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MT4 - Why is it loved so much

  • #21
  • Jan 6, 2009 2:17pm Jan 6, 2009 2:17pm
Quoting Spinnaker
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
ATC is an IB for Hotspot, and generally Hotspot's spreads are not as good as MBT's. Nothing "bad" about them per se.
  • #22
  • Jan 6, 2009 2:32pm Jan 6, 2009 2:32pm
Quoting TC East
ATC is an IB for Hotspot, and generally Hotspot's spreads are not as good as MBT's. Nothing "bad" about them per se.
Exactly. Although, if you look at MBT's improved spreads as of this week, the difference is getting larger.
  • #23
  • Jan 6, 2009 3:42pm Jan 6, 2009 3:42pm
Quoting IndyTrader
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.
To each his own. What works for me does not work for you, and vice versa. Personally, I'm not a huge fan of MT. The platform, itself, is wonder ... easy to use, most popular indicators comes free, light weight, etc. Its the brokers that MT is hooked to as to why Im not a huge fan. A good majority of MT brokers are the shadiest of the industry. Not saying, other brokers that uses other platforms are by any means, perfect. Its just, MT seems to attract the sleaziest of the bunch.

And I totally agree about web based platforms. Don't know why that niche hasn't taken off yet. I use GFT DealBookWeb almost exclusively and love it. Its not perfect by any means, can be slow at time (but rarely), its heavy for a web app that uses AJAX, charting can be slow (not keeping up with quoteboard price action, seems to be a 1-2 seconds behind), interface is not customizable, etc. The great thing about using it is, its web based, have most of the functional properties of the real platform, has all of the majpor indicators, great realtime charts, etc. When I opened my account with GFT, looking at the web based trading was not something I wanted to do but over the years, it has improved dramatically.

Now, with MT being the leader of FX trading platforms ... when will they develop a web based platform. I know its possible, if you visit their EA Championship page, your will see some great examples of MT web based chart (done with Flash).
Here's and example of what I mean, http://championship.mql4.com/2008/users/Liliput/ Looks just like the real platform.
  • #24
  • Jan 6, 2009 3:55pm Jan 6, 2009 3:55pm
Quoting BurgerKing
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
4. MT4 has no option for the end user to set the local timezone on charts

The lack of this very basic elementary feature, which is offered by every other charting platform available, continues to baffle me..
  • #25
  • Jan 6, 2009 4:25pm Jan 6, 2009 4:25pm
I've used mt4 for quite some time and after millions of hours with it, I start to miss some functions that would made my life much easier. Nr 1 is what KGB mention above. Nr 2 is more functions with TL. Painful to adjust different colours/seize every time you draw lines. Some stockchart pages I've used have some excellent features when it comes to TL's. Nr 3 is to have the same software for stocks, bonds etc etc which seems like heaven to me at least.

But I really can't complain since the software is free. Just mention it

I can't imagine any professionals using mt4 when I see what options software's like Tradestation have (which is the trading-platform I'm drooling at at least once a week )
Measure twice, cut once
  • #26
  • Jan 6, 2009 5:03pm Jan 6, 2009 5:03pm
I thought i would post this after your comment about trendlines/colours etc. Hope this helps if you didn't know it already.
Go into Tools, then options, then objects and check the box for "show properties after creation". Then when you draw a trendline it pops up a box with colours, parameters etc for you to change or accept. It saves trying to grab the line amongst your ma's etc. If you already knew this, perhaps someone else reading will gain from it.
cheers
Andy
  • #27
  • Edited Jan 7, 2009 3:57am Jan 6, 2009 5:11pm | Edited Jan 7, 2009 3:57am
Quoting andypips
I thought i would post this after your comment about trendlines/colours etc. Hope this helps if you didn't know it already.
Go into Tools, then options, then objects and check the box for "show properties after creation". Then when you draw a trendline it pops up a box with colours, parameters etc for you to change or accept. It saves trying to grab the line amongst your ma's etc. If you already knew this, perhaps someone else reading will gain from it.
cheers
Andy
Yes, makes it a bit easier, true. Thanks for sharing it anyway, might be useful for others too.
Measure twice, cut once
  • #28
  • Jan 6, 2009 5:13pm Jan 6, 2009 5:13pm
I just wish I could find the options menu to make my candles OBEY the lines when I can be bothered to go to the effort of putting them there.
  • #29
  • Jan 6, 2009 5:45pm Jan 6, 2009 5:45pm
This is why we love MT4, pwitty colours
Attached Image (click to enlarge)
Click to Enlarge Name: RESU.jpg Size: 131 KB
Living the adventure in my head.
  • #30
  • Jan 7, 2009 3:35am Jan 7, 2009 3:35am
Quoting itangsanjana
Agree with LongToBeFree.

