View Full Version : MT4 - Why is it loved so much
What's it about MT4, I have tried it, maybe not a fan, I understand there are EA's, and its pretty customizable, but to be honest I have been around this industry for approximately 5 yrs, and not seen yet Auto traded system that works long term.
What's it....What am I missing?
I guess to ask a direct question, what's your favourite feature?
The Performance-price ratio is unbeatable.
The Performance-price ratio is unbeatable.
What can you mean by this, its a leased system....Many brokers use it...
If you are not a trading with grandfather's indiors any platform are great, otherwise in the event that you would like to trade with your mathematical vue of the market,MT4 is one of the greatest with a sharing community.
The Performance-price ratio is unbeatable.
The Performance-price ratio is unbeatable. You believe MT4 is free? Think again. .
You think MT4 is free? Think again. . Yeah MT4 comes at a high price.
You pay with your spread.
I can demo as long as I want for free It's a GREAT programming language that I use to program my own filters, tools and EAs The charting Applications are intuitive to use and Also Have Great data The Strategy Tester is among the best out there Its a local Application - I Despise using the Java-based online trade managers that a Few brokers use
What's it all about MT4, I've tried it, maybe not a fan, I understand there are EA's, and its pretty customizable, but to be truthful I've been around this business for approximately 5 yrs, and still not seen one Auto traded system that works long term.
What's it....What am I missing?
I guess to ask a direct question, what is your favorite feature? I think generally it is just a well thought out, easy to comprehend platform. When I traded with a Currenex accountI used MT4 for the charting. It is free, I could customize the charts to my hearts desire, and have charts open and easy to see at once.
As for trading, it is rather easy to use, however I suppose it was primarily designed for bucketshops. However, with ECN brokers like MB Trading, ATC now offering or starting up MT4 platforms, the'cost (high spreads) of utilizing MT4 may vanish, which is a fantastic thing for certain.
PRO:
1. Its simple to learn MT4 platform.
2. After I learned MT4 platform, I have a horde of brokers to trade with it; unlike those platforms that need hours or even days of tinkering to get used to and at times making errors with the platforms.
3. Simple to run. It requires very little resources to operate.
4. Simple to write custom made indiors - makes programmers and indior sites happy
5. Automated Expert Advisers - makes programmers and EA sites happy
CON:
1. Most MT4 brokers are crap BUCKETSHOPS
2. Digital Trader Plugin = automated wholesale screw-the-trader cheat
3. Slow 1st order implementation - should be the way MT4's poorly composed client-server protocol
A person stated that MT4 broker's distribute are dreadful. . I beg to disagree. Thought it is true that a broker's distribute are enormous; nonetheless many MT4 brokers have better spreads than even ECN brokers (like CNX or MBTs).
For instance:
FXDD's EURUSD spread is 2 pips. NO COMMISSIONS
CNX spread ranges from 0.1 (very very seldom), to 2 pips (quite often), to 5 pips (during dull market hours), to 50 (during news occasions ). And in addition to this, pay commission of about $10 each 100K Lot sizes.
MBT's EURUSD distribute is much like on many CNX. The gap is the higher commission. I cover EUR1.00 per round trip on 100K lot dimensions EURUSD trades.
Thus in the end, I cover MORE on many ECN brokers than on most MT4 brokers.
However, of course, what I dont like about MT4 is your F**K Virtual Trader Plugin. The title of platform immediately advertises the broker's intention to CHEAT the trader.
Agree with LongToBeFree.
I can demo as long as I need for free It has a Fantastic programming language that I use to program my own filters, tools and EAs The charting tools are intuitive to use and have good data The Strategy Tester is one of the finest out there is a local application - I despise using the Java-based online commerce managers that some brokers utilize 6. It smoothly running on my Ubuntu machine.
It is indeed the most lightweight of the platforms, easily portable -- just copy it and run it from there. Can not think of any other platform which does this. .
it is indeed the most lightweight of the platforms, easily portable -- just copy it to a usb stick and run it from there. Can't think of any other platform that does this. . Huh, I do this with my current platform, so does this save the whole program, or simply save a design?
But of course, what I dont like about MT4 is Your F**K Virtual Dealer Plugin. The name of MT4 platform instantly advertises the broker's intention to CHEAT the trader. Do the ECNS possess this? Or is it for any broker offering mt4?
PRO:
CON:
1. Most MT4 brokers are crap BUCKETSHOPS
2. Digital Dealer Plugin = automated wholesale screw-the-trader cheat
3. Slow 1st order execution - has to be the manner MT4's poorly composed client-server protocol I agree with this listing but I will see that the Bucketshop have been in BIG TROUBLE now that ATC and MBT and utilizing MT4 as a frontend. I'm playing with both demos and they put my broker Alpari-US to pity!!
