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Hi Max,
Do you know of any other ForEx Client software that does NOT charge commisions &/or monthly fees ?
I'm not sure what you mean. Most forex brokers give free trading software to clients, it's just not MT. So I use MT for charting and broker's software for actual trading. I don't use MT for actual trading for various reasons, some of which have to do with software itself and some because of the business model of various MT brokers (I don't like predatory bucketshops, which rules out the vast majority of MT brokers).
Since the situation in the latter respect has improved a bit lately I was actually starting to warm up to the idea of opening a live account at one of MT brokers, provided that MT5 offered improved trading functionality as compared to MT4. Unfortunately that is not only not so, trading functionality in MT5 is actually a step back (yea really) so I don't think any MT brokers will see my business any time soon. Much more so considering the fact that MQ apparently doesn't give a damn about what people here have been telling them about trading functionality of MT5. It's ironic really, that MT offers rather good charting and analytical functionality (not to mention algorhytmic trading functionality), but the simplistic trading interfaces offered by most non-MT brokers surpass MT by a wide margin as far as actual order entry and order and position management is concerned. But I guess that's what you get when trading software is designed by programmers instead of traders (which is what I suspect to be the case at MQ).
Progress for the real deal, the real stuff about trading, not the faint attempts that are being done for so many years. MT4, even if it was the best solution available for retail traders, cloudened the judgement. It's time to wake up! Who taught you people that hedging means to buy and sell the same thing? The sole purpose of such a hedge is to take a deep breath when you're out of ideas... Hedging means you use multiple pairs to hedge - which you can do now, but with almost no success -, you can hedge fx with futures - which can be done now, with very little success -, and you can finally hedge fx with fx options - which will be possible on MT5 - and that's where the most interesting games are going to be. Because that's what trading is - capitalizing when market is making mistakes (if trading regular stuff) or capitalizing on volatility (if trading options). I can barely wait to do these things - but I need the Strategy Tester first . I attempted fx-futures arbing in the past. It didn't work because MT4 was always en retard. Now it will work. I want to trade options. There are a lot of games there that ellude fx traders - fx traders know nothing about boxes, collars or gamma scalping. And if THEY do it, why not us too ? It is time to harness the potential of derivatives and multiasset trading - this what the PROGRESS is about.It seems you need to do the "waking" up. The brokers and/or the regulatory bodies defined hedging as buying and selling the "same thing", whether it is an accurate term or not.
Hi Max,
I’m was hoping to sending this to you privately for a number of reasons. But I am unable to type or copy and paste anything into a private message to you so hopefully will be able to send it to you as an attachment < nope. This site is apparently ONLY for ForEx MQL programmers. That is one thing that peeved me off right from the start. In the MT4 client help menu, the link to the MQL4.Com site is listed there as being the MT4 support site. But if one actually needs help with problems using MT4 and seeks help here as per the MT4 client help menu, they get blasted for it as ‘this site is ONLY for programmers’ I know from firsthand experience that this is the case. One of this site’s policies specifically says that they have the right to ban anyone for any reason at all with no notice or anything else. When I first starting using the MT4 client and needed some assistance I followed the link here as per the MT4 help menu and posted a question in these forums about using the MT4 client. The response I got was to be booted and banned from here! No warning, no explanation no information and most definitely no support for the usage of the MT4 client. VERY lame and indicative of MQ it would seem. They are more than happy to reap the benifits of many thousands of hours of testing (ideas) and programming for free but not to support us end users of their MT ForEx client. I wonder if MQ leaves brokers unsupported as well? Some how I doubt it.
I have seen that some of the ForEx brokers that utilize MQL/MT also have a web browser client available. Is this what you are referring to? I found some alternative ForEx trading clients other than MQ, but they all either want to charge a commission on every trade &/or pay a (for me) hefty monthly subscription fee. I most definitely will not utilize any ForEx software clients that I have to continue to pay an ongoing fee for as long as I use it.
Can you tell me some of the names of non US, non MQ based ForEx brokers &/or how to find them? Who do you use for a ForEx broker ??
