The recent introduction by Alpari UK of "interbank spreads" on their MetaTrader 4 demo accounts has given us the perfect opportunity to demonstrate one of the potential problems you might encounter using the MetaTrader 4 strategy tester to evaluate a forex trading strategy you have developed for yourself, or even bought off a virtual shelf. Our regular readers will know that we have performed numerous live tests and backtests on the Forex MegaDroid "robot". Today is a Saturday, so I had a few minutes spare to run yet another backtest on the Droid. I started the simulation on March 30th 2009, the date the Forex MegaDroid team launched their creation amid great fanfare, and finished it yesterday evening. Here's what the Alpari UK MetaTrader 4 demo strategy tester showed me:
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Here at the Trading Gurus we are constantly monitoring the quotes from a wide range of brokers. Yesterday alarm bells started ringing to tell us that the spreads on one of our MetaTrader 4 demo accounts at Alpari UK had suddenly reduced to previously unheard of levels. Spreads as low as 0.4 pips on GBP/USD for example, and once (briefly!) even zero on EUR/USD.
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Last week Swiss forex broker Dukascopy announced that they are reducing the minimum lot size for their ECN retail accounts. According to the news section of their website:
Dukascopy (Suisse) SA announces the reduction of minimal lot size. Starting from 8th of January 2010, traders can use mini lots from 0.001 equal to 1000 units of a primary currency amount.
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MetaTrader 5 entered public beta testing quite some time ago now. For almost as long information about the product has been disseminated via the existing MetaTrader 4 web sites. Now MetaQuotes has finally got around to putting some content on a couple of MetaTrader 5 specific sites. MetaTrader5.com currently consists of a single page only, but it does at least provide a convenient location from which to download the latest beta version of MT5. The home page also displays the date when beta testing of the product is currently scheduled to end:
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Following the recent release of a beta version of MetaTrader 5 to the public expert advisor vendors have been struggling to get to grips with the new MQL5 language. Being able to read Russian has helped, but even then some vital information has been missing from the available documentation.
More on MQL5 Documentation Now Available in English (Mostly!)
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Alpari UK have just announced that as long as you have at least 20,000 US dollars to spare you are now able to use it to fund a shiny new Alpari Pro account. Demo accounts are available of course, just like in the United States and Russia, but Alpari UK are more than happy to let you open a real account with real money too, as long as you don't reside in the US or in British Columbia that is. Here's how the announcement put it:
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MetaTrader 5 has been open for public beta testing for a few days now. After a few trials and tribulations we have now got our first example robot working on MetaTrader 5. If you'd like to know what changes we had to make you can take a look at our MQL5 source code. This is just a quick port retaining the old MQL4 procedural style. We're not using any of the fancy new object oriented features of MQL5 yet.
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The long wait is over! You can now download the first publicly available version of the MetaTrader 5 client terminal from the MQL4 forum.
Unfortunately it sounds as though you'll have to wait another 6 months before you will be able to use it in anger on a live account. "The nearest future" that Alpari Russia were talking about last week doesn't mean this week or even this month as far as demo accounts are concerned. A live account certainly sounds as though it won't be arriving until some time next year.
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MetaQuotes announced today on the MQL4 forum that the long awaited MetaTrader 5 client terminal will finally be available for testing by the general public in the very near future. According to the announcement:
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US broker Manhattan Beach Trading (usually known simply as MB Trading) introduced demo ECN MetaTrader 4 accounts way back at the start of this year. They have just announced that at long last their live ECN MT4 accounts are available:
More on MB Trading Finally Offer Live ECN MetaTrader Accounts
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