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MT4 Brokers' Virtual Dealer Plug-In

  • #541
  • Jul 4, 2010 2:58am Jul 4, 2010 2:58am
Quoting tommyd
If a broker is taking the other side of any trade then you will not win with them in the long run.
I have to respectfully disagree. Brokers, banks, whatever have to protect risk. Taking the other side of the trade is how they do this. Just because you're on the other side, doesn't mean you are going to lose. You are either right or your wrong....but the market does need to be a fair one, otherwise yes the odds will be in favor of the house.


Quoting tommyd
... 95% attempting to trade FX lose.... (so I have heard)
Most of these are the people that give up too easy or don't stick it out for the long haul... including method hoppers and those who don't think learning to trade is just like going to college. Most WILL NOT be successful within the first few years. Successful traders try to tell people this and give them other forms of advice, but it is rare for anyone to listen. "It will be different for me" they say. The 5% who win are those who do stick with it. They only add things that will benefit their current system. Time has shown them what can happen in the markets (both good and bad) and time has taught them risk percentage, discipline, patience and consistency.
The market is like the matrix - it is you that must learn to bend
  • #542
  • Edited 4:05am Jul 4, 2010 3:56am | Edited 4:05am
Quite the opposite.

Reducing risk (not sure what protecting risk means) * would be instantly putting the trade onto the real FX market.
after making the spread. And no it doesn't mean you will lose. Yet a MM can effectively trade against it's clients with no stops.

The reason why market makers win is simple it is 2 fold:

A. Capitalization. Capitalization Capitalization.
B. Most new traders are under capitalized and do not know how to trade to begin with anyway.

So think of it like this.

Who wins in the end on probability and statistics below.
A Poker Game - all equal players in skill

One has 5,000,000 in chips AND an ace or a queen up the sleeve (the MM)
one has 5000 -
one has 500
?

The player with the most chips wins. Simple as that. They can out bet you and be wrong half the time but you will be forced to fold in an effort to protect capital.

Now add this player stealing a few antes from you every hand and WHOA, you capital lowers.

Even if the middle player went all in and won 3 hands.
5000 -> 10000 -> 20000 they still have no chance.

Market makers make money by churning small new accounts until they die.
THen they deposit again and trade more aggressively and blow up their accounts again.

THis is why they advertise so much, to keep a consistent flow of new accounts coming in.

Quoting GridTrader
I have to respectfully disagree. Brokers, banks, whatever have to protect risk. Taking the other side of the trade is how they do this. Just because you're on the other side, doesn't mean you are going to lose. You are either right or your wrong....but the market does need to be a fair one, otherwise yes the odds will be in favor of the house.


.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #543
  • Jul 5, 2010 1:04am Jul 5, 2010 1:04am
Quoting XTrade
Quite the opposite.

Reducing risk
That is what I meant. Just wrong choice of words. Thank you for pointing out my error.
The market is like the matrix - it is you that must learn to bend
  • #544
  • Jul 5, 2010 2:08am Jul 5, 2010 2:08am
But the problem is Deal Desks know everything about thier clients. When you trade on an ECN it is anonymous.

THus,

Wouldn't you think that if a deal desk sees a small account with a tight stop or an obvious stop they would just stay in the trade?

I'm sure they rarely pass trades thru to the interbank FX market. Unless of course it is 10 standard lots or 5, yet at that lot size no one trades on a market maker anyway.

Quoting GridTrader
That is what I meant. Just wrong choice of words. Thank you for pointing out my error.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #545
  • Jul 6, 2010 5:15am Jul 6, 2010 5:15am
Why do I feel like I'm defending myself ...lol. I don't disagree with you. Of course deal desks know. That's a no brainer.
Ever seen inside Metatrader Manager? I have. And it's not just MT brokers that have this either. Company produced trading platforms have similar features as well. It's part of their job to know. If anonymous does exist, then there is more for me to learn I guess, because I just can't see how that is possible.

