MetaTrader 5 Client Terminal

.......with the primary intention of benefiting retail brokers. This was Metaquote's focus from the beginning. MetaTrader wasn't designed for the small retail trader, as 98% of the users of this platform are. MT5 looks a little more grown up, but is still completely designed from the broker's perspective, not the trader's perspective.

If a trader was to spend a little time looking at the various EXCHANGE routed brokers, (and research currency futures contracts which also are now available in the mini format, like the E-Mini of Dow Jones, etc.) they would find that there are a few intuitive platforms that are more beneficial for the TRADER, but remember, these brokers will NOT give leverage of 100 to 1 or 200 to 1. (The exchanges are not perfect places either, but they have a lot more safety, security and trading possibilities that the retail brokers cannot and do not provide).

The open source format by which so many have participated in and shared freely (for the most part) with all their creative coding and interesting approaches to various styles of analyzing the price changes in the FX market, (especially through MT4), has just been vacuumed away and all of the coding has to start from scratch, again, as they did when MT3 became MT4.

The TRADER's interest is not Metaquotes focus; the Retail Broker is their interest. Please don't be fooled into thinking that your local retail broker who offers you MT to trade the FX market has your best interests in mind. Approx. 90% of retail FX traders fail at trading this market, but the retail brokers continue to make it so sexy at 100 to 1 or 200 to 1, that they are constantly getting new blood, when the burnt-out traders gave the money in their trading accounts to the brokers. Please make no mistake about this flow of trades in the retail sector.

Please examine the exchanges (they have their games as well, but your trades and the trades of others are much more transparent and a trader can actually start to use EXCHANGE VOLUME as an articulate analytical tool, which has been completely absent from the retail sector of trading, as the retail broker are on the other side of the trade. Please realize that when you trade retail FX, your trade does NOT go out into the open market, like a futures contract on an exchange does. The retail broker of FX is the other side of the trade, regardless of all the misinformation and fancy advertisements of "No Dealing Desk" options that can be perpetrated onto newly inducted traders, like sirens to the rocks.

For MetaQuotes to have witnessed all the programming development for the past number of years that the individual traders, programmers and researchers have invested into working with the coding limitations of MT4 (and which many have shared this coding with the entire community - including all the wonderful Russian programming that has been shared through other forums) and then to make a new platform, MT5, which will not allow all of these millions of hours of programming by TRADERS not to be utilized by MT5, is an OBVIOUS SIGN that the trader is not their interest, the Retail Broker is their interest. Who do you think pays for this when it is free to the trader???? Open your eyes traders, learn and play on MT4 / MT5 and move to the exchanges to trade. Less leverage, more integrity, volume statistics, transparency, brokers not on the other side of the trade, and platforms that use current programming languages are the alternatives to MT4/5.

Please do not PM me and ask for recommendations. I won't respond. This is part of YOUR trading journey and of self discovery. Follow your intuition and awareness. The new traders will have to be burnt by the Retail fire, as so many of us have, but this will open their eyes, too, as all traders who withstand the Retail storms and move on to more mature pastures.

May your eyes be opened, may your greed be contained. May your fears be faced and your goals clearly defined. There is grift everywhere in the financial world and most are blind to it. But those who know where the rocks are when they sail their boat can avoid collision and enjoy the thrill and freedom of the open water and wind. This is my wish for you all. (BUT, if all of you start trading profitably, your retail broker will go out of business!!) LOL. This will make sense to some, but not to most of the others.

I hope this post will not be censored.

Peace and clarity,

pipsqueak4x

yeah, mt never liked the guys who actually figured out to incorporate an ecn and it's spreads into mt4. because you'd have a flock of traders going to that particular broker. foe example, look at mbt and what they have done. i have a beta account with them and they have some of the best spreads on mt point blank. I've been with 4 brokers to know this and two were ecn bridges. but none are quite like this. they know the more liscene they sell, the more money they can make. but you won't make a whole lot if you don't have brokers buting a liscence. it's all about greed over here

I love you guys. Blaming everyone but yourself if you lose.
"The broker trades against me."
"It's the platform"
"My Broker sabotages my super EA"
Same old story. Just learn how to trade. If your retail broker doesn't like you, they will just tell you to move on. My retail broker isn't bothered about my profitability and when I do make a losing trade, I am experienced enough to blame myself for my own stupidity rather than make excuses.

The sooner you take responsibility for your trading mistakes, the sooner you will actually learn something from them!

It's unfortunate I don't have more vouchers as I would love to vouch you for one of the few posts worth reading on this forum.

Yummy!

I would like to see quite simple 'feature' - chengeable chart background picture, at least possibility to have vertical gradint .

What you need to remember is that the metaquotes customer is the broker (normally the retail broker).

So making it easier for a trader to earn money off a retail broker is not in metaquote's best interests. Because they want their customer (the broker) to be profitable, not the trader.

Indicators, scripts and EAs have their place in profitable trading for people who are not price action gurus. Metaquotes would be well aware of this and would know that traders are not necessarily programmers, and therefore by not having an MQ4 to MQ5 translator they have thrown a spanner in the spokes of the traders bicycle.

Nedging can be profitable, and those that do it well are extremely profitable. There is no reason for metaquotes to cancel that trading style.


I believe that this is a business idea for someone else out there. Make an MQ4 to MQ5 translator.