Regards
DougRH4x
Hi 25 50 75,
You make some good points, or rather The Economist does. I make no pretense about being new to the ForEx including programming for it. I also know very little about (the details) of investing in other markets, vehicles etc. Thus in spite of the tone of your (quoted) 'fiery response' to this ignoramus, I appreciate the information and knowledge and will look further into the things that The Economist said that you have enlightened me with. As for The Economist's comments about Options, I know that in my meager situation that Options was the only thing that made sense if I was going to trade in the Future's markets. I was unaware that Options are available in the ForEx. I would like to learn more about this.
But I remain unimpressed by what I have heard so far about MT5/MQL5 as a client for the ForEx.
It seems you need to do the "waking" up. The brokers and/or the regulatory bodies defined hedging as buying and selling the "same thing", whether it is an accurate term or not.
When you hedge with a future or with an option, it will be like trading different stuff: you can go long EURUSD and short 6EZ9 (6EZ9 is EURUSD future expiry december 2009), for instance. Or long EURUSD short 6EZ914750C (CALL on 6EZ9, strike price 1.4750). Bear in mind that every expiry and option type have a different option symbol: so for an underlying you have a few futures ... say max 10, but probably 1-2 liquid . And for every future you have 2 set of options, Calls and Puts, each having from about 3 expiries for fx to 20-30 expiries for stocks. Meaning that for every underlying we have about between 30 to 200 DIFFERENT SYMBOLS available for a wide array of hedging strategies. Of course, option games are very different, but here is the beauty of hedging : when the one going up goes 50 pips up, and the one going down goes 30 pips down, that's way more interesting than 50 - 50 = 0...Hi Max,
I’m was hoping to sending this to you privately for a number of reasons. But I am unable to type or copy and paste anything into a private message to you so hopefully will be able to send it to you as an attachment < nope. This site is apparently ONLY for ForEx MQL programmers. That is one thing that peeved me off right from the start. In the MT4 client help menu, the link to the MQL4.Com site is listed there as being the MT4 support site. But if one actually needs help with problems using MT4 and seeks help here as per the MT4 client help menu, they get blasted for it as ‘this site is ONLY for programmers’ I know from firsthand experience that this is the case. One of this site’s policies specifically says that they have the right to ban anyone for any reason at all with no notice or anything else. When I first starting using the MT4 client and needed some assistance I followed the link here as per the MT4 help menu and posted a question in these forums about using the MT4 client. The response I got was to be booted and banned from here! No warning, no explanation no information and most definitely no support for the usage of the MT4 client. VERY lame and indicative of MQ it would seem. They are more than happy to reap the benifits of many thousands of hours of testing (ideas) and programming for free but not to support us end users of their MT ForEx client. I wonder if MQ leaves brokers unsupported as well? Some how I doubt it.
I have seen that some of the ForEx brokers that utilize MQL/MT also have a web browser client available. Is this what you are referring to? I found some alternative ForEx trading clients other than MQ, but they all either want to charge a commission on every trade &/or pay a (for me) hefty monthly subscription fee. I most definitely will not utilize any ForEx software clients that I have to continue to pay an ongoing fee for as long as I use it.
Can you tell me some of the names of non US, non MQ based ForEx brokers &/or how to find them? Who do you use for a ForEx broker ??
Regards
DougRH4x
Dude, computer literacy is the prerequisite. Asking to be spoon fed basic data that you can find via google is not the way to go. And since you're computer literate enough to take a photo, upload it to a computer and use it as an avatar in a forum, I don't think you're all that ignorant at all. MT is very easy to use and admins don't just boot people off for no reason.
*plonk*
Hi there The Economist,
The point about hedging with something other than the opposite position of the investment in question is not lost on me. In my limited experience here if just taking up the opposite position on the same currency pair, the only party to consistently 'win' by this method is the 'house', which in this case is the brokerage. Thus I have only resorted to this sort of thing under dire circumstances: such as when I sat down in front of my computer one evening not long ago and a commercial EA had hung onto a losing position and was in the red hundreds of pips! I carried it for a couple of weeks and for the last week of that period it floated to between 400 ~ 450 pips in the hole. I ended up dumping it at a loss of 315 pips )< 8) The settings that I was using then were from an 'expert' with decades of experience in the ForEx. His insightful knowledge and settings, which I paid extra for of course, was to set the S/L 25 times higher than the T/P! With a strategy like that it wouldn’t really matter what indicators, algorithm or EA one used. In my ignorance I now set the S/L between 1.5 ~ 3 times higher than the T/P and am doing much better with it. Duh!
