I'm thinking about purchasing MetaStock Pro FX (I got a special offer in the mail), but before I do I want verify a few things.

I know that MetaStock Pro FX has a link to InterbankFX, and my question is, does that mean that trades can be placed automatically with InterbankFX based on signals generated by MetaStock Pro FX?

My second question concerns lot sizes. Besides standard lots, InterbankFX offers mini, micro, and nano lots (i.e., 0.1, 0.01, and 0.001 of a lot). Is this granularity supported in MetaStock Pro FX?

Thanks!

Trades cannot be placed automatically from MetaStock. The link basically launches the InterBankFX platform where you can then place your trades manually.

Thanks for your response.

So the only way to interface with a broker to place trades would be to use some third party product?

Correct, I know there are some 3rd party products out there that deal with auto-trading in MetaStock, but I can't vouch for their integrity. As far as lot sizes go, the System Tester is the backtesting tool that would deal with this. Primarily Forex and commodities traders would use the "Points Only Test" option in the System Tester, which basically tests your trading rules based off buying and/or selling 1 lot. All this does is track the points gained/lost based on your rules. You can take the final point value and multiply it based on pip value and lot leverage to get the actual dollar amount you would have gained/lost.

If you are looking for 3rd party applications that will deal with autotrading try:

http://www.tradebolt.com

http://www.tradebullet.com

Tradebolt provides a .dll for metastock so you can send orders directly using the alert function. Disadvantage is the limitation of brokers and the reliabillity of the connection. My experience is that it is nice to play with but not stable enough to perform real trades.
Please share your experiences with us.