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MB Trading Futures - Introduction

  • #5,461
  • Jun 16, 2010 7:45pm Jun 16, 2010 7:45pm
My account do not need any IB,i open my account myself from the homepage of MBtrading.My account should be applied the same items as other customers fairly.
I can speak English.But when i resgiser an account of mbtrading online,i received email from a Chinese speak represent of MBT Stanley Chen [email protected]. As a Chinese, i was applied unfair items as follow:
1. A minimum account banlance of $100 is required to open new position.
2. $5 per 100,000 USD trade.
  • #5,462
  • Jun 16, 2010 7:50pm Jun 16, 2010 7:50pm
Quoting Pawel Pawlak
Will MBT "fix" ~5 hour gaps in today`s MetaTrader 4 history anytime soon?

Ya I was wondering, does MBT have a place we can download history data from? I tried the MT4 built in history download from Metaquotes once before (a while ago) and it just created more holes in my charts than I had in the first place.
  • #5,463
  • Jun 16, 2010 8:03pm Jun 16, 2010 8:03pm
Quoting kendi
My account do not need any IB,i open my account myself from the homepage of MBtrading.My account should be applied the same items as other customers fairly.
I can speak English.But when i resgiser an account of mbtrading online,i received email from a Chinese speak represent of MBT Stanley Chen [email protected]. As a Chinese, i was applied unfair items as follow:
1. A minimum account banlance of $100 is required to open new position.
2. $5 per 100,000 USD trade.
Kendi, if you read the forex commissions page on the MBT website (https://www.mbtrading.com/commissions.aspx?page=Forex) at the bottom of the page it states:

"*Due to higher cost of business, FOREX commissions for customers in China are $5.00 per 100,000 USD. Discounted forex rates are available for high volume traders."
  • #5,464
  • Jun 16, 2010 8:09pm Jun 16, 2010 8:09pm
Quoting Brunite
Can we expect any sort of detailed explanation of these events or what might be done to avoid it again. I understand servers going down occasionally. I don't understand a platform opening bogus trades in my account....

OK. I got the reply about the license not being renewed automatically and that accounting for the data feed disruption. But there is something else I am not understanding here....


Justin.....a question if I may:

How does that account for bogus trades being opened automatically in a user's account? That one has me scratching my head. I am sure many of us are wondering that. Your reply would be appreciated. Thanks!
  • #5,465
  • Jun 16, 2010 8:25pm Jun 16, 2010 8:25pm
If you check your MT4 email, they posted a strong apology and reply. There was a licensing issue with MetaQuotes that was unexpected and simply not seen in advance by anyone because it was supposed to be automatic. Once again, I think MB has done a fabulous job of handling a rough situation. They fixed my trades quickly and made my account correct. No one likes to see downtime, but the reason is explained fully and the situation was resolved without any negative consequences to me as a trader. Thanks to Justin and all.
  • #5,466
  • Jun 16, 2010 8:32pm Jun 16, 2010 8:32pm
Quoting kendi
i open a live account from web size:https://www.mbtrading.com/ola/getStarted.aspx.As for a Chinese,my account is applied unfair items as follows:
1. A minimum account banlance of $100 is required to open new position.
2. $5 per 100,000 USD trade.
Everyone has to have $100 in their account to place a trade. Please quit posting this spam, you've posted three times the same thing.
  • #5,467
  • Jun 16, 2010 9:26pm Jun 16, 2010 9:26pm
Group:

As you know today we experienced a MetaTrader 4 outage which lasted from 6:47 am EST until 10:10 am EST.

MetaQuotes, the owner of MetaTrader, will occasionally send new Server builds fixing bugs that they discover. This means that they deem the upgrade ready and force it onto our Servers. Since we need to make sure that any new build of the Server is compatible with our ECN execution, we block the Live Meta trade servers from these automatic forced updates. We test them in our other test environments, and then once we are certain that there are no problems (usually within a day or two), we allow the Server to update.

MB Trading operates with annual licenses which get renewed automatically. However, by blocking the Live server upgrades Meta was unable to apply the annual license patch. Our license therefore lapsed this morning and the Live server simply stopped functioning. Once we discovered the problem, we worked with MetaQuotes to get the license renewal in place and the problem resolved. We believe adequate procedures have now been put in place to prevent this from happening in the future.

It is important to note that should any erroneous trades appear in your account, it is imperative that you match off your positions in Meta with your on-line statements or call the Trade Desk if further clarification is necessary. Please do not close trades that you find in your account yet did not trade into.

