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NEW MT5 Seriously Stuffed For Traders Platform

  • #181
  • Oct 15, 2009 4:29am Oct 15, 2009 4:29am
Quoting walb99
Can you take this seriously?
Now that is a nice looking MT5 expert advisor.
  • #182
  • Edited 8:11am Oct 15, 2009 4:39am | Edited 8:11am
Quoting Knight78
Any idea how much its going to take to recode EA's?
MQL4 code in many areas is very similar to the MQL5 code. However, the real problem is that MQL5 coding of EAs is going to have to take into account other live trades that are active or become active in the account. Not only this but they are also going to have to take into account time for completion as well.

Because if another trade is already active, then what happens if the EA wants to trade in the opposing direction versus the same direction of the other trade?
What happens when the EA completes its trade? Does it re-activate the other trades that were present?

In other words an independent EA is going to need to take into account the volume of other active trades at the point in time that it makes a trading decision. Also an independent EA's trading is going to become dependent upon other trades that are occurring outside of its own trading parameters.

This will be extremely difficult and negates the entire purpose of using metatrader. As the platform with exception to the programming of EAs, is barely if at all better than other platforms.

If EAs are disrupted, is MT5 really worth it? Probably not.

The MT4Brokers List / MT5Broker Free List is found here, at the end of the first post.
  • #183
  • Oct 15, 2009 6:06am Oct 15, 2009 6:06am
  •  onu
  • | Joined Feb 2006 | Status: superior senior member | 746 Posts
I wrote :

To: Support Tadawul fx
Subject: Re: MetaTrader 5 public beta testing with Tadawul Fx

You going to make a big mistake , if you ever switch to MT5....
I will never open account with a MT5 broker!!
http://www.forexfactory.com/showthread.php?t=174626

the answer:

Tadawul Fx will never switch to MT5. MT4 will stay the best system in the
world.

MT5 is more designed for the US market.

Thank you very much for your comment.
----------------------------------------

  • #184
  • Oct 15, 2009 6:49am Oct 15, 2009 6:49am
Quoting onu
I wrote :

To: Support Tadawul fx
Subject: Re: MetaTrader 5 public beta testing with Tadawul Fx

You going to make a big mistake , if you ever switch to MT5....
I will never open account with a MT5 broker!!
http://www.forexfactory.com/showthread.php?t=174626

the answer:

Tadawul Fx will never switch to MT5. MT4 will stay the best system in the
world.

MT5 is more designed for the US market.

Thank you very much for your comment.
----------------------------------------


Wow,

Quoting onu
MT5 is more designed for the US market
Hopefully traders will see this too, except replace the word market with broker. I can't understand why someone would go for a platform where EASE of trading profitability is reduced.

Here is a MT5 Brokerage Free List / MT4 Brokerage List is here. If anyone can add to the list or correct the list, please just reply to the thread with country of MT4 brokerage.
  • #185
  • Oct 15, 2009 7:29am Oct 15, 2009 7:29am
Hi

You mentioned

TradersvoiceFX as german (?) broker. They are US with a branch in London.

You may also check EXNESS, a russian broker.

https://www.exness.com/
/ ... clarifying decisions ... /
  • #186
  • Edited 9:07am Oct 15, 2009 8:09am | Edited 9:07am
Quoting walb99
Hi
You mentioned
TradersvoiceFX as german (?) broker. They are US with a branch in London.
You may also check EXNESS, a russian broker.
https://www.exness.com/
Thanks walb99, www.exness.com was added and TradersvoiceFX was corrected, the MT5 Brokerage Free List / MT4 Brokerage List posted on page 1 post 1.

Also thank you for the post below, as searching and reading languages other than English is not a strong point of mine. direktbroker has been added in the German list.
  • #187
  • Edited 2:26pm Oct 15, 2009 8:23am | Edited 2:26pm
As a german broker you may check

http://www.direktbroker.de/produkte/forex.html
/ ... clarifying decisions ... /
  • #188
  • Oct 17, 2009 2:39am Oct 17, 2009 2:39am
Tadawul is presenting MT5

Expert Advisors in MT5

MQL5 allows easier and quicker development and use of Expert advisors, and custom indicators as it allows high speed of execution at around 4-20 time faster than MQL4 allowing more complex EAs to be built, able to process larger amounts of data and obtain more precise forecasts. There is also a built-in debugger to quickly find and fix errors.

