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Forex Forum to Share, Discuss, Communicate and Trade Forex • Secrets of becoming a successful forex trader
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Re: Secrets of becoming a successful forex trader

PostPosted: Sat Dec 05, 2015 4:42 am
by Waber
If you wanna to become a successful trader, you had better read a lot! For instanse, you can use this forex encyclopedia - https://freshforex.com/encyclopedia-forex/. There are a lot of good articles here.

Re: Secrets of becoming a successful forex trader

PostPosted: Sat Dec 12, 2015 10:21 pm
by NikNik
Testing Advisers:
Measure Thrice and Cut Once

The wisdom of our ancestors is limitless. It would be just silly to discard the experience acquired over the centuries and millennia, especially when money is involved. Suffice to recall the stone Rai coins that were in circulation in Micronesia. Their weight reached 5 tons, diameter - 4 meters. And imagine how hard it was for Aboriginals to split off at least one such coin from the cliff! You batter for a year, for another, and then it turns out that you have missed the calculations, and instead of providing for your whole life, you own an absolutely non-convertible cobblestone.
Anyhow, life progresses, and now we it is not an archaic axe that we use for trading but computers fitted with the MT4 and MT5, but the basic principles of currency transactions have not been cancelled, and they continue to operate until now, including the one we mentioned in the header.
In order not to dwell any longer on the history of Forex, I propose we finish with Rai and continue the discussion of how to take advantage of advisers that lie behind the tab "Market", located in the lower part of the terminal MT4 and MT5.
It seems that everyone knows (and those who do not know will learn now know) that the "Market" makes it possible to buy the right indicator, script or adviser (expert) just in a few mouse clicks, choosing it from many hundreds of others that are presented in the window of this service.
The keyword is "right". Indeed, how can you understand what you need exactly this trading adviser, and that it will bring you not expenses but quite real profit?
Of course, you can flip a coin, but, alternatively, I can offer three not so difficult, but much more efficient methods of choice. More precisely, we talk about three steps, because together they will help you buy not a pig in a poke, but exactly what you need, and for the money that it is really worth.
Step 1. First, having identified what you need and for what task, you start studying showcases of the "Market". Focusing on the description of goods and responses of consumers, you select variants for purchase.
Step 2. Download a free demo version of the advisor, use it in the "sweat of the brow" in the strategy tester, and if the test and optimization results at least agree with what the seller wrote in the description of the goods, go to step 3.
Step 3. The opportunity provided by this stage is rare in the world of Forex and is called "rent".
We are used to renting a car, for example, but to rent a robot that will make money for you? It is very rare that you hear about things like that. You won't argue that it sounds tempting, but it is not so simple.
I would like to remind you that all the prices - both for sale and rental - are determined by the seller (developer). (MetaQuotes only charges a small percentage for the provision of trading "square" in the "Market"), and that these prices can be very, very different.
For me personally it is quite annoying to see an advisor worth several hundred dollars without possibility to rent. In this case, I start to suspect that they want to sell me that very pig mentioned above. (Although, this is purely my feeling, and I do not rule out that this "modest" amount can make me an owner of the "Holy Grail", which will in a few years transform into a yacht and a small island with a cosy palace with forty or fifty rooms).
I do not really like the second option of prices, which can be found in the window "Market". This is when the purchase price and the price of rent is almost the same. For example, I met across cases when the purchase with the right of perpetual use was $ 88, and the price for 1 month rent was $ 66. Well, I can not understand the logic of this pricing!
But what definitely warms my heart and soul, is the third option (there are a lot of these in the "Market"), where the purchase price and the cost of rent differ significantly. I personally can not afford to pay straight $ 2559 for a super-fancy advisor, but I can easily pay $ 58 rent.
If you divide 2559 by 58 we get 44 - that's really a fair balance! You rent it for a month, earn $ 116, reinvest $ 58 for rent, and put the remaining $ 58 to your deposit. Now do the maths and calculate how much you can earn this way over 44 months, that is almost four years!
It is quite natural that sceptics will say, "Hey, what if the advisor only loses the deposit?" But, gentlemen, do not forget that I had already performed the first two steps before I rented the advisor:
- Firstly, I studied not only with the product description (which may not be entirely correct), but also its reviews of fellow traders. And if a few dozen people write that the adviser does work, why should I not to believe them?
- And secondly, I tested this advisor for free on different currency pairs, different time frames and different history segments, with different settings, and made sure that the beautiful chart drawn by the seller was not a marketing ploy;
- And it is only after that I would venture to lay out... no, not $ 2,559, but only $ 58 to finally be sure that it is the product that I really need.
By the way, if fifty dollars seem unaffordable sum for somebody, I would say that not all advisers in the "market" cost $3000, there are those priced at $ 199 (which can be rented for only $ 18 / month), there are advisers at 15 and 10 dollars apiece, as well as there are those that can be downloaded for nothing ...
In general, gentlemen, do try, experiment, and most importantly - do not stand still and do not worry if you have very little money in your deposit. Looking at the balance of the account, remember Benjamin Franklin's words - "Remember that money have the ability to reproduce." Maybe, just like his, it will be your portrait that will adorn a hundred dollar note:)

