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Metaquotes Will No Longer Sell its MT4 Trading Platform

  • #121
  • Edited 7:38pm Jan 14, 2018 6:58pm | Edited 7:38pm
Quoting Traditio
{quote} .... If you truly have an edge, you must hide it at all costs as everyone looks for an inefficiency in the market.
Thank you for the tip. It's very scary because we retail traders invest many many years to develop our own edges.....
By the way, if your theory is correct, signal providers or sellers (Myfxbook Autotrade or Zuluetrade) will eventually lose their edges sooner or later, am I correct?
Simplicity is the ultimate sophistication - Leonardo da Vinci
  • #122
  • Jan 14, 2018 7:46pm Jan 14, 2018 7:46pm
Quoting Traditio
{quote} I know for 100 pct sure this happens, especially offshore, not as a rule but some. And I have been tipped off by 1 ex employee of a UK STP broker who was doing this. Even an STP broker... not just a market maker, had someone in a dark corner doing that. It's very easy and can be done unnoticed and it is hard to prove of course. And by the way, since we are discussing MT4 , brokers can easily delete trades out of MT4 , from a LIVE server, and hence show distorted track records and sell them as a signal. I know for a fact some dodgy offshore...
I new fx was manipulated so changed to the futures market as it is already centralized. This is all a disagrace...
  • #123
  • Jan 14, 2018 8:38pm Jan 14, 2018 8:38pm
Quoting Traditio
{quote} I know for 100 pct sure this happens, especially offshore, not as a rule but some. And I have been tipped off by 1 ex employee of a UK STP broker who was doing this. Even an STP broker... not just a market maker, had someone in a dark corner doing that. It's very easy and can be done unnoticed and it is hard to prove of course. And by the way, since we are discussing MT4 , brokers can easily delete trades out of MT4 , from a LIVE server, and hence show distorted track records and sell them as a signal. I know for a fact some dodgy...
OMG.... This leaves me speachless. Yet another reason why regulation is a good thing. I truly believe all the US regulations and fines were for our own benefit and protection. FIFO and no hedging can eliminate most of the scams. Ultimately, uncle Sam loses tax revenue from personal income taxes if traders are losing/gambling. That's probably the main reason. I think quit trading and provide signal service might be the best move for those who cannot afford moving to futures.
Staying in my lane...
  • #124
  • Jan 14, 2018 8:38pm Jan 14, 2018 8:38pm
Realizing that we (retail traders) are just the 5.5% contributors to the overall market, all we can do is try know what the other 94.5% (the “big-boys”) are doing now and go with the flow because they’re the ones that create the trend, the swing, and the volatility ...

IMHO, calling the forex market “manipulated” or “rigged” is not fair ... It’s just a free market like the other financial markets where anything can happen, but within it, history does repeat itself ... patterns are recurring, some indicators are holding their means with “high” enough frequencies, and some fundamental analysis comes true in the end ...

In the end, all free financial markets is just a game of statistics where no strategy/methodology goes to 100% or 0%. That’s why SL and TP are recommended to be predefined and used when trading with margin ...
(we can forget about SL and TP when investing without margin)
Market is not random but unpredictable
  • #125
  • Jan 14, 2018 8:41pm Jan 14, 2018 8:41pm
Quoting heispark
{quote} Thank you for the tip. It's very scary because we retail traders invest many many years to develop our own edges..... By the way, if your theory is correct, signal providers or sellers (Myfxbook Autotrade or Zuluetrade) will eventually lose their edges sooner or later, am I correct?

The market dynamics and regimes change all the time, no edge is everlasting, it's constant learning and researching and adapting, I still do.

As for signal provider platforms... good point. some platforms are very good and trustworthy, some not... . Myfxbook autotrade is very legit it seems, their top 20 is fairly constant, some with longer track records and it has very tough selection and vetting criteria. On the other hand, their sister site if you know what I mean is a bit different.... The other name you mentioned as a signal platform, well I have never seen a signal provider lasting more than a few months there. That tells you all. They have a spread of 3 pips eur/usd + markup for followers.... no short term strategy can survive on such wide spreads... so how could followers hope to survive?
Simpletrader looks a very professional signal distributor and is not well known. The vetting criteria are also higher there.

