ECNs are true market, Market Makers are not
DislikedAll this info is top notch, I'm a new guy to this, I've only played on demo accounts with Alpari and Oanda in the past, sometimes to great success other times to absolute failure. Now I'm looking at it again and hoping to design an automated system using meta trader 4 or 5. I would like to see what I can do manually when I finally figure out what I'm doing too
Are there any books anybody recommends me to read through ? recommended brokers that work with the MT platforms ?
Once I get this ball rolling, (I'm a terrible procrastinator), I'll probably...Ignored
DislikedIs true that an ECN broker is better than a regular broker like a market maker, but the thing is that there is nothing wrong with a market maker IF and only IF, they will let you trade on volatile moments, the platform does not crash, they have good execution when making a withdrawal request and you receive your money on time, if a broker does all this its fine.. But.. because a market maker does not want you to win money it is hard to find one honest, that is why is so much better to trade with a true ECN Broker... they dont care if y ou win or...Ignored
DislikedA retail forex company acts as the market maker for all your trades. They shade prices, widen spreads arbitrarily, and trade against you. Their basically modern day bucket shops. The advantages retail brokers provide are that you can open an account with very little money, they give you crazy leverage, and usually you can demo trade on their platforms until you learn what you're doing. Most of them also have micro and mini lots so you can trade very small sizes. An ECN is like an interbank broker. They don't trade against you so there is no need...Ignored