Why there is no alternatives for MT4? | Forex Factory

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Why there is no alternatives for MT4?

  • #1
  • First Post: Feb 21, 2011 5:26am Feb 21, 2011 5:26am
Hello, guys. Interesting thought came to my mind today: why everybody uses Metatrader. All big brokers, All good brokers. If you are a regular trader - you use MetaTrader. But how this happened? There were no any other platforms that can compete with? Even in the operating system world there few main systems: Window, Mac, Linux. How Metatrader became the monopolist of this market?
  • #2
  • Feb 21, 2011 6:30am Feb 21, 2011 6:30am
Counter-question: why you don't like Metatrader? It is free and support extensions. Comfortable for the user and has many tools for chart analyzing.
Almost got it or far far away. Result is the same - you didn't get it!
  • #3
  • Feb 21, 2011 7:09am Feb 21, 2011 7:09am
There are many Trading apps from simple Charting apps to apps from which you can trade.

One very good application from strictly a Charting perspective is Fibonacci Trader (http://www.fibonaccitrader.com), specifically the SRV version for Forex. It has a $55.00 per month subscription fee for an FXCM data feed; however it does accept data feeds from additional providers.

Three Trading Apps that allow you to trade from them are TradeStation, used by a multitude of Brokers and NinjaTrader (http:/www.ninjatrader.com) without a very extensive Forex broker list but it has its own benefits. Lastly there is Dealbook 360 by GFT, but Dealbook is propriatary.

Between NinjaTrader and TradeStation, I prefer NinjaTrader for its charting capabilities and a very strong order entry system (albeit complicated). Another positive in NinjaTraders corner is that Indicators and Systems are coded in C# a very extensible language.

So there are alternatives, you just need to determine your needs and go from there.
  • #4
  • Feb 21, 2011 7:12am Feb 21, 2011 7:12am
Quoting MarkRox
Counter-question: why you don't like Metatrader? It is free and support extensions. Comfortable for the user and has many tools for chart analyzing.
To be honest, while MT4 is great there are flaws. One such is a very weak order entry system. Look at either NinjaTrader or Dealbook 360 and you'll see two very strong order entry and handling systems.
  • #5
  • Feb 21, 2011 7:12am Feb 21, 2011 7:12am
u can try VT Trader
  • #6
  • Feb 21, 2011 8:15am Feb 21, 2011 8:15am
Quoting LocoGuy
Hello, guys. Interesting thought came to my mind today: why everybody uses Metatrader. All big brokers, All good brokers. If you are a regular trader - you use MetaTrader. But how this happened? There were no any other platforms that can compete with? Even in the operating system world there few main systems: Window, Mac, Linux. How Metatrader became the monopolist of this market?
So far I haven't think about any other trading systems as MetaTrader fulfills all my trader needs. Also it is completely free. However, Windows OS is the most popular OS, but Mac is much better, Mac is much better.
  • #7
  • Feb 22, 2011 12:08am Feb 22, 2011 12:08am
Due to the bankruptcy of my first broker - Refco, I was forced to evaluate several brokers.

My initial attraction to MT4 was the common interface with different brokers. Most brokers were (still are?) pushing the sophistication of their proprietary platforms. Some were incomprehensible but had good charting. Some had minimal (dismal) charting and they were trying to upsell their premium package. I soon grew tired of the chase and settled on MT4.
  • #8
  • Feb 22, 2011 12:54am Feb 22, 2011 12:54am
Quoting LocoGuy
Hello, guys. Interesting thought came to my mind today: why everybody uses Metatrader. All big brokers, All good brokers. If you are a regular trader - you use MetaTrader. But how this happened? There were no any other platforms that can compete with? Even in the operating system world there few main systems: Window, Mac, Linux. How Metatrader became the monopolist of this market?
Some possible reasons:

1. It's offered by more than 100 br0kers; here's a list of many of them. So if you don't like your br0ker's spreads, fills, customer support, terms & conditions, etc, you can easily migrate to a different br0ker without the need to learn a different platform. It also means that competition amongst br0kers is such that they're falling over each other (at least in my part of the world) to secure as much business as possible.

