More Forex Profits With New MT5 Expert Advisors
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The long-awaited release of MetaTrader 5 is just around the corner and, believe me, it will be well worth the wait. There is no upgrade path from MetaQuotes’ MetaTrader 4 trading platform to MetaTrader 5. MT5 is a brand new platform and expert advisors, custom indicators, scripts or autotrading robots that run on MT4 will not be compatible with MT5.
MT5 has a new integrated development environment called MQL5 which includes MetaEditor 5, MetaTrader 5 Strategy Tester and MetaQuotes Language 5 (MQL5).
Execution speed is everything when developing autotrading scripts that sometimes need to crunch huge amounts of data in conjunction with real-time price movements. The new MQL5 boasts up to 20 times faster execution speed than the current MQL4 language that is used to develop custom EAs and indicators for MetaTrader 4.
MetaQuotes has made significant improvements and enhancements in MQL5 over MQL4 that autotrader developers will probably appreciate much more than the average trader but will ultimately benefit the retail trader just as much. MetaQuotes has made MQL5 an object oriented language which, for programmers, makes the development of EAs quicker, easier and more flexible. The MQL5 programming environment incorporates intellisense which, as most techies would agree, speeds up the development process. It also has a built-in debugger for testing.
MetaTrader 5 Strategy Tester is the built-in test harness for expert advisors. It enables a programmer to stress test a newly developed EA on historical data before releasing it to a real trading environment. Strategy Tester features a “beefed-up” reporting facility that not only detects weak points in an EA under development, but also compares its test results to other EAs. This makes for more accurate and efficient code and therefore, better autotraders. The expert advisors and custom indicators produced by MT5 will be faster, more accurate, and more profitable.
Next, and interview with Stanislav Starikov, the chief developer for both MQL4 and MQL5.
7 Comments on this post
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brandon said:
i don’t like that mt5 prevents running multiple strategies that might take opposing trades in the same currency in the same account. i will not upgrade until i have no other choice.
metaquotes is only for advancing brokers and stealing money from traders
June 12th, 2009 at 12:48 pm -
Jim Hunt said:
Hi Brandon,
If you’d ever traded futures you would have got used to that “limitation” a very long time ago, and found other ways of running multiple strategies on one account.
Sounds like you currently use MT4. If MetaTrader brokers are so bad why not try trading currency futures instead of OTC forex?
Jim
June 13th, 2009 at 7:09 am -
Josh said:
It is not necessarily that the MT4 brokers are bad… It is more that MT5 brokers will be forced to be bad, because of the MT5 developers. All the MT5 brokers will be doing because of the NFA rules is exposing counter trend traders to more risk, by offering sub-accounts or two accounts.
Other than this the MT5 brokers would probably be the same as any other non MT5 broker.
For example:
“Recently the NFA issued new regulations prohibiting traders from hedging (having long and short positions open on the same currency pair at the same time). We realize that said regulatory changes will affect the trading style of many customers. As a solution, IBFX’s MultiTrader 4 allows users to easily manage multiple accounts at once; via this new trading tool you are able to go short in one account and long in another or vice versa!”
The message went further to explain margin implications by reminding IBFX clients, “Keep in mind when using this tool, you are now operating in two separate accounts, and thus, margin rules will behave differently. Formally, additional margin was not required when hedging open positions. Going forward, traders utilizing MultiTrader 4 as a hedging tool will be required to post margin on both sides of the trade, thus increasing the risk of a margin call.”These rules were supposably to protect the newbie, but instead as shown by these brokers, it probably exposes the newbie to greater risk. I thought people in this thread might be interested in this.
So, in addition to FX Solutions, FXDD, GAIN, FXCM, and Tradeview; Interbank FX has joined the ranks of brokers offering solutions to the hedging regulation.
June 14th, 2009 at 8:26 am -
Jim Hunt said:
Hi Josh,
I was trying to make two different points in one brief comment. To answer your point I’ll expand my first one a bit. Futures traders have been running multiple strategies on multiple instruments with a single account for decades, without the “benefit” of “hedging”. You don’t need to expose yourself to more risk by opening more accounts. Instead you need more intelligent EAs, or maybe a bigger piece of paper and/or spreadsheet plus a few extra mouse clicks if you trade manually.
Jim
June 14th, 2009 at 1:33 pm -
Josh Glazebrook said:
Yes Jim,
You are totally right:
“benefit” of “hedging”.
Many newbie traders expose themselves to open positions with realising there are points where the market will bounce, hence the newbie hedge (nedge) becomes a giant loss instead. However, the counter trend trader uses the S/R and “nedging” ability in MT4 to protect / enhance a postion that is already profit hence predicting re-entry points into a longer term position that you so sum up so very well with this statement “a few extra mouse clicks if you trade manually” is not needed. This makes trading much simpler, and probably safer for a new trader (if they use stop losses instead of actually nedging)One thing I think will be decent is market depth, although not genuinely possible in FOREX, because people make money by buying and selling money, so there is no chance that top 10 FX traders who make up 79.61% of the market are ever going to do this at the time of trading. What I believe is likely to happen in market depth for forex, is every single trade done through MT5 broker based platforms. Hence number of trades instead of volume of trades will be the measure of market depth. Still significantly more accurate than present, but with volume likely to be out of reach of the average trader, it will be best we will get as individual traders.
June 15th, 2009 at 4:39 am -
Eco said:
Does anyone know, is the Strategy Tester working finally with multiple assets?
June 19th, 2009 at 5:46 am -
Josh said:
When looking at this link http://www.forexfactory.com/showpost.php?p=3160717&postcount=200 and the thread associated with it. There are a lot of people interested in how MT5 is reducing the profitability of the trader.
I think that MT5 is going to have release something for the non-USA market that allows trading with individual positions.
This one position system is an increase trade management at the same time as reduction in trade functionality and potential profitability. Personally I am staying well clear of any MT5 Broker and sticking with MT4.
October 20th, 2009 at 8:01 pm