Re: Secrets of becoming a successful forex trader

PostPosted: Sun Dec 20, 2015 5:07 pm
by NikNik
Three Caveats of the "Signals" Service

How to make a profitable subscription to trading signals in MT4 and MT5

We are confident that the vast majority of traders are already familiar with the "Signals" service from the company MetaQuotes,which allows you to copy trading signals on line. Many thousands of these traders have become providers of signals and thousands of others - consumers of the product, in other words, subscribers to them. AND...
And having examined carefully the signals shopping window, having analysed the basic monitoring data and having made a subscription, the trader is all of a sudden surprised to notice that the results in his account and in the provider's account vary greatly, and while the supplier has a stable income, the trader loses steadily his deposit.
Why is this happening? Let's look at some nuances that are not very noticeable at first glance but can have a strong impact on the copying results.
Among the obvious advantages of service "Signals" are:
● embeddedness into MT4 and MT5 platforms, which allows to subscribe to trading signals from the home terminal just in few clicks;
● high level of security for traders and suppliers of signals;
lack of third-party access to their accounts and balance sheets -while subscribing even investor password is not requested;
● absence of any commissions for transactions and absence of spread expansion;
● possibility to use virtual hosting, and trade in fully automatic mode, without even turning on your computer;
● offers a huge selection of signals exceeding 3500;
● low fixed cost of the subscription averaging about $20 dollars a month (regardless of the size of your deposit);
● special system of protecting subscribers from the wrong calculation of the size of lots traded and excessive load on the deposit;
● full transparency of trading history, including around fifty parameters of online monitoring to help the subscriber to select the most profitable signals.
I would like to draw your attention to some of the above mentioned issues, because, despite the seemingly obvious advantages, they also contain a number of pitfalls that can cause serious damage to your deposit.
1. Firstly, it is a fixed price of subscription.
Some social trading platforms make their profit by charging a commission on each transaction or expanding the supplier spreads and if the supplier trades at a broker with a spread of, say, 1.0 points, the same transaction may reach you with the spread of 2.0 points and what it becomes at the time of important news release - generally a closely guarded secret. As for the "Signal" on MT4 and MT5, then there are no secrets, everything is clear and transparent: you pay for subscription and get trading signals exactly, as the supplier. However, please note that in this case the subscription for the same signal can be both profitable and unprofitable. It all depends on the size of your deposit.
Suppose the signal on which you decide to subscribe, shows an average monthly income of 20%, while the cost of subscription is $ 20.
If your trading account deposit is $ 1,000, an increase of 20% would equal $ 200. Subtract the cost of subscription, and it turns out that your monthly income is $ 180, ie, 18% a month. or 216% a year, which, as you will agree, is more than good.
Now imagine that your account has only $ 50. Profit in this case would be $ 10, which, taking into account the subscription price of $ 20, will bring you a loss of $ 10. Thus, in just five months, you do not just reset your deposit, but lose another $ 100 you had paid for the subscription.
2. Another important point, which will also affect the amount of income that you receive. Depending on the size of your deposit, a special system of protecting subscribers from the wrong calculation of the size of traded lots may not allow you to copy the transaction in the same amounts as the at the signal supplier.
For example, if the supplier deposit at the moment is $ 500, and he opens a transaction of 0.1 lots, then, with the deposit on your account of $ 100 the transaction that will open will be 5 times smaller, that is 0.02 lots.
Therefore, in order not to experience frustration, when choosing a supplier it is essential to pay attention to the current balance of the account. The difference in the size of opened transactions will be particularly noticeable if the supplier trades on cent account, and you are going to copy it on a standard dollar account.
3. And one more thing concerning the calculation of the size of lots traded. Getting to the tab "Signals" ("Tools"> "Settings"> "Signals") on your terminal, you can manually set the load percentage on the deposit. And in this case we must also be very careful.
Let's take the same initial data as in claim 1. If your deposit is $ 1,000 and the supplier of signals has the same amount, an increase of 20% is equal to exactly $ 200, since the transaction will be copied in the ratio 1: 1.
And everything is good, but, having examined the provider's trading history, you see that the maximum drawdown for his account is of, say, 80%. This risk seemed unacceptably high to you, and you have decided to reduce it in half. Make it very simple (and it is also a definite plus of the service) - you set the maximum load for the deposit of not more than 50% in the tab "Signals". Thus, if the provider opens a transaction of 0.1 lot,the transaction on your account will be twice smaller, that is 0.05 lots. But with the risk reduction of risk, it is natural that your profit will decrease as well, which, instead of 216% per annum will now be equal to 108% (which, frankly, is impressive).
But if your account is only $ 50, the picture is quite different. With the double reduction of the maximum load on the deposit the profit will be halved and will be not $ 10 but $ 5 that, taking into account the subscription fee of $ 20, will bring you a loss of $ 15.
There is another very important aspect that affects the success of the trade - it is when you have to choose out of possible 3,500 subscriptions the only one that will bring you a good and stable income. We have repeatedly described how to do this, and, of course, will return to this topic in the future. And meanwhile ...