see

http://www.tadawulfx.com/v2/trading/metatrader5.html
/ ... clarifying decisions ... /
  • #189
  • Oct 17, 2009 3:28am Oct 17, 2009 3:28am
Interesting new indicators for MT5
http://metatrader5.blogspot.com/
Attached Image
/ ... clarifying decisions ... /
  • #190
  • Oct 17, 2009 3:37am Oct 17, 2009 3:37am
I tried to install the second mentioned indicator. The compiler gave me various error messages.
Attached Images
/ ... clarifying decisions ... /
  • #191
  • Oct 17, 2009 3:43am Oct 17, 2009 3:43am
Forums on MT5 outside FF

http://www.fxstreet.com/forum/showthread.php?t=52025
http://forum.mt5.com/index.php
/ ... clarifying decisions ... /
  • #192
  • Oct 18, 2009 3:29am Oct 18, 2009 3:29am
I'll just feed MT data out to my database, and have perl scripts munge through it. I don't need brokers spying on me through MT5 backdoors. If I needed faster execution a quad-core will do it much better and faster, thank you.

I found ways to do simple programs in C with the capabilities i need. I like the MT4 API and may backport it to an open source environment if things went well.

Thing MT4 lacks is tick access. Some conformers work better on raw data than OHLC bars.

I hope we're not getting off topic here.
  • #193
  • Oct 18, 2009 4:28am Oct 18, 2009 4:28am
Rossiya your right, MT5 is little to do with new powerful options for traders ( as they market it) as it is much to do with giving MQ and their licensees open doorways and tools to track users algorithm, access EA strategies and manipulate the playingfields.

Sorry I'm not touching this Trojan horse.
  • #194
  • Oct 18, 2009 5:15am Oct 18, 2009 5:15am
Just doing some quick search on this topic and found something very interesting all MT4 users should watch.

Although this video is explaining a scrip for traders side on MT4, the developer/narrator got his hands on the brokers side dealing Manager modular and list of dealer side plug-inn's and shows all the options MT4 has built into it to beat the traders out. Part 1 Part 2

Now just imagine what powers the new MT5 brings to the brokers table. Scary.
  • #195
  • Oct 18, 2009 3:28pm Oct 18, 2009 3:28pm
Quoting Tom_C
Just doing some quick search on this topic and found something very interesting all MT4 users should watch.

Although this video is explaining a scrip for traders side on MT4,...
Watched it-already realized EVERY broker has these abilities to effect their accounts. Its up to their clients to decide if they actually practice outright thievery.These 2 videos are HIS ad campaign to sell you his software. If you suspect that your broker practices theft-leave them now! BTW there are free scrpts that do just what his do.
FF = Forex Faggots
  • #196
  • Edited 10:39pm Oct 18, 2009 10:06pm | Edited 10:39pm
Quoting Tom_C
Although this video is explaining a scrip for traders side on MT4, the developer/narrator got his hands on the brokers side dealing Manager modular and list of dealer side plug-inn's and shows all the options MT4 has built into it to beat the traders out. Part 1 Part 2
All brokers have this ability, because if you need to phone in requests etc..., they need to be able to control your side of the trading. This is good if you have power failures etc...

Every trader would complained if they phoned in an emergency trade cancel / close / open and the broker was unable to execute it.

So whether you are with GFT, saxo, MT or whatever they will have these abilities.

If they use it in countries like Australia, Britian, USA, Switzerland there is need to record all trade activity done on both sides of the counter.
Otherwise they can get themselves in a lot of trouble. That is why people seek brokers that are registered in these countries. I do not know about others.
  • #197
  • Oct 18, 2009 11:01pm Oct 18, 2009 11:01pm
anyone hear if MT5 will be bridged to Interactive Brokers?

I tried to leave MT but I cant!
  • #198
  • Oct 19, 2009 3:25pm Oct 19, 2009 3:25pm
Quoting >Apocalypto<
anyone hear if MT5 will be bridged to Interactive Brokers?

I tried to leave MT but I cant!
You can try this:

http://trade-commander.com/mtibbridge/mtibbridge.htm
  • #199
  • Edited Oct 20, 2009 12:31am Oct 19, 2009 11:28pm | Edited Oct 20, 2009 12:31am
Hi aquaart

Was this site - broker-review - mentioned here already?

http://www.100forexbrokers.com/

Brokers with MT4

http://www.100forexbrokers.com/mt4forexbrokers
/ ... clarifying decisions ... /
  • #200
  • Edited 7:55am Oct 20, 2009 1:31am | Edited 7:55am
Just to ensure the thread stays focussed on the main issue:

MT5 One Position System Enhances MT5 Forex Broker’s Profitability Compared to MT4

Here is what the review / promotion will not tell you about the effect on the trader.

