Unless you have been hiding under a rock, you have probably heard about the recent MT4 limits imposed by MetaQuotes. The first to experience this was myfxbook, who started having issues connecting to user accounts a few weeks ago. With the recent MT4 update, MetaQuotes have imposed a limit on how many accounts a single IP address can connect to, which obviously is a huge issue for myfxbook as they are connecting to thousands of accounts from a small range of IPs.
This limitation affects all MT4 service providers connecting to a large number of accounts, especially signal providers, which is the main reason MetaQuotes have imposed this limit on account connections per IP. MetaQuotes are currently rolling out their own MT4 and MT5 signal service platform, so obviously they don’t want anyone competing with them. As long as you are only connecting to a few accounts per IP address there shouldn’t be any issues.
Do I think they are playing fair? Heck no! The primary reason for the success of the MT4 platform is due to 3rd-party developers, and now they are trying to screw them all. Nice going MetaQuotes!
Most traders don’t realize this, but your choice of broker is a major factor in your trading success. Don’t believe me? Let me explain.
There are 2 types of brokers, the ones who truly understand what it’s all about, giving you fast execution and tight spreads, and most important of all: no problems. Then there’s the other type of broker who are constantly trying to screw you over by giving you insane spreads and constant requotes, and generally giving you a really crappy experience.
If your current broker is playing games with you and giving you requotes, find an ECN broker, they don’t have requotes. Look at the spreads, there’s a HUGE difference in spreads between brokers. If the spread is too wide, it will hurt your profits both short term and long term. There’s absolutely no reason for a broker to have wide spreads. Why? They are all connected to the same pool of banks, so they are all getting pretty much the same raw spreads. Think about it!
If you are looking for the best way to manage trades with MetaTrader 4, I highly recommend you check out FX Synergy from Pecunia Systems. It’s an awesome MT4 Trade Manager with everything you need in terms of features, and then some. Many of features you won’t find anywhere else in any other trading product. It has 1-Click Execution with Risk Calculation, supports Multiple Accounts across Multiple Brokers, and can automate almost everything you need or are currently doing manually. It has a ton of truly excellent and powerful features to make your trading much more efficient. It’s a real Windows application that runs next to MT4. This MT4 trade manager gives you all the functionality you would ever need to manage your trades in a fast a easy way. If you are currently using various scripts and EA’s to do different tasks with your trades, then you need to check out FX Synergy.
Continue reading “Best Trade Management Software for MT4”
If you have been using the MT4 platform for any length of time, you know how cumbersome and time consuming it is to use. Placing a trade used to be a major pain in the rear, but with the latest MT4 update MetaQuotes finally decided to add 1-click execution directly on the charts, which is great, but how do you manage your trades after they have been placed?
Everything else still takes too much time to trade successfully. There are simply too many steps, and too much fiddling involved to make it work in your favor. What you need is an MT4 Trade Manager, an piece of software that can take care of all the steps and fiddling for you, so you only have to click a button, or two, to have it magically do everything else for you.
Using the classic approach in MT4, how fast can you modify 4 trades, setting the SL to 20 pips from entry and 40 pips from market? Or partially close 25% of 4 trades with odd lotsizes? It would take a lot of time and fiddling, and in the meantime the market is moving. Sure you could use some clever scripts to do some of the work for you, but that still involves fiddling with settings and making sure you get everything right.
Bottom line is: MT4 is too cumbersome to use for trade management as it is, and scripts are only a partial solution.