does anyone know if mt5 will have a pencil tool so you can draw freehand on the screen. please tell me it does
DislikedAccording to the euromoneyFX survey in May 2008, 80% of the 3.98 trillion dollars traded was completed by 10 of the world's biggest banks.
I would suggest that DOM in FOREX is only relatively accurate if missing the data of those banks. Cause how can 20% of the market determine what the 10 big banks are going to do?
The reason is, that the people who move the market (top 10 banks) with huge volumes, do not release the trading volume that they do. Why? Because when analysised it would give away to others how the bank did its trading / how they...Ignored
DislikedHey Aqaart, i've just come across your thread, i use the "hedge" trade in a similar way, and find it very usefull, though it is definetely not for everyone.Ignored
DislikedI really like the fact that MT5 is going to have a price ladder built into it. Every decent system must have one.
Generally MT is a platform aimed at retail customers most of who have little expertise in the field.Ignored
DislikedEdgers you can always edge by using different pairs. For example go long on audusd and short on nzdusd (directly correlated pairs) - or long on eurusd and long usdcad (inverse correlation).Ignored
DislikedThis said I'm a trend follower and I believe in trend following as the only way to make quick profits with small risk.Ignored
DislikedAbout MT5 I suggest that we wait for the release before talking about it. There's no point right now because none of us has 100% information on the new platform.Ignored
Dislikeddoes anyone know if mt5 will have a pencil tool so you can draw freehand on the screen. please tell me it doesIgnored
DislikedThe capabilities of MT5 were released in a review.
The creators of MT5 have elminated the capability for a trader to complete a small counter trend trade, unless you are willing to pay another spread to re-join the longer term trade you were in.
What the third post's picture below really shows, is that the opening of a short term SELL Trade, must be accompanied by the closing of an your BUYs.
However if the original BUY Trades were going long term, you are now required to overcome / pay commissions or spreads, to close, then re-open...Ignored
DislikedI would like to make a correction. Gallant FX is NOT NFA regulated. They utilize a custodian, Sunspot Capital, who holds all client funds.Ignored
Poltekfx has closed down. Have a look here http://www.forexpeacearmy.com/public...w.poltekfx.com.Ignored
DislikedI can't believe all the nonsense I'm reading in this thread.
The NFA restrictions and MT5 aren't part of a conspiracy. The NFA have imposed FIFO. This is incompatible with MT4, hence you end up with stupid restrictions like not being able to have both long and short pending orders in MT4. MT5 does support FIFO, so there won't be any stupid restrictions. You will be able to have both long and short pending orders and buy and sell however you please.Ignored
DislikedI have to take back some of this. I have tried the MT5 beta and it does not yet properly support FIFO. Which does make it as bad as MT4 with FIFO. As it stands you need two accounts to do in MT5 what you can do in other trading platforms. It's hard to believe it will be released like this since it is supposed to be able to support stocks and futures too. We'll have to wait and see.Ignored
In the trial the one thing that might make MT5 worth it is not functional in this demo environment, Depth of Market.
Other people are not impressed with it either. If MT5 is an upgrade what are other people saying about it?
First picture shows an active buy trade.
Second Picture shows placing of the second sell trade.
Third picture shows the profit / loss being realised a direct result of trades being amalgamated into one position (to a zero position). Notice how this incurs a loss on the overall balance.
Fourth picture shows how the trades were actually executed.
The Way to Overcome This
To overcome this I would trade a larger sell position so that the sell takes everything from the buy trade and then enters an actual trade in the short direction. Note that the amount of the active sell trade is the larger volume of the sell trade minus the smaller volume of the original buy trade. Hence the amount being traded in the sell direction is smaller than what I entered into the order panel.
Then I would need to enter a new buy trade (not shown in pictures below) at my take profit point of my now reduced sell trade. This Buy trade should be the same that I entered on the sell panel. Therefore I should have a buy trade left over.
However, I then run this buy trade to my 1st buy trade target. This will allow me to recover the losses that were recognised when I first entered into the sell trade. In the end I achieve the same number of pips as with individual trades being executed with MT4 brokerages, but I had to do it with 3 trades instead of 2.
However, this last buy trade is where the extra spread and or commission is being paid. In other words MT5 brokers will have upgraded because it upgrades their profitability.
Do NOT trade with an MT5 broker unless trades are allowed to be individually managed. That is MT5 needs to lose the single position system.
MT5 is downgrade for ease of profitability, an upgrade in difficulty of trading and an upgrade for broker profitability.
If a single brokerage (IBFX), can make MT4 compliant whilst keeping full trading functionality, why can't metaquotes the original developers make individual trades NFA / FIFO compliant.
Here is an MT4 Broker List that is MT5 Broker Free.