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Why do so many people use MT4?

  • #41
  • Jul 27, 2015 2:12pm Jul 27, 2015 2:12pm
Hello,

i fully agree with PipC
MT4 is crap for me too, peronally i prefer the oanda fxtrade platform, but i cant use scripts for orders there. also i like the Ducascopy jTrader, but will never take a single trade with ducascopy again.

at the moment i use MT5, there is a major different to MT4.
at first its a complete new development, and the main think is, MT4 never was cerified by any big stock exchange, MT5 have as example the CBOT certification.

most of the reason for mt4 i cant follw like hedging or multible order on one pair. i never do hedging, i do several order on one pair, but its easier to see when its in one position.

amando
The biggest drawdown is ahead of you
  • #42
  • Jul 27, 2015 2:18pm Jul 27, 2015 2:18pm
Quoting hanover
{quote} "Why do people use MT4?"  FREE charting  FREE live data feed  FREE historical data  FREE programming language and test facilities  FREE demo trading for an unlimited time  'No strings attached' trading -- there are no volume quotas to meet, no matter which br0ker you open an account with  Initial account deposits as low as $100, with some br0kers  Lower internet traffic/overheads than some charting platforms, as prior OHLC values are stored on your hard drive  MT4 has...
I don't like MT4 at all, clunky, horrible, not intuitive. Ok, you can display things like you've shown but why, looks pretty but complete information overload in my opinion. Vote Tradesestation!
  • #43
  • Jul 29, 2015 9:09pm Jul 29, 2015 9:09pm
I agree, I don't like MT4 either. I gave it a try for about 20 minutes and no. I look at 6 screens simultaneously so I am a long ways away from the screens and I find the text hard to read. I like to be able to see exactly where my account balances are all the time and I though the metatrader didn't display it well. I could care less on charting as I use signal for that. I have tried others but nothing seems to be as good as my good ole global zen tader but that is only for futures. So far the FXCM trade station is the easiest on my eyes and the easiest to see.
  • #44
  • Jul 30, 2015 10:55pm Jul 30, 2015 10:55pm
MT4 is definitely a very basic platform, I find it almost primitive - it is lacking in so many areas.

Seriously I think a small percentage of people could become profitable easier just by taking their time to explore other platforms out there. You would realized certain out of the box features in other platforms could help you to develop your trading in ways you cannot do it on MT4.

Many brokers web-based platforms are already better.
  • #45
  • Jul 31, 2015 12:01am Jul 31, 2015 12:01am
Quoting hanover
EAs and scripts allow a potentially infinite number of strategies to be automated, and artificial order type combos (straddles, OCO, hedges, scaling in/out, etc) to be created. (You may be a manual trader, but what about those thousands of newbies who dream about the possibility of EAs providing passive, effortless income...... ??)
Hahahaha genius
  • #46
  • Jul 31, 2015 12:20am Jul 31, 2015 12:20am
It's the no barrier to entry tool you can do magical things with it (indicators and "EAs")
After losing tons of money you realize you don't need all this crap to make a buck in the forex.
... because it's the crap that makes you lose (:
  • #47
  • Jul 31, 2015 12:23am Jul 31, 2015 12:23am
Quoting hanover
{quote} "Why do people use MT4?"  FREE charting  FREE live data feed  FREE historical data  FREE programming language and test facilities  FREE demo trading for an unlimited time  'No strings attached' trading -- there are no volume quotas to meet, no matter which br0ker you open an account with  Initial account deposits as low as $100, with some br0kers  Lower internet traffic/overheads than some charting platforms, as prior OHLC values are stored on your hard drive  MT4 has...
Hanover,
Where can I get the indicator in the bottom of your screen-print please?
I also have an independent CSM, but I like yours better.
Would appreciate hearing from you.
Thanks in advance and continued success to you.
Hercs
  • #48
  • Jul 31, 2015 1:05pm Jul 31, 2015 1:05pm
Quoting Hercs
{quote} Hanover, Where can I get the indicator in the bottom of your screen-print please? I also have an independent CSM, but I like yours better. Would appreciate hearing from you. Thanks in advance and continued success to you.
The indicator is 'CSM original' and is included in the ZIP in post #24 (along with all of the other indicators used in the screenshot).

