Yes indeed that was a good discussion!
While MQL is good (and of course necessary) for those who trade (keyword) exclusively in the MetaTrader environment, it is very much a language for designing the end-product -> the EA, Script or Indicator that will execute on the platform, taking the trader to market.
i.e. it is only necessary for execution and trade management, hence traders shouldn’t feel compelled to stick to MQL for everything just because they trade via MetaTrader… such a practice is fraught with issues, inefficient and disadvantageous.
Knowing only MQL disadvantages an individual as the language is unfit for robust analysis purposes.
This post emphasizes the need for traders to consider adding to their analysis toolkit, a language like Python being by far the easiest to learn (leagues easier than MQL for instance).
Imagine being able to:
analyze tick data for mispricings super fast,
crunching data from economic calendars on the web to create a time series of EURUSD price movement vs analyst estimates on NFP numbers for example,
parsing company filings and analysing them for sentiment (for those who trade stocks for example)
analyzing how correlated your strategy is to market volatility, or even another DARWIN’s performance for instance
being able to improve your strategy’s entries by studying the behaviors of DARWIN providers who trade in similar ways to you, e.g. LVS or THA if you’re a volatility trader,
backtesting with a lot more than just “price” available to you via MetaTrader or any other venue, which is extremely low in signal to noise,
… to name a few things… the list goes on.
The advantages are plentiful - the more equipped traders are to handle more diverse, larger volumes of data (discretionary and algorithmic alike), the more equipped they are to analyze strategy outcomes or in/out-of-sample behaviours, for instance, good or bad.
My point is: it is simply not good enough anymore for a trader to not diversify their skill set just because their end-product works in some singular environment, e.g. MetaTrader.
I simply don’t understand the aversion of some to learning new skills in order to grow in their pursuits.
If traders are to treat trading as a business, they need to be open as business owners to manage their own performance as business owners, and mandate the maintenance and upgrade of existing skills and methods in order to stay competitive in a market that is extremely good at arbitraging away both alpha and the trader who doesn’t keep up with the market as best as she can.
To be clear: No one is saying don’t use MQL, because without it execution will become impossible in a MetaTrader environment. The contents of this post refer to everything that happens before, during and after a trader gets to execution -> MetaTrader.
Again, these are my personal views on the issue, I am not speaking on anyone’s behalf but my own