Happy New Year!
Deposit Load Eng.png
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Re: Secrets of becoming a successful forex trader

PostPosted: Sun Jan 17, 2016 12:57 pm
by NikNik
MetaTrader Platforms: Knowledge is Power!
Or a Movie on How to Make Money

In 1597, the English philosopher Francis Bacon said, «Knowledge itself is power». Although this statement was made over 400 years ago, it still has not lost its relevance. Quite the contrary.
I think that there is no trader in the world, who does not know about the MetaTrader platforms - MT4 and MT5. However, as it turned out, not everyone is familiar with the opportunities that they contain, and therefore a lot of people lack the forces that their creators sought to give traders.
For me, MetaTrader is a bit like a computer action game: you go to the left - you find a treasure, you open the door to the right - you find an extra life. However, when it comes to Forex, the word "extra" out of place here: both treasures and lives - all come in handy. Still it would be great to find a secret map where all points of entry into position are marked.
Thus, wandering around the "nooks and crannies" of MT4 and MT5, you can find a lot of interesting and useful information that can give new strength to the trader to win in this exciting game - "Conquer the market." We are talking about services such as "Signals", "Market", "Freelance", "Virtual hosting". But when opening these "secret doors", it is not enough to see what is behind them, it is also necessary to know how to use all this arsenal with the maximum benefit for yourselves.
And here not only educational articles and videos a variety of which can be found in the portal mql5.com come to the aid, but also video instructions on the MetaQuotes official channel in YouTube (http://www.youtube.com/user/MetaQuotesOfficial). I had a chance to read in the news that during 2015 alone, this collection was replenished with 30 new "films" that help make money.
Personally, trading in the Forex market, I find these videos useful. Moreover, as a journalist I was interested which MetaQuotes services are at the top of trading charts. Therefore, among the leaders appeared:
- 7 episodes of "series" "Where Can I get a Trading Robot or an Indicator?":
1. "A Free Download from the Library of Trading Robots",
2. "How to build a trading robot in MQL5 Wizard",
3. "How to Order a Trading Robot in Freelance",
4. "How to Buy a Trading Robot or an Indicator in the Market",
5. "How to Find the Right Application in the Market",
6. "Free Testing of Indicators and Advisers before Buying",
7. "Renewal, Extension of the Lease and Installation of Products";
- The following section - "Virtual Hosting, and Round the Clock Trading," only 3 episodes:
1. "How to Rent a Virtual Platform",
2. "Preparation of Robots and Signals for Migration",
3. "Control over Resources and Subscription Management";
- And finally, section "Trading Signals and Copying Transactions" of 7 episodes:
1. "Showcase of Trading Signals",
2. "The Basic Parameters of Trading Signals",
3. "Statistics, Charts of Growth, Means and Balance of Trade Signals",
4. "Risks, Distribution, Comments and News in the Trading Signals",
5. "Displaying Provider Transactions Directly on the Chart",
6. "Subscribing to a Trading Signal",
7. "Report on Subscriptions to Trading Signals."
I have been watching what is going on and how it is going on in the sphere of algorithmic trade and social trading (in other words, copying signals). The conclusion is clear: the future belongs to them, not to “manual" trade. It is not by chance that they say, "One mind is good, but two are better!” And if they are not two, but 10022? And half of them are the brains of high-speed computers? Think about how much work they are able to perform for you!
Personally, I have a following picture on the monitor - eight terminals are open, four of them have robots trading, three - subscription signals, one is for amusement, for manual trading. In addition, note, there is still time not only for this, but also for writing posts. Such as this, for example.
That is how the things are!

