TradingView is a fantastic platform for charting and trading.

…and yes, you can trade on the TradingView mobile app. 

However, it can be a little confusing to figure out how to enter a trade on the mobile app.

It took me some time to figure it out, so I want to save you the headache and give you the answer right now.

The great thing about the mobile version of TradingView is that it is almost the same as the desktop version.

That means you have access to the same features that you get on your desktop computer.

Alright, here's how to place your first trade.

If you prefer the text version, it's provided below.

Download the App

First download the app from you favorite app store. It's available for both Android and iOS.

Then login to the app and purchase a paid plan.

Technically, you can trade on the free plan, at the time that this is being written.

But you don't get priority support and you'll always see ads on your charts.

If you're serious about trading, then you want the fastest support possible and ads will distract you from trading. 

So I feel that a paid account is mandatory.

Login to Your Broker

If you want to try this, you can create a demo account in TradingView.

Otherwise, if you have a broker that works with TradingView, follow these steps.

Once you're logged in, go to:

1. Menu in upper left corner (3 lines)
2. Products
3. Supercharts
4. Icon in upper left corner
5. Connect to Broker

Select your broker, then login.

You're now ready to trade.

Place Your First Trade

When you go back to your charts, there will now be buttons on the chart that allow you to place buy and sell trades.

Tap the button for the trade that you want to make.

The order entry screen will pop up and you can enter a trade. 

Be sure to scroll down a bit to make sure that you've entered all of the important information for your trade. 

You should also see information about the trade like margin used, trade value and more. 

The information you see and the options you have will depend a lot on your broker and the version of TradingView you're using. 

So use the screenshot below as more of a guideline and contact TradingView support if you have any questions. 

Once everything looks good, tap the Buy or Sell button at the bottom of the screen. 

You have now placed your first trade. 

To get more details on entering trades, be sure to watch the video at the top of this page. 

Final Tips

Remember that technology can change quickly.

I will do my best to update this tutorial periodically, but the way TradingView mobile works can change over time.

However, I have found that the basic idea is usually the same with newer versions, just the position of the buttons change.

But TradingView is the best charting and trading platform for so many reasons that I go over here.

The most useful feature is that you get the same charts on your mobile and desktop.

Have fun!

The post How to Trade on TradingView Mobile appeared first on Trading Heroes.

I started using MetaTrader back in about 2008.

Unfortunately, it hasn't changed much, even with the launch of MT5.

That means it still doesn't have the “One Cancels the Other” order function. Some people, including myself, prefer to call this “Order Cancels Order.”

Whatever you call it, now we can now easily add this order type to MT5 with the help of AI.

You don't need to know how to code. 

In this tutorial, I'll show why OCO is so useful and how to use ChatGPT to easily create your own OCO EA for MetaTrader 5.

How OCO Works

“One Cancels the Other” (OCO) trading orders are a type of conditional order where two pending orders are placed simultaneously, but only one can be executed.

When one of the orders is triggered and filled, the other is automatically canceled.

This can be very useful for taking advantage of different trading opportunities.

OCO Example

Here's an example where you can use an OCO order to take advantage of a potentially profitable situation.

This Pin Bar is also an Engulfing Bar, which could signal a top.

The previous bar had very high volume, showing that this trend could be coming to an end because traders appear to be bailing out.

Now I could enter this trade now, but there is no guarantee that price will drop as expected.

So I can set up 2 pending orders, one sell limit above the current price (higher blue line) and a sell stop below the current price (lower blue line).

The first thing that could happen is price could retrace before moving back down.

If price does retrace, I will enter the trade at a slightly better price and make a little more money. The second trade will be cancelled and I won't take a duplicate trade.

Even if price retraces and hits a stop loss above the candle, the loss will be smaller than if I entered at the close of the current candle.

Another thing that could happen is price could just head straight down, as expected. In this case, the sell stop (lower blue line) will be hit and the retracement trade will be cancelled.

This pending order will get me into the market if goes in the direction that I expect, but doesn't retrace. It's the best of both worlds.

If price doesn't go as I planned, I'll lose less money because the sell limit will get hit instead of this sell stop.

As you can see, using a OCO order can be extremely useful.

The amount of money I save by doing this can really add up over time.

MT5 EA Design

Before we talk to ChatGPT, we have to put a little thought into how we will design this MT5 EA.

There are only 2 things that we have to account for.

First, there might be other pending trades in the same market, so we would have to account for that and only cancel orders that we mark for cancellation, and not any others.

Second, we only want to cancel trades in the same market of the chart that the EA is attached to.

This will rule out any trades in other markets that happen to have the same marker.

In MetaTrader 5, we can use the comment field to easily mark trades that we want to apply the OCO logic to.

It takes a little getting used to because in order to use the comment field, the order has to be entered via the right-click menu and not the one-click button.

But it's not a big deal.

The ChatGPT Prompt to Get OCO in MT5

So for this EA, I'm going to prompt ChatGPT with the following:

Please create an EA for MetaTrader 5 that looks for open orders with a comment in the market of the chart that the EA is attached to. When an open order with a comment is found, cancel all pending orders with a matching comment, in the same market on the next tick. Do not provide any inputs, everything should be done without user input. Automatically match the comment fields.

Feel free to copy and paste that prompt and use it for yourself.

But remember that I'm NOT liable for whatever happens if you choose to use that prompt. 

ChatGPT or another AI might give you a different result than what I got, depending on which model you use, so you always have to test an EA thoroughly before using it in a live account. 

Keep reading to learn how to test it.

Create the Expert Advisor in MT5

Once you get the code from ChatGPT, simply hit the Copy link in the upper right corner of the code window to copy the code.

Then open MT5 and click on the IDE button at the top.

This will open the MQL5 Editor.

Click on the New button in the upper left corner of the screen.

A window will come up with a wizard.

• On the first screen, select: Expert Advisor (template)
• Click Next
• Give the EA a name
• Keep clicking Next until you get to the end of the wizard

The rest of the settings don't matter because you're just going to copy in the code from ChatGPT anyway.

When you see the EA template that MT5 created for you, click anywhere on the screen and it Control+A to select all the text.

Then hit Backspace or Delete on your keyboard to delete everything.

Now hit Control+V to paste the ChatGPT code into the blank area.

Finally, click on the Compile button on the top of the screen to check the code.

If it compiles without errors, congratulations!

Skip down to the installation section below.

Otherwise, use the next section to fix the errors.

Troubleshooting

ChatGPT might not get it right the first time.

When you compile the code, there's a good chance that you'll get some errors or warnings like this.

When that happens, simply highlight all of the error messages in MT5, by using Shift+left mouse click and right-click > copy to copy them.

Then go over to ChatGPT and ask it to fix it.

For example:

You might have to do this a few times, but it usually figures it out eventually.

Remember that is only a syntax test.

Now you have to check the logic of the program.

Put it into a demo account and test until you're confident in the results.

If you're having problems that you cannot correct, check to see that you're using MT5.

The code for MT4 and MT5 are different, so you cannot use this EA in MT4.

How to Install the EA

Once the code compiles, go back to the main MT5 window and look in the Navigator window.

If the Navigator section is not available, then go to: View > Navigator to open the window.

Go to the Expert Advisors section and click and drag the EA you created onto the chart.

Once it is on the chart, you'll see the name of the EA in the upper right corner of the chart.

The hat icon should be blue to show that it's running.

If it's not blue, then click the Algo Trading button at the top of the screen to make sure that the EA is activated.

Test the EA

Now it's time to test your new EA.

Be sure to test this in a DEMO account, just in case something goes wrong. 

To take a trade, right click on the chart you want to trade on.

Go to: Trading > New Order

In the comment field, enter anything you want to identify the order.

It could be something like “999” or whatever is easy to remember.

Enter the details for the pending order, then open a new pending order and enter the same comment text in the comment field.

To test this quickly, set 2 orders that are very close to the current price, so one of them gets executed right away.

You can also see how the EA treats multiple pending orders with the same comment.

Try every kind of weird situation you can think of to be sure that the EA is working as expected.

Test it until you are 100% confident that it's working correctly.

More Troubleshooting

If there are issues with the logic of the EA, then go back to ChatGPT to work them out.

At some point, you'll have to start understanding the code, so now is a good time to start.

You don't have to know how to code, but you should know how each part of the code works.

Luckily, you can get ChatGPT to explain it to you.

It's actually quite good at explaining.

Keep asking it questions until you understand how the program works.

Remember that ChatGPT might sound all professional, but it doesn't know as much as you think.

Tell it exactly what you want and don't let it insert logic that it thinks is good, but isn't in line with what you want. 

Like any other skill, building with ChatGPT can be a little frustrating in the beginning.

But once you get the hang of it, it's extremely powerful and help you build all the trading tools that you've always wanted.

Final Thoughts

So that's how to create an OCO EA for MT5.

But this is just the beginning.

What else can you make?

