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Meta Trader 5 Beta Testing

Today, I am going to talk about the new beta release of Meta Trader 5 -

On 9th of September, 2009 Meta Quotes offered its new charting and
trading platform, the Meta Trader 5. Currently, the beta testing is going on
and the company is planning to offer new MT 5 version in coming year 2010.
You can download Meta Trader 5 via following link
http://www.metaquotes.ru/files/mt5setup.exe

The new MetaTrader 5 trading platform is designed to provide brokerage services
to customers in Forex, CFD and Futures, as well as equity markets.
I personally think Meta trader 5 is a good effort as they added object oriented programming.

However; the company clearly missed the basic requirement of most traders
who actively use MT4 platform on a daily basis.

How customers are going to use it in trading?
Specially, when almost all of the Meta Trader 4 custom indicators and E.As
are not going to work in this Meta trader 5 version.

Following are the draw backs that I have found and I think it is going to make hard
to accept and use new Meta Trader 5 software.

1/- Custom indicators need to re-write because the old *.mq4 file code just do not work with Meta Trader 5. Even if you change the file extension it still do not work at all.

2/- Same programming and syntax problem with Expert Advisor A.K.A - EA
Also, there are many Expert advisors and custom indicators
that people do not want to reveal the code and trading formula to third person.

3/- Not every one is a computer freak to rewrite and upgrade his own custom
indicators and Expert advisors. This makes really hard for new users and beginners!

In order to accept and use Meta Trader 5 a trader first needs to pay money to a MQL 5 programmer to update and re-write his E.A and Custom indicator OR leave Meta Trader 5.

I think most traders wants to use Meta Trader 5 but above problems and up-gradation
of coding is a big hassle and use-less effort.
Just need to pay more money to get the things keep working.

There are millions of users who needs to upgrade their code to use at MT5 which is
not possible and realistic approach.

:: My suggestion to Meta Trader 5 team is as follows ::

It is possible via programming to keep running the old *.MQ4 files inside
Meta Trader 5 in a compatibility mode!

OR

Go back and use the same scripting language and offer a new version of Meta Trader 5 without changing the MQ4 syntax

Other wise, I think it is a long way till 80% custom indicators and E.A users even think
to shift over to Meta Trader 5.

At least, I am not looking to use Meta Trader 5 for now.
I think Meta Trader 4 is still a hero for me.

Kind regards,
-Muhammad Azeem
http://readyforex.com
======================

Man VS Machine - Real traders versus Expert Advisors

This event will be officially launched on Jan 10 2010. It is one of its kind event and it is being organised for the very first time. On one part, there will be real human traders and on the other side, there will be robots aka expert advisors. The aim is to know which party beats the other in generating the most profits in this 10 weeks long event. The participation is free and open to anyone who wish to take part in it. When enrolling, you will have option to choose your side, Bots 'expert advisors' or Humans... If you choose human, you will not be able to use any expert advisor on the competition account and if you choose robot, you will still be able to place trades by hand (manually)... However, you will need to send your expert advisor to them for verification purposes. The rewards are very tempting .. the first price is a 50k USD live account to trade with them.. You are free to take the profits you make from these accounts at anytime you wish to do so... prizes go up to rank 6th... You can read more about this event on the official page.. best of luck

Trading the 'Currency Ring' and making money from it

Trading currency rings can be very good especially if you do not have the proper skills for doing technical analyses of determining the proper direction the market might be heading and tkaing position accordingly. Currency Ring is a good way to trade the forex market easily and hassle free. Firstly, we need to know what is a Currency Ring actually.

A currency ring is a set of of 3 pairs which contain 3 currencies and share the same number of currencies when traded altogether. Each currency ring will consist of 3 related pairs and there can be many of them. Here are the most popular currency rings which you can trade with the majority of the brokers as all these pairs are normally available to trade on all of them.

AUD/JPY AUD/USD USD/JPY

CHF/JPY CHF/USD USD/JPY

EUR/JPY EUR/AUD AUD/JPY

EUR/USD EUR/AUD AUD/USD

GBP/JPY GBP/USD USD/JPY

EUR/CAD EUR/USD USD/CAD

EUR/CHF

EUR/GBP GBP/CHF

EUR/CHF EUR/USD USD/CHF

NZD/JPY NZD/USD USD/JPY

EUR/JPY EUR/GBP GBP/JPY

EUR/USD EUR/GBP GBP/USD

EUR/JPY EUR/USD USD/JPY

GBP/CHF GBP/USD USD/CHF

GBP/JPY GBP/CHF CHF/JPY

As you can see above, we have 14 currency rings which we can trade all the time. However, it is advised to trade only 1 currency ring per account as it give you more control on what you are doing and also give you a good glimpse on the currency ring you are currently trading. You can log the statistics and performance of each of these currency rings on different accounts. Trading one currency ring per account also protect you from undue drawdown that you might experience with these type of strategies.

