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


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

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  #1 (permalink)
San Francisco Ca/USA
 
Experience: Advanced
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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?

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  #2 (permalink)
Market Wizard
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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.

Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
1 800 771 6748 local 561 367 8686 email support@OptimusFutures.com
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  #3 (permalink)
Prague, Czechia
 
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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.

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  #4 (permalink)
Chile
 
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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 .....

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  #5 (permalink)
Market Wizard
Boca Raton
 
Experience: Advanced
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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.

Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
1 800 771 6748 local 561 367 8686 email support@OptimusFutures.com
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  #6 (permalink)
lansing, michigan
 
 
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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.

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