Metastock Forex Brokers
October 10, 2006 by Trader Rich
After using paid charting packages such as eSignal, Intellicharts, Metastock, and Xtick, I just don't see a compelling reason to NOT use the freely available Metatrader. I've become semi comfortable with Metatrader except that I just haven't taken the time to learn to program in MQL4 which is short for Metaquotes Language 4. Just like my conversation about brokers yesterday, there is no perfect charting solution. You just have to choose which have the features that you need most. I will continue to use Metatrader not only because it is free but because the other paid packages don't provide me with anything more.
There are a lot of brokers out there that use the Metatrader server trading platform. Why? One reason may be because they don't have to spend the time and money to develop their own. You simply download the Metatrader client terminal and connect to any broker that publicly allows trading through their Metatrader trading platform. Brokers are providing their own price feed so one of the things that will be different within the Metatrader client terminal between brokers are the prices. So if you decide to use Alpari as your broker, you can do so by logging into their server from within Metatrader. If you then decide to switch to Interbank, the only change are the login and the prices. If you switch, the prices will re-populate with that particular broker's price data. In addition to these changes, the time on your charts will also change which is the one annoying thing about Metatrader. If Alpari is at time zone GMT and Interbank at GMT -3, this will be reflected on your charts. The time in Metatrader is not based on your local computers time.
This finally brings me to the reason for this post. There are no major forex brokers that use the Metatrader platform but I wish there were because the ability to trade directly from within the platform could be its biggest strength. Instead of purchasing an expensive API, you can automate your trades from Metatrader. The H-system trading system I've been using for the past 3-4 weeks is a perfect candidate. I've been sleep deprived during this time because a lot of the trades are opened during the European session. I've seen a lot of advertising from Interbank FX I just don't know how much I could trust a small broker with my money. Does anyone have any experiences with Metatrader platform brokers? I'll certainly be looking into this because I just cannot ignore the power that Metatrader can have when combined with a live account.
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I’m not sure Interbank is a broker, I think they just wrote the MT4 software and provide other educational information, software and price data.
Did you try the trial of their FX simulator. If there is any product I woud consider buying it might be that. Anyway I coudn’t find many MT4 brokers out their either because I think it is probably as good a product as their is.
The scripting is a cinch if you know any javascript which I’m sure you do.
OK well upon checking some links the above is all wrong, the above applies to forexinterbank.com, don’t know anything about interbankfx.com.
Definately check out the simulator at forexinterbank.com though
Hey Rich,
Saw your post on MT4 brokers, and had a few thoughts for you. I trade on pure price and candle formations. Depending on how a certain candle(s) form tells me a lot about supply and demand. The one thing that I’m running into with using MT4 for charting is that the brokers candle formations are different. Since there is no common exchange for Forex, the charts are typically a little different. This causes a problem for a lot of strategies. Cause often time the daily close, open, high, and low are going to be different for different brokers. So if someone is dealing with a breakout strategy, pivots, cam lines, or a range system it’s going to differ for each broker. I’ve noticed several times that I might have divergence on my MIG station, but not on my Alpari, or the 34 EMA is different, or I might have a 15 min doji on one and not the other. Since I’m dealing with pure price i use the Oanda charts. The reason is they are a large firm, and since they do a lot of volume I feel I get a closer picture of what is really happening with price.
Tough to explain, but I hope it all makes since.
Trade Well…
Brent
I will definately check out the simulator…
I think MT4 is better than others platforms
it’s better than JAVA & more easier