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Is MT5 not a good choice for futures /es and /nq trading?


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Is MT5 not a good choice for futures /es and /nq trading?

  #1 (permalink)
 bobbydigital83 
San Francisco Ca/USA
 
Experience: Advanced
Platform: tos
Trading: es
Posts: 29 since Jan 2019
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I used to trade forex many years ago and learned the functionality of mt4. From online videos, the interface is similar with mt5.

I remember, there wasn't a nice DOM feature to it. It was too basic for futures trading IMO. Has this changed?

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  #2 (permalink)
 
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bobbydigital83 View Post
I used to trade forex many years ago and learned the functionality of mt4. From online videos, the interface is similar with mt5.

I remember, there wasn't a nice DOM feature to it. It was too basic for futures trading IMO. Has this changed?

Today the MT5 platform is driven by CQG. The DOM has not changed, but you could use the CQG credentials from MT5 and apply it to an additional CQG platform like CQG Desktop, and use their DOM.

Matt Z
Optimus Futures

There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.

Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
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  #3 (permalink)
 kremat0r 
Prague, Czechia
 
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Mt5 is weak, no really advantage to trade futures, especially using DOM.

For forex traders familiar to mt4 it's looks like a good choice, but it is not.

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  #4 (permalink)
 batuco9 
Chile
 
Experience: Beginner
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A clear and brief summary may be found at https://www.dailyforex.com/forex-articles/2016/09/metatrader-4-vs-5-2016-review/63840. In essence MT5 caters to stocks and commodities, whereas MT4 is primarily for forex. Additionally MT5 does not allow hedging transactions (a buy and then a sell will automatically cancel, whereas with MT4 both can be booked).

Personally, I somewhat distrust these platforms as they provide back-ends for various third-party broker plugins (at the brokerage level), with can result in varying risk depending on the broker's ethics. Do your research; I just googled and found that the descriptions fo these tools are now much more carefully worded than in the past, where one could find detailed and explicit descriptions of all that was possible. Some options seem to be no longer openly mentioned. One can still read between the lines however .....

And perhaps the risk is of a more general character since in the case of forex, we are not dealing with a centralized and unique market.

Regardless, many traders seem to do quite well with forex platforms, and with the MT platforms in particular .....

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  #5 (permalink)
 
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 mattz   is a Vendor
 
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batuco9 View Post
A clear and brief summary may be found at https://www.dailyforex.com/forex-articles/2016/09/metatrader-4-vs-5-2016-review/63840. In essence MT5 caters to stocks and commodities, whereas MT4 is primarily for forex. Additionally MT5 does not allow hedging transactions (a buy and then a sell will automatically cancel, whereas with MT4 both can be booked).

Personally, I somewhat distrust these platforms as they provide back-ends for various third-party broker plugins (at the brokerage level), with can result in varying risk depending on the broker's ethics. Do your research; I just googled and found that the descriptions fo these tools are now much more carefully worded than in the past, where one could find detailed and explicit descriptions of all that was possible. Some options seem to be no longer openly mentioned. One can still read between the lines however .....

And perhaps the risk is of a more general character since in the case of forex, we are not dealing with a centralized and unique market.

Regardless, many traders seem to do quite well with forex platforms, and with the MT platforms in particular .....

MetaTrader is one of the BEST business models I have seen. Essentially, they are leasing their software to brokers based on licenses. Every broker that uses them must pay to MT for the use of their servers.

After applying this model in FX, they wanted to expand it to other exchange-traded assets; however, this is a multi-asset product that can trade all three products. Futures works just fine on it in terms of execution.

In my opinion, MT5 is more progressive than MT4, and the fact that it does not have "hedging" is not a disadvantage. That feature should be illegal. Most of those who run exchange-traded products can not do that and neither should FX traders.

Matt Z
Optimus Futures

There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.

Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
1 800 771 6748 local 561 367 8686 email [email protected]
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  #6 (permalink)
 noushina 
lansing, michigan
 
Experience: Intermediate
Platform: MT5, NT8
Broker: AMP, CQG
Trading: MES, MYM, MNQ, M2K
Posts: 16 since Oct 2018
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Well, I like it. (Meaning the installed version, but not the online version - that one is wonky)
Quick and easy. Basically I just click and go.

I use MT5 to trade micro gold and micro indexes and I use limit orders for entering and place limit and stop orders for SL and TP (rather than using the MT5 internal SL and TP - because those are stored locally and need MT5 to be running)

Compared to NT8 that I forked out $1100 for, or the free mutlicharts version that AMP provides, I much prefer MT5 (granted, I did use MT4 for FX for years so I was already familiar with most of the features).

PROS
1) MT5 works with Jigsaw (which I am still struggling with).
2) It is easy to add futures - much quicker and easier than with NT8
3) I like the fact that I can easily turn on bid, offer and last price lines.
4) The DOM works fine; it's no Jigsaw, but is certainly easy enough to place limit and stop orders with, and also get a super quick take on the resting orders.
5) It is easy to set up and change different profiles (showing different sets of charts),
6) It is easy to change chart styles, easy to see my results history.
7) Also it is a portable program so I have it installed on my office PC as well as home, and will probably put a copy on my other PC at my brother's house.

Drawbacks. Sure.
1) There are not a lot of free indicators, but I don't use them.
2) It is hard to program, but I don't use much other than an EMA, a spread indicator and a bar timer
3) Can't do OCO, (as far as I know, but someone probably sells an indicator.
4) Can't automatically place limit and stop orders when making a trade (someone sells something I think). You can place a limit or stop order and then have an automatice SL and TP placed once the order triggers, but you must leave MT5 running, as those orders are stored locally.

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icedfrosty's Avatar
 icedfrosty 
Dallas/Texas/US
 
Experience: Advanced
Platform: NinjaTrader8, MetaTrader5
Broker: NinjaTrader, AMP Futures
Trading: Futures
Posts: 257 since Sep 2020
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Yes, MT5 is a great platform for trading NQ/ES. Very fast chart refresh compared to other platforms like NinjaTrader.

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  #8 (permalink)
Imsed1970
Seattle, WA, USA
 
Posts: 13 since Sep 2023
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Ninjatrader would be far better than MT5. You can customize anything in NT8, where MT5 is so limited on what you can actually do or customize. When I also did my looking into it, the fees were SO much higher on MT5. I can't pay for something that isn't as customizable.

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  #9 (permalink)
dbennett3
Charlotte, NC
 
Posts: 2 since Oct 2023
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I'm using MT5 for free via Amp futures but have recently grown frustrated because I can no longer paper trade on MT5 to test EA's & there's no market replay either. Currently considering other platforms such as NinjaTrader or moving to Motivewave bit $50/month charge is steep for the platform along with orderflow. @icedfrosty I see that you're on both platforms, do you have that problem with MT5 & could you share your thoughts here on MT5 & Ninja?

First post here, plz give me a lil grace if I messed up!

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  #10 (permalink)
 
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 icedfrosty 
Dallas/Texas/US
 
Experience: Advanced
Platform: NinjaTrader8, MetaTrader5
Broker: NinjaTrader, AMP Futures
Trading: Futures
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dbennett3 View Post
I'm using MT5 for free via Amp futures but have recently grown frustrated because I can no longer paper trade on MT5 to test EA's & there's no market replay either. Currently considering other platforms such as NinjaTrader or moving to Motivewave bit $50/month charge is steep for the platform along with orderflow. @icedfrosty I see that you're on both platforms, do you have that problem with MT5 & could you share your thoughts here on MT5 & Ninja?

First post here, plz give me a lil grace if I messed up!

Yes, same issue here. AMP futures MT5 seems to be experiencing an issue creating demo accounts.

I find the NinjaTrader playback to be just excellent for both learning new indicators and practicing trade execution. I have not seen another platform is such a capability. I don't have any experience with Motivewave.

I find MT5 and NinjaTrader unique because they support both custom indicators and custom trade management. Most other platforms lack one or lack both.

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