Use your creativity and let your imagination run wild.

You might just create something amazing…and super profitable.

The post How to Get MT5 One-Cancels-the-Other (OCO) Orders appeared first on Trading Heroes.

However, one area that I have found it tremendously useful is in the area of creating automated trading robots for trading platforms like MetaTrader 4.

So in this tutorial, I'll show you how I'm using ChatGPT to create custom MT4 EAs. This process can be very fast and for simple EAs, you don't even know how to code.

If you prefer the text version, it's provided below the video.

Tutorial Video

How to Create an EA with ChatGPT

All of these steps should be done in a demo account. 

Never use an EA with real money until you're absolutely sure that it's working properly. 

Step 1: Have a Trading Strategy

You can get a trading strategy from almost anywhere…books, websites, YouTube or something you just made up.

Ideally, you should have a trading strategy that you've already backtested.

But if you just want to go through the process to see how it works, then just use the example code in the section below.

Step 2: Describe it to ChatGPT

Ask it to create an EA for MT4.

Then explain the rules as clearly as you can to ChatGPT. Write as if you were writing to a friend.

It will generate the code that you need for MT4.

Copy this code from ChatGPT

Step 3: Copy and Paste the Code into MT4

Then open the MetaQuotes Language Editor via the tool bar at the top.

Click the New button to create a new EA.

Select Expert Advisor, give it a name, then leave the rest of the settings blank. Keep hitting the Next button until you get to the end of the wizard.

That will give you a blank EA template.

Click anywhere in the code, then use Control + A to select all of the text. Then hit Backspace to delete all of the default code, then Control + V on your keyboard to paste in the ChatGPT code.

Click on the Compile button to generate the EA.

Step 4: Check for Errors

If there are any errors or warnings in the code, go back and ask ChatGPT to fix them.

It will generate new code.

Repeat step 3 above to start using the new code.

Step 5: Add the EA to a Chart and Start Testing

Once all the errors and warnings are gone, then you're ready to start using the EA.

Go to the main MT4 screen and look for the EA in the Navigator window.

Click and drag your new EA onto the chart.

There should be the name of your EA in the upper right corner of the chart you added it to, next to a happy face.

If the face is sad, click on the AutoTrading button at the top to activate the EA. The happy face shows that the EA is activated.

Now test the EA to see if it's working properly.

Test all of the regular features AND try to “break” the EA by doing things that it might not expect. This will show you how robust it is and will give you confidence in it.

If you have any issues, go back to ChatGPT and work on fixing them.

This may take several tries, but keep at it.

Example Code

If you want to give this a try, here's the example code. Simply copy and paste this prompt into ChatGPT and it will generate the code for this EA.

Important: This is for educational purposes only and should NOT be used in live trading. It's only provided to help you understand how to EA creation process works. There's a very high probability that this strategy will lose money.

“Please create an Expert Advisor for MetaTrader 4 that executes these rules:

1. Indicators

   • Short SMA: 2?period simple moving average of Close

   • Long SMA: 36?period simple moving average of Close

2. Long Entry

   • Condition: Short SMA (2) > Long SMA (36)

   • AND price closes below the Short SMA

   • Action: Open a buy at the close of that bar

3. Long Exit

   • Condition: price closes above the Short SMA

   • Action: Close the long

4. Short Entry

   • Condition: Short SMA (2) < Long SMA (36)

   • AND price closes above the Short SMA

   • Action: Open a sell at the close of that bar

5. Short Exit

   • Condition: price closes below the Short SMA

   • Action: Close the short

6. Position Sizing & Settings

   • Fixed size: 0.1 lots per trade

   • No stop?loss, no take?profit, no trailing stops”

Words of Warning

Remember that this is just step 1 in the process of creating a fully or partially automated trading strategy.

If you backtested with AI, you really, really have to double check the results.

Even if you didn't, you still have to check that the code is doing what you expected.

AI can hallucinate, so you have to be extra sure that the EA is doing what you expected before you risk real money.

Never trade the EA live until you're absolutely sure that it's working properly. 

Final Tips

I hope that this tutorial will help you create you own tools that improve your trading results.

At the time that this is being written, backtesting with AI is not mature yet.

However, creating EAs for MT4 is very usable, so I would highly recommend learning how to do it.

If you want an awesome example that you can start using right now, check out this EA tutorial.

Even if you never build an EA, you can also build very useful custom indicators that can help you spot trading opportunities and manage parts of your trades.

Have fun!

The post How to Build No-Code MT4 Expert Advisors with ChatGPT appeared first on Trading Heroes.

In this tutorial, I'll show you how to use the backtesting function in TradingView and give you the benefits and downsides of this platform, based on my personal experience.

This powerful tool allows traders to test the effectiveness of any trading strategy, whether it's one they have developed themselves, or one created by a member of the TradingView Community.

Key Takeaways

• TradingView's backtesting function allows traders to quickly test a wide selection of trading strategies across a huge collection of worldwide trading markets.
• The platform offers a variety of strategies created by Community members, as well as the ability to create your own.
• While there can be limitations to TradingView's backtesting platform, there are also solutions.

Benefits of TradingView Backtesting

Here are some of the benefits of using TradingView's backtesting platform:

• Fast results: The backtesting system is fast, and you can see the results right away. This allows you to iterate quickly and adjust your strategy accordingly.
• Community scripts: You can use other traders' strategies that are available in the Community. This saves you time and effort in developing your own strategy.
• Historical Data: TradingView has a Deep Backtesting feature that provides all the historical data you need to conduct a thorough backtest.
• Easy to use: The backtesting function is simple, no complex setups required.
• Access tons of worldwide markets: TradingView gives traders access to a wide range of markets from around the world. It could be the largest collection of publicly available data feeds in the world.
• Browser based: Available on almost any operating system.
• Create your own strategies: Make and test your own strategies quickly with Pine Script.

Now that you know a little about the platform, here's how to start using it.

How to Access Strategy Tester on TradingView

First make sure that you're logged into a paid account.

To access the backtesting function, first click the Strategy Tester tab at the bottom of the screen.

From there, click on the Load Your Strategy button.

This can either be a strategy that you've created or one that's been developed by a Community member within TradingView.

To find a strategy, search by name or browse through the available community scripts.

Be sure to use the menu on the left of the window to see other types of strategies.

Select Personal to see the strategies you've created.

Yeah, there are a TON of strategies available and it can be a little overwhelming.

So start with something that you understand and test all the related strategies.

For example, when I search for a Bollinger Bands trading strategy, here's what comes up.

The number on the right of each strategy indicates the number of people currently using it.

Usually, the most popular ones are at the top.

But not always.

So scroll through the strategies to see them all.

Once I click on a strategy, TradingView will add it to my chart, run the backtest on the current market/timeframe and give me the results.

You can see the trades it took and get a performance summary report below the chart.

Pretty slick!

How to Run the Backtest on Other Markets and Timeframes

Once you've selected a strategy to backtest, it's super easy to run the test on any market and timeframe available on TradingView.

To run the test on another timeframe, simply click one of the available timeframes on the top of the current chart.

You can even set your own custom timeframe by clicking on the down arrow and selecting “Add custom interval”.

The results of the backtest on that timeframe will appear on the bottom of your screen, just like with the first backtest.

You'll see the results almost instantly, making this a very efficient way to backtest.

To test the strategy on other markets, click on the watchlist icon in the upper right corner, then click on the market you want to backtest.

You can also click on the current market ticker in the upper left corner of the screen and search for a new market to test.

Again, as soon as you select the market, you'll see the backtesting results in the bottom panel.

Remove a Trading Strategy

To remove a strategy from your chart, click on the Object Tree icon on right side of the screen, then click the Delete icon next to the trading strategy.

Once you've deleted a strategy, you can a new one, or go back to using TradingView as just a charting platform.

Evaluating Backtesting Results

Now it's important to talk about what a “good” backtesting result is.

Many new traders think that they need to have a fantastic result on the first try, or the backtest is a failure.

That's not how it works.

In reality, it's best to look for strategies that have potential.

So here are some things to look for:

• The strategy is near breakeven: The strategy could be optimized
• There are huge winners, which get slowly get taken out by small losers: The number of losers could possibly be reduced
• Conversely, there are consistent small winners, but a few big losers: The size of the losing trades could be reduced
• Strategies that perform well in some markets but not others: Only trade it in markets where it performs well

But that's just the tip of the iceberg.

To get a complete guide on how to judge and potentially improve backtesting results, read my article on good backtesting results.

Selecting a Trading Strategy the Smart Way

When it comes to selecting strategies to test, there are a couple of ways to approach it.

First, you can browse the available strategies that you can use for free, as I mentioned above.

Sort the strategies by popularity and backtest each one.

This is a decent method if you don't know where to start.

But you'll quickly learn that most of the free strategies don't work.

Yeah, you generally get what you pay for.

And there are so many strategies out there that it would take forever to test them all.

