We need to have an in-built News Filter...It is high time we have this MT4 and MT5
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I think it's a great idea, one feature can't be useful for everyone, like the current blocks, more than half of them I don't use most of the time, but it doesn't mean they don't have a value, on the contrary, it's the extensibility and versatility of FXDREEMA that makes it stand out among other editors, that's the biggest advantage of FXDREEMA, so it's necessary to continue to expand this advantage. necessary. As long as a certain feature block is needed by a significant part of the population, it should be added.
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@GeoFX well, there is also many opinions on the prop firm "challenges" - are they legitimate path to career in institutional finance, or are they just get rich quick scams with extra steps.... FTMO's biggest revenue is NOT the trading profit share, its the 155€ fees from the "challenge" itself. That is their business model.
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- Dear @roar, you're right on the prop firm legitimacy once again. It is not easy to find a reputable partner in this business so as with the FX brokers.
- Most of the firms using the business model that implies the confrontation of interest between the firm and the trader. But not all of them.
- Here's a prop-firm short-list that provides live funded accounts (not demo, comparison to FTMO and the majority of others) to the successful challenge participants. Since trader trades w live funds, the payout is generated from the profits, thus there is no conflict of interest
www.finotivefunding.com
www.fundedtradingplus.com
www.the5ers.com
www.myforexfunds.com
www.fundedforex.com
www.traderswithedge.com
www.fidelcrest.com
www.citytradersimperium.com-
Anyone feel free to learn more on the Trustpilot and/or do your own diligence on any of those
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I've personally done the research on those firms, that's why I believe is worth sharing with the community here. If any FXDreema member is currently review joining any prop firm challenge, i strongly advise to prioritize the firms from the list above
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@roar The issue is not so much as the usefulness of the news filter in creating a profitable strategy, it is more about being able to actually trade the strategy with a prop firm where you can really add scale to your trading.
I don't care about news events either in my algo trading (different story when I'm manually trading futures). Most of my EAs are designed to trade with small positions that aren't severely impacted by volatility generated by scheduled news events.
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ANY UPDATE ON NEWS FILTER
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@smartdevils none yet, I don't think he wants to do it, or maybe not now but then I'm still waiting for @jstap in this post on a better but limited option.
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@roar said in We need to have an in-built News Filter...It is high time we have this MT4 and MT5:
News filters dont make much sense to me, for a couple reasons:
- Some times the biggest news will come out of the blue, not in any calendar
- Very often the "high impact" news dont cause much impact at all, except NFP and FOMC
- You cannot backtest with news filter, so developing a good EA becomes impossible
- Using a simple volatility filter gives some of the benefits of a news filter, and you can backtest it
I was trying to find a reason to disagree with you, but ultimately you are right. Even though I would use the news events to find a reason to trade rather than avoid the session...its a moot point either way. For every reason these guys want this feature, is the same reason most ppl fail at manual trading, lack of discipline.
The work that needs to be done will only affect future performance for anyone, so backtest as we all know, doesn't work for certain time aspects. Just as the solution can be programmed, a solution already exists. Just not within Dreema and thats what people don't want to hear.
Step 1 forexfactory.com and go to the calendar
Step 2 update your google calendar! or outlook!
Now you can simply create a button to click that will disable trading for a certain time period and another button to click to turn trading back on.
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@TipsyWisdom I have this integrated into my system actually a switch button specifically for New's Sake but the Problem is management - I managed multiple accounts for different investors and clients so it becomes hard for me to Micro-manage the whole thing.
However, I've built a smoother system around it.
The experience was way better off when I integrated the existing code on News Filter Thread which now stopped working for reasons that can't be explained.
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@tec-nacks said in We need to have an in-built News Filter...It is high time we have this MT4 and MT5:
@TipsyWisdom I have this integrated into my system actually a switch button specifically for New's Sake but the Problem is management - I managed multiple accounts for different investors and clients so it becomes hard for me to Micro-manage the whole thing.
However, I've built a smoother system around it.
The experience was way better off when I integrated the existing code on News Filter Thread which now stopped working for reasons that can't be explained.
ah fair enough, multiple charts. I wonder if a single click can be programmed to disable trading across the terminal? Primary consideration is, you dont want to turn anything off.
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@TipsyWisdom outside of FxD yes
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Although I rarely disagree with roar, I do un this, is not about stopping losses, it is about abiding by the prop firm rules.
"jstap 9 Apr 2023, 22:57
To use EA's on funded accounts you have set limits, for example you can not place a trade or close a trade, some minutes before until some minutes after, this is all done using set news events. -
I disagree with myself too, lol
Yes, news filter does have a benefit, to not open a trade 1 minute before NFP and such... But its not as important as many believe. Its the 99th step of making a good EA. Profitability of an EA will not and should not depend on news filters, unless you are intentionally building a macro data EA.
I won't go into "prop firms" topic, as in my view those are just clever marketing schemes instead of actual trading institutions.
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@tec-nacks I can not get any usable information from that indicator.
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@jstap ooh I see
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Yes please we need newsfilter.
Does anyone else have another solution -
@GeoFX said in We need to have an in-built News Filter...It is high time we have this MT4 and MT5:
UPD: After the recent MFF scam exposure event, I believe, my post above deservers an additional input for the community sake.
- From this point and onwards, none of the companies in the list above is trustworthy, no matter the claimings on win-win business model and the conflict of interest absence. Same doubt applies to the Live accounts provided to the qualified challenge participants, prop firm's direct liquidity provider cooperation, and STP/NDD order execution infrastructure claimings.
- I will tend to consider their statements may be equally fault, until the regulation will step in the proprietary trading field.
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Exclude all trading activity when news events are likely to happen. So, exclude trading every day from 15:00-15:45 and close all positions by 19:00 for USD pairs. Use the same logic for EUR pairs and other currencies. By doing this, you are excluding 95% of all risk events and you are also filtering out the noise of your test data. This will also always work when you are backtesting. Writing a script that hooks up to i.e. investing.com calendar is tricky to use in the strategy tester.
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Hello friends, has anyone managed to make this news filter for mq5 fxdreema work correctly????
