Interbank Fx

Quoting james16

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some info for everyone trading with them. i opened a mini account with 15,000 and was getting hit for 5 to 7 percent on swaps. they dont give credits on mini accounts. i called them and found something interesting. they are having problems with met4 on the mini but not the standard so they suggest you stay with 3 until they get things ironed out. now for the good part. you can go to a standard account and still trade fractional amounts. you can put in .8 or 1.5 or anything you want and you get met4 and with a standard account you get swap credits. jim

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Quoting diallist

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Thanks Jim for the update.

Two questions:

1. Have you tried putting in .01, which would be a microlot of $1000?

2. Does their interface to MT4 allow automated trading?

Thanks

Dial

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Quoting james16

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some info for everyone trading with them. i opened a mini account with 15,000 and was getting hit for 5 to 7 percent on swaps. they dont give credits on mini accounts. i called them and found something interesting. they are having problems with met4 on the mini but not the standard so they suggest you stay with 3 until they get things ironed out. now for the good part. you can go to a standard account and still trade fractional amounts. you can put in .8 or 1.5 or anything you want and you get met4 and with a standard account you get swap credits. jim

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Quoting MuddBuddha

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Dial,

You can program custom scripts for autotrading and custom expert advisors through MT4 and MT3 using MQL 4 and MQL II. From what I understand, most of the MT supported brokers are having problems with MT4. The developer said they were working on it and should be cleared up fairly quickly. I probably should have said something here when I heard about it.

They have also released a nice PDA version too.

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Quoting james16

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hey dial where ya been

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Quoting Isotonic

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Whats your experience of using trailing stops from the client side?

I've been trying out the demo and put in a trade but my PC rebooted overnight after doing admin tasks!

If this had been a live account then I could possibly be screwed unless I disable all overnight jobs.

Why can't they trail stops on their server instead?

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Quoting james16

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some info for everyone trading with them. i opened a mini account with 15,000 and was getting hit for 5 to 7 percent on swaps. they dont give credits on mini accounts. jim

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Quoting meedo29

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Another dumbo question:

What are swaps?? and how have you been hit on them??
And, what are the "credits" on mini accounts??


I've never heared of these things before...

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Quote

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Originally Posted by Habeeb

but in the mean time I'm gonna enter the Mini Challenge (not officially, demo ofcourse). Will start off with $500 and we'll see the end result ... just for the fun of it.

Anybody else want to enter the Demo Mini Challenge with me, for October.

Quote

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Originally Posted by Dialist

Hi pivotzone,
What I think you are confused about is a very important trading topic called "Position Sizing" which is essential to understand if one expects to become a successful trader. I can understand your confusion, because this concept baffled me for two weeks before the light finally came on for me. You are quite right to ask "what if the big loss comes first?" It is an excellent question actually. Position sizing for a trade exists to protect you from serious loss. Note that I said "serious" loss. Nothing can protect you from having losses. Since losses cannot be avoided, position sizing is used to manage the risk to acceptable levels. Now Jim posted a loss of -1410 dollars, not pips. Let's see if I can reverse engineer this trade so you'll have an example of how this works.

Account balance = $70500
Percent risk per trade = 2%
Dollars risk per trade = 2% times $70500 = $1410 (most you can lose)
Stop loss size = 47 pips (assume this is distance to last pullback)
Pip value = $10 (assuming were trading standard lots)
Position size (how many lots to trade)
= $1410/(47pips * $10)
= $1410/$470
= 3 lots

By trading exactly three lots, risk is limited in dollars to no more than 2% of the account balance, which protects us and lets us trade again another day.

If no position sizing were used, and the trader just put on whatever number of lots he felt like, his loss could be much larger. Let's say the trader is hot to trot on a particular trade setup. He just "knows" the trade is going in the direction he thinks, so he decides to trade 10 standard lots. This will yield $100 per pip! Wow, if this trade moves 100 pips like I think it will, I'll make a cool $10,000!!!

Now, because the markets are designed to disappoint the maximum number of traders, the trade quickly moves against him and hits his stop (we'll use 47). The trader just lost $4700 or 6.66% of his account. Five trades in a row like that and the trader is down 33.3%!!! It would take a gain of slightly over 49% to recover from that drawdown. Done correctly, those five losses in a row would only reduce the account by about 10%. It would only take about an 11% gain to recover from that drawdown which beats the hell out of 49%

Again, you asked the very best question. What happens if the big loss trade occurs first. You must assume that it will and use position sizing to keep you trading another day. That way, over time, the losses will be outstripped by the profits and you will have achieved long term profitability.

Remember this. The outcome of any individual trade is meaningless. It is only the resultant outcome of a series of trades that has any significance.

Dial

Quoting dangerman

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I'm willing to give it a shot Habeeb. Just opened a $500 demo mini account with Metetrader. Maybe we can start a new thread where we can post charts of the trades we enter, and the reasoning behind our trades. It sounds like fun, and a great learning experience.

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