MT4 Brokers' Virtual Dealer Plug-In

Quoting stradlink

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Didn't know the "everybody's doing it" was a valid excuse for dishonesty...and to just bend over and take with out even a mild response. If you know its happening don't you have some responsibility to at least say something?

Ignored

You are totally right Stradlink....

We have a responsibility to trade properly and correct things that are wrong with our trading...

We are accountable for bad trading, bad internet links at our end, bad OS on our computers or trying to use irresponsible programmed software (in our EAs).

The broker should be accountable for its trading, its internet link, its OS, and its software.

I am NOT going to be some bent over prison babe, who says you can have me the way that you want.....

I will speak up....
I will be responsible...
I will inform the authorities...
I will expect positive outcomes....
I will promote others to do the same....

Brokers MUST trade honestly and on a level playing field...


So if the dealing desk has this boston technology software (or anything similar) they are effectively manipulating the price and deilberately profiting by not honouring what you clicked, they should be charged with stealing or fraud. Hence what this software is doing could be more easily called stealing or fraud. Moving the price against you in order for them to benefit, instead of what you click is what you get should be made illegal and therefore software like this should also be made illegal. However, an individual trader would never be able to tell and therefore this is an area that I would happily suggest should be regulated.


Hence I believe making formal complaints to the appropriate authorities about the software is a necessity. Because MT4 are doing it and have been for some time (version 3.16 of the software), this would mean that other software vendors for trading platforms are probably or have developed there own versions. It needs to be stopped and the only power we have is to complain on mass to the appropriate authorities.

See this post for the appropriate links.
http://www.forexfactory.com/showpost.php?p=2690339&postcount=395

you can complain directly to them all you want and this is what you're gonna get

"No Broker wants an investigation, so this is how the Brokers more drastic self-preservation methods will likely unfold.

The account is flagged to locking up the traders platform to prevent existing trade closer at a significant turning point in the market that will force the trade into the negative to close out at a loss, sometimes even a margin call. If and when you complain, the Broker will then claim that it is due to freak or periodic liquidity issues that are beyond the brokers control and that just need to be accepted as part of the risks of trading in the Forex, hoping that the trader will fall for this lie, accept responsibility, and give up the fight, which most ignorant naive traders do. If that deception doesn't work, then the broker may claim that their is nothing that he can do about it, hoping still that the client will still give up the fight. Many do just that. For those who still persist, he may try to accuse the client of using some kind of an unethical trading edge and that that he simply cannot allow unethical clients to be successful, or to trade any longer with their firm. If the client is now persistent, angry, and smart enough to threaten filing a claim with the NFA, the Broker will likely shift his tactical position to negotiating a settlement, offering a small fraction of the amount lost, in staed of the prospect of wading through a long drawn out investigation from the NFA that may or may not result in a favorable decision for the trader. Most remaining traders cave in at this point and accept some kind of offer to make an adjustment to their account, restore 10 to 30 percent of their loss. Afterall, the Broker will reason with them, if you are good enough to get this far with your account, then you could buiold it all back again, and much more, before you would ever get an answer to a complain to the NFA, right. This all makes perfect sence, accept the trader is somehow never able to experience the same kind of result with that broker service, either due to tactical manuvering from the Market Maker to prevent success, or by a combination of that and new emotional interference in the mind of the trader who is never able to get completely mentally accept the injustice of the settlement. until the trader finally realizes that the Broker new at the time of the settlememnt that this client/trader's account would forever more be flagged as a hiugh risk account, to be regularly sabotaged, never again to be allowed to be come so successful. Of course the Broker will have also had the trader sign a release, waiving the Broker of all responsibility, and even promising to never speak mof this incoident and of the settlement to anyone else, and to never file a complaint about it to the NFA. Alas, the complaint to the NFA would probably have been a more profitable choice, even if the investigation did take six months. Then again, it may have resulted in a much higher settlement offer from the Broker, perhaps even a full restoration of the losses in question to the traders account. Then, the Broker must decide whether or not to continue allowing the client to trade an account with him. Frankley, it is better to take your money somewhere else. "

so basically they still might get some or most of your money in the end anyways. it's like when celebrities get a slap on the wrist and laugh about it later. they have deeper pockets than us and that would be an uphill battle unless it's a class action suit of some type. despite what some people wanna say about spot forex, there' money to be made just don't trade with a market maker and you'll be fine. sadly, it's mostly unregulated and they can change the rules whenever they want and however they want. don't think so, then why is hedging going to get banned!? next thing you know, they will say you can't scalp or use an EA or something else stupid like that... and then give a dumb definition of what can and cannot be done.

Never said it is a valid excuse for dishonesty.
Never said you have to bend over.
What I say is that the honesty of a broker is not made of software and/or regulation.
Blaming some piece of software is useless.
The software does what the broker wants.
Every monkey can write more and more software.
Every broker can find more and more ways to bypass regulation.

What I say is that if you find a dishonest broker, simply don't even think of opening an account with them, or run away if you already are with them.

Well said!

However as brokers start to cheat because they get to bybpass some of the regulations, sooner or later, even the honest ones will become cheaters.

