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MT5 and forward???

  • #1
  • First Post: Apr 9, 2010 8:02pm Apr 9, 2010 8:02pm
Anybody here play around with MT5 yet?
How is your forward / demo testing on MT5 getting along?

For those that are PROFITABLE and NOT SECRETIVE,
what indicators and strategies do you use with MT5?
  • #2
  • Apr 10, 2010 1:12am Apr 10, 2010 1:12am
Quoting charlyher
Anybody here play around with MT5 yet?
How is your forward / demo testing on MT5 getting along?

For those that are PROFITABLE and NOT SECRETIVE,
what indicators and strategies do you use with MT5?
If and when I decide to move up to MT5, I'll use the same indicators and strategies that I use with MT4. Why change a winning formula?

Surely a strategy should be based around price behavior (or fundamentals, orderflow, whatever, .....). The broker and/or charting platform are nothing more than a vehicle used to execute the strategy.
  • #3
  • Apr 10, 2010 2:11am Apr 10, 2010 2:11am
"Why change a winning formula?"

REASONS:

1) MT4 will most likely be terminated once MT5 becomes official.

2) MT5 is not backward compatible.

3) MT5 uses new NFA rules.

4) Trades on MT5 will be different from trades on MT4.
  • #4
  • Apr 10, 2010 2:49am Apr 10, 2010 2:49am
Quoting charlyher
"Why change a winning formula?"

REASONS:

1) MT4 will most likely be terminated once MT5 becomes official.

2) MT5 is not backward compatible.

3) MT5 uses new NFA rules.

4) Trades on MT5 will be different from trades on MT4.
i'm going to use the super-secret indicator mixed with the master of the universe trade button. through this combination i shall control the market.

the penitent man will pass! <---
Congratulations ScalaFX for coming out of the closet!
  • #5
  • Apr 10, 2010 2:56am Apr 10, 2010 2:56am
Quoting charlyher
"Why change a winning formula?"

REASONS:

1) MT4 will most likely be terminated once MT5 becomes official.
2) MT5 is not backward compatible.
3) MT5 uses new NFA rules.
4) Trades on MT5 will be different from trades on MT4.
Well, I will continue to use the same indicators and tools in exactly the same way, and enter and exit at the same prices, as dictated by my current strategy. The NFA rules (no-nedging; FIFO; etc) can be easily gotten around, and they don't affect me, in any case. If I need to place different order types to implement SL, TP, pending orders, etc...... well, no problem (see the alternative mapping here). As long as I adjust my net position at the same price levels as before, my P/L will be unaffected.
  • #6
  • Edited 6:14am Apr 10, 2010 5:56am | Edited 6:14am
I know everything in the book already....
Playing by the book does not impress me....
Therefore, you possibly can't have something I don't know about.

In any case, MT5 will be really different.
If you think your strategy will work with MT5 then
impress me.

What is your strategy???
Don't tell me it's some kind of high probability entry exit system with
good money management along with good risk reward ratio.
That is too basic.

Using candles, news index and strength index are NOT GOOD enough either.
Hey, are we timing the market? NO! The sharks are timing us!!!
You will be chew up by the sharks in due time.
  • #7
  • Apr 10, 2010 9:39am Apr 10, 2010 9:39am
Quoting charlyher
Anybody here play around with MT5 yet?
How is your forward / demo testing on MT5 getting along?

For those that are PROFITABLE and NOT SECRETIVE,
what indicators and strategies do you use with MT5?
What I don't understand is why you can't come up with your own and you feel you deserve someone else's.
  • #8
  • Apr 10, 2010 12:21pm Apr 10, 2010 12:21pm
Quoting charlyher
Anybody here play around with MT5 yet?
Yes.

Quote
How is your forward / demo testing on MT5 getting along?

exactly the same as with mt4. mt5 only impacts those who use hedging or open multiple positions on the same pair at the same time (FIFO). Since neither of those impact me, there is no difference. I did have to rewrite my EA for the new programming language but that wasn't difficult.

Quote
For those that are PROFITABLE and NOT SECRETIVE,
what indicators and strategies do you use with MT5?

