MT4 vs MT5?

farmerjohn1324 · Oct 7, 2020

HobbyTrading said:
You won't get access to the source code and thus will not be able to modify the code. Only certain parameter settings (depending on the EA) will be available.

Oh well. I'll cross that bridge when I get to it.

For now, I'm just trying to get a platform that will work.

farmerjohn1324 · Oct 7, 2020

This is harder than I thought just finding a broker that meets my needs... Apparently, a lot of the Forex brokers don't accept clients from the United States due to regulations of U.S. Law.

So what I need from a Forex broker is... the ability to use MT4 and MT5, and a downloadable platform on both desktop and mobile, and that I can run EA's on. And that works in the United States. Can anyone suggest one?

Turveyd · Oct 7, 2020

I thought MT4 was shite recently tried multicharts ( memory hog to the max ) and Ninjatrader there both really expensive compared to free and there just shit, clucky slow badly written and no Android/Apple versions, useless.

xandman · Oct 7, 2020

farmerjohn1324 said:
I'm hoping to buy EA's and edit the scripts if necessary. I haven't done any computer programming since the late 1990's and that was just simple HTML.

HTML in the 1990s was not programming. MS Word was harder.

TraderDaveUK · Oct 7, 2020

farmerjohn1324 said:
Can someone recommend a Forex broker? I'm currently using IG. I know nothing about these companies or if they're legit, and I plan to wire them money in the future.

I need a broker compatible with MT4.

If you're already an IG customer, they offer MT4 (https://www.ig.com/uk/trading-platforms/metatrader-4) for both spread bets and CFD's. Though you mention you are US based, so not sure if these apply to you.

RedDuke · Oct 7, 2020

Turveyd said:
I thought MT4 was shite recently tried multicharts ( memory hog to the max ) and Ninjatrader there both really expensive compared to free and there just shit, clucky slow badly written and no Android/Apple versions, useless.

NinjaTrader is free until you need to trade live. And even then it is very cheap. Around 1K for life time license or like $50 per month. If you consider this really expensive, you should not be trading with few 100s that you have.

NinjaTrader 8 is actually quite fast and powerful software. All our algos run on it with no issue.

farmerjohn1324 · Oct 7, 2020

RedDuke said:
NinjaTrader is free until you need to trade live. And even then it is very cheap. Around 1K for life time license or like $50 per month. If you consider this really expensive, you should not be trading with few 100s that you have.

NinjaTrader 8 is actually quite fast and powerful software. All our algos run on it with no issue.

Does it use MQL4 and MQL5?

TraderDaveUK · Oct 7, 2020

For clarity, if you don't know already, MQL4 is the programming language for MT4; MQL5 is the programming language for MT5. They are similar, but not the same. NinjaTrader uses NinjaScript, based on the C# programming language. Hope that helps.

RedDuke · Oct 7, 2020

farmerjohn1324 said:
Does it use MQL4 and MQL5?

Does what use?

RedDuke · Oct 7, 2020

TraderDaveUK said:
For clarity, if you don't know already, MQL4 is the programming language for MT4; MQL5 is the programming language for MT5. They are similar, but not the same. NinjaTrader uses NinjaScript, based on the C# programming language. Hope that helps.

It is not a script, but fully fledged c# with Ninja libraries of course.