MT4 Expert Advisor drawbacks...?

I was just wondering what are the drawbacks of the Mt4 EA.

Lets say you run a few tests on it and get some good results what would the danger be of using this system with real money.

lets say the modelling quality was good also.

has anyone any experience with mt4 EA. Is it reliable?

Any thoughts are welcomed...

Never believe test results from MT, it lies even if you test a day-trading strategy, and when you're trying to go deep inside 1 minute bar, It's crap. Never put real money on MT's "expert advisors". Go for some adequate software.

Doctor Leo said:

Never believe test results from MT, it lies even if you test a day-trading strategy, and when you're trying to go deep inside 1 minute bar, It's crap. Never put real money on MT's "expert advisors". Go for some adequate software.

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Do you mean adequate software to stratergy test, or adequate software similar to expert advisor? do you have any suggestions as to adequate software?

m

As soon as here's the talk about backtesing I assumed adequate software for this purpose. You can use with a nice level of confidence Wealth Lab or, if you know its peculiarities, Tradestation. Avoid Metastock because of its very limited backtesting capabilities and primitive language.
If it's a question of routing orders from a trading system to a broker there's a lot of nice choices, Ninja Trader and Dynaorder being the best IMHO.

Doctor Leo said:

As soon as here's the talk about backtesing I assumed adequate software for this purpose. You can use with a nice level of confidence Wealth Lab or, if you know its peculiarities, Tradestation. Avoid Metastock because of its very limited backtesting capabilities and primitive language.
If it's a question of routing orders from a trading system to a broker there's a lot of nice choices, Ninja Trader and Dynaorder being the best IMHO.

Click to expand...

Thanks for the reply... will look into wealth lab and tradestation

Doctor Leo said:

Never believe test results from MT, it lies even if you test a day-trading strategy, and when you're trying to go deep inside 1 minute bar, It's crap. Never put real money on MT's "expert advisors". Go for some adequate software.

Click to expand...

I am using metrader on longer time frames forward testing and I am not seeing any malfunction.There are many other factors which affect metatrader back tesing like unreliable data whis used with many different indicators on 15 m time frames and lower can give unreliable results

The results I am getting are what they should be.I do not use indicators and look at daily and hourly charts

OILFXPRO

oilfxpro said:

I am using metrader on longer time frames forward testing and I am not seeing any malfunction....

The results I am getting are what they should be....

OILFXPRO

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Seconded. Signals in right places etc. :| .

To check this for yourself, just backtest, and then run live one of the inbuilt EA's that come with MT4, for example. If backtests and live demo testing show signals occurring in the right places, i can't see a problem.

Perhaps if you have a complex EA with trailing SL, partial exits etc. MT4 becomes more problematic...

J Trader

I tested a strategy on cable on tradestation.Then tested the strategy on metatrader.There was a difference of 10 % on results between tradestation and metatrader.

The systems tested used no indicators.the systems were tested on similiar parameters maybe with slight differnces in data,opening range etc

I only look for approximate results.If I test a daily strategy which uses daily high low and trades without indicators on metatrader,I will look at test entries and exits and confirmation from the daily candlestick on the daily h/l/o/c.I have not had any problems with metatrader , the problem was broker data.

Here is proof

http://www.trade2win.com/boards/showthread.php?t=24344

This strategy has not done well last year .It was tested on both metatrader and tradestation and results were 90% similiar

This person using a metatrader Expert adviser has made $75,000 in under 2 months using only $10,000.

http://championship.mql4.com/2007/users

It is a free platform with so many prewritten strategies (EXPERT ADVISORS) available freely and for high quality strategies at a small price.

The profit on this journal isfrom using EXPERT ADVISORS on metatrader
http://www.trade2win.com/boards/showthread.php?t=27207

One drawback with metatrader is u can't place order at limit near the spread

OILFXPRO

Forex Hitter EA backtesting resuls alarming!!?

JTrader said:

Seconded. Signals in right places etc. :| .

To check this for yourself, just backtest, and then run live one of the inbuilt EA's that come with MT4, for example. If backtests and live demo testing show signals occurring in the right places, i can't see a problem.

Perhaps if you have a complex EA with trailing SL, partial exits etc. MT4 becomes more problematic...

Click to expand...

Hi, i just backtested a commercial EA called Forex Hitter. On my Alpari demo account I run the exact same test on all same variables exept I changed the starting portfolio size from 10k to 2k => Bt charts looked alike but on 10k the DD was almost 3 times what 10k account showed. Account size should have nothing to do with DD size when running EA with exact same parameters....:-0:-0

(Fx Hitter web site looks horrible and with all extra cheese, but somehow BT result look too good:-0, something must be wrong...?! 99$ commercial EA that has bloody mansion pictures on the web site by definition should be a looser, could some help be to proove me right..? OC version awailable for selected tester