Topic: MT4 Sidekick - Demo Account Barometer
MT4 Sidekick - Demo Account Barometer
Barometer (Definition): An instrument that measures how things are changing or likely to develop.
Here's a link to the web site for MT4 Sidekick:
Here's a link to the documentation:
MT4 Sidekick is a new tool that uses a Demo Account to create a database of trade results that is shared with a Live Account. When a strategy in a Live Account receives a trade signal it checks the database to determine how that strategy is currently performing in the Demo Account. If the strategy is currently performing well in the Demo Account then a new position is opened in the Live Account — otherwise, the signal is ignored.
The idea is simple, two accounts — Demo and Live — running the same portfolios and strategies. The strategies in the Demo Account are allowed to trade with no restrictions and are used to create and update an active, shared database of trading results. When a strategy in the Live Account receives a signal it checks the database before opening a new position. In this way the Live Account can use the Demo Account as a barometer to determine how a strategy is performing in the current market. The availability of a barometer that measures current performance and which can be accessed before a position is opened is a powerful technique. A strategy’s performance will vary depending on patterns that occur in the current, incoming data — and the incoming data is always changing. So, taking advantage of a Demo Account in this way — i.e. as a "barometer" — opens up a new way of managing EAs and trades that can be used to your advantage to provide a real "edge". You could even use a live "micro" account in place of the Demo Account, in which case the "barometer" would be even more accurate.
MT4 Sidekick requires Portfolio Maker (http://mt4tracker.com/portfolio-maker/) to combine individual FSB-Pro strategies into a portfolio EA. Portfolio Maker is required because it inserts code into the portfolio EA that knows how to access MT4 Sidekick's shared database.
MT4 Sidekick does not support EA Studio, but perhaps it will in a future version -- we'll see.
MT4 Sidekick isn't free, but it is inexpensive -- only $49 USD.