Everything you need for trading is held within the default indicators folder. Even my EA only references an indicator from that folder. No need to re-invent the wheel when it rolls just fine the way it is. With the thousands of indicators available for mt4 (and I have most of them) I have yet to find one worth using. They either do not provide an additional edge or they are just presenting the basics in a different way (i.e. MA cross arrow or something like it). In fact a large majority actually reduce your edge.

Quote
I know everything in the book already....
Playing by the book does not impress me....
Therefore, you possibly can't have something I don't know about.

If this statement is true then there is nothing anyone can offer you that will improve your knowledge or trading results. If you truly understand everything from the "book" you would be just refining your skills and not coming to a forum begging for other peoples systems.

You need to quit worrying about what everyone else is doing and figure out why your trading sucks. Because when it all comes down to it, this is the only reason why people ask for other peoples hard work. They "think" they know it all and because their account balance is going down then it must be going down for everyone.

So, rather than beg for everyone else's hard work, why not put in some hard work of your own and build a method that works for you. WARNING! This will take time and effort. No one can do this for you.
  • #9
  • Apr 10, 2010 12:25pm Apr 10, 2010 12:25pm
Quoting magnumfreak
If this statement is true then there is nothing anyone can offer you that will improve your knowledge or trading results. If you truly understand everything from the "book" you would be just refining your skills and not coming to a forum begging for other peoples systems.

You need to quit worrying about what everyone else is doing and figure out why your trading sucks. Because when it all comes down to it, this is the only reason why people ask for other peoples hard work. They "think" they know it all and because their account balance is...

*signed*

I'm even better off than magnumfreak. I don't even have to rely on the basic built-in indicators.
  • #10
  • Apr 10, 2010 3:45pm Apr 10, 2010 3:45pm
Quoting charlyher
If you think your strategy will work with MT5 then impress me.
Whether I use MT4, MT5, Ninja, TradeStation, Oanda, CMC Markets, or any other platform, the strategy remains the same. And I'm not here to impress anybody.

Quoting charlyher
What is your strategy???
I've already posted the basics of my strategy.

Quoting charlyher
Don't tell me it's some kind of high probability entry exit system with good money management along with good risk reward ratio. That is too basic.
If a system doesn't involve some kind of "high probability entry exit system with good money management along with good risk reward ratio", then what else is there? Anyway, it's not just about the individual components, it's about how well they complement each other, and the way the trader puts it all together.

Quoting charlyher
Using candles, news index and strength index are NOT GOOD enough either. Hey, are we timing the market? NO! The sharks are timing us!!! You will be chew up by the sharks in due time.
If you can't beat the sharks, figure out what they're doing, and join 'em.
  • #11
  • Edited 4:11pm Apr 10, 2010 3:51pm | Edited 4:11pm
Uh, I get it....
It's call elephants tag teaming a scorpion.

Ha! Ha! I wonder if the scorpion will poison the elephants OR if the elephants will stump the scorpion.
Perhaps, we all will lose to the market in due time.


If you cannot reply with anything informative, please refrain from being a smart ass.

I have my own arsenals of strategies. In fact, I optimize and tweak my sytems for maximum profits AND not curve-fitting or cherry picking to look good.

And I do trade LIVE account AND NOT DEMOs like most blinded smart asses.

And I don't remember begging for solutions for my personal gain. This is a public forum and therefore, it benefits the public more than me.

Therefore, quit trying to make me feel GREEDY. This would be UNECESSARY prejudiceness, defensiveness, and biasness against me.
  • #12
  • Apr 10, 2010 4:07pm Apr 10, 2010 4:07pm
I ain't making thousands or millions, so there is no need to be arrogant.
At least I am positive and profitable 90% of the time, I could not care less.

Anyway, do you guys simply buy and sell with plain tp and plain sl whenever you perceived its right to enter?

Yeah, a basic strategy would be easy to convert to MT5. I have converted to MT5 before. Currently, I believe my current strategy may not work with MT5.

WHAT IS YOUR WORKAROUND the FIFO? I find it difficult to make money if you had to close orders in sequences like that. It is possible to make a few pips if you have the patience to wait and wait until you breakeven or become positive. But why risk margin call and wait that long?
  • #13
  • Edited 5:04pm Apr 10, 2010 4:50pm | Edited 5:04pm
If you are an oh so impossibly amazing trader, why don't we see you give back to the forum first like Hanover TJPLD, Magnumfreak and I have?

