I am not trading out of Metatrader4 (MT4) directly anymore for several reasons. The main reason is that I am working with several trading accounts and when I place an order, I want to be able to place the same order instantly in more than 1 account with just one click, where in each account my money management rules are applied well. This cannot be done when trading from within MT4, but can be done when linking FX Synergy to MT4. Another reason I am not trading anymore directly from MT4 is, that with FX Synergy it is a lot easier to protect all my trades, move SL/TP values or close out all the related trades at once.
Interactive Brokers and Metatrader 4
One of the largest and best brokers in the world is the US based broker Interactive Brokers (IB). However, they do not directly support the Metatrader 4 trading platform. This issue is addressed on the IB website here: https://ibkb.interactivebrokers.com/article/1982. Suffice to say that I am using bridge software to link IB to my Metatrader 4 software running on my Macbook Pro. Next to IB I also have an account with InstaForex. However, there were some issues with InstaForex with the US authorities that make me focus on IB for most of my trading. However, the InstaForex account gives me a small account that I use to test new strategies. InstaForex is fast in responding to questions you ask them via an instant message. InstaForex is operating from Russia and is officially based on the British Virgin Islands. IB is US based and one of the largest and most solid brokers in the world.
Metatrader 4 Indicators
I talked earlier about the extras which can be installed in MT4. The company called Quantum Trading developed an excellent set of MT4 indicators. I am using some of the Quantum MT4 indicators and will explain in another later blogpost how I use them.
As a trade journal I use MyFXbook as my online trading journal. The cool thing is that you can connect MyFXbook to your MT4 trading accounts and show its trading history in your trade journal. I validated the link between my trading accounts and MyFXbook, so that I cannot manipulate or take out any of the trades.
There are a few news websites that most forex traders consult. The most popular is forexfactory.com. I do get the news feeded from Forex Factory into my FX Synergy application. However, on the forexfactory.com website you can find more background and historical information on the news items.
Investing.com gives an alternative economic calendar for when you have trouble accessing the forex factory website. Here you can also have a look at e.g. the Dollar Index. This is one of those indexes that gives you important information not only on the strength of the Dollar, but also e.g. gives you an idea of the commodities market as it is tied to the dollar in a direct relationship.
General financial news and background information can also be found on Money.net. It comes at a subscription price of $95/month, but it is worth it and a lot cheaper than e.g. Bloomberg Terminal.
The Yen Index
The Yen index is harder to find and is now included with the Quantum indicators but cannot be found on the Investing.com news website. However, you can find the Dow Jones FXCM Yen Index here.