So once you get tired of looking for random ass strategies, it's time to get smarter.

A better way to approach this proess is to start by asking yourself what type of strategy you're looking for:

• Do you prefer trend strategies?
• Do you want to trade a RSI strategy?
• Do you want to day trade?

Then take a look at all of the strategies that fall into your chosen category.

Search keywords related to the type of strategy you want to find. 

Backtest them and see how they perform.

Again, chances are very good that they won't work.

But they might.

Worst case scenario, they will give you a good starting point and ideas for your own strategy.

This is a huge benefit of the TradingView Community.

How to Create Your Own Strategy

Since many of the trading strategies on TradingView are free and open source, you can use them to help build your own strategy quickly.

First find a free strategy that you want to build on.

Then create your own Pine Script project by clicking on the Pine Editor tab at the bottom of the screen.

Copy and paste an existing strategy into the Pine Script tab and start making adjustments.

Save the strategy, then run a backtest.

Yes, you need to learn Pine Script.

But most programming tutorials can be very boring.

When you know what you want and you have a starting template to get there, learning becomes much more fun and you'll usually see results faster.

Focus on the parts of the current script that you want to change and go from there.

To sign up for TradingView, go here.

Considerations of Historical Data Availability

When using the backtesting function in TradingView, it is important to understand how much historical data is being tested in each test.

Data availability will vary by market and timeframe.

Higher timeframe charts like the daily, weekly and monthly charts will usually have enough data to do valid tests.

But on lower timeframes, such as the 4-hour chart and below, the historical data is very limited.

You may only have access to two or three years of data, which is never sufficient to do a thorough backtest.

Be sure to read more about how to how many trades you need to have confidence in a trading strategy.

If you require the entire data set for a particular market, you'll need to subscribe to the Deep Backtesting feature, which is only available on the higher tier paid plans.

This is a big downside of the platform.

If you don't want to pay the higher TradingView monthly fee, there are other solutions such as Naked Markets, which usually provides much more historical data than TradingView and free ongoing data updates, for just a one-time investment.

Limitations and Downsides

Here are the limitations of TradingView to be aware of:

• The backtesting function is only available on TradingView paid plans.
• TradingView lacks sufficient historical trading data on the lower tier plans. It can be enough data on the higher timeframes, such as the daily chart. As you move down to lower time frames like the 4-hour or 1-hour chart, you may only get two or three years of data, which is not enough. You have to pay more for Deep Backtesting to get more comprehensive data.
• There's no way to upload your own historical data.
• You can only backtest one market, strategy and timeframe at a time. There is currently no way to backtest multiple variables simultaneously.
• No offline testing.
• The reporting metrics are decent, but still limited. I would like to see more detailed backtesting statistics.
• Although TradingView's backtesting function is useful, it is not a substitute for live trading. You should still exercise caution and not rely solely on backtesting results. Be sure to implement Forward Testing before risking real money on a strategy.

While TradingView's backtesting function has its limitations and costs, it can be a valuable tool for testing trading strategies quickly.

Conclusion

Based on my experience with the backtesting function in TradingView, it's not for everyone.

It only really makes sense if you can do 2 things:

1. Code in Pine Script
2. Subscribe to a paid plan that has Deep Backtesting capability

One big benefit of the backtesting feature is that you can test community-created trading strategies and scripts.

Unfortunately, most of them are useless. That's no different than any other platform.

But they can be an excellent starting point to give you ideas for your own strategy.

If you want to backtest manually, TradingView also has a Bar Replay function that will eliminate the need to learn Pine Script.

So at the end of the day, backtesting in TradingView can make sense for some traders, but it's not for everyone.

That said, I strongly feel that TradingView is the best charting platform available and I highly recommend it for that.

The post The Ultimate Guide to TradingView Backtesting appeared first on Trading Heroes.

So in this tutorial, I'll show you exactly how to do it.

The process is not hard and once you know how it works, you can take partial profits on your trades at any time.

First, let's take a look at why you might want to do this.

Why Traders Take Partial Profits

The biggest reason traders close part of their trades early is to take some of their profits off the table, while still allowing themselves up to potentially capture bigger profits later.

This can give you a huge psychological boost and allow you to stick with the rest of your trade longer.

When a trade is in profit, then comes back and ends up in a loss, that can give you a huge case of Fear of Missing Out (FOMO).

Many traders will then try to make it back on the next trades, leading to overtrading, revenge trading, or taking profits too early.

So taking partial profits can help you achieve a balance of taking profits while you have them and letting your profits run.

But it's not a magic bullet.

Be sure to backtest your profit taking method before implementing it.

Now let's get into how to actually do it.

How to Take Partial Profits on a Trade in MT4

There are 2 ways to take profits in MT4.

I highly recommend doing this in a demo account if you've never done it before because if you don't know what you're doing, you could mess up a good trade and lose money unnecessarily.

Obviously, you should have a trade open that's bigger than the 0.01 minimum lot size in MetaTrader, for this to work.

There are 2 ways to close part of a trade:

• Double-click the trade entry line on the chart
• Double-click the open trade in the Order window on the bottom of the screen

When you do either of these things, you'll see the Modify Order window.

Change the following:

• Type: Change to Market Execution
• Volume: Enter the number of lots you want to close
• Close Button: Once all of the settings are correct, click the yellow Close button

That's it!

Now you'll see that the Size of your trade will be reduced in the Order window at the bottom of your screen.

Demonstration Video

If you want to see this in action, this video will show you exactly how to do this in MT4.

Final Thoughts

So that's how to close part of your position in MetaTrader 4.

It's very useful for taking some profits off the table, while still giving yourself the ability to still capture big moves.

Again, be sure that you practice doing this in a demo account first.

Also backtest your method of taking partial profits to be sure that it actually gives you an edge.

To learn how to backtest, read this tutorial.

The post How to Partially Close a Trade in MetaTrader 4 appeared first on Trading Heroes.

Once a strategy is built in this software, it can be exported to MetaTrader or Forex Tester for backtesting or even live trading.

I reviewed EFB when it first came out and I was not impressed.

It was not able to create complex trading strategies and it was clunky to have to export a strategy from EFB, import it into MetaTrader, then backtest it.

So if you've come to the same conclusion as me about EFB, then here are some alternatives that can make the strategy building process much easier.

I will provide both free and paid options.

But I'll tell you now…when it comes to this type of software, you're better of paying because the free options are extremely limited.

The Bottom Line

If you just want a summary of the details below, here are my picks for the best free and paid alternatives to Easy Forex Builder.

I only reviewed no-code solutions so you can compare apples to apples.

Paid Easy Forex Builder Alternatives

If you want more details, here are all of the alternatives worth mentioning and the pros and cons of each.

I'll start with the paid alternatives.

NakedMarkets (Best Easy Forex Builder Alternative)

This is the best alternative, by far.

I've been using NakedMarkets since it launched and it really is a revolutionary product when it comes to creating automated trading strategies without coding.

The primary benefits of NakedMarkets is that it can create more complex trading strategies than any of the other options on this list and it has superior analytics.

As an example, here's how I created a fully automated Bollinger Bands trading strategy with NakedMarkets.

Here's the breakdown of how it compares to Easy Forex Builder.

Benefits Comparison

• Can create much more complex trading strategies
• Backtest and optimize strategies in the software, no exporting/importing necessary
• One-time cost, no monthly subscription fee
• Superior analytics tools
• Much easier strategy creation and backtesting workflow
• Monte Carlo simulations

Downsides Comparison

• Cannot export strategies to MetaTrader EA format yet, but they are working on it
• Requires Windows, not browser based

EA Builder

I purchased a license for EA Builder awhile back, but I never ended up doing much with it.

Here's a simple EA that I built with this software.

The primary issue that I had with this product was the same issue that I had with Easy Forex Builder.

This website was easy enough to use, but I couldn't create complex trading strategies with this software.

When I compare this product to Easy Forex Builder, they are pretty similar…except for the fact that EA Builder has a one-time fee.

So this is a better solution than Easy Forex Builder, but it's not as good as NakedMarkets.

Benefits Comparison

• One-time fee
• Create custom indicators and EAs for MT4/MT5
• Create alerts in indicators and EAs for MT4/MT5
• Easy to use interface
• Can create technical analysis tools for TradeStation
• Browser based

Downsides Comparison

• Workflow is a little clunky because everything has to be exported/imported to be tested
• Cannot create complex strategies

EA Builder Pro

I'm not sure if this product is related to the one above, but the name is very similar.

But that's where the similarity ends.

EA Builder Pro is a browser-based platform that enables users to build expert advisors (EAs) for MetaTrader 4 and MetaTrader 5, without coding knowledge.

It offers a user-friendly interface with drag-and-drop functionalities, allowing the creation of custom indicators, trade signals, and strategy modules.

Users can also manage risk through various money management tools and perform cloud-based backtesting to assess their strategies.

