john
New trader
Posts: 25 
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Post by john on Jun 4, 2015 5:25:40 GMT -5
Hi Allan,
I have both of Bob Volman’s books but I am reading “Practical Analysis of the 5-Minute Time Frame” first. This is the reason I am using MT4 with a 5 minute chart.
I have been told that I can get an indicator that will allow me to display tick data in MT4.
Do you think I would be better off as a beginner sticking with the 5 minute chart or converting the data to a tick chart?
Thanks,
John
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Post by traderAllen on Jun 4, 2015 9:33:23 GMT -5
Personally I'm not real fond of using MT4 converted to tick charts. Any lag in your computers performance will really slow down the conversion. If I were going to trade using MT four and trade price action, I'd rather use a one minute chart. Still MT four is not the best for scalping as the orders tend to lag. But for learning purposes and trading only a micro account I think it would be acceptable. Until you can trade profitable, there's no reason to spend money to purchase anything.
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Post by photize on Jun 6, 2015 5:13:08 GMT -5
Personally I'm not real fond of using MT4 converted to tick charts. Any lag in your computers performance will really slow down the conversion. If I were going to trade using MT four and trade price action, I'd rather use a one minute chart. Still MT four is not the best for scalping as the orders tend to lag. But for learning purposes and trading only a micro account I think it would be acceptable. Until you can trade profitable, there's no reason to spend money to purchase anything. Allen Mt4 may lag if that's your experience and you have had plenty, as for the tick indicator I find the one I mentioned excellent and easily affordable (I am not connected) I am sure the internals of mt4 have to convert tuck data into candles in a similar fashion as do other platforms, it also has a 14 day free trial so nothing us hidden,I would however worry more for people trading demo accounts for scalping as their slippage and spread is not close to live trading, more is the emotional pull. Thanks Pho |
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Post by photize on Jun 6, 2015 7:23:17 GMT -5
Hi Allan, I have both of Bob Volman’s books but I am reading “Practical Analysis of the 5-Minute Time Frame” first. This is the reason I am using MT4 with a 5 minute chart. I have been told that I can get an indicator that will allow me to display tick data in MT4. Do you think I would be better off as a beginner sticking with the 5 minute chart or converting the data to a tick chart? Thanks, John Allen answered as an expert, I would however mention the obvious if you're studying the 5 minute method why would you require ticks ? Pho |
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john
New trader
Posts: 25
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Post by john on Jun 6, 2015 22:44:32 GMT -5
Hi Photize,
I asked the question because you pointed me in the direction of the tick data in my journal thread. As a complete beginner (not necessarily in time but certainly in ability) I want to find out where I go wrong and how to put it right.
Thanks for the comment,
John
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Post by traderAllen on Jun 7, 2015 9:39:32 GMT -5
As a beginning trader doesn't really matter if you have time charts or tick charts? Probably not. If you ask me what I prefer, I prefer tick charts. Why? Price the pays and not time. I would prefer a 500 tick chart over a five minute chart, if you look at them most of the time they resemble each other.
More important is screen time if you're going to use a five minute chart that's fine stick to it! Don't be bouncing all over the place same as a currency. If you're going to be trading the euro dollar stick to it. If you can't trade one currency with a profit twos not going to matter. If you're going to trade and make money you need to know that chart and that currency pair intimately. You need to know how it reacts around news times, you need to know how it reacts at price levels. When is it flowing abnormal and was flowing normal. This is important, it lets you know if smart money is buying or selling or if the amateur traders are just passing the euro back and forth.
All these things a little keys that improve your performance. Another example as you gain more experience and screen time. You'll start to recognize the patterns as they repeat. Then when you see for example the fib bots are in control you have an idea of exactly where price is heading and how you can trade it. There is no replacement for screen time.
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