MT4 Brokers' Virtual Dealer Plug-In | Page 2 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Virtual Dealer Plugin - Brokers Please read 143 replies

IKON GM fined for using Virtual Dealer Plugin 12 replies

Virtual Dealer Plugin - How many seconds does your broker take to execute your trade? 20 replies

A Call to MT4 Brokers re VD Plug-in Issue 2 replies

Dealer Desk Vs Non Dealer Desk 9 replies

Attachments: MT4 Brokers' Virtual Dealer Plug-In
Exit Attachments

MT4 Brokers' Virtual Dealer Plug-In

  • #21
  • Feb 17, 2008 9:23am Feb 17, 2008 9:23am
Wow if this plug in is for real, that is really dirty. I do not trade with MT4 Dealers. I use them for the free charting and programming. If I did trade with them, I think I would send a registered letter to any dealer that I was interested in opening an account and ask them point blank if they use this type of approach. If they did not respond or said yes, I would not open a account. If they said no, I would have a written registered response of their answer if I chose to file a complaint, if It came out that they do.

Thsnks for posting this, I hope that the dealers do not use these kinds of dirty tricks, because most to the $50 -10k account will lose with out any help from the dealers, due to leverage and low capitalization and the learning curve.
  • #22
  • Feb 17, 2008 9:41am Feb 17, 2008 9:41am
Quoting pippero
interesting use of offline charts, phy. Did you make this yourself using the MBT API? do the charts update in realtime, or are you just using CSVs?

I'm starting to think that it would be a good idea to write a dll that uses MBT's API to place trades on MBT from MT4.. I'll look into it.

Sorry for threadjacking, we now return you to the well deserved metaquotes bashing.

I like that idea!


http://www.mbtrading.com/siteMap.asp

Here are some of their intergrated trading options: Any of these options might help to be able to trade easier and NeoTracker will intergrate with MT4. This might be the way to go ... if you want to use MT4 ......... IMO



Integrated Trading

NeoTicker
TopGun
eSignal
QCharts
StockWatch
QuoteTracker
  • #23
  • Feb 17, 2008 9:51am Feb 17, 2008 9:51am
Quoting smjones
Wow if this plug in is for real, that is really dirty. I do not trade with MT4 Dealers. I use them for the free charting and programming. If I did trade with them, I think I would send a registered letter to any dealer that I was interested in opening an account and ask them point blank if they use this type of approach. If they did not respond or said yes, I would not open a account. If they said no, I would have a written registered response of their answer if I chose to file a complaint, if It came out that they do.

Thsnks for posting this, I hope that the dealers do not use these kinds of dirty tricks, because most to the $50 -10k account will lose with out any help from the dealers, due to leverage and low capitalization and the learning curve.
Yes and being the fine upstanding people and institutions they are .... they will certainly be honest with you.......
Same Whore .... Different Dress
  • #24
  • Feb 17, 2008 11:08am Feb 17, 2008 11:08am
Quoting pippero
interesting use of offline charts, phy. Did you make this yourself using the MBT API? do the charts update in realtime, or are you just using CSVs?

I'm starting to think that it would be a good idea to write a dll that uses MBT's API to place trades on MBT from MT4.. I'll look into it.

Sorry for threadjacking, we now return you to the well deserved metaquotes bashing.
I wrote the code, based on the C++ sample included with the SDK. The displays are real-time, note the price references on the screenshot.

This is old (November 9 2007), but shows a Navigator trade window against the charts. Left, MT4 dealer 1-minute bars, center, probably 13-tick MBT bid, and right, one-second MBT lowest-bid highest-ask within the one second interval. Red brackets show the same "time period" on each chart. The time on the MBT charts is GMT, on the Navigator, EST