I found the platform easier to use than Easy Forex Builder and it's great that I could backtest in the platform.

However, since I don't know where the backtesting data came from, it's impossible to trust the results.

But it's a good “quick and dirty” check.

EAs would still have to be exported and fully backtested in MetaTrader.

One thing that I found really surprising about this platform is that it provides Martingale as a money management option.

Literally nobody should be using Martingale trade management. 

So this might be a case of a trading product being created by people who are great developers, but are not traders.

But that's a relatively minor point.

The biggest benefit of this platform is that it provides many more indicator options than Easy Forex Builder.

Benefits Comparison

• Can run backtests directly on the website
• Browser based
• Easier to use than EFB
• Better logic and more indicators than EFB
• Create EAs and indicators for MT4 and MT5

Downsides Comparison

• Monthly subscription fee
• Cannot download source code with free plan

fxDreema

fxDreema is an interesting offering because it solves no-code EA building in a much different way than the other solutions on this list.

For starters, it allows the user to build each Event in a MetaTrader program with a separate visual interface.

If you don't understand what each Event does, then you'll have to do some reading on it.

Once you understand what each Event does however, the logic you can add to each Event is extensive.

Benefits Comparison

• Limited free version to try it out
• Allows the creation of complex strategy logic
• Workflow is more in line with how MetaTrader programs work
• Can pay in crypto
• Export to MT4/MT5
• Browser based

Downsides Comparison

• Instructions are not clear, it takes time to learn the platform
• The website design is very 1999
• Monthly subscription fee

Forex Robot Factory

Here's an interesting product, but I'm not sure how beneficial this would be for most traders.

Forex Robot Factory automatically generates random trading strategies and backtests them.

Once you find a few strategies that work well, you can drill down into them and optimize each one.

The goal is to build a portfolio of automated trading strategies quickly, so you diversify your risk.

On one hand, I can see where it would be beneficial to have the system give me some ideas on strategies that I might not have thought of on my own.

It also has good analytics, which is actually pretty rare among trading products and is great to see.

However, as a trader, I don't like giving up that much control over the strategy creation process.

There is also the possibility that the system only has a limited number of strategies that it can create and that might lead to everyone on the platform getting very similar strategies.

As I looked at the optimizations, they are very basic and while this is probably a better solution than Easy Forex Builder, it is not ideal.

This platform could be useful, if you want to sign up for a month or two and have the system give you some ideas for trading strategies that you could put into something like NakedMarkets and refine further. 

Otherwise, I don't feel that this is a useful EA creation platform because it prioritizes quantity over quality.

Benefits Comparison

• Solid analytics
• Backtesting done on the website
• Ability to compare results of different strategies simultaneously
• Monte Carlo simulations
• Correlation analysis
• Walk forward testing
• Export to MT4/MT5
• Browser based

Downsides Comparison

• Optimization is rudimentary
• Generates random strategies for you, not much user input
• Very basic optimization options
• Monthly subscription fee
• Pricey

Free Easy Forex Builder Alternatives

Now here's a truly free alternative to EFB.

In reality, you should really pay for this type of software because the free solutions are very basic.

But if you just want to get a feel for creating the EA, installing it in MetaTrader, then backtesting it, then this is a great place to start.

Forex MQL4 Expert Advisor Generator

Forex Advisor is an interesting solution because you don't have to setup a profile or even log in.

You simply access the site, build your EA, then export it.

Upload the EA into MetaTrader and backtest it.

Here's how it stacks up to Easy Forex Builder.

Benefits Comparison

• Totally free, you don't even have to create an account
• Easy to use
• Can make some simple trading strategies

Downsides Comparison

• Cannot create more complex trading strategies
• Very limited number of indicators available

Easy Forex Builder Review

I did a full review of the platform here, but here's a quick review of the benefits and downsides of the software.

Benefits of Easy Forex Builder

• Easy to create basic EAs for MT4 and FT4
• You can download the source code for your EA and edit it manually in MetaTrader Editor
• Create templates, EAs and indicators
• The workflow is easy to understand and use
• This tool can be used to build EAs and indicators that you can sell

Downsides of Easy Forex Builder

• I would love to see support for candlestick patterns in the EA and indicator builders
• The EA I created executed two trades per signal, when it should have only executed one, so there's a bug there
• Indicators are hard to build, I couldn't create an indicator that I found remotely useful
• The download process doesn't work reliably. Sometimes I have to download the EA twice.
• It's difficult to create complex trading strategies
• The free plan is extremely limited, you really do have to sign up for the paid plan

So all in all, this isn't the best platform for creating automated trading strategies.

But if you want to create some simple EAs and learn how the process works, this can be a great starter platform.

Final Thoughts

So those are the best options if you're looking for backtesting software that's an alternative to Easy Forex Builder.

Based on my use of the product, it doesn't have the same benefits of the alternatives on this list.

However, I'm sure that they will be adding new features in the future, so I look forward to seeing what they come up with.

Keep in mind that technology can change quickly, so my analysis is based on the information available at the time this was written.

The post Best Easy Forex Builder Alternatives appeared first on Trading Heroes.

Are you tired of losing money on trading robots that promise you profits, but never deliver? Look no further than this article, where I will share the truth about which trading bots actually work and how to find one that fits your unique personality.

Many fully automated bots fail for a variety of reasons, including over-optimization, poor instructions, and even fraud.

However, there are three types of trading bots that actually work: those you build yourself, those created by a proven trader, and those that only partially automate your trading strategy.

Keep reading to discover how to avoid the pitfalls of ineffective bots and find ones that work for you.

Note: I talk mostly about MetaTrader EAs in the video, but the same logic also applies to trading robots in crypto, futures, stocks and every other trading market.

My Personal Experience with Trading Robots

I told him it wasn't a good idea. 

But my friend insisted that he had backtested the robots and they should work fine.

Now I don't know how well he actually tested them, but I took his word for it.

Back in the day, my buddy put most of his retirement money into a Forex brokerage account and bought a bunch of MetaTrader EAs to trade it for him.

His logic was the bots represented diverse range trading strategies, so that would help him mitigate the drawdowns and should make money on balance.

I checked in with him a couple of months later and the robots had drained almost all of his account.

He finally threw in the towel and shut it all down.

This story has always stuck with me because it's a perfect example of why it's not a good idea to put any faith in third party trading robots.

Around a similar time, I also experimented with one robot.

The trouble I had with the bot was that the creators would change the “optimal” settings every couple of weeks.

From what little I knew about trading back then, I knew that there was no way that the robot could have been legit.

Settings should not change that frequently.

I did make a little money though, but I knew that it was just a matter of time before the robot blew up.

So I took my profits and never took another trade with a third party robot again.

Since those experiences, I've learned a lot about automated trading and what works and doesn't work.

Here's how trading bots can help you and what to avoid. 

Why Most Trading Bots Don't Work

First I'll show you what to avoid.

The reality is that almost all third party trading robots simply do not work. 

Regardless of how good their marketing is, they are all doomed to fail.

Here's why…

Over Optimization

One of the main reasons why most bots do not work is due to over optimization, sometimes called curve fitting.

Many trading robots are designed to perform very well in specific market conditions, such as trending markets.

However, they may not perform well in other market conditions, such as ranging markets.

This is because they are over-optimized and do not take into account all market conditions.

In addition, if you look carefully, you'll notice that many bots are only backtested over a period of less than 2 years.

The reason is that it's very easy to optimize a strategy over a very short period of time.

But creating a strategy that makes money across different types of markets is difficult.

As a result, the EA may appear extremely profitable in the short term, but will usually fail to deliver consistent profits in the long run.

Mismatch With User Personality

Another reason why most fully automated trading programs do not work is that they do not match the user's personality.

Even if a robot is profitable, it may not be suitable for a user who is risk-averse or cannot tolerate large drawdowns.

This is because the bot may have a high-risk profile and may not match the user's risk profile.

For example, let's say that a robot really can make 70% per year.

But it's also going to have 60% drawdowns to achieve that return.

Most people won't be able to handle a 60% drawdown and will turn off the robot before it can make the money back.

Poor Instructions

Many bots come with poor instructions, which can make it difficult for users to set them up properly.

If an trading robot is not set up correctly, it may not perform as expected, and may fail to achieve the desired results.

I looked at the user instructions on the websites of several different trading robots when I was in my bot phase and almost all of them were terrible.

They didn't explain what the settings did and why they were being changed.

None of them explained the strategy in detail.

Many websites were in broken English.

As I always say, If you don't know a trading strategy works, how will you know when it stops working?

You don't.

So if a bot creator cannot explain exactly how a trading robot works, and how to set it up correctly, you have zero chance of making money with it.

Potential Fraud

Unfortunately, there are bots in the market that are completely fraudulent and do not deliver the promised results.

Some of the common types of fraud include:

• Photoshopped performance graph
• Bsacktesting without transaction fees
• Deposit and withdrawal tricks

The first 2 issues are self explanatory, but deposit and withdrawal trick might not be, so I'lll briefly explain that one.

