For my price action course members , I just updated our stats on the inside bar strategy , and compared the NY 5pm Close vs. For the second time, the results showed no superiority in performance.
Keep in mind, this is just a price action strategy I built, with no server time in mind. We tested it using identical parameters, and here are the results below;.
Although you hear it all the time they are superior, who is backing it up with actual statistics? What was also interesting is many of the pairs others are purporting to be profitable using the inside bar strategy are not — not by a long shot.
What the data simply translates into is that neither one is significantly more profitable than the other. However, it is important to know which pair and time frame is, as many did not match up across the different server times for continued profitability.
Even the MT4 demo platforms can have slower execution then a live order on another platform. For programming EAs, it can definitely be cheaper and simpler, but beyond this, for trading purposes, MT4 is slower and bulkier. The execution for market orders or any sort of intra-day trading will be far superior and faster than almost any MT4 platform.
But even more important, you will have to do less clicks to execute orders. Case in point, open up a new order tab in MT4 to execute a pending order. Here is the window below;. We are talking 2 steps instead of 3, which when you are trading intra-day , could mean a big difference in execution and getting your price. But also notice which one is more confusing. But for those trading any significant size, or any intra-day price action strategies , execution is critical, and seconds can mean getting your price or missing it.
Trade History On the Charts One other feature I really enjoy about the TS2 platform is it shows the trades or trade history you made in the last 24hrs on the chart, particularly your entry and exit levels. When I close the trade, the TS2 charts Marketscope , will actually show me the entry and exit level on the charts. A good example is below;.
But with MT4, these are not available. Once the trade is closed, the entry and exit levels on the chart are gone, which makes for more work. When it comes to a trading platform, user friendliness is critical, and the more work you have to do to execute a trade, the more time and profits can be wasted. I hope this article now has conveyed to you 1 the NY Daily Close Charts being superior is a myth, and 2 there is a far superior alternative platform for trading then MT4 which also uses the NY 5pm Close should you wish.
For those wanting to learn which pairs and price action systems are profitable in your server time, then make sure to check out my Price Action Course where you will learn which pairs, time frames, and systems are profitable across specific server times.
I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action. As a teacher, my passion lies in showing you how to re-wire your brain for successful trading. Want to improve your edge right now?
Visit my Price Action Course page. Hello Gary — am glad you found the article useful and insightful. Make sure if you can to share it on any forums you are on so others can benefit.
Yes, I think you can run it via parallels, but they also have a web based platform, so definitely options. A trick on MT4: This will place a entry marker and a closed marker on the chart with a line connecting them. MT4 is still clunky to place the order but at least you can see your previous trade. Neat trick — thanks for sharing.
It all comes down to user-friendliness, and intuitiveness, which I find MT4 to be lacking, and TS2 to have more of. Does that mean that i can take advantage of your statistics on both server times?
Yes, you can take advantage of both statistics in the course. Just make sure not to have competing trades running at the same time. The information contained in or provided from or through this site is not intended to be and does not constitute financial advice, investment advice, trading advice or any other advice.
The information on this site and provided from or through this site is general in nature and is not specific to you the user or anyone else. Trading may not be suitable for all users of this website.
Anyone wishing to invest should seek his or her own independent financial or professional advice. Sign up now to receive a free ebook on How to Get an Edge trading the Forex markets. As a bonus for signing up, you will also get exclusive access to our monthly newsletter, which contains insights not published on the website. Does this sound like massive superiority to you?
First, before I share the platform, I should state why I do not like MT4 for trading; 1 Execution on Market Orders is Slow — so slow that FXCM spent a ton of money and time just to remove the 3rd party bridge and no auto account syncs so that it would execute faster 2 Bulky — not user friendly or flexible unless you can program an EA 3 Have to do more clicks for simple trading operations i.
Chris Capre Buddhist, Trader and Philanthropist. You Might Also Enjoy. Thks Chris for the insightful n interesting article! Kind Regards, Chris Capre. Hello Isaac, Yes, I think you can run it via parallels, but they also have a web based platform, so definitely options. Hello Dekk, Glad you found it informative. Hi Chris, A trick on MT4: Thanks for sharing your research! Hello Russ, Neat trick — thanks for sharing.
Hello Alin, Yes, you can take advantage of both statistics in the course. Dre and Jimmy Iovine 20 Engagements. What Builds Confidence in Trading? Fixed Dollar Amount Which is Better? Reactions to Stress in Trading Engagements. Frustration Leads to Learning 86 Engagements. Forex Strategies Featured Previous Next. Recent Comments Chris Capre "Yes, many people think the only way forward is to Need To Improve You Trading?More...