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MT4 Brokers' Virtual Dealer Plug-In

  • #301
  • Jul 4, 2008 1:06pm Jul 4, 2008 1:06pm
I recommend Ikon Royal. They have the best spreads out of any legitimate MT4 broker. NFA registered, fast execution without any delays or stop hunting. Fast withdrawal process and friendly helpful reps. They have Institutional pricing that comes pretty close to any ECN.
  • #302
  • Jul 4, 2008 9:01pm Jul 4, 2008 9:01pm
  •  onu
  • | Joined Feb 2006 | Status: superior senior member | 746 Posts
Quoting DaleC
I recommend Ikon Royal. They have the best spreads out of any legitimate MT4 broker. NFA registered, fast execution without any delays or stop hunting. Fast withdrawal process and friendly helpful reps. They have Institutional pricing that comes pretty close to any ECN.
are you kidding? They have the worst spread i ve ever seen on retail broker...
  • #303
  • Jul 4, 2008 11:25pm Jul 4, 2008 11:25pm
Quoting onu
are you kidding? They have the worst spread i ve ever seen on retail broker...
your talking about ikon gm, he's talking about royal division of ikon gm that uses mt-4, they have the best spreads out of any mt-4 broker.

http://www.forexfactory.com/showthread.php?t=94615
If I Go Broke Trying Then I Will die happy.
  • #304
  • Jul 5, 2008 12:03am Jul 5, 2008 12:03am
Quoting DaleC
I recommend Ikon Royal. They have the best spreads out of any legitimate MT4 broker. NFA registered, fast execution without any delays or stop hunting. Fast withdrawal process and friendly helpful reps. They have Institutional pricing that comes pretty close to any ECN.
Your statement above is correct. Good broker.
  • #305
  • Jul 5, 2008 2:50am Jul 5, 2008 2:50am
after reading this also for me its clearer the thing about statements regarding 'dealer desk'. After all dealer desk is just one piece beside spikes, silly order executions. On my real IBXF-Account sometimes I am wondering how the trade could be executed at a price - never exists!!

Since months I m building up scripts and EAs as a base framework for recognizing chart-pattern / trends / etc. mainly forward testing but also by using the backtest feature of MT4. So actually the whole work would be wasted, but MT offers some functionality to interact with outbound systems.

So why not taking the best out of it. Building up and evaluating your final trading scenario based upon MT4 handing the real orders over to FX / ECN-Brokers still by using MT4 to find and trigger your trades. Any timeframe above M15 is ok. So anything regarding EA is a good possibility for the 'real' customers catching pips with the need handing over the trade orders to Future brokers or like.

the technical needs are quite low!
  • #306
  • Jul 6, 2008 12:43pm Jul 6, 2008 12:43pm
Quoting Maliac
after reading this also for me its clearer the thing about statements regarding 'dealer desk'. After all dealer desk is just one piece beside spikes, silly order executions. On my real IBXF-Account sometimes I am wondering how the trade could be executed at a price - never exists!!

Since months I m building up scripts and EAs as a base framework for recognizing chart-pattern / trends / etc. mainly forward testing but also by using the backtest feature of MT4. So actually the whole work would be wasted, but MT offers some functionality to interact with outbound systems.

So why not taking the best out of it. Building up and evaluating your final trading scenario based upon MT4 handing the real orders over to FX / ECN-Brokers still by using MT4 to find and trigger your trades. Any timeframe above M15 is ok. So anything regarding EA is a good possibility for the 'real' customers catching pips with the need handing over the trade orders to Future brokers or like.

the technical needs are quite low!
Hi Maliac,
I'm totally agree with you regarding MT4 programming for our real account.
Currently I'm trading manually based on fundamental and news which is not affecting my trading character.
Thanks for your positive thinking
Jodie Forex at its Best
  • #307
  • Jul 19, 2008 1:50pm Jul 19, 2008 1:50pm
after reading this thread i've begun to think that nobody (or very few people) have actually been profitable trading an EA on MT4 on a live account for more than 6 months
  • #308
  • Edited 10:05pm Oct 9, 2008 9:23pm | Edited 10:05pm
"** As of January 15, 2008, the following forex brokers offering MetaTrader 4 are not regulated in the U.S. under the CFTC and NFA: FXOpen, Crown Forex, MIG Investments, FXcast, and North Finance. "

The above is what I found FROM some website.
So, does it mean the brokers who provide MT4 have to be under some special inspections?
Or MT4 is not under NFA's regulation yet? Oh... I suggest put metaquotes and those platform makers under NFA's regulation 2.
Also I found this on NFA website http://www.nfa.futures.org/news/news...ArticleID=1812. Take a look THANKS.
  • #309
  • Oct 10, 2008 5:16am Oct 10, 2008 5:16am
Quoting dengzhi
after reading this thread i've begun to think that nobody (or very few people) have actually been profitable trading an EA on MT4 on a live account for more than 6 months
I run different EAs from time to time.. and yes, personally, no single EA remains profitable after several months.