MT5 platform is a platform that reduces potential profitability for the trader whilst increasing the potential profitability of the broker. This profitability is based around the ONE position system that is introduced in the MT5 platform. My question has to be, if a single broker like IBFX is able to make MT4 (a multi-position platform) compliant to NFA / FIFO operations why do MT5 developers have to eliminate trading functionality by introducing the one position system?

The simple reason is, their customer (the MT5 forex broker) has it’s profitability improved.

You might be asking how does it do this?


Losing Scenario

This is a benefit for the retail market maker (the MT5 forex broker that is really an MT5 forex dealer) and shows why a trader should not trade with a brokerage that employs the one position system such as that utilised by the MT5 platform.

Every time a trade is bought or sold, there is the other end to the trade where the trade was sold or bought. That is, if me the trader buys, there is another trader that is selling at the same time. Often the opposing trader is the forex dealer if you are with a retail market maker.

What does this mean? When you make a loss with your trade when trading on a retail market maker (forex dealer) platform, the retail market maker (forex dealer) profits. Guess what most of metaquote’s customers are a retail market maker / forex dealer.

In MT4…Example is below in picture all points refer to the picture.

· Entered a trade at point 1 in green box (Buy 1 lot). It’s take profit was at point 4 (Sell Limit Exit 1 lot). That’s a happy trade.
· At red point 2 (Sell Limit Entry 1 lot) there was a short term counter trend that I could recognise and enter. My take profit for that would be at 3B. It would have missed it and hit my stop loss at 3A (Bad Buy Exit 1 lot).
· Result is that a trader with an MT4 forex broker will have a neutral position from point 2 to point 3A.
· Also notice that with MT4 forex broker there were one buy entry and one sell entry to attempt to catch the counter trend, a total of 2 lot was bought and a total of 2 lot was sold.


In MT5 Example is below in picture all points refer to the picture.
· Entered a trade at point 1 in green box (1 lot). It’s take profit was at point 4. That could be a happy trade.
· At red point 2 (Sell Limit Entry 2 lot) there was a short term counter trend that I could recognise and enter. My take profit for that would be at 3B. It would have missed it and hit my stop loss at 3A. Why an entry of 2 lot? Because with the MT5 forex brokers one position system, at point 2 I MUST sell the 1 lot buy trade I originally entered at point 1, before I can actually enter a sell position with 1 lot at point 2. As a result I am left with a 1 lot sell trade with t/p at 3B and s/l at point 3A.
· However unlike with an MT4 forex broker, with an MT5 forex broker I have to wait until it hits my stop loss at 3A before I can enter into the long term Buy trade that I originally had. So at 3A I enter a BUY trade of 2 lots. WHY 2 lots? Because before I can actually enter a live BUY position with 1 lot at point 3A to have a take profit at point 4 (1 lot sell limit exit), at point 3A I MUST BUY back the 1 lot that I was SELLing (left over from point 2), and this occurs with MT5 forex brokers but not MT4 forex brokers
· Result is that with an MT5 forex broker from point 2 to point 3A you are in a losing position.
· Also notice that with the MT5 forex broker there were two buy entries and 1 sell entry to attempt to catch the counter trend, a total of 3 lot was bought and a total of 3 lot was sold to achieve a result that in the end was worse.



The Overall Effect of This Is

MT4 Forex Broker
Purple Asterisk * position is neutal for the trader, lots used were 2 buys and 2 sells, profit for trader is better (in comparion to a trader trading on an MT5 platform), profit for broker is worse (in comparison to MT5 Broker).

MT5 Forex Broker
Purple Asterisk * position is loser for the trader, lots used were 3 buys and 3 sells, profit for trader is worse (in comparion to a trader trading on an MT4 platform), profit for broker is better (in comparison to MT4 Broker).

Here is the review / promotion mentioned earlier.

As a result of this super poor decision on behalf of metaquotes, I have created a list of MT4 brokers that have not got the MT5 for broker's platform. Here is the MT5 Forex Broker Free List / MT4 Broker List list at the end of the first post.
Attached Image (click to enlarge)
Click to Enlarge Name: Bad Trade Scenario.jpg Size: 85 KB
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