ATC and MBT and using MT4 as a frontend. I'm playing with both demos and they put my broker Alpari-US to shame!!

The orders enter lickety split! and the prices update like crazy!! - Looks like a new age of MT4+ECN is happening right now. I can't wait till MB comes out of Beta - I'm running to them!! (My EA is up 25% in 2 days with them because of the superior execution - when my EA see's an opportunity I get IN! without the slow quote anti-scalper "requote" crap)

MT4 rules!! and now I dont have to rewite my stuff in jforex or java just to run on the ECN platforms. Looks like the buckets are about to empty.
  • #15
  • Jan 5, 2009 5:40pm Jan 5, 2009 5:40pm
Quoting Fulltime247
I agree with this list but I can see that the Bucketshop are in BIG TROUBLE now that ATC and MBT and using MT4 as a frontend. I'm playing with both demos and they put my broker Alpari-US to shame!!

The orders enter lickety split! and the prices update like crazy!! - Looks like a new age of MT4+ECN is happening right now. I can't wait till MB comes out of Beta - I'm running to them!! (My EA is up 25% in 2 days with them because of the superior execution - when my EA see's an opportunity I get IN! without the slow quote anti-scalper "requote"...
Can you please elaborate on who you mean by "ATC" and "MBT"???
  • #16
  • Jan 5, 2009 6:36pm Jan 5, 2009 6:36pm
the simple answer is that you can have all the indicators that would otherwise cost you tens of thousands of dollars for free. Instead of the usual ones that barely work.

Then there's the automatic trading which i'm not a fan of yet, but others are.
  • #17
  • Jan 5, 2009 6:45pm Jan 5, 2009 6:45pm
Quoting LongToBeFree
Can you please elaborate on who you mean by "ATC" and "MBT"???
http://www.mbtrading.com/
http://www.atcbrokers.com/index_forexpro.htm
"I say high, You say low, You say why, and I say I don't know..."
  • #18
  • Jan 5, 2009 7:08pm Jan 5, 2009 7:08pm
Quoting LongToBeFree
Can you please elaborate on who you mean by "ATC" and "MBT"???
ATC - http://www.atcbrokers.com/index_forexpro.htm
MBT - http://www.mbtrading.com/metaTrader4Overview.aspx
  • #19
  • Jan 6, 2009 6:14am Jan 6, 2009 6:14am
Quoting Fulltime247
......
BIG TROUBLE now that ATC and MBT and using MT4 as a frontend. I'm playing with both demos and they put my broker Alpari-US to shame!!

The orders enter lickety split! and the prices update like crazy!! - Looks like a new age of MT4+ECN is happening right now. I can't wait till MB comes out of Beta - I'm running to them!!
.....
Why MBT over ATC? ATC is live MBT is still in Beta, what is so great about MBT that you waould rather wait than go Live with ATC now? Or what is so bad about ATC?

'Cause I'm looking at doing the same thing, and value opinions of those more experienced than myself.

Thanks
Spinnaker Learning....
  • #20
  • Jan 6, 2009 2:05pm Jan 6, 2009 2:05pm
Quoting pointorpip
What is it about MT4, I have tried it, not a fan, I know there are EA's, and its pretty customizable, but to be honest I have been around this industry for about 5 yrs, and still not seen one Auto traded system that works long term.

What is it......What am I missing?

I guess to ask a direct question, what is your favorite feature?
I agree that MT4 isn't exactly the ideal package, but it does have a lot of indicators, there's already a community in place for the EAs, and it is free (minus all your losses). That's why I think it will be hard to have someone spend the time fighting the uphill battle of beating MT4. I'd love to see a killer web-based forex app with good executions and a drag and drog programming method, but I'm not holding my breath.
0 traders viewing now