Explain to me why people like MT4?

Discussion in 'Trading Software' started by 1a2b3cppp, Mar 17, 2009.

  1. I'm demoing it now with IBFX.

    I must've been spoiled by OEC's platform, which, while it kinda sucks, it is incredibly awesome and easy for ordering and order modification... to the extent that I am almost considering opening a forex account with OEC just so I can use their awesome platform (even tho their forex accounts suck).

    MT4 doesn't tell you your average cost. I just confirmed this with tech support. If I open 1 lot at 1.0000 and 1 more at 1.0010, it doesn't tell me my average cost is 1.0005. I can calculate it in my head when it's simple like that, but if you open 5, then price goes in your favor and you add 3, then it retraces and you add 2, then goes in your favor more and you add 1 more, you can't do that in your head. I've having to enter all my entries into an Excel spreadsheet as I place the traders in order to find out where my breakeven point is.

    MT4 only offers preset time charts.

    MT4's orders don't tell you the price.

    MT4s orders are a pain in the ass to modify. Want to change the quantity? Too bad. Want to change the price? First go find that ticket, then double click on it, then use the up and down arrows to modify it, annoying! (OEC just lets you slide it up and down on the chart)

    MT4s orders DO appear on the chart, which is cool, but they don't show you the price, which is retarded. "Hey, look, I placed an order... there *points to chart*"

    It also took me a while to realize that, if you go long 1 lot and then you go long another lot, you cannot exit your position by selling 2 lots. You have to individually close out each order. (This does allow hedging, which is cool, but counterintuitive operation)

    The indicator support sucks and you have to find them on forums, except every indicator is in a thread that is 30 pages long with people arguing about how it's not programmed right and it repaints.

    Oh and if I was really nitpicking, I'd say it needs a countdown timer for each bar, too. Preferrably in the header of each chart's window.

    The only cool things I found were:

    You have good control over what the chart looks like, bar colors and such.

    EAs are cool in theory and you can backtest which is kinda cool.

    Am I missing the appeal of this program? Or am I just spoiled by OEC (crappy charting but FANTASTIC order control) and SierraChart (FANTASTIC charting but mediocre order control, altho it's not free)?

    I'm only using it because I like IBFX's micro lot accounts.
  2. In the interest of fairness, some of these things are possible through scripts, such as closing all open orders.

    IMO that should be basic functionality built into all platforms by default, not something a user has to code themselves.
  3. Add to the list that you cannot change timezones. You're stuck on whatever timezone your broker is on.

    So right now I'm on the 03:40 candle even tho it's 10:37pm here.

    Why isn't this a basic option??????????
  4. MGB


    And you haven't tried NinjaTrader?