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MT4 Brokers' Virtual Dealer Plug-In

  • #441
  • Jun 25, 2009 6:05pm Jun 25, 2009 6:05pm
Quoting Jason Rogers
Hi ybfjax,

Yes, I am the FXCM ambassador to the Forex Factory forums....
Thank you. You can grab that complete list of pairs here or on that other thread....
Measure trends automatically with zero lag
  • #442
  • Jun 26, 2009 12:09pm Jun 26, 2009 12:09pm
Accumulate enough debris to park itself. What is all this nonsense, level 2 Quotes True Interbank Quotes etc.. etc.. What!!! You the RETAIL Trader do not exist.. Again your only a little spec in the brokers Master ORDER BOOK. No interbank for little old YOU ! I don’t respond much here, but you Fellow traders Gotta give it up with this mad hunt for perfection.
KISS.... Put your focus on getting in then getting out. And for the Hard Heads. You want some sort of good feeling for true Currency at market price action to ponder over. It's real easy open a Futures account with any broker you like. You will see fill orders parked 5 deep each way Up/Dn and complete contact volume. Right Now your Euro/USD as you know it is 6EUS9 ON THE FUTURES GLOBEX/CME EXCHANGE That being the real deal contract. Stop wasting your time and efforts peek behind the Spot Fx Wizards curtain and Put you deep rooted efforts into trading. I do also have an account with IBFX. One of your Spot world brokers and I don’t care about requotes, Boston’s, smostons etc.. I enter with good analysis and exit the same WALA I make Profit!!!!!

My Oh My what more are we doing this for.
"Look Left Think Right"
  • #443
  • Edited 2:33pm Jun 26, 2009 1:27pm | Edited 2:33pm
http://www.fxcm.com/active-trader.jsp

Let's Ellaborate: Concerning FXCM Active Trader

No Dealing Desk* (Agency) Execution
* Read the fine print, they dont even promise the Full lots are offset to other FCM's (What you call Interbank). They merely bark about the micro lot's ... Please note that FXCM Micro, in its discretion, may or may not offset individual transactions unlike transactions in most FXCM Standard "accounts." Sounds like they cover well the fact that they may or may not offset to interbank Any of the counterparty (being you).

5 Levels of Market Depth
* Who's market are they Implying??? Not the entire SpotFX as this is only a look at supposedly FXCM's Master Order Book.

Lower Commissions For High-Volume Traders
* I pay $8.00 Round turn for every contract I trade and I enter At the market meaning No Spread Cost on the Futures/Commodities contract.
That's just shy of 1 Pip (standard spotfx lot). *Do note however higher trading volume does get you pre arranged better commission with just about evey Futures Broker per your account negotiation.

FXCM Requires For This Type Account A Minimum: $25,000 Deposit !!! Being FXCM is a OTC Spotfx Broker... Your money is not in a segregated account thefore you are not provided any bankruptcy protection if FXCM goes bankrupt!

What the Heck.. For example you can open a Futures account for 2-5k Depending on the brokers allowable day-trading margin just about anywhere. However do know the CME exchange requires $4725 per 6EU9 (eur/usd equivalent) currently. And some brokers let you trade with a lower account balance than Exchange requirements. (They cover the difference).

*** All Futures Cusomer Funds are secured in a segregated account for customer protection. You can trade at $12.50 per tic +/- the Euro Fx (6EU9) ... Hmmm what comples them to ask for such a huge deposit. Could it be to show a higher NFA/CFTC Net cap Reporting?? What type of trader are they targeting. I would assume ones that don't understand how any other type of market that Truly does have a Real regulated order book.


Enough babble:: Look at the included Image for a reference of what a REAL Order book in basic form looks like on a REGULATED EXCHANGE where DEPTH is Simply Just That Depth Overall, not just the depth of A single Brokers Master Order Book!

Please do understand I am not Implying for you to go out and Open a Futures Trading Account. I want to merely Show You the Reality of what an order book "Depth of Market" Truly is. You can not get a Complete Depth Of a Non-exchange Controlled market! You will get only an implied depth per your brokers Customers Trading activity. Is this of any Real World Value beneath all the Hype? Do you Think your getting a trading edge against the rest of the traders world-wide??

And as for Volume, well that is an impossible thing to get a real number on concerning the Spot FX as nobody knows who's doing what , where overall. You only get Price movement no volume indication.

You Do the Math.
Attached Image (click to enlarge)
Click to Enlarge Name: Euro Futures.JPG Size: 113 KB
"Look Left Think Right"
  • #444
  • Jun 26, 2009 2:57pm Jun 26, 2009 2:57pm
While I understand CurrencyAnalyst feels differently, there are important issues that need to be clarified.