If I have gone long at trade 1, but see a short term short at trade 2.

Why should I have to cancel my longterm long trade 1?


Yeah sure I could re-enter a long at trade 3 point, but if I'm not there, I miss re-entry on my long term long trade.
or
If I place a pending Buy Limit order, at the trade 3 point, then I become relient upon quotes making it to my re-entry. As a result, if the quotes don't make it there I miss both, as trade 2 becomes the loss and trade 1 is never re-entered at the trade 3 point (hence I lose the increased gain on my first trade).

My method of trading involves this (a short term 'nedge') just in case I am not going to be there for the re-entry at the trade 3 point. Make no mistake these changes are not completed for the profitability of the trader, they are completed for the profitability of the broker thats what metaquotes are paid to do.

However, if you really do trade well, you will be successful anyway.

The same problem arises everytime one decides to trade with EAs. The only way of successful EA trading is having a basket of different EAs running with different strategies and rules.

For each EA it must be completely irrelevant what other transactions are currently taking place because each EA is an independent unit with independent decisions and each EA is profitable on its own.

Someone must implement an abstraction Layer that emulates the old behaviour, that keeps track of inidvidual (virtual) trades and their individual (virtual) stops and translates all this to the flat model of only absolute positions and limit and stop orders and back.

We only have to look at Boston Technologies to confirm that MT4 is built to
divert attention away from the Bad Broker as the would be trader tries endlessly to program the "holy grail" of EA's. Even with an EA ,I'm never far from a terminal when I trade off MT4 platform. MT4 and its brothers are nothing but a useless diversion designed to keep us "know it alls" busy and unfocused and at the same time keeping our "skin" in the game. Its that way with all the platforms and all the Brokers. Forex thru any MT4 Broker listed here is becoming a joke. Good luck all - you will need it!

Easy answer. Get a Overseas account so you can continue to 'nedge'.

This posting was not about hedging or "nedging" or how you like to call the thing some other people seem to do, this post was clearly about trading multiple different and (this is imortant) *independent* strategies on the same pair.

How would an overseas account help when the new metatrader wont allow multiple independent trades (or multiple EAs) in one pair anymore? One Account per every new Strategy one wants to trade?

We are talking about a missing software feature here that was previously there, not about some stupid and irrelevant US regulations. Opposing trades could easily be matched by the client terminal itself without sending them to the broker to satisfy these brain-dead reglementations. What is needed is the API and the user interface that would allow to trade without affecting and being affected by other open positions that have absolutely nothing to do with the current trade, just as it was before.

If some irrational regulations in some minor important country dictate that opposing orders must not be matched by brokers inside this country anymore, who cares, let them be matched and tracked by the client termnal directly, this wouldn't be hard to implement. All we need is the functionality!

Fat,

I'm not sure if you're up for suggestions on MT5, but I have a very important one:

Allow the end user to adjust the chart timezone

I have no idea why this option was never integrated into previous MT candidates, as it's a fairly basic feature of every other charting platform. Locking the displayed timezone to a broker's server time is a hindrance to all end users, especially given each broker's global client base. This shouldn't be a complex feature to add, and thousands of users will appreciate having it in MT5. Thank you.

Totally agree with you, KGB
Fat... ...Please allow for TZ adjustment.

So at SELL 3 LOTS it appears to be taking the profit or loss of the first 2 LOTS.

Taking the profit is not a major problem (you just have to be there if you want to re-enter a long trade or you have to predict a re-entry with a BUY limit.

However, be forced to take the loss, when you are sure that the long term BUY trade is going to work, causes a loss that would have otherwise not been a loss.

In addition, this appears to be deliberately taking away from the functionality of using an EA. EAs may trade in one direction but your manual trading signals may be the other. As a result you may be forced to recognise a trade when it is presently in a loss position, close it at a loss in order to take a short term trade that is a little more profitable.

This seems to negate the whole purpose of having an EA, because it is highly likely that you will have to set up the EAs trade again, or if the EA has a hidden T/P or S/L you will not be able to do this, hence it can only make trading less profitable.

MT5 MUST be able to place trades in both directions if EAs are to be of any use when also trading manually. Otherwise EAs may as well be rendered useless.

. C'mon guys, even I can do better than that screenshot :O/ http://indifactory.web.officelive.com/default.aspx

This MT5 platform is nothing more than the newest distraction from those "good" peeps at MetaQuotes. Again, all you "know it alls" will have plenty of meat to chew on while u waste more of your shorting life span trying to program the "Holy Grail". That is the plan now-and when this platform 1st arrived. I do love programming though, and maybe soon, I will have MY holy grail finished?

I guess since this is sooooo close to release, I've stopped development on MT4 to start on MT5. But I haven't found anywhere where it can be downloaded yet.

It it available, even in beta, for download yet and if so, where?

Thanks.

No need to rush. Its soooo different that Brokers will be offering MT4 for a long time alongside MT5. Since most EA's will have to be rewritten they'l make sure to roll it out slowly so they dont lose their EA customers. (also you can't get your hands on it now. the coding look 80%+ compatible so you might as well write your MT4 EA's anyway. You can convert easily anytime.)

Thanks. Your right, I will continue my development. It shouldn't be "rocket science" at that point to convert to MQL5.