The orders enter lickety split! And the prices update like mad!! - Looks like a new era of MT4 ECN is currently happening . I can not wait till MB comes out of Beta - I'm running to them!! (My EA is up 25% in two days with them because of this exceptional execution - when my EA watch's a chance I get IN! Without the slow quote anti-scalper requote crap)
MT4 principles!! And I dont have to rewite my stuff in jforex or java to run onto the ECN platforms. Looks just like the buckets are going to empty.
I concur with this listing but I will see the Bucketshop have been in BIG TROUBLE today that ATC and MBT and using MT4 for a frontend. Both demos and I am playing and they put my broker Alpari-US to shame!!
The orders input lickety split! And the prices upgrade like mad!! - Looks like a new era of MT4 ECN is occurring at this time. Till MB comes from Beta I can not wait - I am running to them!! (My EA is up 25% in two days with them because of the exceptional execution - when my EA watch's a chance I get IN! Minus the slow quote anti-scalper requote... Can you please elaborate on that you mean by ATC and MBT???
The easy answer is that you can have the indiors that will cost you thousands of dollars at no cost. Rather than the usual ones who barely work.
Then there's the automatic trading that I am not fond of yet, but other people are.
Could you please elaborate on that you mean by ATC and MBT??? http://www.mbtrading.com/
http://www.atcbrokers.com/index_forexpro.htm
Can you please elaborate on who you mean by ATC and MBT??? ATC - http://www.atcbrokers.com/index_forexpro.htm
MBT - http://www.mbtrading.com/metaTrader4Overview.aspx
....
BIG TROUBLE currently that ATC and MBT and utilizing MT4 for a frontend. I'm playing with both demos and they place my broker Alpari-US to shame!!
The orders enter lickety split! And the prices update like - Looks like a new age of MT4 ECN is occurring . Till MB comes from Beta I can't wait - I'm running to them!!
.... Why MBT over ATC? ATC is reside MBT is still in Beta, what is so great about MBT that you waould rather than go Live with ATC 26, wait? Or what is awful about ATC?
'Cause I'm taking a look at doing the same thing, and value opinions of the more experienced than myself.
Thanks
What is it about MT4, I've tried it, not a fan, I know you will find EA's, and its pretty customizable, but to be honest I've been around this business for about 5 yrs, and not seen one Auto traded system that operates long term.
What is it....What am I overlooking?
I guess to ask a direct question, what is your favorite feature? I agree that MT4 isn't just the ideal bundle, but it will possess a lot of indiors, there's already a neighborhood in place for those EAs, and it's free (minus all your losses). That's why I think it will be difficult to get someone spend the time fighting the battle of beating MT4. I'd love to see a killer web-based Currency Market app with executions along with a drag and drog system, but I am not holding my breath.
Why MBT over ATC? ATC is reside MBT is still in Beta, what's so good about MBT that you waould instead wait than go with ATC? Or what is so bad about ATC?
'Cause I am looking at doing the exact same thing, and value opinions of those more experienced than myself.
Due ATC is a IB for Hotspot, and generally Hotspot's spreads Aren't as good as MBT's. Nothing terrible about them per se.
ATC is a IB for Hotspot, and generally Hotspot's spreads aren't as superior as MBT's. Nothing terrible about them per se. Exactly. The distinction is getting larger, although, when you take a look at MBT spreads as of this week.
I agree that MT4 is not exactly the ideal bundle, but it will have a lot of indiors, there's already a community in place for the EAs, and it's totally free (minus all of your losses). That is why I think it'll be hard to have someone spend the time fighting the battle of beating MT4. I'd love to see a killer web-based Currency Market app with great executions along with a drag and drog system, but I am not holding my breath. To each his own. What works for me does not work for you, and vice versa. Personally, I am not a massive fan of MT. The platform, itself, will be miracle... easy to work with, most popular indiors comes loose, light weight, etc.. Its the brokers that MT is hooked on not a massive fan. A fantastic majority of MT brokers would be the most shady of this business. Not saying brokers that uses other platforms are by any means, ideal. Its just, MT seems to attract the most sleazy of this crowd.
And I totally agree on web based platforms. Don't know why that niche hasn't taken off. I love it and use GFT DealBookWeb exclusively. Its not ideal by any other means, may be slow time (but rarely), its heavy for a web app that uses AJAX, charting may be slow (not maintaining with quoteboard price action, seems to be a 1-2 seconds behind), interface is not customizable, etc.. The great thing about using it's, its web based, have the majority of the functional properties of the actual platform, has all of the majpor indiors, great realtime charts, etc.. As soon as I started my account with GFT, taking a look at the web based trading was not something I wanted to do but through time, it has improved dramatically.
Now, with MT function as pioneer of FX trading platforms... when will they create an internet based platform. I know its possible, if you see their EA Championship webpage, your will see a few fantastic examples of MT web based chart (done with Flash).
Here is and example of what I mean, http://championship.mql4.com/2008/users/Liliput/ Looks just like the actual platform.