What some shady bot makers do is put their bot's example account on a public trading tracking website like MyFxBook.

When they are about to have a winning trade, they withdraw money from the account before they have a winner, so the winner is a much bigger percentage of the account.

On the other hand, if they are going to have a loss, they deposit money to the account so the loss looks much smaller than normal.

Fortunately, this is easy to spot if you look at the trades log.

Unfortunately, the other two frauds are not as easy to spot.

So that's why it's important to stay away from 100% automated, third party trading robots altogether.

Types of Trading Bots that Actually Work

However, there are instances where a bot can work.

They may not be what you think, so read the next section carefully.

Self-Built Bots

One type of successful trading robot is the one you build yourself.

This can be done by either programming it yourself or creating a manual trading strategy and then automating it later.

The probability of success is higher because you know exactly how the strategy works, it fits with your personality, and if something goes wrong, you will know it immediately.

If you want a fully automated trading strategy, this is the best way to go, in my opinion.

Mentor-Assisted Trading Robots

Another type of successful bot is one from someone who has backtested it significantly and is willing to personally mentor you on how to use it.

They should already be using the robot successfully themselves and be willing to tell you how it works.

If the mentor is not willing to tell you how the bot works, that's a huge red flag and you should run in the opposite direction.

The mentor should also be willing to get on zoom calls with you and show you how to use it.

I like this option the least because there can still be an issue with personality matching between you and the bot.

But having a mentor there to help you and knowing how the trading program actually works are two big steps in the right direction.

Just be careful and do your homework before committing to any mentor.

Partial Automation Bots

The third and final type of successful trading robot, and my favorite, is the type that only does partial automation.

These bots can automate your entry, exit, or trade management, but not the entire strategy.

The most useful ones are those that automate your exit, as they allow you to use trailing stops and potentially capture more profits on your trades.

Partially automated robots are less complex and can save you time and make you money while you sleep.

Since they aren't controlling all of the trading, you still have a lot of input into the success of the strategy.

For many traders, this is the happy medium between manual trading and full automation.

We have a few EAs for MetaTrader that might work for you.

It's best to avoid fully automated trading robots, as they usually do not work due to the reasons listed above. 

Remember, if you don't know how an off-the-shelf bot works, how do you know when it stopped working?

How to Find an Bot That Works

Now that you know which types of bots actually work, here's how to find or create the best trading robot to you.

Keep in mind that this is a process, so you may have to try different avenues and do a lot of testing before you find something that works for you.

Develop a Strategy Yourself

One way to find a trading bot that works is to develop a manual trading strategy yourself.

This allows you to know how the strategy works and custom tailor it to your personality.

Once you have a successful manual strategy, it's easy to hire a programmer that can create the bot.

Or you can learn to code yourself by looking at some examples.

The hard part is coming up with a strategy that actually works.

However, remember that not all trading strategies can be programmed into a computer.

So if that's the case, then you'll have to move on to the next option.

Seek Partial Automation Solutions

Another way to find a trading robot that works is to look for partial automation solutions.

These EAs only automate part of the trade, such as entry, exit, or trade management.

The best partial automation EAs are those that automate exits, as they allow you to use trailing stops and capture more profits on your trades.

It is important to note that most fully automated EAs do not work for several reasons.

Firstly, many EAs are over-optimized and only work in certain market conditions.

Secondly, EAs may not match with the trader's personality or risk profile, leading to turning off the EA at random times.

Thirdly, some EAs come with terrible instructions, making it difficult to set up properly.

Lastly, there is straight-up fraud in the EA market, with some vendors photoshopping performance graphs or backtesting without commissions or spread.

Overall, it is best to either develop a manual strategy and automate parts of it or seek out partial automation solutions.

Building your own EA or finding a proven trader to mentor you on their EA can also be successful, but these options are rare.

When selecting an EA, always be cautious and avoid anything that seems too good to be true.

Find a Mentor

I saved this one for last because it's actually pretty hard to do.

The ideal situation would be to work with someone that you've known for some time and trust.

There are just too many trading robot frauds out there to know who to trust.

So I would generally advise against going this route, unless you know for sure that a person is legit.  

Conclusion

In summary, it is important to be cautious when choosing a trading robot.

Most fully automated bots do not work for several reasons, including over-optimization, not matching with the user's risk profile, poor instructions, and straight up fraud.

However, there are three types of EAs that have been proven to be successful.

Explore those options if automated or semi-automated trading appeals to you.

Remember to always be cautious and do your research before investing in a robot or programmer.

But by following these guidelines, you can dramtically increase your chances of having a bot that actually works.

The post The Only Trading Bots that Actually Work appeared first on Trading Heroes.

Welcome to another tutorial where I’ll be guiding you through the process of creating, testing and using Entry Rules in NakedMarkets to dramatically speed up your backtesting.

This is easy to do once you've gone through it from beginning to end, so let's get right into it.

The Benefits of NakedMarkets Entry Rules

NakedMarkets Entry Rules allow users to setup pre-defined trade entry parameters that can be reused every time a trade is entered.

These parameters can include the type of order, the stop loss, take profit, trade management and amount of risk per trade.

Once an Entry Rule is created, simply drag and drop it on the chart whenever you want to enter a trade or pending order.

This will save you a lot of time because you won't have to setup each individual component of every trade.

Entry Rules can also be used later if you want to create a semi-automated or fully automated trading strategy.

Now that you understand the benefits, let's get into how to set them up.

Create a New Entry Rule

To create an entry rule in NakedMarkets, follow these steps:

1. Navigate to: Rules > Rule Manager
2. Click the New Rule button located in the lower left corner of the window.
3. Choose Entry from the rule types.

Naming Entry Rules

When naming Rules, using the following convention streamlines the process:

• Strategy: Start by indicating the strategy name.
• Rule Type: Specify the type of rule, in this case, an Entry Rule.
• Trade Direction: Designate it as Long or Short.

In this example, I'm going to create a rule called “Swing Entry Long“.

Since every Rule in NakedMarkets must have a unique name, this naming convention makes sure that there are no duplicates and makes it easy to access and reference Rules later.

Now just to give you another example, if I created an entry rule for a long position based on a Bollinger Bands trading strategy, I might name the rule “BB Entry Long”.

Using the Rule Manager Window for Entry Rules

You'll now have a blank Rule.

Let's take a minute to take a look at the Rule Manager window so you know how to get the tools you need.

Here's how to use each of the areas that I've pointed out with arrows:

• Tabs: Allows you work on different Rule types at the same time.
• Existing Rules: A list of existing Rules that you can drag and drop into the current Rule (if applicable).
• Indicators / Operators: This is a list of all of the criteria that you can use in your Rules, including indicators, account information, operators, actions and more.
• Save Button: Be sure to hit the save button every time you make major changes, so you don't lose your work.

Configuring an Entry Rule for Long Trades

Now let's dive into the core of the Rule setup.

To change the settings in a dark colored box, double click it.

The grayed out boxes require you to drag and drop another Rule or criteria into it. 

This is how to setup this example Rule:

• Order Type: For an instant order entry, double-click the order type at the top and select Instant Order: Buy. This will reduce the number of inputs available because there won't be any pending order criteria.
• Lot Size: The default value is 1% risk per trade, so leave this default value.
• Exit Rule: Leave this blank because it's not needed in this case.

Configuring Stop Loss and Take Profit

The rest of the boxes require you to drag and drop an existing Rule or criteria into it.

For this example, I'll be using the last swing low and high as the stop loss and take profit, respectively.

Defining Stop Loss with Swing Low

For the stop loss, I'll use the last swing low as a reference, which the backtesting software provides with built-in criteria.

Here's a step-by-step guide:

• Go to Price Value under Default Rules in the upper right side of the window.
• Expand the folder by clicking on the “+” symbol next to the folder.
• Drag Last Swing Low into the Stop Loss box.
• Use the default settings and click OK.

Setting Take Profit with Swing High

Similarly to the stop loss, for the take profit, I set it at the last swing high using these steps:

• Go to the Price Value under Default Rules in the upper right side of the window.
• Drag the Last Swing High to the Take Profit box.
• Use the default settings and click OK.

Summary

Here's a summary of the settings:

Once you've configured the rule, save it and move on to the short Rule.

Configuring an Entry Rule for Short Trades

NakedMarkets makes it easy to create a new Rule by cloning an existing Rule and just tweaking a few settings.

So in this example, I'm just going to clone the long Rule and change a few settings.

Here's how to clone the long Rule:

• Find the long Rule on the right side in the User Rules section. You may have to expand the Entry Rules folder.
• Right-click the Rule and select Clone Rule.
• Rename the cloned rule by right-clicking the new Rule (which says Copy at the end) and select Rename Rule. Change the descriptor at the end to Short and click OK to save the new name.

