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MT4 moves to ECN (2 unique brokers)

  • #21
  • Apr 7, 2009 7:30am Apr 7, 2009 7:30am
This is completely unacceptable. I was unable to close a trade that was in profit yesterday, then the EURUSD fell and I got stopped out at a loss.

They set up a temporary server, but that was also a joke. It stayed connected for a few minutes, then dropped out. When MT4 tried to reconnect, it only tried to connect to the original (not working) live server.

The new variable spreads are also a joke. How can it be an advantage to me to have spreads that are on average MUCH worse than we had before? Sure I might luck out and take a trade when the spread is 0 or 1 pip, but that is useless for long term strategies, and useless for scalping if the spread goes to 5 or 7 pips the second after you enter the trade.

Either give us REAL ECN (not this phoney ECN "stlye") with commissions and truly tighter spreads, or go back to giving us fixed spreads.

This would have to be the worst backwards step that any broker has ever taken.
  • #22
  • Apr 7, 2009 8:05am Apr 7, 2009 8:05am
Yes I have got to admit, that this ECN 'styled' broker pricing is a load of absolute rubbish.

As soon as I can get my money out of some hedges, I'm gone....


GIVE US REAL ECN... ....not the load of rubbish that they're trying to feed us.

I say trying, cause we keep on getting disconnected every 2 minutes
  • #23
  • Apr 7, 2009 8:09am Apr 7, 2009 8:09am
During peak times the spreads are ever so slightly tighter on occassions. But you never ever catch the tight spreads because as soon as they appear they vanish.

The spreads are by far more often dearer than they are cheaper in comparison to their previous feed.

I wondered why they were so keen to change without consultation with their clients. Maybe its because their clients don't matter.
  • #24
  • Apr 8, 2009 4:37am Apr 8, 2009 4:37am
They are back to their regular live server, things seem back to normal.

But do my eyes deceive me... are they back to fixed spreads? lol!
  • #25
  • Apr 8, 2009 8:05am Apr 8, 2009 8:05am
Quoting SunRa
They are back to their regular live server, things seem back to normal.

But do my eyes deceive me... are they back to fixed spreads? lol!

Yep back to their fixed spreads...

I had a chat to them and they said, that Telstra was not allowing to do certain things with their internet connection, and that as a result a part of their feed was being cutting in and out because of telstra.

Anyways, they are organising a feed with currenex now, that will not annoy telstra, and that the new currenex feed will be ready within a few weeks and better than the last not as jumpy
  • #26
  • Apr 9, 2009 10:41am Apr 9, 2009 10:41am
I just read this about ECN and MT4 at the following site:
http://www.atcbrokers.com/forexpro_about_mission.htm

Forex Pro

ATC provides true Forex ECN trading using the Metatrader 4 platform. We use no dealing desk, have multiple ECN connections and Forex scalping is allowed.

Our free currency demo trading software let's you paper trade in a live market environment and the Metatrader 4 online trading platform offers fast execution, narrow bank spreads and straight through processing (STP).
  • #27
  • Apr 10, 2009 8:14am Apr 10, 2009 8:14am
ATC Brokers seem to be the way to go at the moment.

  1. Up and running (unlike mbTrading)
  2. MT4 (unlike other ECN)
  3. genuine ecn (unlike other MT4 brokers who have styled ECNs)
  4. reasonable commissions (not cheap)
  5. registered by an authority that might do something about it, if the broker does something wrong.

  • #28
  • Edited 2:57pm Apr 11, 2009 11:49am | Edited 2:57pm
As far as i remember ATC has steep min. deposit, and allows trading just 0.1 lots as minimum. But I agree - it looks much more professional than others..

But as you mention ECN style pricing from GoMarkets, I noticed similar term with http://www.fastbrokersfx.com/ ... min. deposit $3500, can trade micro and mini lots, but no MT4... Anyone has any experience with them and Profeed? They mention they allow scalping as well...
  • #29
  • Apr 11, 2009 7:22pm Apr 11, 2009 7:22pm
Yes I have recently gathered that ECN styled is not a true ECN connection at all.