CON:
1. Many MT4 brokers are crap BUCKETSHOPS
2. Virtual Trader Plugin = automated wholesale screw-the-trader cheat
3. Slow 1st order execution - must be the manner MT4's badly written client-server protocol 4. MT4 does not have any option for the end consumer to set the local timezone on charts
The deficiency of the very basic elementary feature, which is supplied by every additional charting platform accessible, continues to baffle me. .
I have used mt4 and after countless hours with it, I begin to miss a few functions that would made my life easier. Nr 1 is what KGB cite over. Nr two is more functions with TL. Painful to correct colours/seize that is distinct each time you draw on lines. Some stockchart pages I have used have some excellent features in regards to TL's. Nr 3 is to possess the applications for shares, bonds etc which seems like heaven to me .
However, I really can not complain since the program is free. Simply mention it
I can not envision any professionals using mt4 Once I see what alternatives software's like Tradestation have (that's the trading-platform I'm drooling at at least once a week )
I thought I would post this following your comment about trendlines/colours etc.. This helps if you didn't know it.
Go into Tools, then options, then objects and check the box for display properties after creation. Then when you draw a trendline parameters etc for you to alter or accept. It saves attempting to grab the lineup along with your ma's etc.. If you knew this, perhaps someone reading will gain from it.
cheers
Andy
I thought I would post this after your remark about trendlines/colours etc.. If you didn't know it 10, hope that this helps.
Go into Tools, then options, then objects and check the box for show properties after production. Then once you draw a trendline it pops up a box with colours, parameters etc for you to alter or accept. It saves attempting to catch the line amongst your ma's etc.. If you knew this, maybe someone else will gain from it.
Cheers
Andy Yes, makes it a bit easier, true. Thanks for sharing it anyway, might be helpful for others too.
I wish I could find the options menu to create my candles OBEY the lines when I could be bothered to go to the effort of placing them there.
Agree with LongToBeFree.
6. It easily running on my Ubuntu machine.
Hey brother. I run Ubuntu hehe
I've used mt4 for quite some time and after millions of hours using it, I start to miss a few functions that could made my life much easier. Nr 1 is exactly what KGB cite above. Nr 2 is more works with TL. Painful to adjust colours/seize that is distinct each time you draw on lines. Some stockchart pages I've used have some features in regards to TL's. Nr 3 is to possess the same software for stocks, bonds etc etc which seems to me like heaven.
But I really can't complain because the software is completely free. Just mention it
I can't picture... From what I hear Tradestation is your company, simple to use, simple to code. But you have to buy this, and try finding someone that can code it MT4 is completely free and many people write code for this, not merely EA's but habit indi's etc, so we sacrific you.
Reminds me of microsoft - give it to them today, as soon as they believe that it's the only alternative, will bill them the earth for this. You know that it's coming, ok we already pay for.
Perhaps we should start a campain right here and find another platform provider and encourage them to alter the future.
From what I hear Tradestation is your company, simple to use, simple to code.... Same as I've discovered then I have absolutely no problem paying anything it takes in regards to quality, provided that I think it's worth it and provide desired functionality in return. Tradestation happen to be under constant improvements/updates for many years that I would suppose reflects in the applications (attributes ).
TS's easy-language coding is one of those features I've been looking at.
Thus in the long run, I cover MORE on several ECN brokers compared to most MT4 brokers. Perhaps you forgot to consider how MM and ECN order filling, ECN always fill at greater price compared to MM, in the future u ECN still wins, somebody wrote about it you gotta dig it up somewhere. Which MM u are currently using?
What's it all about MT4, I've tried it, not a fan, I understand there are EA's, and its fairly customizable, but to be honest I've been around this business for about 5 yrs, and still not seen one Auto traded platform which works long term.
What's it....What am I missing?
I figure to ask a direct question, what's your favorite feature? Since it's preditable, you basically understand what it could do.
And quite stable.
A lot better than usd, gold and silver shares, and realestate items.
How can we long mt4???
Why do you say this, considering CFTC excess internet cap, it might beg to disagree, Oanda, FXCM (micro's.... I know) Profit, also GFT. . .None of that utilize MT4.
I figure that I see that for the more technical trader, not specialized analysis, technology as in app writing and auto trading....But Professional traders?
I just dont see it. But like they say, opinions are like....well you get the stage although we cannot deny that bucket shops make a lot of money by casinos in this age.
Mt4 is basically using great life, the notion is doing support and collect fee. And no price just like fabricating....
Something similar to what blizzard is doing. Software support using a entry barrier and customer acceptance. and free!
In the long term, if you seem 100 yrs, where is GM? CITI maybe? AIG no, mt4 likely yes...
that is energy
bucketshops will mostly be gone also
why trading 6 hours daily in front of computer along with 8-9 hr work...
if holding stocks and forget about it you receive great 10% ROI per year on average over an extended duration and econ won't clapse?
I bet 99% people still place their retirement account in stocks and this is clearly where money buys out in the long term.
The number of bucketshop can survive the capital life after econ recovery is a fantastic question.
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