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Hi, hi from Andrea Unger.

After the video where I showed how I am structured, I received many questions about the reasons why I don’t use Metatrader.

Well, first of all, I’m a futures trader and Metatrader covers only forex and cfd.

So I will be cut out if I chose Metatrader and I believe that trading futures, I’m lucky to have enough capital to trade future directly and I don’t need to scale down on Cfds as they offer this opportunity.

Trading futures has some economical advantages in term of trading costs.

This is my opinion because the cost of trading futures is normally lower than the cost we pay due to the spread that come through Cfds.

This is not a general rule but it’s a rule which is quite true.

So for the economical point of view I believe the futures have some advantages.

That said, another advantage in my opinion on trading futures is that they are a regulated market so we are not Over the Counter as in forex and cfds.

Being over the counter might create problems -obviously if your broker is a serious broker this problem are very very limited- but they could be still there.

Different story if you go through some broker who is a scam or a fraud but this is obviously a completely different story.

Metatrader has some advantages compared to Multicharts or Tradestation – specially to Multicharts- because it’s free.

Many brokers offer their version of Metatrader that is free of charge and so is also the data feed, real time data feed, so you don’t need to subscribe to any supplier of data, as I do through IqFeed.

I subscribe to IqFeed because I don’t fully trust the quality of Interactive Brokers, which is my broker, data, and you have free data.

But on the other side this free data offer normally a very short history, so if you want to develop on a intraday bases you are limited to a short period of time.

This means that some strategies might not be evaluated properly because your evaluation refers only to a specific period of that market.

With the risk that in that period the market might have had a certain behavior where the setup you tested responds very well but it might not under different conditions.

Another problem is that these dates not always refer to the broker you are trading with.

I mean a broker offers a limited history, you can download free data and import them into metatrader but they’re not from your broker normally.

So you are testing on data which are not those your broker will have provided or is going to provide from the day after and this is also a limitation to the situation.

But the main limitation I found personally -I’m a mechanical engineer- but I’m poor in programming so while I don’t have particular difficulties in programming in Power Language which is Easy Language -Power Language is from Multicharts, Easy Language from Tradestation but they are mostly the same- it’s easy -I mean Easy Language it’s easy, it’s simple, I don’t understand very much about MQL, the language of Metatrader, also programming in EasyLanguage allows some degree of flexibility if you write things which are not really properly written, this languages allow you to compile the script anyway while in MQL you need to follow strict rules as a real programmer and this create some obstacles, to me personally it does.

So you have to decide what is the best choice for you depending on your programming skills and on the way you want to face the markets, so personally I don’t see an obstacle having to pay for the license of the platform and for data feed because this a costs, the considered part of my infrastructure.

While I considered obstacles not being able to program with high degree of flexibility my ideas and not been sure about the testing environment I’m referring to.

Obviously if you have small capital you can not afford a license of a software and you can not afford real time data feed subscription then Metatrader can be a good choice, this is clear.

I’m not coming here to say “I chose Multicharts because Metatrader is bad” I can tell you from people who have much better knowledge than I have Metatrader is a very good software, is very stable so there is no bad use from that part, the bad use is that you need to be a pretty good programmer.

There are tools out there helping so but this is not a solution in my opinion, my personal opinion.

I prefer to trade regulated market through a platform where I know exactly what is in there and how it works.

This is my only personal choice, I can not make choices on your behalf, I can only tell you what my thoughts are.

Metatrader has a great impact of the market.

We no longer speak about trading system, we now speak about Expert Advisor which I don’t like it at all, because they come from Metatrader which is everywhere.

So I mean decide based on your attitude, on your background and on your aversion to risk, I mean, risk in trading is always there, to trade regulated market is in my opinion better than trading over the counter market, but I’m not telling you “don’t trade there”, I’m just telling you what my personal opinion is on this.

We might come back on this better because is something with -I think- will not finish here.

Maybe in some of next video we go more in deep into this.

For the moment I tell you ciao from Andrea Unger, ciao.

 

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Andrea Unger

Known as the only 4-Time Trading World Champion (2008, 2009, 2010, and 2012), Andrea Unger is a full-time professional trader since 2001 and honorary member of SIAT (Italian Society of Technical Analysis, a branch of IFTA). Appreciated author, he is often invited as a speaker all around the world.

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