Firstly, we are going to place an Average Daily Range indicator on the pairs that form part of the currency ring we are going to trade. If the pair has moved over 25% of the daily range, then we buy the currency ring and close the trades when the pairs has reached 50%-75% of the Average Daily Range (ADR). Here is an example:

1. We buy 1 lot GBP/JPY
2. We buy 1 lot GBP/CHF
3. We also have to buy 0.8 lots of CHF/JPY in order to stabilise the accounts

When we bought the GBP/JPY and the GBP/CHF, we have also actually bought the CHF/JPY as the cross pair and we have to open a real by order as well in this pair to stabilise the currency ring. After we are done, we wait for the pairs to move and we take profit from the overall combined profit of all the orders together. This is a very interesting forex trading strategy and if you have some time to experiment with it, can bring you lots of good. You can read more about this trading method from the link here. Good luck

Metatrader Expert Advisor Generator

A new program is out which allow you to code your trading strategies for the metatrader platform. This tool does not require that you have coding and programming knowledge at all. You just input the trading rules step-wise in the software and the codes are generated on the fly. It is very good for those who want to get started in mql4 coding and are situated in the middle line. The software comes with a manual which will walk you through the usage of the software and hopefully you will be generating your EAs after you completed the little training. However, the system is not free but you can download a 60 day trial of the software and try it for some time. If you find yourself comfortable with it, then you might decide to purchase it at a later stage. If you have good experience with it already, do leave some comments.

Double and increase the traffic to your blog freely and easily, step-by-step instructions

What can you see in the above image? Can you notice the green and blue curves? The green line is the traffic to my blog last month and it has been compared to the current traffic to my blog which is reflected by the blue line. I am using Google Analytics to monitor the traffic and do the other tracking. As you can see, the traffic to my blog has doubled... and goes on increasing like this... NO, I did not pay for anything! This is totally free traffic I am getting to the blog just by using a free traffic system which is totally safe as well... you do not have to worry whether it is against google adsense TOS if you are using adsense etc... If you have a website or blog, then you already know that a website without good traffic is useless. No matter how much you monetize it, without traffic, it will not earn you a penny...The free traffic system I am presenting to you can give you dozens of backlink to your website each and everyday. This will not only boost your traffic, but will also boost your ranking in search engines and increase your PageRank. Again, look above at the image again... this is the results that you can expect... I have up to 250% traffic increase for some days when compared to earlier days... is not this great... OKAY! Enough talking... To use this free system, you have to:

Follow the SIGN UP link at the bottom of this post.
Follow the 3 steps in the signup process
Add the code to your website
Share the system with your friends

Yeah... It is easy as 1-2-3-4 .... Again... Again... this is a totally free system which will bring you 100% free traffic... you do not have to pay a dime to get the traffic unless you want to get even more traffic... However, my advice, use the free system... it is very good and rewarding. Follow the link below and follow the steps as outlined above... Make sure you read each of the 3 sign-up steps carefully and complete them as well. Thank you and good luck

Counter-Trend Trading Method with the CounterStrike Forex Strategy

The trading strategy I am about to introduce to you is a counter trend trading system which is 100% mechanical as well. What we mean by counter trend trading is that, if we have a situation when normally traders will buy the commodity, we will be doing the opposite and selling this commodity and if others are selling, then we will be buying. And by 100% mechanical trading system, I mean that the system is totally free from any discretionary trades. For example, if you see A, then you see C, then do B... this is an example of a mechanical trading system. Mechanical trading systems are very good for traders who are become psychologically weak and emotional when in front of the charts, which eventually lead them to make bad trading decisions in the market when using discretionary trading systems. For these kind of traders, a mechanical system the system which will really suit them. I originally read about the CounterStrike trading system from the following thread and I really liked it. Personally, I think this system has some very good potential in making some pips from the market. If you have some free time in hand, I suggests you use it wisely and go ahead to read this trading system. If you have even more time, then you can do some practice on demo charts and see how it is working for you. It is no strange that you can stumble on some golden nuggets of the forex trading systems. All the best.

Simple 1HR Trend System

Here is a simple and easy little system which will help you to take advantage of the heavy trends which usually occur each year withing October and May. The system comprises of 2 metatrader indicators which gives buy and sell signals. The first indicator is a custom made Moving Average indicator which only show an arrow each time there is a signal. A Green arrow for a long signal and a Red arrow for a short signal. However, we do not enter the market on the appearance of the arrow alone but we need to confirm the direction with a second buy and sell indicator which is a mapped version of the RSI indicator. The Mapped RSI shows long signal when it turns green and shows short signal when it turns Red. However, when the mapped RSI turns grey, then it is an indication to exit the trade and that the trend might be changing. So, when the buy and sell signals from these 2 indicators are coupled together, we get a strong signal in the direction of the trend and we take the trades in that direction. Here are the indicators and metatrader template for you to download and use. Good luck. source