Re: Secrets of becoming a successful forex trader

PostPosted: Thu Feb 04, 2016 6:03 pm
by NikNik
MT4: Is It Possible to Earn a Million on Subscription?
Deposit Growth, "Reverse Martingale" and Other Interesting Parameters

Opening the tab "Signals" in the bottom of the MT4 terminal, the trader is able to become... an investor. That is, having ceased trading on his own and having subscribed to the signals of another trader, you go into a passive state, and only watch your deposit increase or, alas, dry.
So after all whom and how do you choose out of more than 4,000 suppliers of signals in order to enjoy stable profit? Of course, the opinion of colleagues can help with this. It will therefore be interesting to analyze in more detail which signals subscribers prefer. And most importantly - why they are so popular with them and what the subscribers are is facing.

As of January 2016, top-10 most popular among subscribers signals are as follows:
I. Joker (increase of 14 228%, 377 subscribers)
II. MenjadiTrader PAMM 144842 (increase of 45%, 265 subscribers)
III. LidziyaForex (increase of 43227% 166 subscribers)
IV. Xedj BG (increase of 610%, 136 subscribers)
V. Blitzkrieg (increase of 771%, 128 subscribers)
The first step of the podium went to signal Joker. It is understandable - an increase of 14228% in the 23 weeks will drive anyone crazy (all the data given for 01/31/16). Just think - more than fourteen thousand percent! And with a quite tolerable drawdown of 36%! This is a living answer to those who say that it is impossible to become a millionaire in half a year!
I have been watching the preferences of subscribers for several years and you do not have to be a rocket scientist to figure out which one is the main criteria in the selection of a signal - of course, it is increase in the deposit. The Joker increases your deposit on average of 2 or even 3 times each month.
At the same time I would like to draw attention to the fact that during over 23 weeks of its work the Joker has made more than 15,500 transactions, i.e. about 700 transactions per week, or 135 per day. Apparently, we are talking about an active Scalping of just several pips with averaging the position. The fact that the signal does not have stop-losses speaks for this too. Therefore, before risking 1000, 2000, or 10,000 dollars, I would strongly advise you not to be greedy and spend $100 (this is the cost of a monthly subscription) in order to test the functionality of the signal on a demo account with your broker.
For example, in January, the most frequent with the Joker were deals on EUR/USD with 0.01 lot size and profit $ 0.33, i.e., just 3p. (The broker from whose account the signal is broadcast, the average spread for the pair is 0.75p.). Hence it is clear that the spread and slippage here will play a dominant role here.
It is clear that for investors with small deposits such subscription does not make sense. The reason for this is not even 'biting' subscription cost of $100/month, but the drawdown, which, taken by equity in absolute terms, reached $ 1100 (35.80% of the deposit).
Therefore, I personally think the place that the signal occupies in the ranking of MetaQuotes - 37th - is fairer.

