Virtual Dealer Plug-In: what is your broker up to? - Page 11

mp6140 · #**101** (**permalink**) 06-20-2008, 11:48 PM

thnx for the info riffster, as an IB for hotspot is where my information came from --- look forward to your "up close and personal" review !

my experience is that while a "broker" can have differing prices than an ECN, it rarely amounts to much when all is said and done --- a pip here or there !

while I use an ECN (EFX actually), I also have a broker that i work with -- more experience shows that if one understands how a broker works and how their prices compare with my charting system, its really not much of a difference for all practical purposes !

for instance, while I use extremely reliable support and resistance overlays, coupled with the fibs and repeatedly hit the topside pip to the letter, an ECN will not allow me to hedge or carry SEPERATE trades (long or short) without having many accounts, which is a bore when trading fast and slows one down considerably !

Using limit orders and no stop losses (to hunt), working with a broker and having their free charting compares very favorably with paying a commission on a lower pip spread ---- when all parts of the package are examined, it really comes out to very little difference once again.

Where the ECN shines is the ability to scalp easily, which many "brokers" jump all over you for doing (or trying to do !)

Especially iif one is not scalping, theres precious difference between the brokers charges and the spread plus commission from an ECN. Some difference admittedly, but VERY little amounting to a pip or less ! One pip is not really worth the effort and number of accounts I need when working with an ECN.

my opinion, of course --- but I do use both !

still interested in your results, of course.

mp

Quote:

Originally Posted by riffster

Actually, HotspotFX is not an exception. They are using another broker to clear "their" MT4 trades. In theory it's suppose to be the HotSpotFX price feed, but the 3rd party broker providing MT4 connectivity (basically a large IB agreement like IBFX is with Forex Liquidity). I'm opening a HotSpotFX MT4 account this week. I will be able to provide better feedback after I trade live and compare the stardard HotSpotFX platform feed/prices with the HotSpotFX MT4 feed/prices. I think the broker is ATC, but HotSpotFX won't comfirm it for me. They just confirmed that another broker is providing the MT4 bridge.

My hope is that HotSpotFX MT4 will be like the old days with IBFX (before they sucked). I should know more in a couple weeks...

riffster · #**102** (**permalink**) 08-28-2008, 12:24 PM

Yeah, I was referring mostly to "fills" and "slippage". Spreads usually work themselves out as long as they aren't extreme...

cutzpr · #**103** (**permalink**) 10-08-2008, 02:11 AM

I dont think that Metaquotes will ever change thier platform to work with ECN's. And the reason why is cause there are so many new "Hopefully Forex Millionaires" that open up accounts every day. There is soooooo much information that needs to be taken in by the noobies and "METAQUOTES METATRADER IS EVERYWHERE!!!"

Some newbies thinking it is all a game will think that Metatrader is forex.
Since they say (who is they, i dont know) over 90% of traders lose anyways. Why would Metaquotes change their software to accommodate that 10% that win and eventually work their way to larger accounts and larger more reliable brokers.

Non ECN brokers rather deal with that 90% then that 10%. That will guarantee their business will stay afloat. (Hopefully)

riffster · #**104** (**permalink**) 10-08-2008, 05:27 AM

Quote:

Originally Posted by cutzpr

I dont think that Metaquotes will ever change thier platform to work with ECN's. And the reason why is cause there are so many new "Hopefully Forex Millionaires" that open up accounts every day. There is soooooo much information that needs to be taken in by the noobies and "METAQUOTES METATRADER IS EVERYWHERE!!!"

Some newbies thinking it is all a game will think that Metatrader is forex.
Since they say (who is they, i dont know) over 90% of traders lose anyways. Why would Metaquotes change their software to accommodate that 10% that win and eventually work their way to larger accounts and larger more reliable brokers.

