Meta Trader 5 Beta Testing

Today, I am going to talk about the new beta release of Meta Trader 5 -

On 9th of September, 2009 Meta Quotes offered its new charting and
trading platform, the Meta Trader 5. Currently, the beta testing is going on
and the company is planning to offer new MT 5 version in coming year 2010.
You can download Meta Trader 5 via following link
http://www.metaquotes.ru/files/mt5setup.exe

The new MetaTrader 5 trading platform is designed to provide brokerage services
to customers in Forex, CFD and Futures, as well as equity markets.
I personally think Meta trader 5 is a good effort as they added object oriented programming.

However; the company clearly missed the basic requirement of most traders
who actively use MT4 platform on a daily basis.

How customers are going to use it in trading?
Specially, when almost all of the Meta Trader 4 custom indicators and E.As
are not going to work in this Meta trader 5 version.

Following are the draw backs that I have found and I think it is going to make hard
to accept and use new Meta Trader 5 software.

1/- Custom indicators need to re-write because the old *.mq4 file code just do not work with Meta Trader 5. Even if you change the file extension it still do not work at all.

2/- Same programming and syntax problem with Expert Advisor A.K.A - EA
Also, there are many Expert advisors and custom indicators
that people do not want to reveal the code and trading formula to third person.

3/- Not every one is a computer freak to rewrite and upgrade his own custom
indicators and Expert advisors. This makes really hard for new users and beginners!

In order to accept and use Meta Trader 5 a trader first needs to pay money to a MQL 5 programmer to update and re-write his E.A and Custom indicator OR leave Meta Trader 5.

I think most traders wants to use Meta Trader 5 but above problems and up-gradation
of coding is a big hassle and use-less effort.
Just need to pay more money to get the things keep working.

There are millions of users who needs to upgrade their code to use at MT5 which is
not possible and realistic approach.


:: My suggestion to Meta Trader 5 team is as follows ::

It is possible via programming to keep running the old *.MQ4 files inside
Meta Trader 5 in a compatibility mode!

OR

Go back and use the same scripting language and offer a new version of Meta Trader 5 without changing the MQ4 syntax

Other wise, I think it is a long way till 80% custom indicators and E.A users even think
to shift over to Meta Trader 5.

At least, I am not looking to use Meta Trader 5 for now.
I think Meta Trader 4 is still a hero for me.

Kind regards,
-Muhammad Azeem
http://readyforex.com
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Forex Scalping Indicator - Waddah Attar Scalping

Here is a little indicator that might come in handy in your scalping journey. It can be used as a buy indicator or as a sell indicator. When we have 2 candles which has closed and the indicator closed in 2 consecutive green bars, it means the indicator is giving us a buy signal and when 2 candles has closed and the indicator has drawn 2 consecutive red bars for these candles, then it means that the indicator is giving us a sell signal. As you can see in the screenshot above, the piece of code can be used as a buy and sell indicator. However, I suggests you do not use it stand alone and you experiment with it along with other indicators you might like. If you come up with anything useful, do let me know about it. After you download the indicator, place it in the metatrader indicator folder and you will be good to go. Good luck. Source

The 'Catch and Release' Forex Trading Strategy

I would like to introduce you to this very nice trading system which can be used to take advantage of the big trends that occurs every now and then in the forex market. This strategy works great with trending pairs like the majors for example the eurusd, gbpusd or gbpjpy. The aim of this strategy is to wait for a trend to develop itself, then enter the market upon small retracement against the established trend.

The Catch and Release method uses a combination of buy indicators and sell indicator to generate buy and sell signals for the forex market. To be accurate, the system uses 5 indicators which are namely the GMMA SLOW, EMA (20 and 30),Stochastics(9,3,3), RSI(3) and finally the Heiken Ashi. All combined together produce very nice entry signals for the forex market with a high rate of accuracy. I would not go into the details of setting up the charts etc but I will just post the template at the end of this post so that you can just download it and apply to your metatrader platform. Your chart should be ready for you to trade. Now I will write a bit on the buy and sell signals. I will restrict myself to very little words as I have already made very illustrated screenshots of how the system works with trade examples so that you can follow and learn without the hassles of endless reading.

