I wouldn't say this journal is intended to serve as much as a daily log of something related to my quest to become a better trader as it is to assist me in becoming a more efficient one. I've run across other contributors to this forum who seem to think it is impossible for retail traders to realize exponential capital growth in the long term, and that there exists only a lucky few profitable traders based on the law of large numbers. However, I don't even bother replying to such comments because, in my view, they show that the poster doesn't really know what they're talking about. First of all, becoming a profitable trader, the way I see it, has little to nothing to do with luck. Second, as to whether a trader can compound gains long term depends on what one means by long term. Of course, one can't maintain exponential growth forever, because at some point average trades are going to become so enormous that the trader's activity is going to affect the market. The time will come when a trader will need to transition from exponential growth to steady growth. But putting all that aside, there is no doubt in my mind that I have a profitable approach to trading foreign currency pairs in my quiver, and therefore, I now wish to turn my attention to optimizing its potential as soon as possible. Given that more than one person who knows about business has suggested to me that, if an entrepreneur wishes to operate successfully online, if s/he does not know how to write code himself/herself, then the individual needs to bring a technology co-founder onboard. For that reason, today I begin the process of attempting to finish learning how to code in MQL4, the Metaquotes Query Language. Of course, Metaquotes Software Corporation is the Russian company that developed the Meta Trader 4 (MT4) trading platform—and as for the language itself, basically the way that it operates is you program it to ask certain questions (queries) and then to do certain things based on the answers to those questions. Subsequent posts will be designed to help me master the terms, ideas and concepts behind this program's design so that ultimately, at some point in the future, I will be able to write my own code for my own Forex trading company.
OH NO,NTSA. This is like your 5th or 6th journal in this section. How many journals does one need? As for compounding gains, are you REALLY going to try to pull that one off again? You spent three and a half years trying to do it, and never once, I mean not ONCE, compounded a trade. EVER. https://www.elitetrader.com/et/threads/1-8-profit-per-day-compounded-over-220-days.317567/ I guess the binary option deal didn't work out? Please spare us more nonsense spam.
Add this to a list of unanswerable questions. https://www.elitetrader.com/et/threads/south-winds-red-skies-clouds-in-the-west.313399/ https://www.elitetrader.com/et/threads/ms-maes-trade-strategy.315642/ https://www.elitetrader.com/et/threads/1-8-profit-per-day-compounded-over-220-days.317567/ https://www.elitetrader.com/et/threads/b-a-t-guerrilla-trading-system.319902/ https://www.elitetrader.com/et/thre...on-npp-system-to-trade-binary-options.320919/ https://www.elitetrader.com/et/threads/numerical-price-prediction-challenge.321929/ https://www.elitetrader.com/et/threads/nadex-trial.326206/ https://www.elitetrader.com/et/threads/let-your-profits-run.326379/ https://www.elitetrader.com/et/threads/dynamic-probability-trade-strategy.327089/ https://www.elitetrader.com/et/threads/triple-zone-strategy.327554/ https://www.elitetrader.com/et/threads/designing-an-automated-trading-program.327996/ https://www.elitetrader.com/et/threads/bet-on-line.330138/ https://www.elitetrader.com/et/threads/finding-a-consistent-way-to-pick-winning-stocks.331893/ https://www.elitetrader.com/et/threads/iq-option-journal.332867/ https://www.elitetrader.com/et/threads/numerical-price-prediction-daily-analyses.334096/ https://www.elitetrader.com/et/threads/all-about-options.335592/ https://www.elitetrader.com/et/threads/cycle-theory.336853/ https://www.elitetrader.com/et/threads/forex-position-trading-using-npp.337076/ https://www.elitetrader.com/et/threads/notes-on-forex-fundamentals.337200/ https://www.elitetrader.com/et/threads/breaking-the-pattern-day-trading-barrier.337953/ https://www.elitetrader.com/et/threads/compare-contrast-with-christopher-lewis.313800/ https://www.elitetrader.com/et/threads/my-big-moves-journal.339563/ https://www.elitetrader.com/et/threads/trading-index-futures-based-on-technical-analysis.342803/ https://www.elitetrader.com/et/threads/mis-colored-daily-candlesticks.333475/ https://www.elitetrader.com/et/threads/trading-economic-news-releases.348958/ https://www.elitetrader.com/et/threads/duxons-archive.329401/ https://www.elitetrader.com/et/threads/beta-testing-the-new-nadex-trading-platform.351073/ https://www.elitetrader.com/et/threads/my-mql4-journal.360186/
Holy smokes! 28th journal! I had no idea. Expiated wins the ET-most-useless-journal-thread-spam-of-the-year award, awarded never! A first! It's time for him to lie shipwrecked and comatose, with goldfish shoals nibbling his toes.
From what I understand, MT5 is an all-in-one state of the art multi-asset trading platform, covering both centralized and non-centralized financial markets, including, stocks and futures. However, in the USA, the only thing Forex brokers are permitted to offer to traders is foreign currency pairs. CFDs and whatnot are illegal here, so OANDA does not offer MT5 to U.S. citizens. Consequently, all of my indicators are coded in MQL4, so that's what I need to learn for the time being.
Thank you for answering my question. MQL5 is in certain aspects different from MQL4, but that has nothing to do with what kind of instrument you are trading. If you already have software in MQL4 and want to continue using it (and modifying it) then it is best to stay with MQL4. You would need to rewrite portions of your code if you want to transfer to MQL5.
OH NO!!! journal after journal after journal after journal after journal after journal after journal after journal after journal after journal after .... write and write and write and write and write and write and write and write and write and .... It doesn't make sense to spend so much resources hunting and looking for information on how to trade perpetually. Because not all information out there is a gem. In fact, there is more garbage than a gem out there. It is important to spend time developing your own holy grail. One credit to give him is that all his Journals have interesting, attractive enticing names. I am sure his 29th Journal is coming up. Next interesting attractive enticing Journal, please.
Dude! You are an irritation, and so, you are now on my ignore list! I have ALREADY developed my own Holy Grail, thank you very much... This activity is just the NEXT step I am taking to AUTOMATE it, to possibly even create my own trading platform down the line, along with a prop firm that lets me generate even more money by supplying a vehicle that enables OTHER people to make money off my system as well, without their being able to reverse engineer it. YOU are what is wasting my time and filling up my threads with wasted space. So, bye-bye maxinger! (By the way, in my book, it doesn't make sense to spend so much time writing stupid responses to other people's interests and ideas perpetually, which is why you are now gone [i.e., so I can continue concentrating on doing what I want to do without all of your distractions. I hope YOU can find something worthwhile for YOU to do as well.)
What is a Script? A script is a command or set of commands (or instructions) that does a particular job—one time. Consequently, it must be dropped on the chart any and every time the trader wishes to run it. Then when it's done, it removes itself from the chart and does nothing further until and unless it is dropped on the chart once again. Examples include… Close all open sell orders Close all open buy orders Close all open orders Move all open orders to the same take-profit price Print the leverage the broker is using on the screen Etc. By the way, scripts do not wait for the next tick before they act, but rather, they get to work as soon as they are issued.