Our MetaTrader environment had been working flawlessly over the last several months. This outage was not caused by server outages, bank disconnects, or internal system problems. We strive to bring you 100% uptime and we make every effort to provide you fault free service.

Again, we apologize for today’s inconvenience.
  • #5,468
  • Jun 16, 2010 9:27pm Jun 16, 2010 9:27pm
This thread must really be subject to spam from other parties.

Good job by Justin at keeping it up.

I notice that no other brokers have the cojones to start a customer
service thread - just send their soldiers to spam.
  • #5,469
  • Jun 16, 2010 9:29pm Jun 16, 2010 9:29pm
Quoting FXSurfer
This thread must really be subject to spam from other parties.

Good job by Justin at keeping it up.

I notice that no other brokers have the cojones to start a customer
service thread - just send their soldiers to spam.
I agree Surfer...this thread was one of things that impressed me about MBT before I became a customer.
  • #5,470
  • Jun 16, 2010 9:31pm Jun 16, 2010 9:31pm
I will correct myself on one thing: I did notice another broker had started a service thread. Maybe there have been others as well.
  • #5,471
  • Jun 16, 2010 9:44pm Jun 16, 2010 9:44pm
Quoting Brunite
OK. I got the reply about the license not being renewed automatically and that accounting for the data feed disruption. But there is something else I am not understanding here....


Justin.....a question if I may:

How does that account for bogus trades being opened automatically in a user's account? That one has me scratching my head. I am sure many of us are wondering that. Your reply would be appreciated. Thanks!
Brunite,

Totally fair question. Because we had never experienced this issue before, we had to try a couple of different steps to get the system back up. This was before we discovered that the problem was the licensing file. At one point, a backup file was loaded which ended up creating the phantom trades, and there wasn’t a lot of rhyme or reason to who it affected from what I understand. The order IDs at the ECN level repeat daily. Basically, in retrospect, it didn’t need to be done because it wasn’t the problem. But while troubleshooting, that was in the list of solutions.

I also want to be clear about something. NO new trades were placed in any customer account. Remember that you always have a live Nav/Desktop account with the same account number. You can view your positions via the website login or even through our Desktop software (although you can’t trade from the Desktop software for a Meta account). What you see on the website or in the Desktop software takes priority, meaning it is always right. Meta is a secondary layer, if you will, above the main account level, so when weird things happen, like this backup situation, it can lead to showing a position in Meta that isn’t real. No one placed any extra trades or anything like that. The trades were simply not real and were deleted shortly after we came back up and could delete them. We always encourage people to follow these steps if you think you see a position that doesn’t belong (and remember that you should regularly just check your account on-line anyway):

 

  1. Check on-line statements or Desktop and see if the position exists there. If the positions are the same between Meta and Nav/Desktop, the positions are real.
  2. If not, it isn’t a real position and call Trade Desk immediately.
  3. Do NOT try to close a trade in Meta that does not belong. This will result in your closing trade becoming a real trade once the original entry is deleted. Everything can be resolved quickly and without effort if people follow these steps.


To give you an example, we had a few people who saw these phantom trades in their account and knew that they weren’t theirs. They didn’t check the on-line statements or Desktop software to confirm that the trades weren’t real. They didn’t call us. Instead, they just closed the trades (this happened most with people who were “in the money” on the phantom trades, hoping they could just keep the profit). The problem now is that the phantom trades are gone because they were never real, but they are left with whatever buy or sell that they did to close those positions. We sent out a notice via Meta about this while we were down not to do this, but a few people didn’t heed the message.

Everything about our procedures is designed to protect the integrity of your account, but everyone needs to be aware that when things look funny, don’t just close a trade and move on. Something that looks funny probably is and will be addressed, and if you take improper actions in the meantime, you can actually be the one that hurts yourself.

I think we discovered today that a lot of people don’t really take the time to know how to view their positions and statements on-line, which are the actual FIFO statements (and the correct ones) for your account. Meta is just a front end piece provided by a Third Party that allows you to trade with certain tools.