2. Fully integrated charting and trading platform, underpinned by a decent programming language. You want any indicator, any EA, ...... almost anything can be programmed to suit your requirements, whatever they might be. And just as everybody buys Windows because there are more apps that run on Windows than any other OS, if you buy MT4 you have instant access to the widest range of third-party indicators and EAs. Hence you have a better chance of finding that EA or indicator that you've been looking for.

3. Trading platform is FREE. Live data feed is FREE. Historical data is FREE. Strategy tester may not be great, but it's FREE. Heck, say no more, the whole darn package is FREE! It seems that we live in an age where nobody wants to pay for anything, if they can get something similar for free.

IMO those are likely to be some of the most compelling reasons.
  • #9
  • Feb 22, 2011 4:57am Feb 22, 2011 4:57am
Quote
1. It's offered by more than 100 br0kers; here's a list of many of them. So if you don't like your br0ker's spreads, fills, customer support, terms & conditions, etc, you can easily migrate to a different br0ker without the need to learn a different platform. It also means that competition amongst br0kers is such that they're falling over each other (at least in my part of the world) to secure as much business as possible.

Agree, but how this happened? Why these 100 brokers choose MetaTrader?

Quote
3. Trading platform is FREE. Live data feed is FREE. Historical data is FREE. Strategy tester may not be great, but it's FREE. Heck, say no more, the whole darn package is FREE! It seems that we live in an age where nobody wants to pay for anything, if they can get something similar for free

Yes, it is completely free for the user, but where is their (MetaTrader developers) interest? I will never believe that they are so kind and help everybody make or lose money for free.
  • #10
  • Feb 22, 2011 5:45am Feb 22, 2011 5:45am
Quoting LocoGuy
Yes, it is completely free for the user, but where is their (MetaTrader developers) interest? I will never believe that they are so kind and help everybody make or lose money for free.
Brokers pay MetaTrader developers for the license. That's why it costs nothing for the users.
  • #11
  • Feb 22, 2011 11:37pm Feb 22, 2011 11:37pm
Mac is better?

I disagree. Microsoft Windows has over 85% of the market for a good reason....because its better :-)

Also attempting to run metatrader on a mac or linux will result in poor performance because it would be emulated.

Emulated software will be far slower than native code.
The native code for MT4 is Windows.


Quoting Allan
So far I haven't think about any other trading systems as MetaTrader fulfills all my trader needs. Also it is completely free. However, Windows OS is the most popular OS, but Mac is much better, Mac is much better.
  • #12
  • Feb 23, 2011 12:14am Feb 23, 2011 12:14am
Mac is better?

Always make me laugh!

It may be for some things but not for all. Use the best tool for the job at hand is my motto.

Best thing about a Mac is you can run windows on it, so load up bootcamp dual boot it and run Windows when trading. Having options is a great thing.
  • #13
  • Feb 23, 2011 1:48am Feb 23, 2011 1:48am
tradeinterceptor works on mac , linux and windows plus mobile.
multibroker
  • #14
  • Sep 28, 2012 7:38pm Sep 28, 2012 7:38pm
You people are deluded. The MT4 is preferred by the brokers because they can set it up easily to set their minimum spreads and they don't have to pay for expensive software development. Most in house software is terrible, Ive tried a lot of them and again its setup in a way to lag and give spread advantage for the brokers. I would never use a brokers in house software. MT4 although has many issues is still the best Ive used so far for a free platform. What it basically comes down to is find a decent broker and the platform MT4 will do it fine. Crappy brokers manipulate it live while you trade so done think the MT4 is the one doing this. If your trades hang or done go through or spreads widen unexpectedly, just change brokers, simple as that.

Quoting LocoGuy
Agree, but how this happened? Why these 100 brokers choose MetaTrader?



Yes, it is completely free for the user, but where is their (MetaTrader developers) interest? I will never believe that they are so kind and help everybody make or lose money for free.
  • #15
  • Sep 28, 2012 7:44pm Sep 28, 2012 7:44pm
Quoting 10trades
Mac is better?

Always make me laugh!

It may be for some things but not for all. Use the best tool for the job at hand is my motto.

