Is MT5 not a good choice for futures /es and /nq trading? - MetaTrader | futures io social day trading
futures io futures trading


Is MT5 not a good choice for futures /es and /nq trading?
Updated: Views / Replies:433 / 5
Created: by bobbydigital83 Attachments:0

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 100,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors Ė all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you donít need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 
Thread Tools Search this Thread
 

Is MT5 not a good choice for futures /es and /nq trading?

  #1 (permalink)
San Francisco Ca/USA
 
Trading Experience: Advanced
Platform: tos
Favorite Futures: es
 
Posts: 28 since Jan 2019
Thanks: 10 given, 7 received

Is MT5 not a good choice for futures /es and /nq trading?

I used to trade forex many years ago and learned the functionality of mt4. From online videos, the interface is similar with mt5.

I remember, there wasn't a nice DOM feature to it. It was too basic for futures trading IMO. Has this changed?

Reply With Quote
The following user says Thank You to bobbydigital83 for this post:
 
  #2 (permalink)
Market Wizard
Boca Raton
 
Trading Experience: Advanced
Platform: Variety
Broker/Data: Optimus Futures, LLC
Favorite Futures: Futures
 
mattz's Avatar
 
Posts: 2,385 since Sep 2010
Thanks: 2,321 given, 3,460 received


bobbydigital83 View Post
I used to trade forex many years ago and learned the functionality of mt4. From online videos, the interface is similar with mt5.

I remember, there wasn't a nice DOM feature to it. It was too basic for futures trading IMO. Has this changed?

Today the MT5 platform is driven by CQG. The DOM has not changed, but you could use the CQG credentials from MT5 and apply it to an additional CQG platform like CQG Desktop, and use their DOM.

Matt Z
Optimus Futures

There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.

PM with any questions about optimusfutures (800) 771-6748 (561) 367 8686. THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES TRADING.
Reply With Quote
The following 2 users say Thank You to mattz for this post:
 
  #3 (permalink)
Prague, Czechia
 
 
Posts: 5 since Jan 2019
Thanks: 0 given, 2 received


Mt5 is weak, no really advantage to trade futures, especially using DOM.

For forex traders familiar to mt4 it's looks like a good choice, but it is not.

Reply With Quote
The following user says Thank You to kremat0r for this post:
 
  #4 (permalink)
Chile
 
Trading Experience: Beginner
Platform: NinjaTrader
Broker/Data: Mirus/Zen-Fire
 
Posts: 1 since Oct 2009
Thanks: 2 given, 1 received

A clear and brief summary may be found at https://www.dailyforex.com/forex-articles/2016/09/metatrader-4-vs-5-2016-review/63840. In essence MT5 caters to stocks and commodities, whereas MT4 is primarily for forex. Additionally MT5 does not allow hedging transactions (a buy and then a sell will automatically cancel, whereas with MT4 both can be booked).

Personally, I somewhat distrust these platforms as they provide back-ends for various third-party broker plugins (at the brokerage level), with can result in varying risk depending on the broker's ethics. Do your research; I just googled and found that the descriptions fo these tools are now much more carefully worded than in the past, where one could find detailed and explicit descriptions of all that was possible. Some options seem to be no longer openly mentioned. One can still read between the lines however .....

And perhaps the risk is of a more general character since in the case of forex, we are not dealing with a centralized and unique market.

Regardless, many traders seem to do quite well with forex platforms, and with the MT platforms in particular .....

Reply With Quote
The following user says Thank You to batuco9 for this post:
 
  #5 (permalink)
Market Wizard
Boca Raton
 
Trading Experience: Advanced
Platform: Variety
Broker/Data: Optimus Futures, LLC
Favorite Futures: Futures
 
mattz's Avatar
 
Posts: 2,385 since Sep 2010
Thanks: 2,321 given, 3,460 received


batuco9 View Post
A clear and brief summary may be found at https://www.dailyforex.com/forex-articles/2016/09/metatrader-4-vs-5-2016-review/63840. In essence MT5 caters to stocks and commodities, whereas MT4 is primarily for forex. Additionally MT5 does not allow hedging transactions (a buy and then a sell will automatically cancel, whereas with MT4 both can be booked).