Forex Scalping Indicator - Waddah Attar Scalping

Here is a little indicator that might come in handy in your scalping journey. It can be used as a buy indicator or as a sell indicator. When we have 2 candles which has closed and the indicator closed in 2 consecutive green bars, it means the indicator is giving us a buy signal and when 2 candles has closed and the indicator has drawn 2 consecutive red bars for these candles, then it means that the indicator is giving us a sell signal. As you can see in the screenshot above, the piece of code can be used as a buy and sell indicator. However, I suggests you do not use it stand alone and you experiment with it along with other indicators you might like. If you come up with anything useful, do let me know about it. After you download the indicator, place it in the metatrader indicator folder and you will be good to go. Good luck. Source

The 'Catch and Release' Forex Trading Strategy

I would like to introduce you to this very nice trading system which can be used to take advantage of the big trends that occurs every now and then in the forex market. This strategy works great with trending pairs like the majors for example the eurusd, gbpusd or gbpjpy. The aim of this strategy is to wait for a trend to develop itself, then enter the market upon small retracement against the established trend.

The Catch and Release method uses a combination of buy indicators and sell indicator to generate buy and sell signals for the forex market. To be accurate, the system uses 5 indicators which are namely the GMMA SLOW, EMA (20 and 30),Stochastics(9,3,3), RSI(3) and finally the Heiken Ashi. All combined together produce very nice entry signals for the forex market with a high rate of accuracy. I would not go into the details of setting up the charts etc but I will just post the template at the end of this post so that you can just download it and apply to your metatrader platform. Your chart should be ready for you to trade. Now I will write a bit on the buy and sell signals. I will restrict myself to very little words as I have already made very illustrated screenshots of how the system works with trade examples so that you can follow and learn without the hassles of endless reading.

Here are the rules for buy signal as well as 2 trade examples which occured following the fulfillment of these rules. The screenshot explains for itself and I will not be commenting on the rules.

As for the Sell signal which this system generates, please review the screenshot below where the rules have been clearly outlined as well as trading examples. Follow the numbering for the signal order.

Download the template and indicators and start your trading practice. Good luck. Source

Video - How to get rich slowly in forex?

Here is a very good video explaining how we need to work with the forex market and how the wealth building should be slow but consistent. The video gives very good insight about why most traders fail due to their haste to become millionaire overnight. By having this is their mind all the time, they start to get emotional and fail to measure the risk they take in each and every of their trade in the forex market. If you are an aspiring forex trader, i truly suggest you to take a few minutes and watch this video. Hope you benefit from this and wish to hear back. Video link here

CatFX50,another free yet powerful forex trading strategy

I am sharing this fantastic free forex trading system with you which is called 'CATFX50' Trading Method. This strategy is reputed for its high rate of accuracy in finding proper entries for your trades. CatFX50 is a very easy system and it will not take you a lot of time to study and apply its rules to your own trading. The rules are clearly explained and outlined in a word document and you should refer to it anytime you stumble across some problems in understanding how the system works to generate the trading signals. After you have thoroughly read through the rules, make sure you practice this trading system on a demo account for a while so that you can determine whether the system fits your taste or not. CatFX50 uses a lot of indicators to determine the proper trading entries and this alone turn the system into a very powerful and accurate one. This system can be used stand-alone and it has different buy indicators and sell indicators which works together to give buy and sell signals. These buy and sell indicators can be applied to any chart just by applying the Metatrader template found in the catfx50 download packages. I hope that you will benefit from this system and will make a lot of pips. Go ahead and download the whole package which contains everything for the system. You should find the indicators and templates also. Good luck. Source

Many traders like to use the zigzag indicator with their trading method. Expecially those who works with elliot waves and chart patterns. I have already posted a better zigzag indicator in another post and you can search for it on this site. The other zigzag indicator is called 'parabolic zigzag'. This version on the zigzag I am posting right now is called the 'fractal zigzag indicator' and it not any better than the parabolic zigzag. The difference with this zigzag indicator is that, it draws the lines, the peaks and the bottoms based on the fractal formation. A fractal is formed when we have 1 high with 2 lower highs on each of its sides for a bullish fractal and a bearish fractal is formed when we have a low with 2 higher lows on each of its sides. However, this fractal zigzag indicator let you change the settings of the fractal depth you want to investigate into. For example you can use a fractal depth of 3 and the fractal zigzag indicator will look only at fractals which has 3 lower values on each side of the new extemum (high or low). I hope that you find this indicator useful. Download the fractal zigzag indicator now.

The Forexkid - Your forex ebooks provider

"If you think taking time to educate yourself is worthless, then try ignorance" Mastering FOREX will surely need time and perseverance...

Meta Trader 5 Beta Testing

Man VS Machine - Real traders versus Expert Advisors

Trading the 'Currency Ring' and making money from it

Metatrader Expert Advisor Generator

Double and increase the traffic to your blog freely and easily, step-by-step instructions

Counter-Trend Trading Method with the CounterStrike Forex Strategy

Simple 1HR Trend System

Forex Scalping Indicator - Waddah Attar Scalping

The 'Catch and Release' Forex Trading Strategy

Video - How to get rich slowly in forex?

CatFX50,another free yet powerful forex trading strategy

Fractal Zigzag Indicator - A cool variant of the standard zigzag indicator

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