Our company will demonstrate its latest technological solutions and developments at the major international iFX EXPO Asia 2016 event to be held on January 26 to the 28 at the Hong Kong Convention & Exhibition Centre.
At the event, we will present our latest development — the MetaTrader 4 web platform that allows trading in the financial markets via any web browser. The latest enhancements in the MetaTrader 4/5 trading platforms and the updated MetaTrader 4/5 mobile applications for iOS and Android will also be presented in full. Besides, we will showcase all the new developments of the popular services for traders:
We invite everyone to visit our booth #31. This is a great opportunity to experience our latest developments and answer all your questions. See you at the event!
iFX EXPO Asia
26-28 January 2016
Hong Kong Convention & Exhibition Centre
@MetaQuotes: Please see above post and read in entirety! Give traders what they really need to manage their risk. Stop focusing on technology updates and help us traders by simplifying order entry and risk management. This is much more important than the changes currently being made to the platform. It affects all traders every time we enter a trade. We need a better solution. Thank you.
Here is MetaQuotes' reply...
Thank you for your suggestion but we don't have plans to change current behaviour.
Next time you can use Servicedesk on MQL5.com to contact us directly.
Best regards, Support Team
MetaQuotes Software Corp.
My email to MetaQuotes ... unfortunately, they are not interested in changing their product, but I am posting this here in case others want to add their views.
I have a suggestion for you to consider ... it isn't as complicated as you may think, so please bear with me.
Firstly, I understand that MT4/5 isn't the only trading platform that forces traders into completing obscure lot size calculations before they can open an order ticket. This lot size thing may be how markets work, but all retail traders (your users) are speculators looking to make a return on their capital. We do not expect a delivery truck to turn up on our doorstep to offload 400 bushels of wheat, or 30 barrels of oil just because we traded that commodity. As speculators we are only interested in entry price, stoploss and risk amount (usually as % of account equity). We do not care about lots!
The problem with the current platform is that it forces traders to conform to the way it works, rather than it conforming to the way we want to work. Software should be making things easier not more difficult.
I tried to write my own code to hide all these issues and simplify my order entry, but hit a brick wall ... the data coming from my broker (and likely all brokers) is incorrect for many non-forex instruments and my broker is unwilling to change it. I tested another broker and found issues with them also. The data I am refering to is Point, TickSize, TickValue and LotSize. This tells me that even brokers find this very difficult to set up, and they have no visibility on what this means when calculating LotSize (volume) using code on MT4. They can't see it, so they can't fix it. They use spreadsheets to manually grind through their trade entry calculations. This is time consuming, slow, error prone, and relies on knowledge and information not available on MT4. A small mistake can result in complete loss of your account ... all too easy if you get your numbers wrong, or are unaware of the correct values needed for your lot size calculation. These issues also have a significant impact for users of EAs purchased via the marketplace, which may be risking much more than expected due to the programmer being unaware of the broker data issues on some instruments.
Here is how we fix it on MT4/5 with no impact to how things work for existing users that like the current way of working (are there any?).
1. Add a new 'simple' order entry helper screen to MT4 that the user can choose as an option. The details entered here will be converted into the format required in the existing order entry screen, but user doesn't need to know this. The order entry should allow trade entry for buy/sell using entry price, stoploss, and risk amount in account currency. You can validate the details based on required lotsize, lotstep, minlots, etc. and auto correct or inform the user if they need to make changes. Also, display the risk amount on the entry ticket details.
2. You modify the MT4 back office system to enable brokers to correctly set up new instruments, and check calculated lot sizes are correct based on their settings. They need a way to test and get feedback on their settings, so that it is impossible to mess it up. They need to check the effect of Point, TickSize and TickValue setting on the lot size calculation.
Please don't underestimate how much this will benefit your users and especially those new to trading. It will save us a lot of time and stress each day, on every order entry, and it means we can be certain of how much we are risking on any trade. This will go a long way to making MT4/5 user friendly and safe.
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