In stark contrast to the Joker is the silver medalist of the rankings - the signal MenjadiTrader PAMM 144842. Compared to the rest of its "colleagues" from the "magnificent five" it looks an "ugly duckling" - where others show an increase in the hundreds or thousands of percent, the signal in almost 2 years showed a profit of 45% - some months 3-4% plus, some - minus 2-3%.And at the same time it turns out to be in the second place in the popularity rating! The reasons for this, apparently, are two:
1. The life span of the signal is 96 weeks on the market with a drawdown of less than 19%
2. Free subscription to the signal, which allows to use it even for small deposits, the average size of which, according to statistics, in this case, does not exceed $350.
As for the MetaQuotes rating, the MenjadiTrader PAMM 144842 occupies not the most prestigious 390th place there. But I'm almost certain that this rating does not in any way take into account the impact of such a strong factor as free subscription.
In the third place is a signal LidziyaForex. I can explain its place in the top 5 only by a 4500% increase in deposit in less than 3 months.
To be as "politically correct" as possible, I would not hurry with a subscription to this signal. Firstly, despite the "new-born" age, it has already demonstrated a rather high drawdown of 57%. Secondly, the lack of stops and 95% profitable trades say that in the case of loss-making position the author is inclined to wait for the trend to turn into the desirable direction and make minus into a plus.
And what if it does not turn?
Well, there is another aspect, which I dubbed "reverse martingale effect." It is the fact that a trader, first with a high degree of risk "speeds up" the deposit, and then begins to reduce the risk and, and, consequently, the profit. The presence of this effect is evident in LidziyaForex: November - increase + 1327% December - +107% January - +55%. I do not undertake to predict what the increase will be in February. Apparently, the MetaQuotes ranking system doubts its prospects as well - I have not found the LidziyaForex at least among the top 500 ranking signals.
The fourth place is occupied by the Xedj BG. This is a signal something like a LidziyaForex, with the difference that it is not 3 months old but 20, i.e., almost 2 years. At the same time here we have an impressive maximum drawdown of 72%, and a "reverse martingale": December 2014. - + 95%, January-February 2015 - from +23 to +29%, followed by two months at + 13%, and then an average of 3 - 4%.
Here, once again I want to stress the importance of the time of subscription to the signal. For example, if you had subscribed to the Xedj BG in November 2014, it would be one story, if you subscribe now, it is quite different.
Finishing the review of the Xedj BG, I decided to be patient and find the place that the signal occupies in the MetaQuotes ranking. But I didn't have enough patience and gave up after the eighth hundred. To be honest, out of the obvious advantages, I only found one - the subscription to the signal is free of charge.
Finally, the last signal of our Top 5 is Blitzkrieg. In this signal I found more pros than cons - it’s quite long lifespan (over a year), and a low maximum drawdown - 16% (despite the presence of stop-losses!), and quite a stable income - the average for the I quarter of 2015 was + 27.6%, in the II quarter. - + 24.2%, in the III quarter - +16.3%, in the IV - + 11.7%. (Although the "reverse Martingale" is also present).
And there is another plus - in the MetaQuotes ranking the Blitzkrieg ... occupies the second place! And this is the rare case when the opinions of subscribers, MT4 / 5 developers and my humble one are practically the same.
I'll be sure to keep track of what happens to these signals in the future and, of course, will not hold the information in confidence and will make it public. In the meantime, let me repeat what I said at the beginning of this review - if you select a subscription, of course, you can be guided only by the percentage of deposit growth. But it would be wise to glance at other options of online monitoring. Especially when the MetaQuotes have over fifty of them.
TOP-5 MT4 Signals MQL5.jpg
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Re: Secrets of becoming a successful forex trader

PostPosted: Tue Feb 23, 2016 12:45 pm
by NikNik
Signals at MT5: Stability is a Sign of Skill

We have earlier looked at the preferences of subscribers to trading signals for MT4. It is understood that the tab "Signals" is also available at the MT5 platform, and it has its own leaders and its own outsiders.