Here are the rules for buy signal as well as 2 trade examples which occured following the fulfillment of these rules. The screenshot explains for itself and I will not be commenting on the rules.

As for the Sell signal which this system generates, please review the screenshot below where the rules have been clearly outlined as well as trading examples. Follow the numbering for the signal order.

Download the template and indicators and start your trading practice. Good luck. Source

4XWorks - A very interesting ebook and hedge trading method

I would like to share this small ebook with you. It is called 4xWorks and as the motto of the book itself suggests, it should help you create realistic returns with minimal risk. The author starts by giving an overview of the forex market and the huge earning potential before releasing and explaining in very good detailed clear english, how we can achieve a good and consistent positive portfolio using his hedging method which uses the USDCHF and EURUSD pair. For those who are already familiar with hedging, they can think that this is old stuff that they already know about but I highly encourage them to go through this book because it is definitely something different from the hedging they might be thinking about.

Hedge Trading gives numerous benefits to the trader but the main one which is the most outstanding of all is that, it turn your trading safer and relieve you from the fear/greed effect gradually. Hedging will eventually eliminate the stress factor and should affect the trading psychology positively after using it for quite a while. So for those out there who are already stressed and almost fed up with the market, I suggest they should try this system as a therapy and it should work.

The method described in this book is for all likes... starting from a mild setup which should be very conservative and consistent to a Risky setup which is definitely not advisable for the beginner in trading. The part which I enjoyed apart from the explanation of the method is how the user takes some time to bring and introduce the proper trading discipline which one should adopt while facing the market. I definitely benefit a lot from it and I hope it help me in the future. I hope you will enjoy this read. Go ahead and download the ebook at your own convenience. Read more.

Trend Catching System - Another easy forex trading setup

Here comes another cool and smart forex trading system which can be described as easy as A-B-C. It uses 3 main indicators which are the MACD, the BBANDS and Moving Averages, not one but 10 of them. No worries, you do not need to setup the chart manually, you can download the metatrader template and apply it on any of your charts. Basically, you just have to follow 3 simple rules and if you happen to seen them, you do not have to hesitate a single moment and just open a position in the direction indicated by the trading system. Most of the time, if you choose to stick to these simple trading rules, you will end most of your trades with profits or green pips if you like. There is a nice screen capture heavily illustrated which should wipe all the confusion about this free forex trading system from your mind. Trading forex can be fun at times. This trading system is designed for trending markets and works only in trends. So, you should be using it preferably on trending pairs such as the GBPJPY or GBPUSD etc... Higher timeframes should increase the accuracy of the signals and also the profit target. I hope you will enjoy this new free forex trading system in your trading toolbox. Would like to hear back. Source

SOF Trading System Ebook

Here is a little system which can help you make some money in trending markets. Very straight forward and easy trading rules which anyone can learn and apply. You can also adjust/tweak the system and bring your own addition to perfect it. This used to be a commercial trading system done by a crook who just took a bunch of free indicators and renamed them.

As you can see, the indicators are very easy to interpret and implement in your trading. Feel free to share your views and insights about this free forex trading system.

Download the ebook and have a good read.

Pattern Recognition Master - Candlesticks

Hello,

This cool little indicator for metatrader 4 trading platform is able to scan any chart on any timeframe for candlesticks pattern formations and alert you as soon as a new one is formed. For those who are already into candlestick analysis, they already know about the high strike rate and strength of candlesticks when it comes to patterns.

When a pattern forms, there is a big chance that the market will move according to this pattern. The pattern give you some hidden knowledge about what should be going to happen sooner or later in the market. The indicator is pretty easy to interpret and the settings is very clear and straight-forward. You have the option to turn On the alert switch it off. I hope that this indicator brings more pips into your trades' basket.

Download this indicator now and relieve some stress from your brains.