1. All orders on Active Trader platform are executed through no dealing desk execution. Every trade is executed back to back with a bank or financial institution. This information is also outlined in the trading agreement.

2. The market depth is from the banks providing FXCM with prices. Since there is no centralized exchange, prices and liquidity are coming from individual banks streamed onto the platform. FXCM's trading desk is not providing liquidity.

3. Active trader accounts opened through FXCM UK are segregated in accordance with FSA regulations.
  • #445
  • Jun 26, 2009 4:38pm Jun 26, 2009 4:38pm
I'll grab a couple of selected quotes here.
Quoting CurrencyAnalyst
http://www.fxcm.com/active-trader.jsp{
5 Levels of Market Depth
* Who's market are they Implying??? Not the entire SpotFX as this is only a look at supposedly FXCM's Master Order Book........
Quote
Please do understand I am not Implying for you to go out and Open a Futures Trading Account. I want to merely Show You the Reality of what an order book "Depth of Market" Truly is. You can not get a Complete Depth Of a Non-exchange Controlled market! You will get only an implied depth per your brokers Customers Trading activity. Is this of any Real World Value beneath all the Hype? Do you Think your getting a trading edge against the rest of the traders world-wide??
Quote
And as for Volume, well that is an impossible thing to get a real number on concerning the Spot FX as nobody knows who's doing what , where overall. You only get Price movement no volume indication.

I already knew this and I think I mentioned this on another thread and it has been mentioned by others. I'm sure Warren Buffet and George Soros get much better spreads than most of us will ever dream of. But you need the large starting balances or lots of volume in order to accomplish these more direct connections with banks or other liquidity providers.
Quote
Lower Commissions For High-Volume Traders
* I pay $8.00 Round turn for every contract I trade and I enter At the market meaning No Spread Cost on the Futures/Commodities contract.
That's just shy of 1 Pip (standard spotfx lot). *Do note however higher trading volume does get you pre arranged better commission with just about evey Futures Broker per your account negotiation.
Actually, there is a spread in the futures market. there is a bid (buyers) and there is an ask (sellers) and each side is trying to get the best price. I've been told by several people that futures was the way to go in terms of regulation and the segregated accts and the tight spreads.

However, we are in forex for the volume, leverage, and the variety of pairs readily available. Futures has some high leverage (particularly with day session margins), but not as high as fx. Especially if you carry a position past the day session. You could possibly work something out with your broker where they will lower the margins for you, but you'd probably would have to have a high acct balance or special arrangement to do so.

Quote
FXCM Requires For This Type Account A Minimum: $25,000 Deposit !!! Being FXCM is a OTC Spotfx Broker... Your money is not in a segregated account thefore you are not provided any bankruptcy protection if FXCM goes bankrupt!

[b] What the Heck.. For example you can open a Futures account for 2-5k Depending on the brokers allowable day-trading margin just about anywhere. However do know the CME exchange requires $4725 per 6EU9 (eur/usd equivalent) currently. And some brokers let you trade with a lower account balance than Exchange requirements....
I think most brokers offering institutional-level pricing ask for a high starting balance. I am unsure of fxcm's regulation status in the uk accts, but I heard there is some regulation, just unsure of the specifics.

Most of the smaller players cannot expect to get these rates, although that is the ideal. I see some mt4 fx platforms (and other platforms) moving in that direction towards the ideal STP/ECN with brokers being just a bridge NOT a market maker/counterparty to the individual trades. Another advantage of trading through an exchange is that every order is treated the same because all the contracts are standardized. Whereas fx market you can have all different lot sizes in 10k blocks or even 1k blocks.
Measure trends automatically with zero lag
  • #446
  • Jun 26, 2009 5:17pm Jun 26, 2009 5:17pm
Quoting CurrencyAnalyst
http://www.fxcm.com/active-trader.jsp