"Good people gets tired of doing good earlier than Bad people gets tired of doing bad."

No...


I am only good if I do something about it...



That includes:

1. changing broker (for myself).
2. informing the correct people (to protect myself and others).
3. and letting others know (for others).

I am no good and I do no good unless I look beyond myself...
Anything less would be selfish of me

A take on what a wise man once said, all it takes for evil to triumph is for the people who can do good to do nothing.


Brokers MUST trade honestly and on a level playing field...


So if the dealing desk has this boston technology software (or anything similar) they are effectively manipulating the price and deilberately profiting by not honouring what you clicked, they should be charged with stealing or fraud. Hence what this software is doing could be more easily called stealing or fraud. Moving the price against you in order for them to benefit, instead of what you click is what you get should be made illegal and therefore software like this should also be made illegal. However, an individual trader would never be able to tell and therefore this is an area that I would happily suggest should be regulated.


Hence I believe making formal complaints to the appropriate authorities about the software is a necessity. Because MT4 are doing it and have been for some time (version 3.16 of the software), this would mean that other software vendors for trading platforms are probably or have developed there own versions. It needs to be stopped and the only power we have is to complain on mass to the appropriate authorities.

See this post for the appropriate links.
http://www.forexfactory.com/showpost...&postcount=395

You are right in that the honesty of a broker is not made of software / regulation.

However, brokers are software driven for placing orders and for trade completion / execution.

Hence a broker that possesses software that deliberately and willfully produces dishonest trade outcomes must be held accountable, in the same way that if I were to steal some old lady's pruse I must be held accountable.

There is no difference:
Stealing via price manipulation (trade slowing, fraud inducing) software is just as wrong as stealing from a person's house.

Just because its electronic does not mean its ok or acceptable.

Do NOT accept the unacceptable.

To make a difference read post #395

Brokers MUST trade honestly and on a level playing field...


So if the dealing desk has this boston technology software (or anything similar) they are effectively manipulating the price and deilberately profiting by not honouring what you clicked, they should be charged with stealing or fraud. Hence what this software is doing could be more easily called stealing or fraud. Moving the price against you in order for them to benefit, instead of what you click is what you get should be made illegal and therefore software like this should also be made illegal. However, an individual trader would never be able to tell and therefore this is an area that I would happily suggest should be regulated.


Hence I believe making formal complaints to the appropriate authorities about the software is a necessity. Because MT4 are doing it and have been for some time (version 3.16 of the software), this would mean that other software vendors for trading platforms are probably or have developed there own versions. It needs to be stopped and the only power we have is to complain on mass to the appropriate authorities.

See this post for the appropriate links for your country:
http://www.forexfactory.com/showpost...&postcount=395

Looking for a different kind of broker; IBFX delays my trades to the point that I have to call
my trades in if I want speed; it's a nightmare;
any brokers out there trustworthy enough;
thanks

No wonder since that broker uses virtual dealer plug in to do just that.

Yes, I agree that IBFX are pathetic, I use to get up to 6 re-quotes per trade, but living in the land down under, ringing in is more of a pain.

Hence closed account.

Its not my computer (1 of the fastest available), nor my internet connection (20000 Mb/s optic fibre connection). I have also pinged my ISP and that is quick.

Hence it must have been IBFXs end slowing trade execution down. I also had a second account with another broker. Not ONE re-quote with that other broker.




See this post for the appropriate links for your country to make a formal complaint about this software:
http://www.forexfactory.com/showpost...&postcount=395

same thing i experienced with Alapri. At least they admitted to using the Plug-in.........

i had no idea these guys played so dirty...

Wow an admission to using the plugin that is effectively a fraudulent way of enhancing their trading and decreasing yours.

Considering that in a retail market maker broker (like Alpari IBFX) it is written in customer agreements, that they may be the counter party in a trade and thereby there is an inbuilt conflict of interest, that is big admission.

I am sure that legal people may be interested in something like this. Because what is not being said is that they have deliberately hindered profitability of you to increase their own profits

So... What are the odds that MT5 has a plug in JUST like this one?

MT5 is out? Client or Server?

It's in the works and there's already a buzz around it... Search the forums/google...

100%

Ok, so some or most brokers are crooks. Any one know a broker that wont rip me off ? Is MBTrader ok ?

MB Trading, ATC Brokers, PFGBest and Broco seem trustable.

I can teel you from live experiences.

Broco- they're cool but spread needs to come down

PFG- whatever with them, not a 5 digit. nuff said saw a gap on 15m chart that was really obvious. closed my account ASAP

Mbtrading- the best there is. have a BETA account

ATC- how can they be ECN if they can put on a take profit and stop loss at the same time as a market order. you're not supposed to be able to do that on ECN mt4. they're just a NDD with lower spreads than IBFX and charge a commission so it's justified I guess. but they can't get there stuff straight with their system (larger orders getting serious offquotes) and MBT beat 'them to the punch with partial fills on bigger orders

if i remember correctly, Alpari also posted on this very forum and on their own forum confirming the use of virtual dealer