Friday, April 11, 2008

Have no money for a good charting software?

If you start to trade forex with a small account (for example US$1000) you can not afford buying professional solutions like NeoTicker, Tradestation...
It will be silly to start trading with US$1000 and spend more than US$1000 for charting/order execution software, will not it?

Is there a way out? Seems to be. There is wonderful Metatrader platform which is very popular with the beginners and has tons of expert advisors, indicators and other stuff.
I've googled "ECN+Metatrader" but it seems no ECN broker has Metatrader datafeed. As I understood the main problem with connecting Metatrader order execution system to ECN type broker is the fact that MT4 can not handle partial order filling.
So what to do? Instead of digging API/SDK of your ECN broker and Metatrader engine you can do very simple things:

  • Load Metatrader4 with the default datafeed from Metaquotes (I personally use Alpari datafeed).
  • Load your favorite MT4 indicators.
  • Load and customize your ECN broker engine for order entries so the ECN program window simply overlaps Metatrader at your monitor screen.

You can ask the question - is it accurate enough to be datafeeded from one source and executed from the other? I checked - it is accurate enough.

I know the really great man - TheRumpledOne - who uses Tradestation datafeed and MBT/EFX as the order execution system.

1 Comment:

Blogger said...

I advise that you stick with the #1 Forex broker.