FXDreema Review

In the ever-evolving landscape of financial markets, algorithmic trading has emerged as a crucial element for traders seeking a competitive edge. FXDreema, an online platform launched in November 2011, aspires to simplify the creation of trading robots for MetaTrader 4 and 5 without requiring users to possess programming skills. In this extensive review, we will delve into the platform’s features, usability, and technical specifications, aiming to provide traders with a comprehensive understanding of FXDreema’s capabilities.

FXDreema Review
FXDreema Review

User-Friendly Interface: A Gateway for Novice and Expert Traders Alike

At the core of FXDreema’s appeal lies its user-friendly interface. The platform’s innovative approach leverages graphical blocks to represent various trading elements, making it accessible to traders with varying levels of experience. Novice traders, without any programming expertise, can harness the power of algorithmic trading by simply manipulating these visual blocks.

Each block is equipped with intuitive input parameters that allow users to customize the behavior of their trading strategy without the need for coding. This not only streamlines the strategy development process but also opens the world of algorithmic trading to a broader audience.

Output Formats and Compatibility: A Bridge Between MetaTrader 4/5

FXDreema’s versatility is evident in its output formats. The platform generates trading strategies in the form of files with extensions such as .mq4, .ex4, .mq5, or .ex5. This ensures compatibility with both MetaTrader 4 and MetaTrader 5, providing users with the flexibility to choose their preferred trading platform based on individual preferences or specific market requirements.

However, it’s worth noting that, as of now, FXDreema does not support the development of custom indicators. Despite this limitation, the platform continues to evolve, and future updates may introduce this much-anticipated feature, further expanding the horizons for traders who rely on customized technical indicators.

Free Access and Support: A Supportive Ecosystem for Traders

FXDreema goes beyond being just a tool; it creates an ecosystem that fosters learning and collaboration. The platform allows users to undertake simple projects for free, enabling them to explore its capabilities without financial commitment. This democratization of access encourages a broader user base, including those who may be hesitant to invest in a trading tool without first testing its waters.

Moreover, FXDreema provides free support through both email and its dedicated forum. The existence of a forum is particularly advantageous, as it facilitates the exchange of information, making problem-solving more efficient and accessible. The shared knowledge within the forum becomes a valuable resource for users, creating a sense of community around the platform.

Key Features of the Builder: Building Blocks for Trading Success

FXDreema’s builder is a comprehensive toolkit equipped with a range of features that cater to the diverse needs of algorithmic traders:

  1. Event-Based Strategy Building: The platform allows users to work with events such as Init, Timer, Tick, Trade, Chart, or Deinit, providing a granular level of control over strategy execution. This event-driven approach is essential for tailoring strategies to specific market conditions or desired outcomes.
  2. Trailing Stop Functionality: Traders can implement trailing stops on take-profit, pending orders, or groups of trades in MetaTrader 4. This feature enhances risk management capabilities by allowing traders to lock in profits or minimize losses based on dynamic market conditions.
  3. Global Constants and Variables: FXDreema introduces the concept of global constants and variables, adding a layer of flexibility to project inputs. Traders can adapt their strategies to changing market conditions by adjusting these global parameters without the need for extensive coding.
  4. Money Management Tools: Effective money management is crucial for long-term trading success. FXDreema offers various money management options, including Risk %, Fibonacci, fully customizable Martingale, and Custom sequence. These tools empower users to implement sound risk management practices tailored to their risk tolerance and trading goals.
  5. Graphical Object Control: Visualization is a powerful tool in trading. FXDreema allows users to draw and control graphical objects on the main chart window or in a subwindow. This includes arrows, lines, text, and Fibonacci retracements, providing traders with a visual representation of key trading elements.
  6. Communication Features: Communication is key in dynamic markets. FXDreema facilitates communication by allowing users to send messages to email, websites, or smartphones. This enhances real-time monitoring and notification capabilities, ensuring that traders stay informed about critical developments in their strategies.
  7. File Operations: Traders can write data to files, enabling the storage and retrieval of important information related to trading strategies. This feature is particularly useful for maintaining comprehensive records and conducting post-analysis of trading performance.
  8. Custom Block Creation: FXDreema stands out by allowing users to create and use custom blocks within projects. This advanced feature enables traders to encapsulate specific logic or functionality, promoting modularity and reusability in strategy development.
  9. Workflow Enhancements: The platform includes standard features such as Cut, Copy, Paste, and a comprehensive history of actions. These tools contribute to a streamlined workflow, allowing users to manage and edit their projects efficiently.
  10. Project Management: FXDreema incorporates robust project management features, such as the ability to mark points in the actions history. Additionally, the automatic storage of a project’s copy in the exported source code files ensures that users can revisit and modify their projects with ease.

Technical Specifications and Performance: Behind the Scenes

Understanding the technical specifications of FXDreema provides insights into its performance and reliability:

  • Web Application: FXDreema operates as a web application, ensuring accessibility across different platforms. This web-based approach allows users to access their projects from various devices without the need for installations.
  • Browser Compatibility: The platform is optimized for Chrome, ensuring the best user experience. While support for Firefox and Opera is available, users are advised against using Internet Explorer due to potential compatibility issues.
  • JavaScript Code: FXDreema utilizes manually written JavaScript code for the browser. The connections between blocks are represented as SVG (vector) elements, providing a visually intuitive representation of the relationships between different elements within a trading strategy.
  • Storage Mechanisms: Session information is stored using cookies, ensuring a seamless user experience across sessions. JavaScript scripts and (currently not yet) HTML templates are stored in localStorage, offering a convenient way to manage and retrieve user-specific data.
  • Output Code Readability and Speed: It’s important to note that the output code generated by FXDreema may be hard to read and could exhibit lower speed. This trade-off is a common challenge in simplifying coding processes – the ease of use comes at the expense of code readability and execution speed.
  • Forum and User Management: The forum, powered by nodeBB, serves as a valuable resource for user interaction and support. NodeBB not only facilitates discussions but also contributes to user account management, creating a cohesive environment for collaboration.
  • Hosting: FXDreema is hosted on a Virtual Private Server (VPS) provided by Vultr. This choice of hosting ensures a stable and reliable performance, crucial for a platform handling algorithmic trading strategies.

Conclusion: FXDreema’s Evolution and Promising Future

In conclusion, FXDreema has positioned itself as a commendable solution for traders seeking an intuitive and efficient way to translate their trading ideas into functional algorithms. The user-friendly interface, extensive features, and compatibility with popular trading platforms make it an attractive option for both beginners and experienced traders alike.

While the platform currently lacks support for custom indicator development, the commitment to ongoing development and user support instills confidence in its potential growth and improvement. The inclusion of free access for simple projects and a supportive forum further enhances the platform’s appeal, creating a conducive environment for traders to explore, learn, and collaborate.

As FXDreema continues to evolve, it holds the promise of becoming an even more indispensable tool in the arsenal of algorithmic traders. The platform’s user-centric approach and commitment to simplifying algorithmic trading contribute to its standing as a valuable resource in the ever-changing landscape of financial markets. Traders, both new and experienced, can look to FXDreema as a gateway to bringing their trading strategies to life, without the complexities of traditional programming.

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