You are right. Trades are rarely passed through. Even ECN. Think they send a trader's single 1 lot trade through? Not entirely true. These brokers still have to group trades together (yours and others) before they can do that... and only IF they do that. Therefore ECN is not anonymous either. Don't get me wrong now. I am not trying to battle with you. I respect your views. I'm just wanting to make a point regarding ECN. At least you can get positive slippage in your favor... but whose to say that's not being tampered with either. Like a slippage favor of 1 pip when it should of been 2 or 3.

Quoting XTrade
But the problem is Deal Desks know everything about thier clients. When you trade on an ECN it is anonymous.

THus,

Wouldn't you think that if a deal desk sees a small account with a tight stop or an obvious stop they would just stay in the trade?

I'm sure they rarely pass trades thru to the interbank FX market. Unless of course it is 10 standard lots or 5, yet at that lot size no one trades on a market maker anyway.
The market is like the matrix - it is you that must learn to bend
  • #546
  • Jul 6, 2010 5:24am Jul 6, 2010 5:24am
Bottom line for me is my user title plus a small addition
indicator free + worry free.
The market is like the matrix - it is you that must learn to bend
  • #547
  • Jul 18, 2010 7:28am Jul 18, 2010 7:28am
Virtual dealer explains the love that shop buckets have for MT4.

Also notice NFA finally moved against gain capital & fined them for using virutal dealer. When all other regulators require ban of such plugin & audit MT4 plateforms?

Regards
13
Brokers are angels
  • #548
  • Jul 20, 2010 8:18pm Jul 20, 2010 8:18pm
I take it a lot of people on this thread wont like mt4, If your using another open source GUI instead then if so what are you using?
The greatest force on earth is compound interest.
  • #549
  • Jul 20, 2010 8:32pm Jul 20, 2010 8:32pm
All of GAIN's IB partners were sent the following response found in another forum:

Dear Partner,

GAIN received a notice from our US regulator that included complaints regarding a few select trading practices and policies in our US regulated entity. This resulted from the NFA's annual audit where they focused particularly on settings for our MetaTrader platform, our longstanding weekend liquidation policy, as well as our oversight of introducing brokers.

I'm writing this note to allay any concerns you may have about our business practices. We strongly maintain there has been no willful misconduct on the part of the firm and intend to contest the allegations which we believe are misstated. We do not deliberately mislead our clients, nor is it ever our intention to put them at a disadvantage. Everyone at GAIN takes great pride in being part of a professional organization and we work hard to treat all our customers with respect. I believe this ethic is shared by our partner network, along with a common goal of providing a world class trading service that has our customers' best interests in mind.

While we were surprised and disappointed to receive this complaint, we believe this type of NFA action in part reflects the rapidly evolving regulatory framework in the United States. GAIN Capital and its affiliates are now regulated in five countries, including the United Kingdom, Australia, Hong Kong, Japan, and the United States. As a global organization, we strive to operate effectively in each jurisdiction despite vastly different rules and, as always, support any and all regulation that serves to effectively protect retail traders.

Regards,

Glenn Stevens
  • #550
  • Jul 21, 2010 5:19am Jul 21, 2010 5:19am
Quoting Chip4Pips
All of GAIN's IB partners were sent the following response found in another forum:

[i][b]Dear Partner,

GAIN received a notice from our US regulator...
Loved this part:

Quote
We do not deliberately mislead our clients

In fact it's the software that's doing some stuff in the back of gain.

Manipulating the spread is ok as everybody is doing that even big banks, but requotes this is stuff that can screw traders! That should be definitly banned.

Did NFA audited too about reported tactics that some brokers may have to crush EA's?

Regards
13
Brokers are angels
  • #551
  • Jul 28, 2010 10:43am Jul 28, 2010 10:43am
Hi All

OK... if MT4 brokers are not being "manipulators" as written in this thread, so which fx brokers are being the honest ones / reliable ?