As for Metaquotes bashing, they are just providing software to fill the perceived needs of their customers. Dealers are their paying customers, not us ( MT4 mobile users excepted )
Attached Image (click to enlarge)
Click to Enlarge Name: tickchart.PNG Size: 73 KB
  • #25
  • Feb 17, 2008 11:47am Feb 17, 2008 11:47am
Quoting phy
I wrote the code, based on the C++ sample included with the SDK. The displays are real-time, note the price references on the screenshot.
very cool, did you use the OCX controls or the COM objects?
  • #26
  • Feb 17, 2008 11:52am Feb 17, 2008 11:52am
Quoting pippero
very cool, did you use the OCX controls or the COM objects?
I don't know. I'm not very fluent in Microsoft-speak. COM probably, since I have never been able to get the Navigator sample compiled and running.
  • #27
  • Feb 17, 2008 12:00pm Feb 17, 2008 12:00pm
Quoting BurgerKing
People think that Trading on Higher time frame such as H1 to D1 makes them immune to the cheats.

The 5 Second Delay is just part of the cheat. You should also consider the "slippage" and "false spikes" induced to hunt your stops and kill you for 50~100 pips extra loss more than what you set in your SL!

Higher time frame trading only filters the "small price fluctuations" - this I agree. I have simulated trading strategies using small time frames to high time frames and the only difference is in the Stops and Limits used. Example:
If I use M15 and lower, I would have SL and TP from 10~20 pips.
But if I use H1 and up, my SL and TP had to increase as well to 100~200 pips! I trade long timeframe, I lose 200 pips; I trade scalp, I lose 20 pips. So how is higher timeframe any "safer" than lower time frame? I was once in a trade, It was making profits +50 pips; but since it was a long term trade, it went down for a loss instead; if it was a scalp trade, I would have made my 20 pips and run!

Scalping has been discouraged by brokers claiming that BANKS dont like it, claiming BANKS dont have time to hedge it etc.. OMG! SO ECN brokers are not using BANKS?

The only reason I could think of why brokers dont like Scalping as a strategy is because, scalping has HIGHER WIN CHANCE. And by inducing execution delays, the trader would be ignored of the better price fill (entering or closing). Example: trader clicked BUY GBPJPY @ 210.60; broker has 5 seconds to CHOOSE a higher price to fill the client; and if price kept going down instead, broker can still fill the trader @ 210.60. Or maybe something like your position is losing 5 pips and decided to throw the towel; when you clicked close, price kept going against you and kept getting requote until you are -30 pips loss after 3 times requoted.

If you think that you are immune to all the cheats in this Virtual Dealer Plug-in, then by all means, trade with them.
Props for the info, did'nt realise spikes could be 50 pips...
All Assets NAS100 GLD BTC AUS JPY GBP All Time Return: 20.1%
  • #28
  • Edited 1:37pm Feb 17, 2008 12:11pm | Edited 1:37pm
Quoting johnedoe
Yes and being the fine upstanding people and institutions they are .... they will certainly be honest with you.......

Well, when you think about it, the very most damning thing they could do is lie about it in a written response. That would be like a golden ticket for a complaint. In that case, I would file a complaint with my Atty General's office and the CFTC, because then it is a criminal case, for fraud. I would be sure to win. Of course assuming the dealer I sent the letter to was in the US. I would only work with dealers in the US anyway, because I am in the US. However I would imagine that other countries that have regualtion would have similar laws against fraud.

In any event I would imagine that most dealers if they were going to use this crap would simply not respond to my letter. That would be enough to stay away from them.

The whole thing is very dirty.
  • #29
  • Edited 4:18pm Feb 17, 2008 1:05pm | Edited 4:18pm
I recently registered at MetaQuotes.net and was able to login soon after. I then did some searches for info related to Virtual Dealer. Soon after, I tried to login again and now I have no account there. Their Email said I was registered...Hmmm!

BTW BK, it appears your requests for enhancements made them a bit ichy to begin with. Imagine that...someone asks MetaQuotes for a muti-dealer plugin because so many MetaQuotes brokers are crooks and use dirty tricks to steal your money. Let's just kill the retail market altogether. Perhaps that's what the CFTC wants to begin with. So many complaints and so few resources to handle them.

