Sniping on Broker

Hi Guys. This is my first Post here. Before i ask my maybe relative easy question, but i can't find the right result on the search i try before.

I have to say that ForexFactory is a really a great Source to become a good Trader, If you have the Time to research, learn, learn and research ...

I hope iam on the right way to become one of these, and i belive that FF will help me to get me there.

So Thnx for all of you how Share your Knowlage and Trading System's with the Rookies like me!

Thank You!

Now to my Question:
My Broker tells me, that I can't Trade GBP/CAD and EUR/CAD on the Meta Trader Plattform becouse there are to many Snipers they used the Fixed Spread on these Pairs, so the Broker disabled it for the MT Platform.

Can you explain me, what they mean with Sniper in relation to the fixed Spread?

Thnx, Michael

Now this is the strangest thing I have ever read in reference to Brokers. Who is your Broker?

Any Broker that refuses to trade these common pairs will not be in business long. I strongly suggest you find a Broker that is commonly mentioned with positive reviews on this forum.

Is your Broker FunnyFarm LLC. ?

No the Broker is ODL.

And you are able to trade GBP/CAD and CAD/USD with this Broker, but then you have to use the other Platforms the broker offers.

With MT4, you Can't Live trade this Pairs. If you trade Demo, you can trade.

But can you tell me what they mean with sniping the fixed Spread?

Thank You

Wow, can someone confirm this? I'm currently demoing and have been thinking about having an account with them.

ODL aren't talking about Gbp/Usd or Usd/Cad or any other G4/G7 currencies, they're referring to more exotic less liquid pairs which MT4 sometimes experiences delays in updating quotes. Platform arbitrageurs were obviously taking advantage of that latency and ODL put a stop to it, they're not a charity

Nothing to concern anyone who trades the majors, although I've never traded with ODL so I don't know how they perform.

Plonk my Self !

I make a misstake with the Pairs !

Sorry the affected pairs are GBP/CAD and EUR/CAD. Not the Cable!!!!

Mybe i have to read my Posting next time more often before i hit submit.

But my question about Sniping the Fixed Spread is still alive.

Sorry Again!

No problem, but I bet you got a few people worried

By sniping the fixed spread I'm guessing they mean volatile times like across data when MT4 suffers latency on pairs like Eur/Cad. So say Eur/Cad was quoted on MT4 at 1.5840/45 but the real market price was 50/60, it would be a quick guaranteed 5 pips to buy at 45 and then milliseconds later when MT4 catches up sell at 50. I expect it's a little more complicated than that as these 'snipers' probably look at Eur/Usd and Usd/Cad at the same time.

Like I say that was a guess, I'd be interested to know what others think.

Those pairs are not really "exotics"

Many MT4 brokers offer them and allow you to trade live. See IBFX for example.

IBFX have a variable spread though don't they, in fact I'm not even sure whether ODL have fixed or variable spreads, by saying 'snipe fixed spreads' it suggests they're fixed.

I guess the only way to get a definitive answer is to phone ODL and ask, or use another marketmaker. ODL obviously had a problem with those pairs on MT4, it might be interesting to find out what it was.

Codeman

Thanks for the great PM...very much appreciated.

Wish you many pips my friend.