Instead you're playing a gambling game on whether you get a lower than standard spread or not. With the two feeds that I have seen that are "ECN-styled" both have significant price variation and both have an average spread that is significantly higher than a normal fixed spread.

Sometimes the GoMarket spread on the GBPJPY was 10-15pip for 10 to 15 minutes in a row. It really was just a load of rubbish.

Pull that type of rubbish with me again they will lose my account and have a complaint to ASIC.
  • #30
  • Apr 11, 2009 10:06pm Apr 11, 2009 10:06pm
Quoting aquaart
Yep back to their fixed spreads...

I had a chat to them and they said, that Telstra was not allowing to do certain things with their internet connection, and that as a result a part of their feed was being cutting in and out because of telstra.
A load of nonsense really. Never believe a broker that blames anything on your or their internet connection. It is their number one excuse to justify the slowness of their own platform or anything that doesn't work properly at their end.

But blaming a telecommunication company like Telstra for their (Go Markets) failure to introduce an ECN style feed, what a joke really.
  • #31
  • Edited Apr 12, 2009 8:57am Apr 11, 2009 10:49pm | Edited Apr 12, 2009 8:57am
All these "we are an ECN broker - believe us" talk is bullshit meant to suck your money.

If a broker is indeed ECN, try this one out:
Before Friday Close, choose a currency pair that is known to gap over the weekend; EURUSD seems doing just that for many weeks.
Place A Sell Limit and Buy Limit before the market closes 15 pips from the last price before closing.

*IF the market does gap on monday open, and IF your broker is indeed ECN, your position will be filled on the very first price. ie, if it gaps 30 pips higher, you will have a SELL position at this price and not at 15 where you set it over the weekend. WHY? because in ECN, there was simply no transactions occured before this price and therefore, you are not filled on your specified SELL LIMIT @ +15pips. The same goes for SELL STOP: there was simply no price @ +15 pips and therefore you are filled on the gap price of +30 pips.
This happens to me all the time with MBT and CNX brokers. You dont need weekend gap to see this happening either. Most of my LIMIT orders are filled either at my specified price or better on ECNs.

ONLY Bucketshops will fill your SELL LIMIT at your specified price during gaps and not better. YET they will fill your SELL STOP at the gap price. Thats what you called double standards. This always happen on MT4 brokers like FXDD, IBFX etc.
  • #32
  • Jun 2, 2009 6:17am Jun 2, 2009 6:17am
Well Go Markets is up and running with their Currinex derived feed......executions are great....and the spreads are really tight.
Lets see how they go ?
  • #33
  • Jun 5, 2009 9:11am Jun 5, 2009 9:11am
Quoting aquaart
Hi folks,

I heard that MBTrading are moving into an MT4 platform that offers ECN based spreads. My broker GoMarkets is presently converting from MT4 fixed spreads to MT4 ECN.

For those that have used ECN and fixed spreads,
What are the benefits of being ECN?
How does ECN affect your trading?
How can you determine transparency in the market with ECN quotes?
[font=&quot]Does anyone know of MT4 brokers other than GoMarkets...

why are you attached to the MT4?
  • #34
  • Jun 5, 2009 9:32am Jun 5, 2009 9:32am
Quoting Rise
Well Go Markets is up and running with their Currinex derived feed......executions are great....and the spreads are really tight.
Lets see how they go ?
E/$ has not been that tight last two nights
  • #35
  • Jun 5, 2009 10:20pm Jun 5, 2009 10:20pm
Quoting MightyMan
why are you attached to the MT4?

Because I have found that brokers that don't use MT4 can be as much of a pain in the butt as brokers that do.

Hence, with MT4 unlike most other platforms you are given the ability to swap brokers if any shanigans occur. Granted this is very rare. After learning the in's and out's of a platform, you become very efficient with your trading. Also I use EAs successfully, and even though MT3 to MT4 to MT5 do not support each others EA coding, there is normally some programming guru out there that will.