If you are a good retail trader with a strategy that can weather the storms and pitfalls we mentioned above, you could do well as a signal provider. Trend followers cannot easily be B-Booked .
  • #126
  • Jan 14, 2018 8:46pm Jan 14, 2018 8:46pm
Quoting Traditio
{quote} I never take the same position with 2 brokers at the same time, only the opposite, to confuse them or at the least, not to give them my trading info. Say I go long with 1 broker same pair, but hedge the risk with the other after a certain profit target is met. If you then change directional view and go short, you close the long position with the first one. That's just one way of doing it. The issue here is you have to monitor the cost of rollovers if you keep the 'imbalance' for too long. There are software apps, even for MT4 I believe (but...
Very interesting stuff. Probably worthwhile if you are a swing or position trader. I still think scalping or momentum plays is the best way to avoid broker scams. It is very hard for broker to manipulate during high volatile markets or active sessions. Scams increase during low volatile times when they are looking desperate to "make" market but creating stupid spikes here and there for noobs to jump up and down...and Asian session is notorious for such scams.

Thanks for sharing your insight.
Staying in my lane...
  • #127
  • Jan 14, 2018 8:57pm Jan 14, 2018 8:57pm
Quoting VEEFX
{quote} OMG.... This leaves me speachless. Yet another reason why regulation is a good thing. I truly believe all the US regulations and fines were for our own benefit and protection. FIFO and no hedging can eliminate most of the scams. Ultimately, uncle Sam loses tax revenue from personal income taxes if traders are losing/gambling. That's probably the main reason. I think quit trading and provide signal service might be the best move for those who cannot afford moving to futures.
Fully agree across the board.

But donot quit trading after what I mentioned if you love what you do. This has always been going on and if anything, it was worse in the past. Regulators have started to address things so it will improve gradually.
  • #128
  • Jan 14, 2018 9:15pm Jan 14, 2018 9:15pm
Quoting 4for4
IMHO, calling the forex market “manipulated” or “rigged” is not fair ... It’s just a free market like the other financial markets where anything can happen, but within it, his
Indeed, it's just a business model these brokers have, and it is up to us to be aware of it and adapt to and find work arounds. No point blaming them. Better find ways to circumvent their tricks and I prefer to stay inside a strongly regulated jurisdiction, it's all part of doing our own due diligence.
  • #129
  • Jan 14, 2018 10:07pm Jan 14, 2018 10:07pm
Quoting Traditio
{quote} Fully agree across the board. But donot quit trading after what I mentioned if you love what you do. This has always been going on and if anything, it was worse in the past. Regulators have started to address things so it will improve gradually.
Thanks. I love this crappy industry too much to quit now Lol.
Staying in my lane...
  • #130
  • Jan 14, 2018 10:34pm Jan 14, 2018 10:34pm
Quoting Traditio
{quote} I was a fund trader and prop trader in a top tier bank till very recently. One has to know what goes on. If you are really good as a retail trader and do not want to be b-booked, use at least 2 different brokers to run the same book, so that they can not know what you are doing. (or use an exchange, but your trades will still end up at an aggregator who will take the other side) This will avoid being a and b booked.
Traditio,

"If you are really good as a retail trader and do not want to be b-booked, use at least 2 different brokers to run the same book"

Could you please elaborate on how using 2 brokers offsets this behavior...

Thanks
  • #131
  • Jan 15, 2018 3:02am Jan 15, 2018 3:02am
Quoting VEEFX
{quote} It's not with Oanda but MT4 platform linked with Oanda. That's all I would say about Oanda as it is the only relatively safe option available to US traders. Can't publicly throw dirt on them but they are NOT the sweethearts Oanda forum members preach (I don't visit their forums or FXCM's dailyFX... they are all filled with strategies that ultimately benefit the broker).
VEEFX,

I was always curious, why is curtailing DD at a max of 15% so important to you to the point where you are considering quitting FX if you don't achieve it.

I mean not to take away the seriousness of DD, but are there any options like regularly withdrawing profits that could act as a work around?