.
Re: Information on investing on ForEx Options,
To put it concisely: Who, Where (& How)? I’m interested in the other 3 ‘W’s as well but those are for me to learn and figure out.
.
I get bombarded with my share of eMail on the ForEx. Recently I’ve received some info on ‘Correlated’ currency pairs that are basically mirrored opposites, with the idea that there is an opportunity for profit when there is some differentiation and minor differences between the two currency pairs that can be capitalized on. Though like most such investment information to act on it and utilize it effectively, it is much clearer in hindsight as opposed to picking up on it before or when it is happening and profit by it. Are you aware of this strategy and if so what do you think of it and do have any information or suggestions that you would like to pass on about utilizing this approach?
.
Your education, knowledge and expertise is appreciated!
. . . Thank you for sharing it with us (< 8)
Regards,
DougRH4x
Dude, computer literacy is the prerequisite. Asking to be spoon fed basic data that you can find via google is not the way to go. And since you're computer literate enough to take a photo, upload it to a computer and use it as an avatar in a forum, I don't think you're all that ignorant at all. MT is very easy to use and admins don't just boot people off for no reason.
*plonk*
Thanks you for your ‘droppings’: they seem very apropos.
.
I am most definitely not computer illiterate, but my criticism about MQ not supporting their client here as the source for ‘Help’ that MQ indicates it supposedly is the (only) place for support for it most definitely is valid. Perhaps unlike yourself I don’t have a direct binary port so the ‘help’ capacity is most definitely useful, if only to dramatically reduce the time and frustration of the learning curve. I could perhaps eventually figure everything out about MT4 by myself, but why would or should I waste all of that time, energy, money and frustration re-inventing the wheel. By the time I did, it would most likely just in time for it to be made obsolete by the next version of it. They call it ‘documentation’ for a very good reason.
Alas, very lamely I did get booted and banned after only ~ 2 days on here for posting a question or two about the MQ client terminal that I was unable to find in the help file that comes with it. The only response that I did get prior to that was to get blasted for the postings on this site as I was oh so tactfully informed that this place was ONLY for MQL programming and related info. I didn’t even get some canned spam informing me of it, I was just unable to log in and my username no longer existed here.
Unlike some others, including myself, as you seem to be very knowledge about all of this but apparently have never needed any support for the MQ client: WHERE/WHAT IS the support source for the MQ client for users to turn to?
Hi there The Economist,
The point about hedging with something other than the opposite position of the investment in question is not lost on me. In my limited experience here if just taking up the opposite position on the same currency pair, the only party to consistently 'win' by this method is the 'house', which in this case is the brokerage. Thus I have only resorted to it under dire need: such as when I sat down in front of my computer one evening not long ago and a commercial EA had hung onto a losing position and was in the red hundreds of pips! I carried it for a couple of weeks and for the last week of that period it floated to between 400 ~ 450 pips in the hole. I ended up dumping it at a loss of 315 pips )< 8) The settings that I was using then were from an 'expert' with decades of experience in the ForEx. His insightful knowledge and settings, which I paid extra for of course, was to set the S/L 25 times higher than the T/P! With a strategy like that it wouldn’t really matter what indicators, algorithm or EA one used. In my ignorance I now set the S/L between 1.5 ~ 3 times higher than the T/P and am doing much better with it. Duh!
.
Re: Information on investing on ForEx Options,
To put it concisely: Who, Where (& How)? I’m interested in the other 3 ‘W’s as well but those are for me to learn and figure out.
.
I get bombarded with my share of eMail on the ForEx. Recently I’ve received some info on ‘Correlated’ currency pairs that are basically mirrored opposites, with the idea that there is an opportunity for profit when there is some differentiation and minor differences between the two currency pairs that can be capitalized on. Though like most such investment information to act on it and utilize it effectively, it is much clearer in hindsight as opposed to picking up on it before or when it is happening and profit by it. Are you aware of this strategy and if so what do you think of it and do have any information or suggestions that you would like to pass on about utilizing this approach?
.
Your education, knowledge and expertise is appreciated!
