MetaTrader India

MetaTrader 5 : Your Forex Buddy on your iPhone – iPhone application review

If you have always desired to do some Forex Trading but never been able to take out time from your busy schedule, you need not worry anymore because Forex Trading can now be done from the ease of your iPhone. With MetaTrader 5 not only can you follow but also trade directly from your iPhone.

With MetaTrader 5 you can quickly make accounts and trade with some of the biggest broker servers like NordFX, N2Markets, AlfaForex, ActivTrades, Exness, MetaQuotes, United World Capital, Straighthold Investment Group, FXDD, and AFBFX.

Getting started with forex trading requires educating yourself on the basics. Forex trading is serious business and there is much to learn before you can begin. Taking the time to educate yourself can help you avoid costly mistakes. Before you actually commit any money to live trading, like anything else, you’ll need to spend some time practicing.

Practicing is not exciting, but it is necessary, and it should even be required when money is going to be on the line. In forex trading, you can practice using a forex practice account or demo account. If you have always wanted to try forex trading; you can do it now without risking any of your money with a Demo account from MetaQuotes or any of your favourite brokers. A demo account is a virtual account that comes with play money that you can make virtual trades with. Demo accounts are free of charge and they are supposed to represent actual market conditions. Some brokers limit the demo account to 30 days of use. A good broker allows unlimited use of a demo account.

MetaTrader 5 offers an user friendly easy to use interface with a rich variety of features like charts, analytics tools (coming soon), live currency changes and more. The functionality of MetaTrader 5 for iPhone is similar to the PC version, but the application interface is adapted to make your forex trading more comfortable. You can change the view of graphs, pinch to zoom in and out, view currency value relative to date, time and current change. You can also decide in which timeframes you want the boxes/lines to appear on. Upper or lowercase, separated by commas. Valid entries are M1, M5, M15, M30, H1, H4, D1.

MetaTrader 5 is really eye catching app for forex available on the app store for free.

Screenshots from the app :

Source: www.iphonefootprint.com

By Warren Seah

Back testing and demo-ing are a key component for evaluating effective trading system. The theory is any strategy that work well in the past is likely to work well in the future. Conversely, any strategy that performed poorly is most unlikely to perform good results in the future.

Advantages for Performing Demo and Back-testing Evaluation

1. History repeats itself. Repeated patterns can be identified from the back-test.
2. Investors can be educated with key ratios like max draw-down so that they know what to expect when using the systems.
3. Increases investors’ confidence to rely on the systems during the draw-down period. Thus, investors know when to stick to the trading rules and when to discard the trading system.
4. Provides an estimate of the probability and magnitude of the potential trade profits and losses because the performance statistics can be reproduced by back-testing.

Limitations of Demo Testing and Back-testing

1. Spreads

Liquidity conditions during certain news hour may narrow the spreads. GMT day spread and night spread may differ due to liquidity conditions. All of this widening and narrowing of spreads may not be accurately accounted for in the bid and ask price.

Strategy that requires certain max spread conditions would not have perform as well in live trading compared to a back-test.

2. GMT OffSet

The server time may change at certain time of the year in UK and US due to summer and winter daylight saving hour. The price and history feeds may not correspond to the specified chart timing. This will mean that certain strategies that only trade at certain hours may get prices mismatch figures.

3. Brokers’ Manipulation

Certain brokers’ will offer close to ideal trading conditions in the back-test and demo test. This ideal conditions certainly do not happen when trading live. The idea doing this is to attract as many potential traders to use their services. You can find out more information on some of the popular forex forums online.

4. Trade Entry Method

Systems that use market order for entries may face difficulty in getting in at the right price you want in the live conditions. The fact is during live conditions, the market price will be very volatile and getting in at the right price manually will be a problem. There will be a difference in the entry prices between back-test or demo with live conditions.

Summary

Having to recognize the limitations of backtests and demo test, it will help us in understanding more about how the trading systems work and how to evaluate and analyze a system better. It does not mean that backtest results do not work, the fact is, it still works.

New York, NY (PRWEB) July 22, 2010

FXDD, a leading online Forex broker, is now offering the Metatrader 5 software trading platform for practice (demo) accounts. To sign-up for an FXDD Metatrader 5 practice account, please visit http://www.fxdd.com/metatrader5

FXDD, a leading online Forex broker, is now offering the Metatrader 5 software trading platform for practice (demo) accounts. To sign-up for an FXDD Metatrader 5 practice account, please visit http://www.fxdd.com/metatrader5

Metatrader 5 is the latest version of the Forex trading platform produced by MetaQuotes Software Corp and includes enhancements such as:

• Increased performance and reliability.
• New MQL5 programming language for automated trading which, according to MetaQuotes, expands the options available to algorithmic traders and significantly increases the speed of signal processing.
• More types of entry orders.
• Displays entire market exposure in a combined view.

We are very excited to offer Metatrader 5,” says Tom O’Reilly, Senior Vice-President of FXDD “Going back to Metatrader 3, we have found that the Metatrader platform enjoys worldwide acceptance as the platform of choice among Forex traders. FXDD has established a record of stability and reliability with our Metatrader. Unlike many other firms, we don’t use third party software to connect Metatrader to interbank liquidity. As a result, I believe we have had better performance with fewer interruptions. We look forward to building upon the success of our Metatrader 4 platform with the launching of Metatrader 5”

FXDD Metatrader 5 version is available now for practice (demo) trading and will be available for live trading shortly.

About FXDD

FXDD, a registered Foreign Exchange Dealer and member of the National Futures Association, headquartered in New York City, is a leader in online Forex trading dedicated to providing superior customer service, powerful trading technology, and reliable streaming liquidity. FXDD provides services to individual and institutional traders, hedge funds, commercial entities, brokerage firms and money managers around the world. FXDD offers 24-hour Forex trading by way of its trading platforms, which include: Metatrader, FXDDTrader, PowerTrader and FXDDAuto. The Company’s services currently provide competitive interbank pricing, no-interest accounts, and fully-automated execution. FXDD also provides 100:1 leverage as well as competitive bid-to-ask spreads (2-3-wide on most majors).

For a free demo, please visit www.fxdd.com, or call toll-free in the U.S. at 1.866.FOR.FXDD.

Many Forex traders that enter the market are clueless on how to trade. Most, if not all Forex brokers offer demo practice accounts to get you adjusted to their platform. The great thing is a lot of them are Metatrader brokers. This means their core platform comes from a company called Metaquotes. These brokers more or less lease the software and allow the traders to build their trading strategies.

The most powerful thing you can do with this software is create your own trading strategies and program them into an Expert Advisor or EA for short. These EA’s are state of the art and allow you to auto trade the strategies. Auto trading is a phenomenal thing, in that you don’t have to be at your computer for trades to open and close. The stability of the platform is fantastic and the only thing that may carry some worry when you are not present is your Internet connection.

The top 10 reasons why you should use the Metatrader ( MT4) platform:

1. The Metatrader platform is versatile and very stable.
2. There are plenty of Metatrader brokers to choose from.
3. You can find metatrader expert advisor programmers to create your strategies into EAs if you can’t do it yourself.
4. If you look hard enough you can find free meta trader EA’s.
5. The software is free to demo with for as long as you want.
6. You can create your own Forex Trading Robot.
7. You can create as many Trading templates as you wish.
8. You can manually back test all the strategies you plug into the system.
9. The charts are very clean and very easy to read.
10. The reporting gives you full statements and information without logging into a broker website.

So, why wouldn’t you use Metatrader as your platform for your Forex trading? The only real way to know if this platform is for you is to open a demo account and start practicing with it.