  • #5,472
  • Jun 16, 2010 10:00pm Jun 16, 2010 10:00pm
Quoting jleblang
Brunite,

Totally fair question. Because we had never experienced this issue before, we had to try a couple of different steps to get the system back up. This was before we discovered that the problem was the licensing file. At one point, a backup file was loaded which ended up creating the phantom trades, and there wasn’t a lot of rhyme or reason to who it affected from what I understand. The order IDs at the ECN level repeat daily. Basically, in retrospect, it didn’t need to be done because it wasn’t the problem. But while troubleshooting, that...
Nice job again Justin. I agree with the posts above about the importance of this thread and what you guys do here. It's what made me a fan and I remain one.
  • #5,473
  • Jun 16, 2010 10:02pm Jun 16, 2010 10:02pm
sorry if this was already answered, but my long positions were opened shortly after 5am this morning and this evening i came back trying to place tpl on it and it'll say order accepted then 'off quotes' right after that. Tried a few more times and still same messages. Then i saw the email from mbt about the license issues, so i figured i leave it and attend to a call then come back and make a call to mbt. when i came back there was significant loss. so to prevent any more i closed it. why was I getting off quotes when my account is live and i haven't had that issue since day one?
  • #5,474
  • Jun 16, 2010 10:03pm Jun 16, 2010 10:03pm
Yes, I agree this is a good thread, it's purpose is to fix problems or answer questions...unlike that other broker thread, which purpose is advertising.
  • #5,475
  • Jun 16, 2010 10:26pm Jun 16, 2010 10:26pm
A question about Nav Pro...

In MT4 you can put your mouse cursor over a candle and see the OHLC for that candle...I can't seem to figure out how to do this in Nav Pro. I tried enabling cursor tracking and the cursor window, but the cursor window shows only the price at my cursor and the values of my MA's at the time...it does not show the OHLC of the candle I point at. Am I missing something totally obvious? I tried to enable every status bar I could find, but still no joy.
  • #5,476
  • Jun 16, 2010 10:52pm Jun 16, 2010 10:52pm
How I can download statement/acc history for MT4 live????
  • #5,477
  • Jun 16, 2010 11:38pm Jun 16, 2010 11:38pm
Justin,

Once again, I am out of pocket, thanks to MB Trading. I was going to write a long grumble about the lastest fiasco but I have decided to save my energy.

I will simply re-iterate my point that your MT4 product is unreliable and downright dangerous. At least you guys are honest enough to admit that you screwed up your sofware licensing....kudos to you for that.

Unfortunately, integrity is not enough......this business requires competence as well.

Given the problems associated with MB Trading, I have decided that the time has come to reduce my exposure, so I will cut my account to 10% of what it is now and I hope and pray that you guys come right sometime in the future.

Good luck.
  • #5,478
  • Jun 17, 2010 12:04am Jun 17, 2010 12:04am
For anybody that has missing candles from the outage yesterday...just right click your chart in MT4 and click "Refresh". I know...common sense...but I didn't think to do that until I had my second cup of coffee this morning...
  • #5,479
  • Jun 17, 2010 12:54am Jun 17, 2010 12:54am
Quoting faruzy
sorry if this was already answered, but my long positions were opened shortly after 5am this morning and this evening i came back trying to place tpl on it and it'll say order accepted then 'off quotes' right after that. Tried a few more times and still same messages. Then i saw the email from mbt about the license issues, so i figured i leave it and attend to a call then come back and make a call to mbt. when i came back there was significant loss. so to prevent any more i closed it. why was I getting off quotes when my account is live and i haven't...
Faruzy,

As I said above in a detailed post, the minute that you experience a problem with a trade and wish to close, please don’t leave it. The problem was resolved this morning by around 11 am EST when I posted that it was fixed (and a message went out via Meta Mail). If you experience any problem beyond that, please contact the Trade Desk immediately to close the trade. When we went down, some orders that were existing were affected and disconnected from the ECN. They have to be closed manually by the desk. It’s very easy to do, but please contact them right away. Once you get an OffQuotes error message (other than if you try to place the trade during our daily maintenance), then you need to call the desk.
  • #5,480
  • Jun 17, 2010 12:55am Jun 17, 2010 12:55am
I'd like to congratulate MB once again for handling a bad situation well. They explained very well how the problem occurred. It was just one of those things, and I'm extremely satisfied with the result. I have both a Nav and Meta account with them so I didn't miss anything (Nav was working) and the Meta account was restored to exactly as it should be and was trading fine hours later. They were also on top of the situation during the outage by sending emails over Meta. Nothing is ever 100%, but at least MB explains their situations well, keeps us more and more in the loop, and fixes the problems. They also apologize for the issue instead of just saying "Things happen."
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