Let's Ellaborate: Concerning FXCM Active Trader

No Dealing Desk* (Agency) Execution
* Read the fine print, they dont even promise the Full lots are offset to other FCM's (What you call Interbank). They merely bark about the micro lot's ... Please note that FXCM Micro, in its discretion, may or may not offset individual transactions unlike transactions...
Why would anyone place their money in Spot FX? After 5 years of investing,I have learned that SpotFX is for Gamblers. No transparency. No safety of Funds. No regulation. And really no recourse on any Broker dispute that may arise.This is ONLY a paradise for FX Brokers,not traders. And I admire Jason for his efforts on this forum, takes a lot of energy to answer all these questions(accusations). I still play here-only for fun though.
FF = Forex Faggots
  • #447
  • Jun 28, 2009 12:13pm Jun 28, 2009 12:13pm
Quoting 8fingers
Why would anyone place their money in Spot FX? After 5 years of investing,I have learned that SpotFX is for Gamblers. No transparency. No safety of Funds. No regulation. And really no recourse on any Broker dispute that may arise.This is ONLY a paradise for FX Brokers,not traders. And I admire Jason for his efforts on this forum, takes a lot of energy to answer all these questions(accusations). I still play here-only for fun though.
I'm assuming you trade currency futures. On which exchange and through which broker do you trade?
  • #448
  • Jun 29, 2009 8:23am Jun 29, 2009 8:23am
Quoting fugly
I'm assuming you trade currency futures. On which exchange and through which broker do you trade?
I still play in Forex(EA-Im addicted to programming). After 6-8 Brokers in 5 years, my conclusion about Forex in general is not good. I will never make "big" money here as I would NEVER trust an Forex Broker with a large account. Never more than a grand in at any one time. I use (presently FXPRO.com and MBT( havent placed live trade thru MBT in 6 months-too expensive for small trades) I am about to pull the plug on both of these brokers though. I do want to say that out of all my past Brokers, FXPRO.com has been the most honest and most reliable PriceFeed I have had yet. (and I still wouldnt trust them as they have the MOST ridiculous withdrawal rules I have experienced but have NEVER failed to honor one). I will never go back to a USA based Broker while I play in Forex-the most untrustworthey bunch of crooks I have ever seen. In my opinion, Forex is a Broker paradise ONLY! Under funded accounts(less than 25,000 grand?) have almost no chance of long term survival. (due to insane leverage - crooked Brokers - over trading - ect.) This is all based on my experiences only and I am sure some will not agree. I am interested in Forex Options and Binaries and Stock market but not in "actively" yet. Anything really except Spot Forex.
FF = Forex Faggots
  • #449
  • Jun 29, 2009 10:39pm Jun 29, 2009 10:39pm
Quoting fugly
I'm assuming you trade currency futures. On which exchange and through which broker do you trade?
Hey Mr Fugly-just wondering how your Forex experience has gone? How long in? Making money? What are preferred trading methods? I am always interested in another's opinion. As you can tell from my posts I pretty much despise Forex "Brokers"-all of them. Took me 4 years though. Ironically , I make money trading(usually).
FF = Forex Faggots
  • #450
  • Jun 30, 2009 1:29am Jun 30, 2009 1:29am
Quoting 8fingers
Why would anyone place their money in Spot FX? After 5 years of investing,I have learned that SpotFX is for Gamblers. No transparency. No safety of Funds. No regulation. And really no recourse on any Broker dispute that may arise.This is ONLY a paradise for FX Brokers,not traders. And I admire Jason for his efforts on this forum, takes a lot of energy to answer all these questions(accusations). I still play here-only for fun though.
In Europe Funds in forex spot are safer than Funds in futures in us.
Why I trade forex spot?
Because I make money and because here forex gain have no taxes at all?

Enough for you?
  • #451
  • Jun 30, 2009 1:53am Jun 30, 2009 1:53am
Quoting 8fingers
Hey Mr Fugly-just wondering how your Forex experience has gone? How long in? Making money? What are preferred trading methods? I am always interested in another's opinion. As you can tell from my posts I pretty much despise Forex "Brokers"-all of them. Took me 4 years though. Ironically , I make money trading(usually).
its been ok I guess yup i have made money but not much nothing to talk about. Here on this board guys like Ronald Raygun have turned $200 to $80k in a year so my performance doesn't even compare to this.

Yeah brokers are a real problem. Maybe I had trouble trusting brokers coz I started out with IBFX looking back in hind sight it was a wrong decision. Guess its very important to research brokers well, its impact can actually change your whole forex experience.

Method well I got many ..... but I like floor trader system. Right now I'm checking out the methods of this new guy Bobhall. He claims 10 years experience and supposedly makes 40k~70k a day. So its an interesting read.
  • #452
  • Aug 1, 2009 3:09pm Aug 1, 2009 3:09pm
Quoting BurgerKing
I am alarmed by this document posted by qtmspin:
http://i260.photobucket.com/albums/i...ualDealer1.jpg

I have brought this up with MetaQuote for comments and they removed it instead.

Their action clearly signifies a big red flag. I already knew that most MT4 brokers are cheats, but I never thought they would implement such dirty ploys as shown above. As is, 90% of traders loose money; and having to play dirty to ensure more loosing percentage, how low...

I have asked FXCM UK MT4 why they have this Boston Technologies. (What a bummer!).
No answer! ...
But my account getting more and more empty from day to day. Here 40$ there 50$ and so on...Time to change immediately!
Christian
  • #453
  • Aug 1, 2009 3:11pm Aug 1, 2009 3:11pm
Quoting Jason Rogers
All of the FXCM MT4 and standard 10k accounts are straight through processing. The $25k account mentioned was for the active trader platform which shows depth of market. Active trader has the ability to display raw spreads that we receive from the banks without mark up and a commission is charged instead. Register for a demo and you can see the live prices and liquidity.
Yes, but when they broken the line down, it isn't any help for you!
  • #454
  • Aug 2, 2009 1:51pm Aug 2, 2009 1:51pm
I also think this Boston Technologies Plug-in is "Criminal".

I've saved a few pips by using a script that fights against the Boston Plug!

A 'Script' runs and works just like an Indicator except the only differences
are that you 1.) Load the script into the Script folder instead of the Indicator folder and 2.) you open the Scripts folder(in Navigator) instead of the 'Custom Indicators' folder, and then click on the script(which I'm uploading to this Reply)called "Close All".

"Close All" does just that. It closes everything. If you have 5 trades open and one pending, it closes them all immediately. Faster than you could yourself and, from what I've seen, faster than the Boston Plug-in! The 'Plug' still tries to 'rip' you off, but the script is faster than we are when closing.

Don't forget to check the box "Allow Live Trading" before clicking "OK"

Enjoy,

Hopefully Boston Technologies doesn't start ruining the script, which I can see their little spies and software programmers doing.
Attached File(s)
File Type: ex4 Close_All.ex4   2 KB | 464 downloads
  • #455
  • Aug 2, 2009 2:00pm Aug 2, 2009 2:00pm
if anyone has a large amount of money, i'd go here and buy a currenex bridge for 1000.00 http://www.goforex.net/mql4-bridges.htm

then open an account with a broker that uses currenex. a good one is the london capital group I heard. about 50k to start. hope we can all make it there!

happy trading!
  • #456
  • Aug 3, 2009 2:44am Aug 3, 2009 2:44am
Quoting bundyraider
The delay one sucks, but I guess our job is to find a dealer who sets this to a value that is as low as possible.

,Bundy
I've been using IBFX, although I haven't heard too much good about them as of late, and when they fill my orders, at most it's about a half-second delay. I've also had some slippage problems when they fill the order (over last month), but thus far it's been only one pip, in about one out of every ten to twenty trades. This to me, seems reasonable.
  • #457
  • Aug 3, 2009 7:50am Aug 3, 2009 7:50am
Does anyone know if if anyone has got an official response from their countries governing body on this? e.g. the FSA in the UK? Or even the media?
  • #458
  • Aug 3, 2009 9:33am Aug 3, 2009 9:33am
Quoting christian
I have asked FXCM UK MT4 why they have this Boston Technologies. (What a bummer!).
Christian

Hello christian,

I can answer this question for you. The role of Boston Technologies on our MT4 platform is as a communication link between MT4 and our no dealing desk execution. To give a comparison, it's as though MT4 speaks a different language from FXCM's backoffice and execution. There has to be a translator in the middle communicating to FXCM what this software is trying to do.

Traditionally brokers would purchase from Metaquotes both the front end (what you use to place trades) and the back end (execution and reporting system on the brokers side). The two would work together. FXCM has our own execution system and reporting which we find superior to the back end that Metaquotes designed.

Any broker that wants to use the MT4 front end with their own proprietary back end has to have a bridge connecting the two.

FXCM's MT4 uses no dealing desk and does not use a virtual dealing desk plugin. It doesn't make sense to use it and is incompatible with our no dealing desk system since each order is routed to the banks. Whether your trade executes right now or 5 seconds from now, FXCM makes the same amount. Whether you are trade executes at the current price or is slipped 5 pips, FXCM makes the same amount.

-Jason
  • #459
  • Aug 3, 2009 10:49am Aug 3, 2009 10:49am
Quoting Jason Rogers
Hello christian,

... deleted... Whether you are trade executes at the current price or is slipped 5 pips, FXCM makes the same amount.

-Jason
Why don't you charge a stated commission and skip the spread padding?
  • #460
  • Aug 3, 2009 12:51pm Aug 3, 2009 12:51pm
Quoting phy
Why don't you charge a stated commission and skip the spread padding?
Hi phy,

For our active trader program, this can be done. You see a spread without the mark-up and a commission is charged instead. The commission is based ony our monthly trading volume. The higher the volume, the lower the commission.

-Jason
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