The Top 5 of subscribers' preferences at the end of January 2016 here is as follows:
I. Alfa Scalp (367% increase),
II. Performance CoolLite (748% increase),
III. Performance xTREME (472% increase),
IV. Leonardo Acc with Full Automated EAs (238% increase),
V. Accurate signal (123% increase).

The first place in popularity here is taken by the signal Alfa Scalp, whose main advantage, in my opinion, is its life span - 112 weeks, i.e. more than two years. It was during this time that it has shown an increase of 367%, so it is difficult to recommend it to those who want to become a millionaire in a few weeks. But for those who are just not satisfied with the interest rates on deposits, it will certainly be very interesting - bank rate of the largest Russian bank - Sberbank - on rouble deposits is about 12%, while here the forecasted increase is 10 times higher, 118%, without any expenses, as the given signal is free of charge.
Overall, there are 7 signals of this author represented in the MT5 showcase, one of which - Alfa Scalp 3 year - takes the 4th place in the ranking of the capital increase - + 565%. This is also a survivor; it was born in April 2013.
The specifics of these signals under the «Alfa» brand is enhanced by the fact that they all work on rouble accounts (RUR), although in his address to the subscribers the author offers to contact him and get recommendations for trade in other currencies.

The second place in popularity among subscribers takes the signal Performance CoolLite. It occupies the same second place in the MetaQuotes ranking. This "classic" social trading signal, the author of which, according to the ideal direct line of the deposit growth, "tops up" the negative position by averaging or martingale, and does not hurry to close them, waiting for them to give a positive result. As a result there are more than 97% winning trades and 29 profitable (not a single unprofitable one!) working months. The deposit growth is in the range from 3% to 20% per month and a maximum drawdown has not exceeded 38.5%. It happened last spring, after which no serious drawdown has been reported, which undoubtedly can be attributed to the advantages of this signal.

The third place is occupied by the signal Performance xTREME and, it is not difficult to guess, it is the work of the same author as the previous signal. And almost everything that has been said about Performance CoolLite, can be attributed to the Performance xTREME, except for a slightly higher drawdown - 52.0%
The fourth ranking signal - Leonardo Acc with Full Automated EAs - has been created by a hot Brazilian guy named Leonardo, and it fully reflects the South American temperament - from -31% to + 65% per month with a maximum drawdown of 32%.

Finally, the fifth signal in our top 5 - the Accurate signal. So far, everything looks very good - an average of more than 20% growth in deposits per month. There is only one minus - the age of the signal is only 3.5 months. Although the fact that the other signal by the same author - the Time system - has lived for almost two years, makes it possible to hope that the Accurate signal will live happily ever after.
In addition to the above, there is another signal, to which I would like to draw the attention of subscribers running the MT5 platform. Precious is another product «made in Brazil», the leader in the ranking of deposit growth - + 4457% in just 8 months with a very small drawdown of 25%. However, to be honest, despite all the advantages of this signal, there is quite a significant disadvantage - the one that I call "reverse martingale" - it is its sharply damped profitability:
- July 2015 - + 288%
- September - + 92%
- November - + 24%
- December - + 6%
- January of this year - even minus 8%.
I would like to say that this phenomenon has to be observed in a sufficiently large number of suppliers of signals, it is likely not characterized by their loss of skill but by psychological factor - after achieving certain results they no longer want to risk so that not to lose the hard-earned funds. This point should definitely be considered when subscribing, selecting the signals that give maybe not so high, but steady income.
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Re: Secrets of becoming a successful forex trader

PostPosted: Sun Feb 28, 2016 12:38 am
by radex78
Some trader that prefer use signal provider this information is very useful because they can follow expert trader and just need to copy trades, in my broker also already avaibale copy trades service, but so far I am never use signal provider to trade and still like with manual trading analysis with own responsibility.

Re: Secrets of becoming a successful forex trader

PostPosted: Mon Mar 14, 2016 5:18 pm
by NikNik
MT4 and MT5: Is the Best the Enemy or the Friend of the Good?