Pls. assist as I am planning to go live soon.

tpat
  • #552
  • Jul 28, 2010 5:25pm Jul 28, 2010 5:25pm
Sigh, just cause you have more chips does not necessarily give you an advantage in poker. Quit with this please people. This is like the third poster in the past week, it's simply wrong. (Obviously this does not incl tourneys, as it should not).

You make it seem like the guy with 500 is compelled to continue playing after he doubles up. Shortstackers the world over made regular high stakes players lives miserable for quite some time before special tables were created online to prevent pro shortstackers from killing the game. Look up Ed miller.
  • #553
  • Aug 2, 2010 9:38am Aug 2, 2010 9:38am
@ Vik22, I agree.

@ tradpat... it doesn't matter a whole lot. Not to get in a worry over it too much.

Just trade small live before going with big money. This lets you test the waters first. While doing this, monitor everything. Spread, execution and slippage. When ( not if ) there is a problem, call the broker customer service and see how they treat and take care of you. This is all a part of you choosing who gets your business. Have your brokers phone # at your computer at all times. Do a test call to see how quickly the response time is.

You never invest or loan large amounts of money with someone you do not trust or know. Same rule applies so again start small.

Have more than one broker platform on your computer. This lets you monitor the data feeds. Not perfect, but it's something. I know its a pain, but again it's gotta be done. Most pros use more than a single platform anyways...at least the ones I know do.

Lastly and as said before trade the higher time frames using larger stops and take profit areas. This gives you more cushion and will decrease chances of these practices having any impact on your trades.
The market is like the matrix - it is you that must learn to bend
  • #554
  • Aug 6, 2010 10:49am Aug 6, 2010 10:49am
Hello everyone,
Please, I'll like to know if there's any MetaTrader 4 broker with a minimum StopLoss/TakeProfit less than or equal to that of ForexHUNT.
ForexHUNT's own is 3pips.

Thanks.
  • #555
  • Aug 7, 2010 1:14am Aug 7, 2010 1:14am
Quoting ak_marshal
Hello everyone,
Please, I'll like to know if there's any MetaTrader 4 broker with a minimum StopLoss/TakeProfit less than or equal to that of ForexHUNT.
ForexHUNT's own is 3pips.

Thanks.
ECN. As a suggestion only, try looking at MBT. There are many others.
The market is like the matrix - it is you that must learn to bend
  • #556
  • Edited Aug 10, 2010 10:02pm Aug 7, 2010 7:19am | Edited Aug 10, 2010 10:02pm
Here is the manual for some light reading.

.pdf attached.

And in case you weren't already aware of some of the functions available in Metatrader Manager.
Inserted Video
My comments are not to be taken as trading advice, not a financial advisor
  • #557
  • Aug 8, 2010 2:45pm Aug 8, 2010 2:45pm
What I'm wondering about is why, with such explicit evidence as the above, the NFA has not summoned or sanctioned Boston Technologies itself?
Amor Fati--F. Nietzsche
  • #558
  • Aug 9, 2010 12:59pm Aug 9, 2010 12:59pm
Thanks GridTrader,

If I get you right, are you saying ECN brokers can allow me to, for example, close a trade at 1 point (or pip) from the price which I opened the trade? (Scalping)

Or... do they, like Market makers, also have a minimum distance from the current price at which one can takeprofit/stoploss (like the 3 pips in the case of ForexHUNT)?

Jim...
  • #559
  • Aug 10, 2010 2:10am Aug 10, 2010 2:10am
Quoting ak_marshal
Thanks GridTrader,

If I get you right, are you saying ECN brokers can allow me to, for example, close a trade at 1 point (or pip) from the price which I opened the trade? (Scalping) ........

Jim.
Yes Jim. A true ECN (Electronic Connection Network) will allow 1 pip take profits.
The market is like the matrix - it is you that must learn to bend
  • #560
  • Aug 11, 2010 5:26am Aug 11, 2010 5:26am
Pls, ...do expert advisors work on MetaTrader 4 for windows mobile or iPhone?
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