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I use metatrader 5 with CQG data feed thru AMP futures. I started in October 2017. I tried trading using volume spread analysis and on tick charts. Manually scalping ES is possible. But very very hard. So I started learning how to code in mql5 language. It was intimidating at first. Now, after two months, my metatrader 5 programs are now trading in demo mode. 100% hands-free.
I just do not know if my set up is the fastest set up possible. What I am noticing is that after my program calculates an entry (50 milliseconds), it then sends an order. The platform responds that it received the order in 3 milliseconds. Then it takes another 7 ms for that order to get to the clearing house and becomes a deal. This is trading just 2 ES contracts.
I've heard that HFTs operate on the microsecond level. Really really fast execution by HFTs.
This is all in demo mode. Sometimes, even in demo mode, my orders are left behind due to fast moving market.
My program automatically cancels them if they are 2 ticks at a disadvantage.
In a few weeks I'll switch to live account.
It took me 7 years to get to this point. I am super excited and at the same time apprehensive. I do not know how my metatrader 5 program would execute in live mode.
Can you help answer these questions from other members on NexusFi?
I'm sorry to be the bearer of bad news but your expectations are not realistic. Execution on demo is in no way comparable to live execution. That's especially true for futures trading where you have a real counterpart (means higher roundtrip times than a demo account which is not connected to anything at the backend). In live mode you/your code's logic have to be able to handle roundtrip times of a few 100 msec to a few seconds. Yes, full seconds. Times of less than 100 msec are very very rare, that's just the nature of retail trading.
So, how to go from here?
Forget any very short term approaches (intra-minute scalping) and try to find some longer-term edge. In this regard trade durations of multiple minutes or on M5 may already be considered "longer-term" . Try to develop something with a profit target of at least 10 ticks, whatever this is for your preferred instrument. After all you have to cut your losses short and let your winners run. It's what you need for survival and produces the few bigger winners you will need, and that's what trailing stops are made for. But trailing stops will not work with profit targets of only 1-2 ticks and intra-minute scalping will hardly work with retail platforms, you only stack the odds against you. Trailing needs some air to breathe, so look for M5 or better M15 strategies.
MT5 makes sense where MT4 does not cover a market, e.g. for trading futures directly like with AMP or for trading at a minor stock exchange. In all other cases (including major stock exchanges where better tools exists) MT4 has always been better and will be so for the foreseable future.
People (including broker representives) really need to know MetaQuote's business better to make sound decisions or to give advice. There are strong reasons that MT5 was never accepted in the trading industry (not to mention by traders) and this reasons are firstly lack of compatibility, support and features (features being the one with the smallest priority). The lack of acceptance is a result of those reasons and it's because of this that MT4 will be with us for a long time (opposite to the opinion of all following only rumours etc). If MetaQuotes was to stop MT4 it would be bancrupt immediately. They simply cannot afford.
- MT5 is faster than MT4... *misleading*
- MT5 is a Multi-Market platform... *true*
- In MT5 it is possible to get real volume traded data... *misleading*
- In MT5 you can download and consult ticks history... *misleading or wrong*
- In MT5 you have access to the tape... *misleading*
- In MT5 you can backtesting robots... *misleading or wrong*
- In MT5 you can backtesting Multi-Symbol strategies... *misleading or wrong*
- On both platforms it is already possible to import your own historical data... *misleading or wrong*
- In MT5 you can create Custom Symbols... *misleading or wrong*
If there is interest I will elaborate specifically on each of those claims.
I read the assertions made in that link and they all made sense to me. The OP explained them really well.
I too, felt bad originally when mt5 came out.
I did not want to lose all the EAs, scripts and indicators I made in mt4.
Good thing AMP Futures launched their mt5 last year. That’s when I looked into mt5 and found it to be an improved version of mt4.
I have no problem upgrading my mt4 code to mt5.
The metatrader platform of AMP FUTURES has been down since July 28, 2018. It is now 2:01 am of July 30, 2018.
It is still down. I wonder what is happening?
Are they going to pull the plug on metatrader5?
I hope not. I have hundreds of hours invested on mql5 programs.
The metatrader platform is up and running.
Here is the message from AMP FUTURES.
The Tier 1 ISP "Fiber" Network that is dedicated to our MT5 infrastructure had scheduled maintenance this weekend that did not complete in the pre-determined schedule.
This was resolved at approx. 8:30am Frankfurt time.
If you are still experiencing an outage, please restart your MT5.
CQG performed upgrade to their WAPI this weekend, which has not been executed as expected. CQG is aware of the issue and working diligently to re-establish accurate DOM data flows.
In metatrader5 of AMP Futures, your program is going to work in demo account issuing BUY LIMIT or SELL LIMIT orders. But in Real account this may not work.
The reason being is the "type_filling" when populating the request structure, is defaulted to 0 (Fill or Kill). You have to use ORDER_FILLING_RETURN in order for you to park your BUY LIMIT or SELL LIMIT orders. Otherwise, your orders are usually cancelled by the system in REAL account.
Both filling modes are supported. It is just that in demo mode, FOK is really not FOK. It is acting as RETURN mode. In demo account, your limit orders are not killed if not filled. They are parked. Sitting in the DOM waiting to get filled.
In REAL account, your FOK limit orders are killed immediately if not filled. So if you want to park a LIMIT order, use RETURN filling mode.
I've been using MT5 with CQG data. I like it but there are a couple of issues.
Tried a non trading EA which creates a "custom symbol" renko chart - it dose not auto update. DOM would be better if it had volume traded at each tick.
With limit orders, sometimes when price reaches them, I'm watching the time and sales go through. Down in the tool box I'm watching my pending order go from green to yellow, but rather than filling, it goes back to green.
Not sure where this execution latency is happening in the chain (possibly my computer/internet).
. Try to develop something with a profit target of at least 10 ticks, whatever this is for your preferred instrument. After all you have to cut your losses short and let your winners run. It's what you need for survival and produces the few bigger winners you will need, and that's what trailing stops are made for. But trailing stops will not work with profit targets of only 1-2 ticks and intra-minute scalping will hardly work with retail platforms, you only stack the odds against you. Trailing needs some air to breathe, so look for M5 or better M15 strategies.