6. It smoothly running on my Ubuntu machine.
Hey brother. I run Ubuntu too hehe
  • #31
  • Jan 7, 2009 6:53am Jan 7, 2009 6:53am
Quote
Now, with MT being the leader of FX trading platforms
Why do you say this, looking at CFTC excess net cap, it would beg to differ, Oanda, FXCM (micro's.... I know) Gain, and GFT...None of which use MT4.

I guess I see that for the more technical trader, not technical analysis, tech as in program writing and auto trading.....But Professional traders?

i just dont see it. However like they say, opinions are like.....well you get the point
  • #32
  • Jan 7, 2009 6:54am Jan 7, 2009 6:54am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting aediaz1
I've used mt4 for quite some time and after millions of hours with it, I start to miss some functions that would made my life much easier. Nr 1 is what KGB mention above. Nr 2 is more functions with TL. Painful to adjust different colours/seize every time you draw lines. Some stockchart pages I've used have some excellent features when it comes to TL's. Nr 3 is to have the same software for stocks, bonds etc etc which seems like heaven to me at least.

But I really can't complain since the software is free. Just mention it

I can't imagine...
From what i hear Tradestation is the business, easy to use, easy to code. but you have to buy it, and try finding someone that can code it for you, MT4 is free and so many people write code for it, not just EA's but custom indi's etc, so we sacrific one for another.
reminds me of microsoft - give it to them now, once they think it's the only option, will charge them the earth for it. you know it's coming, ok we already pay for.

Maybe we should start a campain right here and find another platform provider and invite them to change the future.
  • #33
  • Jan 7, 2009 7:13am Jan 7, 2009 7:13am
Quoting MPP
From what i hear Tradestation is the business, easy to use, easy to code....
Same as I've heard then I have absolutely no problem paying whatever it takes when it comes to quality, as long I think it's worth it and give desired performance in return. Tradestation have been under constant improvements/updates for many years which I would guess reflects in the software (features).

TS's easy-language coding is one of those features I've been looking at.
Measure twice, cut once
  • #34
  • Apr 8, 2009 8:48am Apr 8, 2009 8:48am
Quoting BurgerKing
So in the end, i pay MORE on many ECN brokers than on many MT4 brokers.
Maybe you forgot to consider how MM and ECN order filling, ECN always fill at better price than MM, in the long run u ECN still wins, someone wrote about it but you gotta dig it up somewhere. Which MM u are using?
  • #35
  • Apr 8, 2009 9:07am Apr 8, 2009 9:07am
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?
because it is preditable, you basically know what it can do.
and pretty stable.

much better than usd, gold and stocks, and realestate things.

how can we long mt4???
  • #36
  • Apr 8, 2009 9:08am Apr 8, 2009 9:08am
Quoting belief
Maybe you forgot to consider how MM and ECN order filling, ECN always fill at better price than MM, in the long run u ECN still wins, someone wrote about it but you gotta dig it up somewhere. Which MM u are using?
I doubt absolute number of winning traders in oanda vs mbtf

if no scalping it is clear where to go then...
  • #37
  • Last Post: Apr 8, 2009 9:12am Apr 8, 2009 9:12am
Quoting pointorpip
Why do you say this, looking at CFTC excess net cap, it would beg to differ, Oanda, FXCM (micro's.... I know) Gain, and GFT...None of which use MT4.

I guess I see that for the more technical trader, not technical analysis, tech as in program writing and auto trading.....But Professional traders?

i just dont see it. However like they say, opinions are like.....well you get the point
although we cannot deny that bucket shops make a lot of money by casinos in this era.

mt4 is basically having good life, the idea is doing service and collect fee. and no cost like manufacturing....

something like what blizzard is doing. software service with a entry barrier and good customer acceptance. and free!

in the long run, if you look 100 yrs, where is GM? CITI maybe? AIG no, mt4 probably yes...

that is vitality

bucketshops will mostly be gone also

why trading 6 hours every day in front of computer in addition to 8-9 hr work...
if holding stocks and forget about it you get good 10% ROI per year on average over a long term and econ will not clapse?

I bet 99% people still put their retirement account in stocks and this is clearly where money buys out in the long run.

how many bucketshop can survive the capital life line after econ recovery is a good question.
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