I have been dealing with Forex for a long time - starting from those "grey" times when it just started, with the use of Internet, to actively interfere in the life of an ordinary person. That was around 2008.
Initially I tried a number of trading platforms with different brokers, and did so until the moment when the fate brought me to know MetaTrader. I will not prevaricate, but it is thanks to this platform, that I abruptly changed my life, surrendering to Forex with my body and soul. I literally fell in love with the MT4, having learnt it upside down and, like any lover, could not find a slightest flaw in it.
And here came a terrible thing... I remember that fateful 2010, when it appeared on the horizon, MT5, the rival! I know that millions of MT4 fans worldwide faced a choice, where to give their heart - to the same reliable and proven companion, which they had for many years, or to a young, modern, and, as instructions stated, more nimble rival?
Frankly, I myself still have not solved this dilemma and therefore decided to collect and systematize the opinions of traders in the various forums, who turned out to be many.
So, here are some quotes:
1. "A more convenient opportunity to switch the timeframes, it is not necessary to download any scripts and mumble with the minutes settings. I am very pleased with the 12 hours frames." In addition, I should note that there are 21 timeframes available in the MT5.
2. "Transition of the interface from one language to another." I, for example, have Windows in English. And when I try to translate the interface of MT4 terminal into Russian using the Languages function, there appears a meaningless set of characters instead of words. In the MT5, the same function works flawlessly.
3. "In addition to a modern design and pretty :-) buttons there appear additional graphical objects that the user can place on the graph." Moreover, the terminal MT5 allows you to open up to 100 charts simultaneously.
4. "There came Depth of Market, which displays information about applications for the purchase and sale of a financial instrument".
As developers write: "MetaTrader 5 platform is designed to give the ability to trade stocks, futures, options and other exchange-traded instruments in real markets. Therefore, Depth of Market is available both for symbols that are traded in the stock exchange during run-time, and for non-exchange symbols. For stock symbols, Depth of Market displays real prices and the volume of trade orders. The Depth for OTC instruments is a scalping tool which allows one-click market and pending orders."
We will talk separately in more detail as to how to use this Depth of Market, in the near future. In the meantime, let us say that one more built-in function of MT5 - "Symbols" - is intended to facilitate such trade. This issue will also be useful and interesting as after MT5, the Depth of Market appeared on MT4 as well.
5. "The new MQL5 programming language used in MT5 has become much faster than the MQL4. That is why the MT5 is preferred for the automated analysis systems and / or trade. In MQL4, the robot worked by tick, in MQL5, there appeared events: the timer, at any trade action, changing the user's depth of market, with action on the chart. "In connection with what has just been said, setting a particular indicator, script or Expert Advisor to the terminal, traders should definitely pay attention to which of the platforms - MT4 or MT5 - it has been written.
6. "In MT5 there is a very handy thing - the news release time is shown directly on the chart, ie there is no need to look every once and again to the calendar."
7. "The MT5 has a very big advantage - it is the tester, there the testing speed is much higher, plus the ability to test the scalping, plus the ability to test the multi-advisors on several currency pairs." There can also be noted that a tester supports multiple processors (not only its own, but also a local network of computers) for optimization strategies. We will also discuss the ways to use it in a separate article.
8. "There are practically no indicators or expert advisors for MT5." Here I beg to differ - open the tab "Market" in the terminal and see how many products there are in its "Navigator" - hundreds! Of course, they are not so many as for the MT4, but note that the MT5 is twice younger than its rival.
9. And finally, the last point, which was the cause of many of the fiercest disputes. Of course, it is automatic merging of several orders on one instrument into one general position, and as a consequence, inability to put "locks", opening opposite orders. In other words, if in MT4 each order exists on its own, in the MT5 all open orders are accumulated into one.
For those who are accustomed to use counter-positions, grid advisors or Ilan type advisors, this causes a permanent displeasure. Although, in my opinion, there is a very simple way out: two trading accounts and two terminals - at the first one buy positions are averaged, on the other - the sell ones.
But that's not all! According to unconfirmed rumours, which have reached me from very reliable and authoritative sources, the possibility of hedging (opening countervailing transactions in the same instrument) will be available soon on MT5 as well. Meanwhile, intensive work in this direction is going on in the MetaQuotes.
What is it? Is it beginning of the end of the MT4 era? Probably yes. At least, I have downloaded the "five" on my computer and I study it thoroughly, as it is awkward to drag at the tail of progress.
MT5 Eng.png
MT5 Eng.png (228.47 KiB) Viewed 293 times

