MT4 Strategy Tester

This is a discussion on MT4 Strategy Tester within the Trading Software forums, part of the Commercial category; Originally Posted by iandh2010 Blimey Pat494! That's a whole lot of reading and researching for me to do. Should keep ...

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Old May 3, 2016, 9:30am   #9
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Originally Posted by iandh2010 View Post
Blimey Pat494!
That's a whole lot of reading and researching for me to do.
Should keep my from losing any money as I won't have time to trade.......... :-)
..............
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Old May 3, 2016, 9:40am   #10
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Originally Posted by Hency Corniey View Post
Thank you for sharing. As far as I know MT5 isn't bad at all.
Hi Hency,
Only just getting to grips with MT4 and MQL4 . Once I have that lot sorted then I might try porting everything over to MT5 as the MQL4 that I have been learning is supposed to be very MT5 compatible.

I have to say that the MQL4 programming environment is very well integrated and with MT4 Terminal so if MT5 is better that would be great but I am not sure that my current broker offers MT5.

What are the big differences between MT4 and MT5 in your opinion?

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Old May 3, 2016, 10:11am   #11
 
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I was with Alpari (UK) MT5 until they went broke. It worked well but nothing better than MT4.
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Old May 3, 2016, 12:06pm   #12
 
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Despite the fact that MT5 has now been around for 3 years, it hasn't really caught on.

One of the main reasons was that MT5 wouldn't allow separate orders on the same instrument - it would sum them up into a single order - which is useless for hedging - if you had 2 orders in opposite directions for the same size - you would end up with no order. It also means you can't run 2 different EAs on the same instrument - they would interfere with each other. I don't know if this has been changed recently - but this was a big reason for people not moving across back in 2013.

MQL5 is basically an object oriented language with syntax similar to C++. This is far too complicated for most trader types with a basic knowledge of MQL4 - so a lot of people didn't switch for this reason. There's nothing in MQL5 that you can't do in MQL4 also - it's just a different way of doing things with a much larger learning curve.

MT5 cannot run MT4 EAs or indicators. Given the huge library of content that would need re-programming it's understandable why very few have moved across to the new version.

It's these 3 reasons why MT4 is still prevalent across the industry. I think the Metatrader guys made a HUGE mistake with MT5 - it should have been backward compatible with MT4 - but some idealists in the programming dept decided that was not necessary and now they are left supporting 2 Metatrader versions, no-one wants to leave MT4 for MT5 because their code and trading strategies won't work with the new version.

Let's hope they sort this mess out for MT6, otherwise they'll be supporting MT4 for a long time to come.
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Old May 3, 2016, 12:29pm   #13
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Originally Posted by Hoggums View Post
Despite the fact that MT5 has now been around for 3 years, it hasn't really caught on.

Let's hope they sort this mess out for MT6, otherwise they'll be supporting MT4 for a long time to come.
Hi Hoggums,
Thanks for the heads up on MT5. Now I see why my broker doesn't bother with it....
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Old May 11, 2016, 11:01am   #14
 
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Originally Posted by Pat494 View Post
I haven't finished checking them all out yet. There are a couple so far that look promising. Don't trust martingale ones.
Let us know if you have found a good profitable one please. Mostly rubbish I regret to say.
Well Goldbull looked promising so I bought a copy for $149.
I followed the instructions and got the unzipped file into the Navigator tab. last Friday. Dragged and dropped it onto the correct charts. That was last Friday. I found it wouldn't attach to the chart for over 2 seconds ? If I had the chart on 30 min time frame it attached.
Well the sad part of it is by now Wednesday it hasn't made a single trade !!
When I try to get help I get shunted on to a newspaper's forum on cooking ?

Stay away - it is a scam as far as I can tell.
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Old May 14, 2016, 10:04am   #15
 
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@Pat494 I am perplexed as to why you would spend $149 on any "robot"!?

Surely if a robot/ea was a one-way street to untold riches then the owner would keep it to themselves, merely tweaking the code to perfection so that they could now be living in some swanky Caribbean pad with a few million in the bank?

In these circumstances the only way anyone would consider selling their successful robot/algorithm would be if a hedge fund or similar offered them $gazillions for the secret sauce

The retail forex/trading industry is utterly full of snake-oil salesmen which we would all do well to steer well clear of!
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Old May 14, 2016, 10:16am   #16
 
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Originally Posted by f2calv View Post
@Pat494 I am perplexed as to why you would spend $149 on any "robot"!?

Surely if a robot/ea was a one-way street to untold riches then the owner would keep it to themselves, merely tweaking the code to perfection so that they could now be living in some swanky Caribbean pad with a few million in the bank?

In these circumstances the only way anyone would consider selling their successful robot/algorithm would be if a hedge fund or similar offered them $gazillions for the secret sauce

The retail forex/trading industry is utterly full of snake-oil salesmen which we would all do well to steer well clear of!
Yes you are right.
Hopefully I have learnt my lesson/
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