Now you need to change the criteria to define a short entry.

Change the Order Type

First change the order type to sell by double-clicking the order type at the top and set it to Instant Order: Sell.

Defining Stop Loss with Swing High

For the stop loss, I'll use the last swing high.

Do this:

• Go to the Price Value under Default Rules in the upper right side of the window.
• Drag the Last Swing High into the stop loss box.
• Use the default settings and click OK.

Setting Take Profit with Swing Low

Similarly to stop loss, for take profit, I set it at the last swing low as follows:

• Go to the Price Value under Default Rules in the upper right side of the window.
• Drag the Last Swing Low to the stop loss box.
• Use the default settings and click OK.

Save the short Rule and now you're ready to move on to testing.

Summary

Here's a summary of the short settings:

Once you've configured the rule, save it and move on to the short Rule.

Testing the Entry Rules on the Chart

Now it's time to find out if your Rules work as expected.

Do the following to test your Rules:

• Close the Rule Manager and go back to the main NakedMarkets window.
• Start a new backtest by going to: File > New Backtest.
• You can use all of the default settings, but you'll have to select a market that you want to test your Rules in. Any market is fine.
• Once you have a blank chart, click the Play button in the upper right corner of the window to move the chart forward.
• Click on the Pause button at any point.

Here's where you can drag and drop your newly created Rule on the chart.

Expand the Entry Rules folder on the left side of the screen by clicking on the “+” symbol next to it.

Drag one of your Entry Rules onto the chart.

The software will automatically open a new trade because you set this Rule to Instant Order.

You'll also see a new trade pop up on the bottom of your screen under the Open Positions tab.

Check to see that the stop loss and take profit are set correctly.

If they look good, then click the Play button again to move the chart forward.

Price will either hit the stop loss or take profit on each trade.

Test both the long and the short to see if they are working.

It's actually really fun to do this, so feel free to drag and drop several times, just for the heck of it. 

Now if your Rules aren't working properly, go back into Rule Manager and find out what the issue is.

You can do this by simply double-clicking the Rule on the left side of the backtesting screen.

That will open the Rule Manager automatically.

Keep adjusting and testing until it works properly.

If you like what NakedMarkets can do and don't have it yet, you can get a discount here.

Rule Optimization

Obviously, this was just an example.

However, I think you can see how this can really speed up the manual backtesting process.

From here, start experimenting with different parameters:

• Change the stop loss placement
• Change the take profit point
• Experiment with the risk per trade

I'll explain how to create a more complex trading strategy in other tutorials.

But for now, just master Entry Rules.

Conclusion

That's all there is to it!

But this is just the beginning.

Entry Rules are great on their own, but they are even more powerful when used in conjunction with Exit Rules, Core Rules and Setup Rules.

Learning how to use all of the Rule types together will allow you to create partially or fully automated trading strategies.

Keyboard shortcuts will further speed up your order entry.

If you have any questions about NakedMarkets, be sure to contact their team via their forum.

That is the best place to get support.

The post How to Create and Use NakedMarkets Entry Rules appeared first on Trading Heroes.

Metatrader 4 has long been the go-to platform for Forex traders looking for a robust and reliable trading experience, while providing automated trading functionality.

However, as financial markets evolve, so too does the technology and the range of available platforms.

If you're searching for MetaTrader 4 alternatives, you'll find a variety of trading platforms that might better suit your trading style, needs, or preferences.

These MT4 alternatives offer different user interfaces, improved mobile capabilities, desktop applications, and web-based accessibility, ensuring you have the flexibility to trade the way you want.

When exploring these alternatives, you'll come across platforms that cater to both novice and experienced traders.

User interfaces vary, with some prioritizing simplicity to help you navigate markets easily, while others provide advanced tools for trading and analysis.

Whether you prefer trading on a desktop for its larger screen and full suite of features, or you need the convenience of a mobile app to trade on the go, there's an option out there for you.

Each alternative trading platform comes with its unique set of features, designed to enhance your Forex trading experience.

Speed, stability, and security are key considerations, along with how well the platform performs during high volatility or peak trading times.

It's important to research and test each platform to find the one that offers the right balance of tools and functionality for your trading style.

Alright, let's get into the best options.

MetaTrader 4 Alternatives: The Top Trading Platforms to Consider

TradingView

If you want to get out of the MetaTrader ecosystem entirely, then my top choice would be TradingView.

It has revolutionized browser based trading and packs a ton of features for a very reasonable price.

TradingView offers a huge library of technical indicators, drawing tools, and chart types for conducting in-depth market analysis.

Traders can collaborate with others, share trading ideas, and access real-time market data across various asset classes, making TradingView a popular choice among traders worldwide.

I prefer TradingView over MetaTrader 4. 

Here's why I switched.

MetaTrader 5

If you don't like MT4, you might want to look at MT5.

It has a very similar interface, so it will be familiar to you.

But many of the limitations of MT4 have been addressed in MT5.

It's a versatile trading platform offering advanced charting tools, technical indicators, and analytical features for traders across various financial markets.

It supports trading in Forex, stocks, commodities, and cryptocurrencies, providing access to a wide range of asset classes.

The platform includes built-in support for automated trading through expert advisors (EAs) and allows for backtesting of trading strategies using historical data.

A downside of MT5 is that not as many brokers offer it, compared to MT4.

OANDA fxTrade

I've been using Oanda's fxTrade sparingly for years and it's a very viable alternative to MT4.

It doesn't have as many features as MT4, but what it lacks in features, it makes up in ease of use.

The interface is clean and you get both mobile and web options.

cTrader

This is one of my top picks for a MT4 alternative.

I've played around with it, but I haven't traded live with it.

Many top brokers use cTrader, including Scandinavian Capital Markets.

cTrader offers access to multiple asset classes, including forex, stocks, and commodities, with direct market access (DMA) and Electronic Communication Network (ECN) trading capabilities.

With its customizable charts, one-click trading functionality, and built-in trading algorithms, cTrader provides a powerful and efficient trading experience for both novice and experienced traders. The interface is very clean.

You can also create automated trading strategies and custom indicators in C#.

They even have a handy MQL4 to C# code converter here, which allows you to convert your MT4 indicators and EAs to a format that cTrader can use.

NinjaTrader

NinjaTrader is a powerful trading platform known for its advanced charting tools, extensive customization options, and support for automated trading strategies.

It offers access to Forex, futures, stocks, and options markets, providing traders with diverse trading opportunities.

My biggest complaint about NinjaTrader is that the interface is really hard to use.

I would highly suggest downloading it and playing with a demo account before you decide to jump ship from MT4.

That said, a lot of professional traders use it.

Thinkorswim

TD Ameritrade sold their brokerage business to Schwab, so Thinkorswim is going through a transition.

If Schwab decides to keep the same features, it's a good option to look at.

I haven't used it, but I've heard good things about it and I know of several professional traders who use it.

Thinkorswim is a feature-rich trading platform known for its advanced charting tools, technical analysis capabilities, and customizable interface.

It offers access to stocks, options, futures, and Forex markets, providing traders with a wide range of trading opportunities.

Interactive Brokers (IBKR) Trader Workstation (TWS)

Interactive Brokers is one of the most reputable brokers in trading. I personally know a couple of professional traders that trade with them.

Their IBKR Trader Workstation (TWS) is a powerful trading platform offering advanced charting tools, customizable layouts, and extensive market research capabilities.

It provides access to a wide range of asset classes, including stocks, options, futures, forex, and bonds, allowing traders to diversify their portfolios and capitalize on market opportunities.

MultiCharts

MultiCharts is mostly known for its backtesting capabilities, but it's also a trading platform.

A big benefit of MultiCharts is that it makes backtesting easier than MT4 does.

So if you like the idea of having an all-in-one automated backtesting and trading platform, then give this a look.

FXCM TradingStation

I haven't tried TradingStation, but it could be a good alternative to MT4.

It offers a user-friendly interface, advanced charting tools, and customizable layouts, providing traders with a comprehensive trading experience.

Traders get access to forex, indexes, commodities, and cryptocurrencies markets.

The last time I traded with FXCM, they combined positions by ticker, instead of keeping individual trades separate.

So be sure to double check how TradingStation handles positions, if you want your individual trades to be separated.

ProRealTime

ProRealTime is fairly new and I haven't used it.

It offers advanced charting tools, multi-asset support and backtesting and strategy development.

You can trade most major markets with ProRealTime, making it a solid option, if you want to expand beyond Forex. 

Like with any other platform, take it for a test drive before you commit to it.

Summary Comparison of Trading Platforms

If you want the short version, here's a quick glance at the key features of each platform.

What to Consider When Choosing a MT4 Alternative

The best alternative platform for you will depend on how you trade and what you currently use MT4…for.

Also look for features that you would like to have, that MT4 currently doesn't provide.

Here are some areas to consider when choosing a platform to switch to.