. . . Thank you for sharing it with us (< 8)
Regards,
DougRH4x
Hi DougRH4x,
Well, I'm not an options specialist. Reason is obvious: regulation and trading stations. Regulation prohibits trading options in same account as fx (of course, in US), also, trading stations are designed with automation in mind. That's why I'm waiting to see options on MT5. I think the best way to find out information about options are books and option trading forums. But bear in mind that some option traders either use complete automation packages that do only one thing and automated, or trade them completely manual. A great place to ask questions about options is LinkedIn - because the site is filled a lot by hedge fund and investment bank industry, and these are the guys that had the toys and the cash to go deep in derivatives analysis. I would focus first on gamma scalping and "costless" collars.
Now about correlations. Probably you got some mails from the "Correlation Code" guys, which are circulating this period. I watched their webinar - they sell the full stuff @ about $9k, if I'm not mistaken... Anyway, I tried correlations some time ago and I failed. But at that time, as now, MT4 didn't had a Strategy Tester able to work multiasset. Now, even before you'd see options on MT5, first thing to appear will be the new Strategy Tester. And that will allow backtesting correlation strategies. Basic algo for correlations is to watch when they go out of sync - but I find it dangerous. Because getting out of sync is followed by a re-sync - but not necessarily on price level, rather on volatility level. For instance, one of the correlated pairs moves 100 pips away. From the next bar they might as well sync back and move again same way - thus without any correction of the 100 pip move. Probably a mix of the correlation trading with option trading could be the best, or, even better than mean return, would be better the scalp on the volatility difference between pairs, during high speed moves.
Because correlated pairs have no mean to return. A better cash machine would be trading fx against fx future. There is still latency here - because somehow, fx futures have a small liquidity. And while banks are pushing more and more on reducing latency on fx and equity markets, the opportunities appearing from the latency difference between fx and fx futures are growing. And here the new MT5 mechanisms come to help - orderbook events, execution events will make it easier to create quote traps that trigger when the future remains en retard. Similar opportunities on different commodity markets, especially in the energy field. Add to these other correlated assets - and these are options. Because on short timeframes they are floating around their underlyings, and they float more perfect than correlated pairs. (Don't take my word for it, I just saw a chart like that some time ago, waiting MT5 to check this up). Because after all, options can be traded just like any other assets. So, plenty of opportunities arising from MT5...
Thanks Economist,
The correlation algorithm seemed to me to be rather flimsy and on thin ice as well.
I appreciate your advice. As I said, I was unaware that Options in the ForEx market even existed. I’m not sure what you mean by ‘latency’ in this context though? I’d like to take a look at them and perhaps give them a go. The question I have is how to find Brokers or whoever deals in Options for the ForEx though?
Years ago when I was checking out Futures and Commodities and found out about the Options available for them, I’m not sure why any (private investor) wouldn’t keep strictly to Options as opposed to speculating on the futures markets directly. The difference in the risk (& reward ?) between them is VERY significant. When explaining these things to others, (with my very limited knowledge in these sorts of things this is rather like the ‘blind leading the blind’ (< 8) I would tell them that Options on the Futures market is basically like having ‘insurance’ on a futures trade, which I think is a valid analogy.
If you are into the futures market you may be interested to know that there is a rust, fungus, mold or whatever that attacks the stem of grain crops and is destroying 90% of the yield. In the article on it I believe that they said that it had done this in most of Africa and parts of Asia, Europe and Russia / former USSR regions already. They are expecting it to do the same next summer to pretty well all of the grain crops completely in ALL of the areas that I mentioned above. The following year they expect it to do the same for all of the Americas: both north and south. I was telling my eldest son about this and that a loaf of bread would likely be $25 in a couple of years time. When he (understandably) expressed disbelief about this I said that he was probably right: it would be more like $500 a loaf!
You may be aware of a similar situation that happened in the 1970s in the SW parts of USA to the corn crops. They had reduced the biodiversity to only 6 varieties of corn and none of them had any resistance to whatever was wiping the corn crops out. They had to do an emergency crash cross breeding program which all tolled ended up costing in the billions of USD. Of course this was well before the advent of the sort of genetics that we have available now.
Related to this topic is the plant version of Noah’s Ark that scientists have built and are stocking it with as many types of seeds that currently (still) exist in our world that they can. I believe that this vault is in the high northern arctic of Norway and is buried deep into the permafrost.
.
Have a better one (< 8)