I wonder why? Maybe, brokers would be able to analyze how to screw particular EAs after several weeks/months. All of this is fully answered by Virtual Deal Desk plugins.
  • #310
  • Oct 10, 2008 12:32pm Oct 10, 2008 12:32pm
or simply any trading system that can be pre-programmed with a simple set of rules and put into an EA is most likey not going to stand up over the course of time. The markets change and trading systems need to adapt.

It would be interesting to see an EA adapt itself or have some sort of AI built in.
  • #311
  • Oct 10, 2008 1:02pm Oct 10, 2008 1:02pm
Of course EA's do not work, but that has nothing to do with the Virtual Dealer Plug-in.

It's because it is not possible to win money in forex market. Forex trading is very similar to a casino.

Following things they have in common:

- It's an expensive form of entertainment.
- In both fields you may win temporarily, but will definately lose on the long run.
- They keep up the illusion that you can win a lot of money
- Both destroyed many pepoles lives
- To win a very high amout of money, you also have to take a very high amount of risk

However there is one difference: the chances to win money in a casino are higher than to win money in the forex market, becuase in a casino you can hit a jackpot, which is not available in forex trading.
Forex is a losers game.
  • #312
  • Oct 10, 2008 5:03pm Oct 10, 2008 5:03pm
Quoting trader121
Of course EA's do not work, but that has nothing to do with the Virtual Dealer Plug-in.

It's because it is not possible to win money in forex market. Forex trading is very similar to a casino.

Following things they have in common:

- It's an expensive form of entertainment.
- In both fields you may win temporarily, but will definately lose on the long run.
- They keep up the illusion that you can win a lot of money
- Both destroyed many pepoles lives
- To win a very high amout of money, you also have to take a very high amount of risk

However there is one difference: the chances to win money in a casino are higher than to win money in the forex market, becuase in a casino you can hit a jackpot, which is not available in forex trading.
why do you trade forex or why are you on a forex forum?
  • #313
  • Oct 11, 2008 3:35am Oct 11, 2008 3:35am
I was in a trade with 6 trades open, 3 buys 3 sells, with all trades would close at the same point, 3 sell hit tp, 3 buys would hit sl at same time. The sells closed at TP, the buys closed 24 pips different at the same time.

The only way to see if your broker is running the plug in is place a market order, if not opened in less than 3 seconds from server to accepted in your journal, chances are they are using it. FXDD on most market orders can take up to 15 seconds from their server accepting the market order, and it either being placed or "off-quotes", when using an EA. If manual, you just get requoted, alot.

Slippage by a broker, on a set TP or SL is the broker manipulating the price, as the order is on their server, and if they are truly honest, they would honor a set TP, SL, or pending order price, once their server accepts it, as it is in their system, and is their choice to accept it or deny it.

To think that these MT4 brokers are placing trades is utter stupidity. These bucketshops don't have to when they can manipulate the price feed, to hit prices, and requote, and off-quote these prices in their favor.
  • #314
  • Oct 11, 2008 8:20am Oct 11, 2008 8:20am
Quoting fxtrader42
why do you trade forex or why are you on a forex forum?
What kind of question?
The BIG LOSER will never think at all of these.He canīt be wrong.He is born a winner.
Trader121 ,for me all can be true , but be carefull that all these donīt make you have FEAR when youīll take a trade.Itīs part of the game.
Quote
- It's an expensive form of entertainment.
CAN BE TRUE
Quote
- In both fields you may win temporarily, but will definately lose on the long run.
IS TRUE FOR 95% of TRADERS
Quote
- They keep up the illusion that you can win a lot of money
TRUE for ALL THE BUCKET SHOP
Quote
- Both destroyed many pepoles lives
TRUE
Quote
- To win a very high amout of money, you also have to take a very high amount of risk
TRUE
  • #315
  • Oct 12, 2008 12:57pm Oct 12, 2008 12:57pm
Instead of using market orders, use stop orders with TP and SL, later only replace the order with new TP and SL. In this case the order will be in the market when the price will catch it. You will not get any requotes or off-quotes and your trading will be safe and easy.
  • #316
  • Oct 12, 2008 5:02pm Oct 12, 2008 5:02pm
Quoting dovgr
Instead of using market orders, use stop orders with TP and SL, later only replace the order with new TP and SL. In this case the order will be in the market when the price will catch it. You will not get any requotes or off-quotes and your trading will be safe and easy.
Choke.. Choke.. Cough.. Cough..