More info on CSM here (simply search for 'CSM' in the post, and then visit the relevant links).
  • #49
  • Jul 31, 2015 11:55pm Jul 31, 2015 11:55pm
The problem with mt4 is with the various plug ins you can get to 'scam' clients. With the random slippages plug-in you would have no idea you were being scammed.

I like mt4 but to trade profitably ctrader offers a better probability.
  • #50
  • Aug 2, 2015 4:14pm Aug 2, 2015 4:14pm
I'm glad I am not the only on that thinks MT4 is clunky and complicated. It's a lightweight application, that's true, but it takes too much work IMO to get it to do exactly what you want it to do (that's if it's even possible at all) and to me that takes away from my primary objective which is trading. I feel like with MT4, I spend more time researching where to get this and that EA to do very basic things.
  • #51
  • Aug 2, 2015 10:17pm Aug 2, 2015 10:17pm
Quoting fishme231
The problem with mt4 is with the various plug ins you can get to 'scam' clients. With the random slippages plug-in you would have no idea you were being scammed. I like mt4 but to trade profitably ctrader offers a better probability.
LOL. Do not be naive. If you do not like the way a broker prices and executes, move on. These "plug ins" can be custom created for anything, including ctrader. Small slippage should not affect your ability to "trade profitably".

MT is a reasonably good charting platform with automation and a ton of indies (scripts). Trading interfaces have been somewhat improved over time, but I understand there are various add-ons which help make it even more friendly.
  • #52
  • Aug 3, 2015 1:12am Aug 3, 2015 1:12am
My take on why so many traders use MT4 is because it is offered by so many brokers. I started my trading career on MT4 and just stuck with it. It could be familiarity.
  • #53
  • Sep 15, 2015 12:21am Sep 15, 2015 12:21am
I think MT4 is widely used trading platform in the world. There are also many platforms where traders can do trading . I like MT4 because it is easy to understand, user friendly and having all necessary tools used in trading. I feel comfortable with MT4 , tried mobile trading too but MT4 is best for all reasons.
  • #54
  • Sep 15, 2015 1:18am Sep 15, 2015 1:18am
IMHO the success of Metatrader is due to a guy called "CODERS GURU".

He wrote a very easy to understand tutorial on how to code in MQL4.

Because of his tutorial Metatrader has the easiest coding language in the industry.

Even if you can't quite code something from the ground up, you can at least get what is out there and change it to do what you need.

That gave birth to a army of thousands of coders.

People go where the tools are.

I trade with a few brokers but I don't even touch their chart packages.

Brokers come and go on my "order placing laptop", but my 8 screen setup with all tools I'm familiar and need stays the same with metatrader.
So, you think you have rights? LOL
  • #55
  • Sep 15, 2015 2:04am Sep 15, 2015 2:04am
Quoting ForexOracle
IMHO the success of Metatrader is due to a guy called "CODERS GURU". He wrote a very easy to understand tutorial on how to code in MQL4. Because of his tutorial Metatrader has the easiest coding language in the industry. Even if you can't quite code something from the ground up, you can at least get what is out there and change it to do what you need. That gave birth to a army of thousands of coders. People go where the tools are. I trade with a few brokers but I don't even touch their chart packages. Brokers come and go on my "order placing laptop",...
Indeed.

Why would one even care? Are they to replicate the success?
  • #56
  • Last Post: Sep 15, 2015 3:32am Sep 15, 2015 3:32am
I like MT4 but I also heard order execution can be slower at MT4. Not sure if it's true. Anyway, even prime broker LMAX supports MT4......
Simplicity is the ultimate sophistication - Leonardo da Vinci
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