Well there goes the farm! Now does this give ForexBastards more credibility? Naaa...just more company!
  • #30
  • Feb 17, 2008 5:05pm Feb 17, 2008 5:05pm
Quoting Craig
It's a shame as MT4 is a pleasant enough platform to use, this unfortunately adds weight to the evidence that the whole thing has been written from the ground up as a big ripoff machine. I guess people will (hopefully) vote with their accounts, there is no need to put up with this BS anymore with the likes of EFX etc.
Are you saying EFX Group are considered honest by your standards/experience? I have talked with them for a while and they seem honest. I thought about opening a live account with them. What do you think?
  • #31
  • Feb 17, 2008 5:09pm Feb 17, 2008 5:09pm
Such a shame. MT4 is a beautiful platform, very customisable. Ironically this attribute is also it's greatest danger. Double edged sword.
  • #32
  • Feb 17, 2008 5:22pm Feb 17, 2008 5:22pm
I just placed an order on my live account on MQ broker and accidently bought EURUSD. The default was set to GBPJPY, but for some reason JUST DIDNT WORK like it used to on the demo!

Imagine if that had been a large order. In all fairness, I have seen this crap before on other platforms.
  • #33
  • Feb 17, 2008 5:31pm Feb 17, 2008 5:31pm
Do you think we can go around this by using buy and sell limit pending order? In another word, would limit pending order be subjected to slippage, delay etc. I understand pending order are executed at the server side. If so, then all of our order should first be limit order.
  • #34
  • Feb 17, 2008 6:03pm Feb 17, 2008 6:03pm
Quoting sam2fx
Do you think we can go around this by using buy and sell limit pending order? In another word, would limit pending order be subjected to slippage, delay etc. I understand pending order are executed at the server side. If so, then all of our order should first be limit order.
Who knows?
I would hate to leave any orders unattended. I smell a rat. Usually things get real crazy just before the market makes a big move. Any of you gun slingers care to comment on that?
  • #35
  • Feb 17, 2008 6:10pm Feb 17, 2008 6:10pm
In the Yahoo! group MetaTrader_Experts_and_Indicators I posted that I would be willing to at least make a MQL4 language converter, such as MQL4->NinjaTrader/TradeStation/etc. I might even do a charting package with a few features that no other charting package seems to have, or at least as far as I know. These would be released publicly under an open source license.
  • #36
  • Feb 17, 2008 6:26pm Feb 17, 2008 6:26pm
Quoting forexmoments
Such a shame. MT4 is a beautiful platform, very customisable. Ironically this attribute is also it's greatest danger. Double edged sword.
It is a shame. I was hoping to find that true ECN broker who uses MT4, but now...

Does anyone know if it's possible to detect whether or not a broker is implementing the VD plug-in. Heh, nice acronym.
  • #37
  • Feb 17, 2008 6:55pm Feb 17, 2008 6:55pm
Here is an interesting link http://nondealingdesk.com/. When I first learned of EFX several years ago I thought they did not have a dealing desk but then later heard that they do.

I've heard that you always have a dealing desk when you use less than 1 standard lot ($100,000) or maybe less than 10 standard lots ($1,000,000) because the interbank system (I'm not referring to IBFX) doesn't trade in fractional lots. While your broker may not have one directly, the bank(s) they use will have to have a dealing desk just to combine orders to create standard lot orders for the interbank system.

Is this true?
  • #38
  • Feb 17, 2008 7:24pm Feb 17, 2008 7:24pm
clear metaquotes action against users.

i think my broker is using it since pre-alpha release :
  • #39
  • Feb 17, 2008 7:32pm Feb 17, 2008 7:32pm
Quoting Ilunore
Are you saying EFX Group are considered honest by your standards/experience? I have talked with them for a while and they seem honest. I thought about opening a live account with them. What do you think?
You need to figure out what you want from a broker first and then satisfy yourself about their honesty (or lack of). MB Trading (EFX) have been around for a while, the commissions are kinda crap, but they let you open smaller accounts. So it's horses for courses.
The breaking of a wave cannot explain the whole sea.
  • #40
  • Feb 17, 2008 7:48pm Feb 17, 2008 7:48pm
You get what you pay for. It's just a cost of doing business...if you want to play on a (relatively) level field.
0 traders viewing now