Thanks
  • #132
  • Jan 15, 2018 7:26am Jan 15, 2018 7:26am
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  • #133
  • Edited 8:07am Jan 15, 2018 7:55am | Edited 8:07am
mt4 > during backtesting, drawing tools available

mt5> during backtesting draw tools NOT AVAILABLE............wtf

mt4> add multiple indicators during backtesting, with the click of a button

mt5> CAN'T ADD MULTIPLE INDICATORS DURING BACKTESTING, with the click of a button............wtf


I have only used mt5 for 10 mins, identifying these 2 aspects not being included. Just shows the misguided concepts of developers compared to traders.
Learn, a forex trader must, unlearn and relearn he will.
  • #134
  • Jan 15, 2018 8:05am Jan 15, 2018 8:05am
Metaquotes is the microsoft of trading platforms, worse.

I'm still using build 402 for coding and of course.... XP
  • #135
  • Jan 15, 2018 8:13am Jan 15, 2018 8:13am
Quoting COGSx86
mt4 > during backtesting, drawing tools available mt5> during backtesting draw tools NOT AVAILABLE............wtf mt4> add multiple indicators during backtesting, with the click of a button mt5> CAN'T ADD MULTIPLE INDICATORS DURING BACKTESTING, with the click of a button............wtf I have only used mt5 for 10 mins, identifying these 2 aspects not being included. Just shows the misguided concepts of developers compared to traders.
I agree with you backtest is not made for manual. But maybe they will do it in a future like offline charts...
Try don't lose pants never...
  • #136
  • Jan 15, 2018 8:28am Jan 15, 2018 8:28am
Quoting COGSx86
mt4 > during backtesting, drawing tools available mt5> during backtesting draw tools NOT AVAILABLE............wtf mt4> add multiple indicators during backtesting, with the click of a button mt5> CAN'T ADD MULTIPLE INDICATORS DURING BACKTESTING, with the click of a button............wtf I have only used mt5 for 10 mins, identifying these 2 aspects not being included. Just shows the misguided concepts of developers compared to traders.
u r wrong, multi indicators can be simulated easily
WaBaS Where are Buyers and Sellers
  • #137
  • Jan 15, 2018 8:42am Jan 15, 2018 8:42am
comparing Mt4 n MT5 is comparing win10 w win7
makes no sense. some ppl will continue w 4 until it dies n some switch 5 n learn how to use it efficiently while 4 users lagging behind
WaBaS Where are Buyers and Sellers
  • #138
  • Jan 15, 2018 8:45am Jan 15, 2018 8:45am
Quoting mr.brown
comparing Mt4 n MT5 is comparing win10 w win7 makes no sense. some ppl will continue w 4 until it dies n some switch 5 n learn how to use it efficiently while 4 users lagging behind
read d article

https://www.mql5.com/en/articles/384#5_6

ignoring d truth wont help
WaBaS Where are Buyers and Sellers
  • #139
  • Jan 15, 2018 8:50am Jan 15, 2018 8:50am
Quoting HeyYou
Metaquotes is the microsoft of trading platforms, worse. I'm still using build 402 for coding and of course.... XP
true xp is most stable OS following 3.1 (if u can remember) but its time over, recycle bin
WaBaS Where are Buyers and Sellers
  • #140
  • Jan 15, 2018 9:11am Jan 15, 2018 9:11am
Quoting COGSx86
mt4 > during backtesting, drawing tools available mt5> during backtesting draw tools NOT AVAILABLE............wtf mt4> add multiple indicators during backtesting, with the click of a button mt5> CAN'T ADD MULTIPLE INDICATORS DURING BACKTESTING, with the click of a button............wtf I have only used mt5 for 10 mins, identifying these 2 aspects not being included. Just shows the misguided concepts of developers compared to traders.
w a simple code, trader can simulate multi time frames manually.
eg...
testing indicators setup w 15 min manually u can switch higher or smaller time frames during manual/automatic simulation n can see bigger or smaller picture
this is only a dream for MT4 users
WaBaS Where are Buyers and Sellers
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