Platform Accessibility and User Experience

Back in the day, all trading platforms were on Windows only.

Now there are many great platforms that have web, Mac and mobile options.

So before you start using a platform with real money, be sure to test drive the software first.

See how it compares to MT4 and what the user experience is like across the devices you use.

ECN vs Dealing Desk

A platform that gives you access to ECN trading is a huge benefit because you get tighter spreads.

Dealing desk brokers take the other side of your trade, which can lead to slightly better liquidity, but you'll pay extra for this service.

It's also harder to make a profit when you have to pay a bigger spread.

MT4 supports ECN brokers, but so do other platforms.

Support

A very important thing to look at when choosing a trading platform is the level of support the company/broker provides. 

Before you decide to leave MT4 good, be sure to test out the support of the new platform.

This can be done by opening a small account and contacting their support team several times to see how responsive they are.

You don't want to get stuck with slow support when your money is on the line.

Technical Indicators and Tools

You can harness the power of technical indicators, trading strategies and charting tools to analyze markets and trade.

Platforms offer a variety of indicators like moving averages, RSI, and MACD, along with charting capabilities that allow you to view historical data in an understandable manner.

Before you start using a platform full-time, make sure that it has the indicators and tools that you need.

Some platforms have an integrated community that you can get ideas and tools from.

Leveraging Community Knowledge and Social Trading

Speaking of which…

Social trading platforms provide access to a community of traders from which you can glean market insights and access indicators and strategies.

Platforms with social trading features encourage you to learn from community-shared studies and tap into user ideas for a better understanding of market sentiment.

But beware, most traders don't know as much as the claim.

Be sure to do your research and find out which traders are legit and which ones are just making stuff up.

Always backtest any trading strategy or idea before risking real money.

Advancements in Automated and Algorithmic Trading

Algorithmic trading can help you execute complex strategies with speed and precision.

If you're into automated trading look for platforms with strong trade automation tools, and consider backtesting your algorithms to validate their effectiveness before your funds are on the line.

Consider how easy it is to automate your strategies and if you have to learn a programming language or you can use a “no-code” interface.

Educational Content and Research for Traders

Many platforms tout their education and research offerings as big benefits.

In reality, I've found that they are usually NOT helpful.

A few Google searches and your own research are worth much more than anything a trading platform or broker can provide in the areas of education and research.

So stick with evaluating the platform on its execution, features and reliability…not its education and research.

Broker and Platform Reviews and Ratings

Making the right choice in trading platforms involves considering broker and platform ratings and user reviews.

A platform with high ratings usually indicates a reliable service.

Be sure to disregard user reviews that blame a broker/platform for losses, when it was actually the fault of the trader. 

Many losing traders want to blame anything or anyone else for their losses and not take responsibility for their trading.

However, reviews that talk about execution speed, uptime, support and ease of use are extremely valuable. 

Frequently Asked Questions

Here are some common queries about other trading platforms that could serve as replacements for MetaTrader 4.

What are some popular free alternatives to MetaTrader 4 for trading?

Platforms like cTrader are usually provided for free by brokers. So are proprietary trading platforms like Oanda's fxTrade, built by the brokers themselves.

Another option is MT5, which is very similar to MT4, while providing some welcomed upgrades.

How do newer trading platforms compare to the functionalities of MetaTrader 4?

There are many advantages of newer platforms over MT4.

Many newer trading platforms prioritize user experience with modern and intuitive interfaces, making it easier for traders to navigate the platform, execute trades, and access advanced features without extensive training or experience.

Newer platforms typically offer more advanced charting tools and features compared to MT4, including a wider range of technical indicators, drawing tools, and customization options. These advanced charting capabilities allow traders to conduct more in-depth analysis and utilize the latest innovations.

While MT4 primarily focuses on Forex trading, newer platforms often support a broader range of asset classes, including stocks, commodities, cryptocurrencies, and indices. This multi-asset support provides traders with more opportunities to diversify their portfolios and capitalize on market movements across different markets.

Alternative platforms can offer a wider variety of order types beyond the basic market and pending orders supported by MT4. These may include advanced order types such as bracket orders, OCO (one-cancels-the-other) orders, trailing stops, and more sophisticated order management features, providing traders with greater flexibility and control over their trades.

Some platforms come with built-in support for automated trading and strategy development, allowing traders to create, backtest, and deploy custom trading algorithms without needing to rely on third-party tools or programming languages.

Many newer platforms are cloud-based, enabling traders to access their accounts, trade, and manage their positions from any internet-connected device, including desktop computers, laptops, tablets, and smartphones. This flexibility enhances convenience and allows traders to stay connected to the markets, wherever they are.

Are there any other platforms recommended for Forex trading that support automated strategies like MetaTrader 4?

Yes, TradingView, MetaTrader 5, MultiCharts, and others, all provide automated strategy options.

The key differentiating factor will be if you need to learn a programming language or not.

MT4 requires knowledge of the the MQL4 programming language, while some alternatives have “no-code”drag and drop interfaces.

There are also platforms that offer pseudocode options, which are less complex than traditional programming languages.

Final Thoughts on MT4 Alternatives

MetaTrader has been a solid Forex trading platform for many years, but it's showing its age.

It's still one of the most used platforms out there, but the alternatives above have surpassed MT4 in features and ease of use.

So if you're looking to switch from MT4, take a look around and see what's out there.

Sign up for free demo accounts and try out the alternatives before you go all in.

But who knows, you might just end up back with MT4. If that happens, learn more about how to use MT4 by reading our tutorials.

Disclaimer: Some links on this page are affiliate links. We do make a commission if you purchase through these links, but it does not cost you anything extra and we only promote products and services that we wholeheartedly believe in.

The post 10 Best MetaTrader 4 Alternatives appeared first on Trading Heroes.

TradingView is a fantastic platform for charting and trading.

But if you're new to the website, it can be a bit overwhelming.

So in this tutorial, I'll focus in on one of the most important functions of the platform, entering trades. Yes, you can enter trades directly in TradingView.

It also has some very useful order entry features that are not available on other trading platforms.

In this video, I'll show you how to enter your first trade and use the features in the order entry screen. I'll also provide further explanations after the video.

Alright, let's get into it…

The TradingView Trading Panel

This is what the trading panel looks like.

It may change a bit in the future, but the basic layout and functions have remained pretty similar throughout the entire time that I've used it.

If you don't have TradingView yet, and you're finding the order entry functions useful, sign up for an account.

Now that you have a feel for what the screen looks like, let's get into how to enter your first trade.

I'll use Forex as an example, but it will be similar for any other market.

Also keep in mind that the options you have available can vary by broker.

Order Entry Type

Starting at the top, we have the order entry type and buy and sell selectors.

I've never used the DOM function and I don't think most people will have a use for it.

So stick with the Order option.

Then select buy or sell.

The number in between the buttons is the current spread.

You pay the spread to the broker and that's how they make their money.

Order Type and Lot Size

Next is the order type, market, limit or stop. 

To summarize the order types:

• Market: Open an order at the next available price
• Limit: Limit the entry price to the level you set or better
• Stop: Once price hits this level, execute a market order

Then enter the number of units that you want to trade.

This would be the number of shares in the stock market, or the number of micro lots in Forex.

If you're unsure about what unit size is being referred to, contact TradingView support before placing trades. 

You could be in for a surprise if the lot size is a lot bigger than you anticipated.

Stop Loss and Take Profit

Now this is where TradingView really shines, when it comes to order entry. 

You can set your take profit and stop loss by number of pips (in Forex), price or percent of account. 

If you change one of the 3 numbers in each column, the other 2 numbers in that column will change.

So you can use the one that makes the most sense to you, for each trade.

It's the most useful way I've found to enter the stop loss and take profit.

Then click the Buy/Sell button once you're ready to enter your trade.

Margin Information

The final section will tell you how much margin you're going to use on this trade, if you're trading a market that uses margin. 

Very helpful so you don't get a margin call. 

More Benefits of TradingView

The biggest benefit of TradingView is that it's web based.

So you can use it on any computer and you don't have to install special software.

Historically, trading software has been Windows based, which excluded Mac and Linux users.

But TradingView breaks through that barrier and its fantastic charts are available on any desktop platform with a web browser.

Another big benefit of the platform is the community.

Other traders in the community provide education, trading strategies and custom indicators that you can use on your own charts.

Finally, the charts are easy to use and very smooth.

Much better than other platforms.

Frequently Asked Questions About TradingView

How do I integrate TradingView with my brokerage account?

If your broker has an agreement with TradingView, setting up the connection is easy.

1. Sign up for a TradingView account: If you haven't already, go to the TradingView website and sign up for an account. Live trading is only available with a paid account.
2. Choose a compatible broker: TradingView supports integration with several brokerage platforms. Before proceeding, ensure that your preferred broker is compatible with TradingView. You can check the list of supported brokers on the TradingView website.
3. Link your TradingView account with your broker: Once you have both a TradingView account and a brokerage account, you can link them together. Here's how to do it:a. Log in to your TradingView account.b. Navigate to the “Trade Panel” section at the bottom of the screen when you have a chart open. You can also setup a connection by going into the “Broker Integration” section of your account. This can usually be found in the settings or account settings menu.
   

   c. Select your broker from the list of supported brokers.