Non ECN brokers rather deal with that 90% then that 10%. That will guarantee their business will stay afloat. (Hopefully)

Some ECN's are already creating their own "work around" for MT4. HotSpotFX already offers MT4 and I heared that a few others like Dukascopy and MIG will offer something soon. It's actually not that hard. You just have to re-wire the dealing desk plugin...

amarnath · #**105** (**permalink**) 10-09-2008, 01:02 PM

Quote:

Originally Posted by cutzpr

I dont think that Metaquotes will ever change thier platform to work with ECN's. And the reason why is cause there are so many new "Hopefully Forex Millionaires" that open up accounts every day. There is soooooo much information that needs to be taken in by the noobies and "METAQUOTES METATRADER IS EVERYWHERE!!!"

Some newbies thinking it is all a game will think that Metatrader is forex.
Since they say (who is they, i dont know) over 90% of traders lose anyways. Why would Metaquotes change their software to accommodate that 10% that win and eventually work their way to larger accounts and larger more reliable brokers.

Non ECN brokers rather deal with that 90% then that 10%. That will guarantee their business will stay afloat. (Hopefully)

This is 100% true as metatrader is only for shadow brokers in Russia and siberia offshores

if metatrader is really a traders platform it may be already implemented serious financial institutions who trade real stocks and futures which are true ECN markets by defaults.

As metatrader lack programming skills, expertise to handle true markets they build platform using designers to look it just with neat interface

and playing around bucketshops i bet with no single METATRADER BROKER you can place order between Bid - ASK SPREAD

So for serious forex professionals Metatrader = Toytrader nothing more nothing less

warzone621 · #**106** (**permalink**) 10-14-2008, 03:29 PM

Well any stock, future or option market has close to 10 : 90 or some has 20 : 80 win/loss ratio. If it is not, then I really doubt if the market is real.

My opinion is all brokerage firms could fool traders by using any electronic platform not only MT4 if they want to do that. Forex is kinda grey area, because forex really has no official price setup as all you know. According to NFA's site, we only know that NFA "wish" brokerage firms to be innocent in fooling traders by using those electronic platform settings like slips etc., but they don't know how to regulate them yet. What we traders should do?

Quote:

Originally Posted by cutzpr

I dont think that Metaquotes will ever change thier platform to work with ECN's. And the reason why is cause there are so many new "Hopefully Forex Millionaires" that open up accounts every day. There is soooooo much information that needs to be taken in by the noobies and "METAQUOTES METATRADER IS EVERYWHERE!!!"

Some newbies thinking it is all a game will think that Metatrader is forex.
Since they say (who is they, i dont know) over 90% of traders lose anyways. Why would Metaquotes change their software to accommodate that 10% that win and eventually work their way to larger accounts and larger more reliable brokers.

Non ECN brokers rather deal with that 90% then that 10%. That will guarantee their business will stay afloat. (Hopefully)

freemenn · #**107** (**permalink**) 01-29-2009, 08:24 PM

any update for this? Is there any list of brokers using this "Tool" ??

ppc123 · #**108** (**permalink**) 01-30-2009, 03:41 PM

So many people caring about this few seconds lagging?

Personally, I believe that if you can't survive in a 1min-lagging environment, you won't get a positive balance in the long term...

Come on... This plugin just makes 1 to 5 seconds delay, if you really lose money because of this, I can't imagine how you can earn money from the forex market.

It's so funny so many people blaming the MT4 platform, while this thread is under "Metatrader Brokers"...

matfx · #**109** (**permalink**) 01-30-2009, 03:52 PM

Quote:

Originally Posted by ppc123

So many people caring about this few seconds lagging?

Personally, I believe that if you can't survive in a 1min-lagging environment, you won't get a positive balance in the long term...

Come on... This plugin just makes 1 to 5 seconds delay, if you really lose money because of this, I can't imagine how you can earn money from the forex market.

It's so funny so many people blaming the MT4 platform, while this thread is under "Metatrader Brokers"...

I won't care about this thing.

freemenn · #**110** (**permalink**) 01-31-2009, 05:50 PM

if you are a scalper then 1-5 seconds will caus to loose some good pips and instead 5-15 pips you will make only 5 or less... No problem for long term traders.