Stop Orders? On MT4 brokers with anti-trader "Virtual Dealer Plugin" settings, Stop Orders are converted to Market Orders through slippage!

What you might have meant was Limit Orders. In Limit orders, when you say "Limit Buy GBPUSD @ 1.7000" you WILL be filled at 1.7000 no slippage whatsoever.

Limit Order on MT4 however means, going against the trend, (Market going down and you want to buy, or market going and you want to sell) so it is in its own way, risky. Limit Orders on ECN brokers are different though.
  • #317
  • Oct 12, 2008 9:52pm Oct 12, 2008 9:52pm
I guess not only MT4 brokers have this plugin but any MM brokers is likely to use this kind of settings if not regulated.
  • #318
  • Oct 21, 2008 2:31am Oct 21, 2008 2:31am
Quoting trader121
Of course EA's do not work, but that has nothing to do with the Virtual Dealer Plug-in.

It's because it is not possible to win money in forex market. Forex trading is very similar to a casino.

Following things they have in common:

- It's an expensive form of entertainment.
- In both fields you may win temporarily, but will definately lose on the long run.
- They keep up the illusion that you can win a lot of money
- Both destroyed many pepoles lives
- To win a very high amout of money, you also have to take a very high amount of risk

However there is one difference: the chances to win money in a casino are higher than to win money in the forex market, becuase in a casino you can hit a jackpot, which is not available in forex trading.


"To win a very high amout of money, you also have to take a very high amount of risk"

No, you need patience! If you think that you can open an account with 10,000 USD and be on your way to riches in no time, then you will be disappointed. Compounding is powerful, but it takes a while to digg yourself out of an underfunded hole with 10,000 USD. 50,000 USD should be the bare minimum.

This is and always be a rich man's market. I think fxtrader can attest to that.

And if you think that equities are less of a gamble, I'd like you to show me a single liquid currency pair that has ever gone out of business (without you knowing about it before hand).

But to be successful in this market, you have to eat, drink and breathe currencies. No setting and forgetting here.
  • #319
  • Oct 22, 2008 9:59am Oct 22, 2008 9:59am
I agree with FXterrapin that this is a market littered with people who lose, and very few people who win in the long term. I was fortunate enough to log a couple of years on an FX desk out of college and that was the best experience I could have possibly had. I am friends with many people who are so called "daytraders" as I myself now am, who have made a ton of money in this market. Low barriers of entry make the market an easy sell for someone looking to "play around" and trade a little bit. We are all retail clients, no if's or but's, whether we trade on "institutional platforms" or not, we are the retail client, and the majority of us will lose, no matter what product we trade. I might make money in currencies, but I lose in equities and I lose in a lot of commodities. To make a lot of money in this market you need patience and you need a plan. Having a 10,000 dollar account and banging away all day is a sure fire way to lose, now you might make 2k, but then you will think that you can make 5k, so you risk a little more and then you lose, and then you start doubling down etc etc. This is a great 24 hour market, and if done right with a little bit of luck, can be extremely profitable. Best of luck.


Quoting fxterrapin
\"To win a very high amout of money, you also have to take a very high amount of risk\"

No, you need patience! If you think that you can open an account with 10,000 USD and be on your way to riches in no time, then you will be disappointed. Compounding is powerful, but it takes a while to digg yourself out of an underfunded hole with 10,000 USD. 50,000 USD should be the bare minimum.

This is and always be a rich man's market. I think fxtrader can attest to that.

And if you think that equities are less of a gamble, I'd like you to show me a single liquid currency pair that has ever gone out of business (without you knowing about it before hand).

But to be successful in this market, you have to eat, drink and breathe currencies. No setting and forgetting here.
  • #320
  • Oct 22, 2008 12:51pm Oct 22, 2008 12:51pm
What makes a retail trader is not the size of the account or how or who he trades with. It is his understanding of the market itself. How it works, what governs it, what its participants do, who they are and why they participate. Most that trade this market can figure out one of those certain criterias but not all. Know all of the above and have quality risk management and I you could consider yourself no longer a novice trader. If you have all of that down and still dont make money it means you dont have the personality for trading. IMO
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