Best thing about a Mac is you can run windows on it, so load up bootcamp dual boot it and run Windows when trading. Having options is a great thing.
You hit the nail on the head there, MAC people run windows on MAC, Windows people never run MAC on windows. End of argument. If you really want to use a better OS then use Linux, after all MAC is build around the same code and have stolen a lot of Linux ideas, but at least your not locked in with Linux. You MAC people think your so on the edge, yet your in prison with an expensive and very incompatible OS. Look at it this way, I can access any files system for MAC or Windows on my Linux systems where its not possible to do this from Windows or MAC. Thee you go
  • #16
  • Sep 29, 2012 7:35am Sep 29, 2012 7:35am
For me the advantage of MetaTrader is C++ style programming.

Otherwise you will have to sit whole night waiting for a, say, Bollinger bands breakout on one of 15 pairs... And it better be the exact second of signal for entry.

MetaTrader has become in fact a standard, I think.
  • #17
  • Sep 29, 2012 2:26pm Sep 29, 2012 2:26pm
Well, the bottom line is what is more "User Friendly".

I have traded with Banking Institutions apps' for FOREX, but i was unable to manipulate any of them to my trading style.

Mt4 is by far my best....Use what works for you....

Have not tried Mt5 yet, but hey why change what is working....
  • #18
  • Sep 29, 2012 5:40pm Sep 29, 2012 5:40pm
Quoting Dvs75
For me the advantage of MetaTrader is C++ style programming.

Otherwise you will have to sit whole night waiting for a, say, Bollinger bands breakout on one of 15 pairs... And it better be the exact second of signal for entry.

MetaTrader has become in fact a standard, I think.
if you are trading serious money, you shouldnt be trading off your broker platform anyways. find a software that suits your needs and use it independently, and simply use your broker software to execute orders. it makes it easy if you have multiple broker accounts, or if your broker data feed goes down, you always know when/where price is so you don't have to auto-dial and close a possible winning position. some software that offers many more options out-of-the-box: sierrachart, ninjatrader, multicharts, neoticker, tradestation, etc

with that being said, mt4 has a horrendously outdated order entry system. if you trade relatively fast, it is not feasible.
  • #19
  • Sep 30, 2012 11:49am Sep 30, 2012 11:49am
Quoting jcampen
You people are deluded. The MT4 is preferred by the brokers because they can set it up easily to set their minimum spreads and they don't have to pay for expensive software development. Most in house software is terrible, Ive tried a lot of them and again its setup in a way to lag and give spread advantage for the brokers. I would never use a brokers in house software. MT4 although has many issues is still the best Ive used so far for a free platform. What it basically comes down to is find a decent broker and the platform MT4 will do it fine. Crappy...
In fact, MT4 has a hidden feature named "Virtual Dealer Plugin". This feature allow brokers to add artificial slippage to your trades, and prematurely trigger your stop loss. That's one of the reasons why no successful trader I know would touch MT4 or MT5.

Another reason is that MT4/MT5 is difficult to code, the EAs are unnecessary complicated, and it has no serious optimizing and test system.

There are many free alternatives to MT4 and all of them are better.
  • #20
  • Sep 30, 2012 4:22pm Sep 30, 2012 4:22pm
Few quick things:

MT4 isn't free. A lot of people are saying it's popular because it's free but the broker pays quite a bit for it and that cost influences the total cost of trading a client pays the broker (total spread or commissions.) So it's indirectly a cost.

Many brokers cater to small retail accounts, so not having any monthly platform fee or software charge is important.

..

There are many alternatives to MT4... and MT4 wasn't quite built for ECN-like trading so there's more alternative platforms getting attention all the time.

Personally I like MultiCharts, and NinjaTrader as independent platforms.

I've played with cTrader and like it (though it's more CPU hungry than I'd like.)

Then there's the piles of platforms that are developed by brokers for their own branded platform. JForex (Dukascopy) is AWESOME (just wish Dukas were more competitive.) I actually like FXTrade (Oanda) despite most people's complaints about it.

Lastly, if you're not successful in trading and think a new platform will make a difference, you're barking up the wrong tree. A platform doesn't make the trader, it's just there to make execution easier.
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