Re: Secrets of becoming a successful forex trader

PostPosted: Mon Mar 21, 2016 6:47 pm
by NikNik
Depth of Market: a Tool That Makes the Invisible Visible

Everyone is familiar with the rhetorical question about the glass, which is either half-full, or empty. In our case it will be an instrument Depth of Market (abbreviated DOM), which is something visually resembling glass, it allows the trader to see how it is filled with requests and quotes. This tool is integrated into MT4 and MT5 platform and at the same time, as shown by a survey of traders, many of them not only do not use this feature today, but also do not understand why it is generally necessary.
In the classical understanding, Depth of Market is an order book for the purchase and sale of securities on the stock market. Each application includes a price (quote) and the number of shares. The Exchange sends this information to brokers (sales representatives), and they pass it to traders (bidders).
Indeed, all this is true. And the appearance of DOM on MT5 has been aimed to open the door for traders to a full-fledged stock exchange trading. As one of them cried out in social networks: "Colleagues, it is time to grow out of short pants and begin trading as it is done on Wall Street!"
Indeed, it is time. And really, everyone would like to. Still it is not that easy.
And precisely in order to provide traders with access to exchange instruments, DOM originally appeared in MT5 terminals. It is very easy to call it - just click the right mouse button on the chart, and the screen immediately shows information about the volume of orders for the purchase or sale of an instrument by the best and closest to them prices. We emphasize we are talking about exchange-traded instruments. As for the OTC market, which is the Forex, we will talk about it below.
The stock and commodity markets have many strategies that are based on trade with the help of Depth of Market, which allows you to visually assess the supply and demand at a given time. Simply put, the DOM is a window of outstanding orders closest to the market.
It would seem that this is the Holy Grail, which allows you to quickly identify not only possible trends, but also the support and resistance lines; and understand, at what price at this or that given moment one can buy or sell, for example, a particular stake.
However, it is not that simple. Trading robots, as well as market makers often do not stop the desire to mislead the competitors, and therefore put large applications to buy or sell into the Depth of Market, and then... remove them. So trading with its help is not so simple in the modern conditions, as it may seem. Nevertheless, the fact remains - MT5 gives traders quite an effective tool for exchange trading, be it Dubai DGCX, Brazil's BOVESPA, Istanbul BIST - Borsa Istanbul or Moscow Exchange in Russia. And in order to start operations there, it is sufficient to just select an appropriate broker.
As for the Forex, the picture is quite different. There are frequent reviews of traders who claim that the DOM is not needed at all. I will not agree to this. It is a great tool for scalpers - as it has momentary speed of execution of orders for purchase/sale, as well as the issuing and transfer of orders. Testing on real accounts, at a wide variety of brokers, has shown its efficiency.
The only thing, we must remember that, in spite of the automatic summation and averaging of open positions in trading on MT5, averaging the values of the take-profit and stop-loss does not occur there. Therefore, you have to make corrections manually. But with regard to the MT4 (and now the Depth Of Market is available on this platform), there is no such problem - the symphony of high-speed trading and scalping sounds on "the four" like clockwork, which greatly increases the effectiveness of this action.
Summing up this material, we will ask once again: is our "glass" half empty or half full? It all depends on who needs what. However, the above demonstrates that it is able to quench the thirst for information of many of those who need it so badly.
Depth Of Market.png
Depth Of Market.png (60.85 KiB) Viewed 289 times

Re: Secrets of becoming a successful forex trader

PostPosted: Mon Apr 25, 2016 6:52 am
by Waber
To become a successful bonus trader, I'd recommend newbies to start with using no deposit bonus. I know that FreshForex broker offers $1000 no deposit bonus at the moment. You can try this.