MetaTrader 5!! - Download Link

http://www.metaquotes.net/files/mt5setup.exe

I believe that the transition to MT5 will make many traders to open separate accounts for different EAs. That looks like a possible way to prevent the EA undesirable interaction through the open position on the same currency pair. The hedging will also be possible in such way. Fortunately, many MT4 brokers currently allow multiple trading accounts.

I'm with ya... I wonder how much business the the current brokers are willing to lose in order to make the conversion... 80...90 percent???.... WHAT ARE YOU THINKING METATRADER DEVELOPMENT??? Perhaps you prefer making the playing field more slanted than it already is... STOP IT!

hmm, than the next step of NFA will be to prohibit to trade on several accounts, to bring the trader definitely down

Doesn't matter, great brokers in UK and AUS waiting for us....

I believe that the reason and the common sense won't allow NFA to do that. And I also believe that the whole "no hedging" rule will be loosened somewhat in the future. They don't want to lose the market.

After playing with the MT5 beta for a few days, and reading the comments here and at other forums, the issues / complaints seem to be along two lines:

1) The No Hedging / FIFO rule the NFA has created and that MT5 explicitly enforces is a pile of cr-p.

2) The change in MQL5 from MQL4 and the incompatibility of the two is double cr-p.

Let me say, I agree with both points and state what I think the reasons that they have gone this direction.

A) As to the Hedging / FIFO rule, what people don't usually think about is that stocks, options, and futures all follow this method of accounting. I assume that the Futures Brokers, who really control the National FUTURES Association, want a piece of the forex market. So, they just make all NFA forex brokers adhere to their accounting standards and voila, it is much easier for them to enter the market and get their current customers to enter the forex market. Also, MetaTrader wants to get into the futures, stocks and options trading game, so they had to have this kind of trade accounting to even compete. It's cr-p, but it is an explanation.

B) As to the MQL5 compatibility issue they have moved to a much more object orientated programming model. Events, properties, objects, etc are now all part of the language. This is much more of the model that those outside of the forex market understand. Why they didn't do what say NinjaTrader did and allow for C# code is their decision, but they do get the advantage of controlling the feature set better and locking people into their codebase more.

In sum, I think the MT5 release is as much for non-forex traders as it is for forex traders. We have always known that the guys who make MetaTrader know a think or two about programming, but not much about trading...and this this is just more evidence of that fact.

Besides there are other great MT4 plug in tools that allow for a much better and fully featured trading interface for the platform. I am sure such things will be developed for MT5 as well.

Nice point, scattergood! And I think many people forget that it's still a Beta (and will be it for at least 5 months), so a lot of things can change dramatically in both MQL5 and MT5 execution model.

hey ellis..... thanks, that is much better....h

Enivid--yes, 5 months is a long time, but having been involved in even longer beta's not much important is going to change. They can't really change the event driven model of their new code, and that's what causes the incompatibility. And they can't change the FIFO / position based sway of looking at their trading and that's what is going to cause a ton of code to break.

No, I bet you are going to see the USA based brokers go to MT5 as it works with their NFA mandated requirements and you are going to see the non-USA brokers stay with MT4 for as long as possible.

I still hope that they add "MT4 mode" or something to MT5 .

I will not the train this stupid invention smoking like coming from hell....blablabla.
In one year you will have 1000 post talking about mt5.

It is time to concentrate coding in Delphi, C, C++ or C#...even Java (JForex, Oanda). Then just create adapted EA for MQ products.