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The awakening

  • #1
  • First Post: Jan 1, 2009 9:35pm Jan 1, 2009 9:35pm
Well, opened my brokers webpage (wont mention names) who happens to be a “ECN” and what do I see. A download for metatrader4 . I can’t count all the post about people crying how metatrader is for bucket shops and ECN’s are STP. Well it looks to me like more and more ECN’s are going the bucketshop route. Why IMO because this is a business and there is more sneaky ways to make money off customers that way, and the MAJOR buckets have know this for years (we all know who they are). Looks like with all the financial mishap on wall street and with the banks some of the ENC’s are having to find new avenues to make money. If you notice a bit ago the spreads at some these ECN’s have been down right ridiculous, not to mention slapping the commission on the trades. IMO spread widening is one logical way for some ECN’s (NO NOT all) to meet that capital requirement that’s proposed this year. Adding Metatrader 4 will definitely help. Looks like now I will be doing business with two bucket shops instead of one and an ECN. This has not affected any of my trading as of yet, I am still finding ways to make a buck, I just find the irony to be funny.


Just my 2 cents



Happy Trading
It's me...
  • #2
  • Jan 1, 2009 9:46pm Jan 1, 2009 9:46pm
I don't see anything wrong with sharing that broker's name.

Is it ATC? If not, the more choices you give everybody here.

Master of Puppets,
T
  • #3
  • Jan 1, 2009 10:29pm Jan 1, 2009 10:29pm
One of the other things you may want to consider in the equation of this situation is that the broker in question currently has some pretty antiquated client software, so from that point of view it may be an improvement, also on the web page they list the deviations from standard MT4 functionality due to the lack of a deal desk. If they are lying about this, then it's a pretty brazen lie, I'm inclined to believe them for now.
The breaking of a wave cannot explain the whole sea.
  • #4
  • Jan 1, 2009 10:42pm Jan 1, 2009 10:42pm
Quoting tdion
I don't see anything wrong with sharing that broker's name.

Is it ATC? If not, the more choices you give everybody here.

Master of Puppets,
T
I'm assuming it's MB Trading based on their new website.
  • #5
  • Jan 1, 2009 10:46pm Jan 1, 2009 10:46pm
Agreed, thats all we can hope for..

Quoting Craig
so from that point of view it may be an improvement
It's me...
  • #6
  • Jan 2, 2009 12:12am Jan 2, 2009 12:12am
Thnx!!! LOL - Got on their chat ASAP and setup a Demo Account. Luckily since I've been testing Alpari UK - my EA was already setup for 5 digit (my EA autodetects it) and thanx to another ECN I deal with I was ready for the add TP and SL via modify after sending the order.

So far so good. - I see gaps in the data though for server shutdowns. They said its not fully ready yet but I'll find out next week. Anyone knows who gives MB liquidity?
  • #7
  • Jan 2, 2009 12:17am Jan 2, 2009 12:17am
Im thinking that we should all be trading on the london stock exchange (DMA- direct market access)
  • #8
  • Jan 2, 2009 5:24am Jan 2, 2009 5:24am
Quoting AgentFx
I can’t count all the post about people crying how metatrader is for bucket shops and ECN’s are STP.
Obviously things change and it's now possible to hook up Metatrader to an ECN network. ATC brokers does that successfuly. I cant see anything wrong with that and by just offering this Metatrader option, it doesnt make a broker a bucket shop. Why should the bucket shops have exclusive use of the most popular platform among retail traders which is Metatrader? All the retail brokers have added this option, FXCM, Gain Capital and now MB trading. If anything, MB Trading was losing potential clients because they didnt have Metatrader; therefore it is quite normal in their position to give traders what they want but with an ECN difference.
  • #9
  • Jan 2, 2009 9:18am Jan 2, 2009 9:18am
I second Pipstar , Why it would be a shame for an ECN to propose the favorite platform.

Agentfx you missed something :
Quote
MB Trading wouldn’t offer the system until we we could eliminate the deal desk functionality


It is this kind of step that can make bucketshops tremble.
  • #10
  • Jan 2, 2009 10:35am Jan 2, 2009 10:35am
I do not believe the 'no dealing desk' hucksterism.

What 'no dealing desk' means is probably one of these:

1) The dealing desk is located on side of the liquidity providers. So technically speaking the broker has no dealing desk, but in fact that is not true.

2) The manual human controlled dealing desk has been substituted with an algorithm which acts as an electronic dealing desk. And it is misleadingly called a 'risk management middle office' sandwiched between the front office and the back office, though it is actually a dealing desk in disguise.

Having said that, there are of course honest brokers who actually have STP. Chances are brokers use a mix of both dealing desk and STP, depending on which one benefits them the most at each different circumstances.
  • #11
  • Jan 2, 2009 5:19pm Jan 2, 2009 5:19pm
Quoting jlryan87
I do not believe the 'no dealing desk' hucksterism.

What 'no dealing desk' means is probably one of these:

1) The dealing desk is located on side of the liquidity providers. So technically speaking the broker has no dealing desk, but in fact that is not true.

2) The manual human controlled dealing desk has been substituted with an algorithm which acts as an electronic dealing desk. And it is misleadingly called a 'risk management middle office' sandwiched between the front office and the back office, though it is actually a dealing...
I think you figured out "the secret".

This is a case of what the definition of "IS" is.
There's almost nothing that could be said, whether true of false,
that could not be made to sound true with a little creativity.

"...We don't have a dealing desk.."

maybe they're using a coffee table instead of a desk.

"...Yes, but it's not a desk..."

"...We use straight-thru processing..."

straigth-thru to where ? The coffee table ?

"...we don't trade against you..."

Does that mean, like leaning up against me ?
If if does, I won't be able to breathe well.

"....We would appreciate your business...."

Does that mean you want me to sign over
the ownership of my business to your company ?

"...the slight rectal discomfort you're experiencing is completely normal and
is as expected when you place orders or trade with us.......have you cleared out your Java cache ? "

use your imagination.

"...Have a nice day...."

I won't even go there.




Screw these crooks.
  • #12
  • Last Post: Jan 30, 2010 2:31pm Jan 30, 2010 2:31pm
Quoting toshi
I think you figured out "the secret".

This is a case of what the definition of "IS" is.
There's almost nothing that could be said, whether true of false,
that could not be made to sound true with a little creativity.

"...We don't have a dealing desk.."

maybe they're using a coffee table instead of a desk.

"...Yes, but it's not a desk..."

"...We use straight-thru processing..."

straigth-thru to where ? The coffee table ?

"...we don't trade against you..."

Does that mean, like leaning up against...
CRACKER!!! (english for brilliant!)...LoL LoL LoL
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