The public forum is a place for both give and take. I have seen only the latter on your part.
  • #14
  • Apr 10, 2010 5:10pm Apr 10, 2010 5:10pm
I will give back whenever people are MEEK enough and be willing to listen and be willing to learn.

It's not the right time. People are too stubborn. Everybody thinks they have the holy grail.

Personally, I prefer NOT being A FULL cup of coffee like that. I prefer being half empty so that I can learn new ideas and wisdoms.

Until then, please understand and wait..........
  • #15
  • Apr 10, 2010 5:13pm Apr 10, 2010 5:13pm
Well if you truly believe in the golden rule: "Do not do unto others as you would expect they should do unto you."

 

  1. you clearly aren't meek
  2. you aren't willing to listen.
  3. You're stubborn
  4. You think you have the holy grail.

I suggest you follow your own advice. Nobody here owes you anything. In the trading world, you eat what you kill, and I have no qualms against killing your trading account to keep my belly full.

  • #16
  • Apr 10, 2010 5:30pm Apr 10, 2010 5:30pm
To be truthful, I am really meek.
The truth is that I AM A BETTER LEARNER.

I AM NOT VERY GOOD AT TEACHING.
THIS MEANS I AM NOT A GOOD TEACHER.

Okay, so you got that out of me.
What now????
  • #17
  • Apr 10, 2010 8:11pm Apr 10, 2010 8:11pm
Quoting charlyher
To be truthful, I am really meek.
The truth is that I AM A BETTER LEARNER.

I AM NOT VERY GOOD AT TEACHING.
THIS MEANS I AM NOT A GOOD TEACHER.

Okay, so you got that out of me.
What now????
That is comedy gold Sir!
  • #18
  • Apr 10, 2010 8:39pm Apr 10, 2010 8:39pm
Quoting charlyher
WHAT IS YOUR WORKAROUND the FIFO? I find it difficult to make money if you had to close orders in sequences like that. It is possible to make a few pips if you have the patience to wait and wait until you breakeven or become positive. But why risk margin call and wait that long?
One of the best signs a trader didn't understood the basics yet is believing that FIFO makes certain "hedging" strategies impossible.

But someone can be very successful even without knowing the basic mechanics. You are living proof of that
  • #19
  • Apr 10, 2010 9:04pm Apr 10, 2010 9:04pm
Quoting charlyher
I ain't making thousands or millions, so there is no need to be arrogant.
At least I am positive and profitable 90% of the time, I could not care less.

Anyway, do you guys simply buy and sell with plain tp and plain sl whenever you perceived its right to enter?

Yeah, a basic strategy would be easy to convert to MT5....
If a few hundred pips movement against you places you at risk for a margin call, then you are risking far too much on each trade.

I normally do not trade with a TP. SL is determined by market conditions (i.e. time frame, volatility, etc).

As far as FIFO, I am either in a trade or out of a trade. I don't average in, down, up or whatever people want to call it. If the situation is good enough to enter a trade, why waste time with multiple entries? A valid entry is a valid entry.
  • #20
  • Apr 10, 2010 9:39pm Apr 10, 2010 9:39pm
Quoting charlyher
WHAT IS YOUR WORKAROUND the FIFO?
FIFO shouldn't be a problem. If you have multiple trades open of the same size (in the same pair), then it doesn't matter, in terms of your P/L, which one you close first. For example, let's say I have 3 open buy trades of 2 lots each. So I am net long 6 lots. If I close ANY ONE of the trades, I will now be net long 4 lots. It doesn't matter which one.

If your trading platform allows you to close part of a trade (like MT4 does), then the positions don't even have to be equal in size. For example, suppose I have trades of 3, 2 and 1 lots respectively, and FIFO dictates that I must close the 3-lot trade first. If I want to reduce from 6 lots down to 5 at that point, I simply close 1 lot of the 3 lot trade, leaving me with open trades of 2, 2 and 1 lots.

If your trading platform doesn't allow partial closes, then in the above example, you'd need to open 3 positions of 1 lot each; 2 positions of 1 lot each; and 1 position of 1 lot; at your 3 chosen price levels. Hence you'd have 6 positions of 1 lot each. Then you can close down any number of lots, at any time.
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