Pipguard I see you are relatively new here and I gathered from your posts that you are not completely familiar with the retail forex business model. Get on the phone and call any retail forex dealer, and ask them if your trades actually enter the forex. The answer is always "we take the risk." That means all orders are hedged against each other, and outstanding orders are put into the real market with a reverse trade. Stats show the majority is at a complete disadvantage due to their lack of knowledge, greed (400:1 leverage is there to arouse newbies,) and finite capital (the psych-out after losing a huge chunk of the account)
By the way, ATC Brokers (to Hotspot) and MBTrading offer native MT4 interfaces to ECNs, so there is no need for a 3rd party bridge.
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Originally Posted by PipGuard
That's some good advice, only thing is, with ECN's you get variable spreads, so most EA would not be reliable. Unless ECN's operate so efficiently that they consistently maintain 3 pips spreads for the majors. I wouldn't know, but from comparing brokers, I see that some offer fixed spreads (bucket shops) and some are variable, (ECN's)
I think your idea is good and that's what I'll do when I get the required minimum to open an account also.
I have provided an article on how to bridge meta trader to an ECN for anyone who may want to look into it further.
Connecting MetaTrader 4 to an ECN Broker | Alan's Forex Blog |