What is this MT4, MT5...is this marketing talk?

billv said:
Ok but if we are making money we can afford to pay someone to do the coding for us and to make our lives easier.
I believe that if something is hard to do manually, we cannot do it for an extended period of time. Eventually we will give up.

As an example, I paid to make an assisting EA for another strategy where I trade the major pairs plus GBP crosses and that strategy would not be easily tradeable manually.
In fact it would not be very profitable if it wasn't for the trade management I have put inside the EA.
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I'm a programmer, so I've done massive systems but only small stuff in MT4, I find it hard to do too much programming these days unless I'm being paid.

Used to write games in my bedroom in Assembly recently, hang on no approx 33year ago, feels like recently, good times :(
 
salamanderforex said:
P.S. This picture is from Forex Portal app. This is showing M1, M5, M15...I guess these are not same as MT4, MT5.
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Indeed, not the same.
The M1, M5, M15 indicator in that chart is the time frame: 1 minute, 5 minute or 15 minute bars.
As you know by now MT4 and MT5 stands for MetaTrader 4 resp. 5.

MT5 user here, albeit for only one experimental automated trading system.
 
The biggest difference between Metatrader 4 and Metatrader 5 is that it is impossible to open an opposite position in the latter. Whether it is convenient or not is up to you.
 
Kodakoto said:
The biggest difference between Metatrader 4 and Metatrader 5 is that it is impossible to open an opposite position in the latter. Whether it is convenient or not is up to you.
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I don't know where you got your information from but your statement is incorrect. I can open opposite positions in both MT4 and MT5.

Hedging was banned in 2009 by CFTC along with the FIFO (first in first out) but these restrictions only apply to US traders and they are only applied by regulated brokers and it affects all trading platforms (not only MT4 or MT5)
 
billv said:
I don't know where you got your information from but your statement is incorrect. I can open opposite positions in both MT4 and MT5.

Hedging was banned in 2009 by CFTC along with the FIFO (first in first out) but these restrictions only apply to US traders and they are only applied by regulated brokers and it affects all trading platforms (not only MT4 or MT5)
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UK Australian account, I can play both sides same time, no point but I can.

Although if they banned it, got to be a pretty good edge in using it, hmmm!!
 
Turveyd said:
UK Australian account, I can play both sides same time, no point but I can.

Although if they banned it, got to be a pretty good edge in using it, hmmm!!
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LOL I've hedged too at times, but....... I'm not a US citizen and I don't use a US broker.
 
billv said:
I don't know where you got your information from but your statement is incorrect. I can open opposite positions in both MT4 and MT5.

Hedging was banned in 2009 by CFTC along with the FIFO (first in first out) but these restrictions only apply to US traders and they are only applied by regulated brokers and it affects all trading platforms (not only MT4 or MT5)
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I don't understand a single thing you said in this reply. Can you please explain the first part and the second part without using the MT jargons and in layman's terms.
 
salamanderforex said:
I don't understand a single thing you said in this reply. Can you please explain the first part and the second part without using the MT jargons and in layman's terms.
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First part means that if you have opened a BUY trade in EURUSD your trading software will not allow you to open a SELL trade in EURUSD while the buy order is open.

FIFO means that the open trades have to close in chronological order so if you have placed 4 BUY trades in EURUSD (trades 1, 2, 3, 4) then you will have to close them in the same order, 1, 2 ,3, 4. you cannot close trades 2 3 or 4 before trade 1
If your trading software has a CLOSE ALL function , it will close them in FIFO order .

These are silly rules in my opinion and one day they will probably be removed.
I don't know what purpose they serve, it seems to me that they are only there for to give 1 more edge to the brokers (as if they haven't got enough edges....)
 
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