Personally, I somewhat distrust these platforms as they provide back-ends for various third-party broker plugins (at the brokerage level), with can result in varying risk depending on the broker's ethics. Do your research; I just googled and found that the descriptions fo these tools are now much more carefully worded than in the past, where one could find detailed and explicit descriptions of all that was possible. Some options seem to be no longer openly mentioned. One can still read between the lines however .....

And perhaps the risk is of a more general character since in the case of forex, we are not dealing with a centralized and unique market.

Regardless, many traders seem to do quite well with forex platforms, and with the MT platforms in particular .....

MetaTrader is one of the BEST business models I have seen. Essentially, they are leasing their software to brokers based on licenses. Every broker that uses them must pay to MT for the use of their servers.

After applying this model in FX, they wanted to expand it to other exchange-traded assets; however, this is a multi-asset product that can trade all three products. Futures works just fine on it in terms of execution.

In my opinion, MT5 is more progressive than MT4, and the fact that it does not have "hedging" is not a disadvantage. That feature should be illegal. Most of those who run exchange-traded products can not do that and neither should FX traders.

Matt Z
Optimus Futures

There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.

PM with any questions about optimusfutures (800) 771-6748 (561) 367 8686. THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES TRADING.
Reply With Quote
The following user says Thank You to mattz for this post:
 
  #6 (permalink)
lansing, michigan
 
 
Posts: 8 since Oct 2018
Thanks: 14 given, 6 received

Well, I like it. (Meaning the installed version, but not the online version - that one is wonky)
Quick and easy. Basically I just click and go.

I use MT5 to trade micro gold and micro indexes and I use limit orders for entering and place limit and stop orders for SL and TP (rather than using the MT5 internal SL and TP - because those are stored locally and need MT5 to be running)

Compared to NT8 that I forked out $1100 for, or the free mutlicharts version that AMP provides, I much prefer MT5 (granted, I did use MT4 for FX for years so I was already familiar with most of the features).

PROS
1) MT5 works with Jigsaw (which I am still struggling with).
2) It is easy to add futures - much quicker and easier than with NT8
3) I like the fact that I can easily turn on bid, offer and last price lines.
4) The DOM works fine; it's no Jigsaw, but is certainly easy enough to place limit and stop orders with, and also get a super quick take on the resting orders.
5) It is easy to set up and change different profiles (showing different sets of charts),
6) It is easy to change chart styles, easy to see my results history.
7) Also it is a portable program so I have it installed on my office PC as well as home, and will probably put a copy on my other PC at my brother's house.

Drawbacks. Sure.
1) There are not a lot of free indicators, but I don't use them.
2) It is hard to program, but I don't use much other than an EMA, a spread indicator and a bar timer
3) Can't do OCO, (as far as I know, but someone probably sells an indicator.
4) Can't automatically place limit and stop orders when making a trade (someone sells something I think). You can place a limit or stop order and then have an automatice SL and TP placed once the order triggers, but you must leave MT5 running, as those orders are stored locally.

Reply With Quote

Reply



futures io > > > > Is MT5 not a good choice for futures /es and /nq trading?

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)
 

futures io is celebrating 10-years w/ over $18,000 in prizes!

Right now
 

$1,000 in Amazon Gift Cards being given away right now from GFF Brokers

Right now
 

$250 Amazon Gift Cards with our "Thanks Contest" challenge!

Right now
 

Show us your trading desks and win over $5,000 in prizes w/Jigsaw Trading

August
 

Webinar: Chart Patterns and Practical Trading Stats w/Suri Duddella

Elite only
 

Webinar: Richard Bailey (TBA)

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Is trading NKD Nikkei futures the best choice for afternoon/evening trading? tennon Emini and Emicro Index Futures Trading 9 December 5th, 2018 04:46 PM
Default Stop and Profit targets in MT4, MT5 vchase MetaTrader 0 December 28th, 2016 07:24 AM
Global Crosshair on MT5? MyOwnGame MetaTrader 2 August 28th, 2015 07:40 PM
Good Economy Not Good Enough for Investors: El-Erian Quick Summary News and Current Events 0 January 6th, 2012 02:30 PM
MT5 installations folder NOT roaming folder siscop MetaQuotes MetaTrader MQL Programming 3 June 5th, 2010 11:09 AM


All times are GMT -4. The time now is 07:22 PM. (this page content is cached, log in for real-time version)

Copyright © 2019 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts