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MT4 Brokers' Virtual Dealer Plug-In

  • #501
  • Oct 21, 2009 8:39am Oct 21, 2009 8:39am
Quoting Acrita
Can you explain what makes this software "illegal" and what "illegal software" actually in your opinion is?
If you are really interested in finding the answer to your question above, Read the thread.

Or may be there is another reason why you are here:

Quoting reese777
Acrita, If I didn't know better I still get the strong feeling you're from Boston Technologies or a Company person who uses them.
  • #502
  • Oct 21, 2009 8:46am Oct 21, 2009 8:46am
Quoting PipStar
If you are really interested in finding the answer to your question above, Read the thread.

Or may be there is another reason why you are here:
PipStar, I'm sorry to say this, but you are boring. Instead of answering the simple question you start accusing me of relations with Boston. I'm not gonna prove anything to you, I told it once, not gonna repeat again. Best luck.

PS. Your nick perfectly explains why you think this software is illegal Don't even need any answer from you
  • #503
  • Oct 21, 2009 1:10pm Oct 21, 2009 1:10pm
Quoting GridTrader
Back to the topic of Virtual Plugins...how many people here REALLY KNOW what brokers have access to? They all have stuff, not just Metatrader brokers either I assure you.

This is purely meant to be educational...so I hope I don't get in trouble here.
However, I do believe I may stepping into some hot water by posting this stuff. Please forgive.

Traders, please. This is not something to be afraid of. You can still trade profitably! Many of us do it every day. It's still good to know what your up against I guess. Personally I don't really care...
Good video and great info to be aware of. I do have some comments however that I think are relevant:

1) Although these tools to defeat traders may be available to the brokers, I doubt many of them are really used. If they were, the broker would go out of business due to client rage. I use an MT4 bucketshop, and have often had price get to within 1 pip of my stop and NOT stop me out, but rather go on to profit. In addition, stop hunting is a regular practice of the big investment banks, and is a legitimate method to make money. We may not like it, but it's a reality all traders have to face for better or worse.

2) Your plugin's stop losses and take profits will not work unless it is running. For ex, if you lose power and/or internet connection, then you're basically screwed as you'll have no stop loss for your position since it isn't on the broker's server.

3) There are free experts available on FF that do the same or very similar thing as your plugin. I use one all the time. I won't mention it here though, but several are available for free.

Your stuff does look pretty cool, and thank you for the enlightenment re. MT4 "manager", but I did think it was necessary to point out a few things, as your youtube video is a bit alarmist, and only tells one side of the story really.
  • #504
  • Oct 22, 2009 12:56am Oct 22, 2009 12:56am
Thank you, but let me clarify. This is not my plug in. I am only posting the videos so others can become aware of what is inside MT4 Manager API. The other software discussed is still a useful tool with hedging abilities IMO. Yes experts out there do offer the same things... but if one finds hedging or hiding stops necessary, then outside software to manage these is better IMO.

Yes if the Internet disconnects you "could be" screwed. I say "could be" only because it depends if your position is at a point of needing to be managed or not.

As far as the YouTube video showing only one side of the story, please...what is the other side? There is only broker and trader. Alarmist?...not really. Just revelation. People need to know. Transparency is golden. Nothing to hide, then no one should care. I know you also said nice video. Thank you, and please know that my post is not to sound like I am attacking you.

To the others discussing brokers ability to take a few pips of your plate. I have mixed feelings on this. Its a part of doing business for both parties. However if a delay is there as a result of human intervention...then that is criminal and same as someone stealing a few bucks from my wallet. Doesn't matter if I have a few hundred there. We have all heard the phrase "nickeled and dimed" to death. Every other time I go to a store it seems I get overcharged for something. In the course of a year this adds up. Now take it to the higher level of trading where an intentional 3 second delay may cost you a couple hundred dollars.
The market is like the matrix - it is you that must learn to bend
  • #505
  • Edited 4:08am Oct 22, 2009 3:48am | Edited 4:08am
Quoting GridTrader
As far as the YouTube video showing only one side of the story, please...what is the other side?
Maybe I didn't communicate clearly enough when I said "other side." What I meant was that in my experience, brokers do not employ all of these methods to defeat traders, not even close. I'm no defender of brokers, especially the bucketshops, but like I said previously, if they did employ all of these methods, they wouldn't have any customers left.

So, while I appreciate the education in the videos, I do think they are a little "alarmist" since the implication is that brokers are going to use all of these tools to defeat traders, and in my opinion at least (and experience), that's not the case.

With the advent of many new MT4 ECN's, and traders' general tendency to post on FF every time they feel they have been screwed, brokers are less likely and less able to effectively use all of these "trader defeating" tools. They still are trading against us, that's the definition of a bucketshop of course, it's just not as bleak and insidious as I thought you might be suggesting. It's far easier nowadays for traders to just leave and go to an MT4 ECN broker, and the bucketshops know this.

Anyway, good on you for providing some good info for traders (and it WAS an education for me ), I've no problem with that, but I felt it necessary for the newbie's sake at least to also present another "side", opinion, perspective, experience, whatever...
  • #506
  • Oct 31, 2009 2:29am Oct 31, 2009 2:29am
The photobucket images had been deleted. I found some new links to the images, so here they are again:

http://i33.tinypic.com/33m69nr.jpg

http://i35.tinypic.com/3481zyc.jpg

Can anyone provide me with the full documents (and maybe software)?
  • #507
  • Nov 10, 2009 9:09am Nov 10, 2009 9:09am
Thanks for the updates, now we know what a scam the MT4 brokers can be.
  • #508
  • Nov 18, 2009 8:49am Nov 18, 2009 8:49am
Everybody should know about Interbank fx's excessive use of "Requotes" and "OffQuotes", leading to slippage in grand scale; short term traders and all traders should be aware of Ibf'x misleading advertising of completely automated but not instantaneous even though they make it seem like it is;
don't be fooled by their tight spreads which change to much larger spreads on heavy trading volatility-specially when we traders earn greater pips-. I can only say, Be weary of IbfX and pay more with a Currenex broker, and use E-signal charts for Forex; in the long run you are better off!
The theme of this message is STAY AWAY FOR IBFX FOR YOUR OWN GOOD!!!!!!!
  • #509
  • Nov 18, 2009 8:55am Nov 18, 2009 8:55am
Quoting trademe
Thanks for the updates, now we know what a scam the MT4 brokers can be.
Meh, I'm trading at ECNs. One with MT4, one with it's own custom platform. To tell you the truth, the MT4 one is preferrable for it's ease of use.

If your broker requotes you, delays you or plays other dirty games with your execution, close your account and go ECN! You will never look back
  • #510
  • Dec 15, 2009 10:48am Dec 15, 2009 10:48am
Does anyone know of an honest MT4 broker(s) or are all MT4 brokers by definition dishonest since they use this software.
I'd like to get some recommendations for reliable brokers that have a narrow spread and also offer gold and silver.
thanks in advance
KLFX
  • #511
  • Dec 15, 2009 11:19am Dec 15, 2009 11:19am
Quoting klfx
Does anyone know of an honest MT4 broker(s) or are all MT4 brokers by definition dishonest since they use this software.
I'd like to get some recommendations for reliable brokers that have a narrow spread and also offer gold and silver.
thanks in advance
KLFX
You can stick with the ECN Brokers that offer MT4. The ones I know of are ATC Brokers, MB Trading, PFG.

With market maker brokers, there's a clear conflict of interest, but they state that openly in their disclosures (required by CFTC I think). So it's no surprise they try to manipulate things to get you to lose.
  • #512
  • Feb 1, 2010 7:24pm Feb 1, 2010 7:24pm
Hi All,

Have you ever try to check and synchronize all of the details below?

1. Website server (by IP addresses and Geo Locator)
2. MT4 server.
3. Phone line supports.
4. Email supports (by IP addresses and Email tracker)
5. What they stated on their website as Office addresses and contact?
6. Link between point 1. and 2. to trace whether they have their own server or just hosted on other web hoster?
7. Their regulators (NFA, CFTC, FSA, or others) and licences.

My idea is not just to put aside good or bad brokers, but to make sure that they won't cheat at the earliest stage, so we are aware and not to be close to them.

Please try to get web address of broker you want to check through Geo Locator and paste on it and continue, you'll see something.

Here: http://www.ipligence.com/geolocation

For example with http://www.direktbroker.de/ Trading House Net
You'll find:
Your IP address is 213.73.86.107
City: Berlin
Country: Germany
Continent: Europe
Time Zone: GMT+1

Will it help us to judge them based on some points above please?

I thank you all and well trade.
John HP HollowPoint Trader Manual Trading At It's Best
  • #513
  • Feb 1, 2010 7:28pm Feb 1, 2010 7:28pm
Quoting hollowpoint
Will it help us to judge them based on some points above please?
Not really, because we are in a global world, and this ip geolocator will only tell the location of their hosting service provider.
e.g. my company is located in Italy, and we have some production servers in Germany, and these servers may host our website and our email.

A WHOIS on the domain name may be more significant.
  • #514
  • Feb 25, 2010 11:45pm Feb 25, 2010 11:45pm
Quoting drfrankm
I already get good fills through the Varengold Bank platform mt4. Their commission is billed into the spread on the platform. Variable spread market order execution.
Varengold is not doing business with USA people now and not using same bridge as when I first was with them.
  • #515
  • Mar 17, 2010 11:41am Mar 17, 2010 11:41am
Varengold is using the plugin

i know somebody working there and he rips traders last pants down
  • #516
  • Mar 18, 2010 11:12am Mar 18, 2010 11:12am
When it comes to me the virtual dealer is better than a physical one right?!
  • #517
  • Mar 18, 2010 3:02pm Mar 18, 2010 3:02pm
Quoting omar_ghassan
When it comes to me the virtual dealer is better than a physical one right?!
You must have not read the first couple pages of this post and seen the damage this thing WILL do to your account!!
  • #518
  • Mar 18, 2010 5:13pm Mar 18, 2010 5:13pm
  •  onu
  • | Joined Feb 2006 | Status: superior senior member | 746 Posts
Quoting omar_ghassan
When it comes to me the virtual dealer is better than a physical one right?!
Why do you post here? U have no clue...

---------------------------------------------
http://www.myfxbook.com/members/pc8multifx
  • #519
  • Jul 1, 2010 7:40am Jul 1, 2010 7:40am
The smoking gun if ever one was required since we all knew that many brokers are using the virtual dealer plugin. See the link below:

http://www.nfa.futures.org/basicnet/...px?seqnum=2461

Of particular interest read from page 8 of the NFA action against Forex.com/Gain Capital for using the virtual dealer plug-in. I bet many other brokers will now be targeted by the NFA. It's more than time to clean up this industry.
  • #520
  • Jul 1, 2010 5:00pm Jul 1, 2010 5:00pm
any seasoned forex trader learned long ago to avoid these criminals like the plague they are. How much more proof will it take to convince the trading public
that their funds are not safe at Forex.com?
FF = Forex Faggots
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