Just recently the ECN based currenex feed that www.GoMarketsaus.com has been very good to me.
EURUSD consistently between 0.1 and 2.0 pip.
USDJPY consistently between 0.5 and 2.0 pip.
GBPUSD consistently between 1 and 3.0 pip.
USDCHF consistently between 2 and 5.0 pip. Normally about 3.
AUDUSD consistently between 1 and 5.0 pip. Normally about 2.5.

xxxJPY pairs tend to be about a 1 - 1.5 pip more than their USD pair equivalents. GBPJPY 2.5 - 3 more than GBPUSD.

There has been no introduction of commissions, despite these very reasonable spreads.

USD pairs, and xxxJPY pairs were all decent (not good) leading into the major news that happened this week. Its ECN, and even before the news like NFP the GBPJPY did not spread more than 10 pip. News release showed plenty of price gaps though, but I don't trade news. With one week of this, I'm happy so far. Maybe an update next week
  • #36
  • Edited 4:30am Jun 6, 2009 2:47am | Edited 4:30am
If there is any one here who has an account with www.GoMarketsaus.com could you encourage them to get a continuous data feeds for NASDAQ, E-mini S&P 500, Dow and oil.

I know they have gold and silver, but after looking at charts elsewhere I noticed that there are some correlations between USD based pairs and the NASDAQ, S&P, Dow and oil. Some of these give a clear indication of where particular forex pairs might move.
  • #37
  • Jun 6, 2009 8:25am Jun 6, 2009 8:25am
Quoting aquaart
If there is any one here who has an account with www.GoMarketsaus.com could you encourage them to get a continuous data feeds for NASDAQ, E-mini S&P 500, Dow and oil.
I am on the verge of opening up an account with GoMarkets, and I would really appreciate any feedback you might like to share regarding your experience with them (spreads, customer service, ability to withdraw funds, etc.). Thanks very much for your input.

Ed in Columbus, OH
enewbold at gmail dot com
  • #38
  • Edited 7:03am Jun 7, 2009 3:22am | Edited 7:03am
Quoting enewbold
I am on the verge of opening up an account with GoMarkets, and I would really appreciate any feedback you might like to share regarding your experience with them (spreads, customer service, ability to withdraw funds, etc.). Thanks very much for your input.

Ed in Columbus, OH
enewbold at gmail dot com
Hi Ed,

www.GoMarketsaus.com started a new forex data feed last Monday. It's a currenex ECN feed into an MT4 platform, with limited forex pairs and spot gold and spot silver.

But you want to use their non-MT4 GoTrader platform (it appears ok), it has stocks, forex (larger variety), futures and CFD trading (Forex only person, so I don't know what this data feed is like for this platform).
Customer service is a 24 hour service for some parts only.
Have not withdrawn yet.
However, the deposit I made was cleared the following Australian business day.
Regulated by ASIC.
ECN Spreads were good last week, and there was no commission with this new feed.
  • #39
  • Jun 7, 2009 3:51am Jun 7, 2009 3:51am
Quoting enewbold
I am on the verge of opening up an account with GoMarkets, and I would really appreciate any feedback you might like to share regarding your experience with them (spreads, customer service, ability to withdraw funds, etc.). Thanks very much for your input.
Ed in Columbus, OH
enewbold at gmail dot com
Good broker. Fast withdrawal.
  • #40
  • Jun 12, 2009 7:23am Jun 12, 2009 7:23am
Hey aquaart, how's it going these days? Regarding MT4 it seems to be ok but regarding MT5...well, going by your other thread, that seems to be a different story! http://www.forexfactory.com/showthre...=174626&page=3 Is there anything positive at all you can tell us about the MetaSTEALERTrader 5 as you call it? The reason I ask you is because as I told you before, ACM told me theys about to add MT4 to their platforms. When I knew MT5 was about to come out I could not help but wonder why they did not go for the shinny new and improved one? Am I correct to understand from your other thread that it all has to do with the possibilities to do hedging?? Is that correct? Do you believe that we will NOT going to see European brokers add/upgrade to MT5 because of that? If true then the MT4's days may be coming to an end, I would imagine that all regulatory bodies will eventually fall in line with the NFA, don't you?
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