   
   

   d. Follow the prompts to authorize the integration between TradingView and your brokerage account. This may involve logging in to your brokerage account from within TradingView or providing authorization through the broker's website.

   
   

   e. Once the integration is complete, you should see a confirmation message indicating that your TradingView account is now connected to your brokerage account.

4. Verify the connection: After linking your accounts, it's a good idea to verify that the connection is working correctly. You can do this by placing a test trade from TradingView and ensuring that it reflects in your brokerage account.
5. Start trading from TradingView: With your accounts connected, you can now use TradingView's charting tools, technical indicators, and other features to analyze markets and execute trades directly from the platform. Simply select your desired trading instrument, set up your trade parameters, and place your order.

That's it!

If you have multiple brokerage accounts that you want to use with TradingView, you can only be logged into one account at a time.

To trade through another account, simply log out of your current brokerage account and follow the instructions above to login to your second account.

Can I paper trade?

Yes, TradingView has their own paper trading account that you can use to test your ideas and skills.

It's totally free and is a great way to get familiar with the platform before you sign up with a real broker.

Is TradingView mobile-friendly?

There is a mobile app available for both iOS and Android.

It allows you to use many of the same functions that are available on the desktop version.

Learn how enter a trade on TradingView mobile.

The mobile version of TradingView is much more useful than the mobile version of other platforms like MetaTrader 4.

Is TradingView free?

There is a free version of TradingView, but it has a lot of annoying popups.

So it's much better to sign up for the paid version.

But if you don't want to pay for it right now, the free version is a great way to get familiar with the platform.

Just know that what you can do will be very limited.

What markets can I analyze on TradingView?

Most trading markets are available on TradingView.

The number of markets it has is truly staggering.

Some of the markets available are:

• Forex
• Individual stocks
• Crypto
• Futures
• Indexes
• Metals
• Foreign markets
• And more!

Even if you don't trade a market, it's good to know that you can analyze it in TradingView.

Conclusion

So that's how to enter trades on TradingView.

This is just one of the many great features of the platform.

If you're tired of platforms that feel like they are stuck in the 1990s, then I would highly recommend giving TradingView a try.

I'm glad I did.

The post How to Enter a Trade on TradingView Desktop appeared first on Trading Heroes.

Having as much historical data as possible in MT5 is going to be extremely important for daily market analysis and backtesting.

If you don't have all of the historical data available for a market, you can miss important support and resistance levels and you won't be able to see different market cycles over time.

This can mess up your live trading and backtesting results.

So in this tutorial, I'll show you how to download all of the available historical data for any market in MetaTrader 5.

You'll also learn how to upload custom data into MT5, so you can backtest data from different brokers and use third party data sets. Data from third party providers can be more complete and in some cases cleaner.

How to Download Free MT5 Historical Data

If you're just starting out, be sure to get all of the default data from MT5 first. Once you learn how to do it for one market, you can get data for any market that you trade in MT5.

The download process in MT5 is a little different than how you download historical data in MT4. So if you already know how to download data in MT4, be sure to pay attention to the differences.

Remove Download Limits on Charts

Start by making sure that there are no limitations on how much data can be downloaded for each market.

Go to Tools > Options.

In the next window, select the Charts tab at the top, then select Unlimited under Max bars in chart.

Click the OK button to save your settings.

Now that there are no limits on the amount of data you can have on each chart, it's time to download the data.

Download the Data For Each Market

Then go to View > Symbols. You can also use Ctrl+U on your keyboard.

Select the appropriate tab at the top of the screen, either Bars or Ticks, depending on what you're going to use the data for.

If you're just going to use the data for charting, then you only need the Bars tab. If you want super detailed data for a backtest, or if you're going to be trading with tick data, then select the Ticks tab.

On the Bars tab, select the market, timeframe and the date range that you want to download.

Then click the Request button.

Once the data has been downloaded, you'll see data in the table. You'll also see the number of bars downloaded under the market dropdown.

If you're using the Ticks tab, select the market, the type of ticks you want to get and the date range you want.

Remember that tick data can be quite large, so be sure that you have enough disk space for the amount of data you're requesting. If you have any doubts about if you need tick or bar data, start with bars first.

Click the Request button and the table will populate after the data is downloaded.

You'll see the number of ticks downloaded under the market dropdown menu at the top.

That's how you download historical data in MT5.

Now let's get into how to upload custom data into MetaTrader 5.

MT5 Historical Data Alternatives

If you don't want to use the default data from your broker, then you can also upload custom data that you download from other data sources.

This data could be from another broker or a third party data provider. Here's one example of a free data download.

Start by downloading the custom data file that you want to upload.

Next, you need to create a custom symbol to upload the data to.

Go to View > Symbols in the menu at the top of the screen.

Then click the Create Custom Symbol button at the bottom of the window.

The next screen will allow you to copy an existing symbol so you can upload a custom data set to that symbol. This is very useful because you don't have to set all of the parameters from scratch.

Select the market you want to copy from in the dropdown box in the lower left corner of the window and the table will populate with the data.

Change the name of the symbol at the top of the window. It's useful to use the original market name, then a dash, then the broker or source of the uploaded data.

This will help you remember where the data came from.

From there, you can click on the OK button to add the custom symbol. You can also click on the Import button to upload the data right away.

Once you've added the symbol by clicking the OK button, it will be available on the Bars and Ticks tabs in the Symbol screen.

To upload your file, go to either the Bars or Ticks tab in View > Symbols, depending on the type of data you have in your custom file.

I'll demonstrate with the Bars tab because that's what most people will use.

After you've selected your new symbol at the top, click on the Import Bars button at the bottom.

In the next window, click on the Browse button to locate your downloaded historical data file.

Once your file is selected, you'll see a preview of the data in the window below.

You can change the column separator and skip the first X number of columns or rows, if they are blank or contain label information. This screen also allows you to shift the data by X number of hours, if you want your data displayed in specific timezone.

When everything looks good in the preview window, click the OK button and you have now created a new symbol with custom uploaded data.

Conclusion

Having all of the available historical data for a market ensures that you'll see all historical data when you're trading and get accurate backtests.

So make sure that you have the maximum amount of data available before you start using MetaTrader 5 on a regular basis.

It just takes a few minutes and you'll be all set.

The post How to Download MetaTrader 5 Historical Data appeared first on Trading Heroes.

One of the best things about NakedMarkets backtesting software is that updated historical backtesting data is included in the purchase price.

So you don't have to pay an additional monthly subscription fee to get data for the markets you want to backtest.

Downloading historical data in NakedMarkets is easy. I'll show you how to do it and give you a few more tips on how to get the most out of the software.

If you don't have NakedMarkets yet, be sure to read my full review.

Otherwise, here's how to download historical data.

Why Fresh Historical Data is Important

Many so-called “backtests” published online only test a strategy over a period of 1 to 2 years.

The problem with these tests is that they do not cover enough market cycles to be a valid test. I talk about this more here.

When you download as much historical data as possible, you'll have a greater understanding of how your trading strategies will work and will therefore be more likely to work in the future.

Updating your data with the latest information will also help you see if your trading strategy has stopped working.

So it's important to see both the old data and the newest data.

With that, here's how to update data in NakedMarkets.

How to Download Historical Data

Start by going to Tools > Data center in the menu at the top of the screen.

From there, you'll see this window.

Under the Symbols tab, check all of the markets that you want to download data for.

You can also select each individual market and change the Broker in the History section of the screen above, if you want to use data from a different broker.

Once you have set everything up, click the Update button to download the data.

The program will then show you which market(s) it will download.

Click the Update button and the program will start to download the data for each individual market.

Once the download has finished, close the Data Center window and start backtesting.

Add Your Own Custom Data

If NakedMarkets doesn't have the data that you want to backtest with, you can use the Data Import tab to add your own data.

Simply click the Data Import tab at the top of the Data Center.

Enter the symbol name you want to import the data into next to Symbol name.

Then click on the button next to the File to import field.

Select the file you want to upload from your computer, then click on the Import button at the bottom of the window.

If you have an issues with this process, be sure to contact their support team and they will be happy to help.

Conclusion

So that's how to get all of the available historical data for NakedMarkets backtesting software.

The great thing about NakedMarkets is that updated historical data is included in the one-time purchase price.

You don't have to pay an extra monthly cost, like with other software solutions. To see how NakedMarkets compares to Forex Tester, read this review.

If you want to get a discount on NakedMarkets use this coupon.

Get more NakedMarkets tutorials here.

The post Download Historical Data in NakedMarkets appeared first on Trading Heroes.