Broker side controls for MetaTrader

[cogs]

I did a bit of a search yesterday to see what I could find out about 'broker side controls' for MT4 and thought I would post some images of what I found. I realise this is only a small picture of what settings are really available for brokers but it confirms my suspicions.

These are from Metatrader Manager.

You can form your own opinion.

 

[cogs]

Re: In Case You Ever Wondered

And another from 'Boston Technologies

 

[macca]

Re: In Case You Ever Wondered

Hi,

this info has been common knowledge on both FX forums that I go to for quite some time. This is the reason that people are touchy when entries/ exits are slow.

I guess it is up to us to decide whether or not we trust our broker, I use Go and there have been a number of times that I have been stopped by 1 or 2 pips, I have since moved my stops to a better position and I now find that most of the time my stops are either just missed or blown away completely by a big move.

A lot of stop losses in the same spot show up on all brokers windows, they do deliberately run stops but it is not necessarily my broker doing that, it is just that the market can see them so they trigger them to get the mug money.

 

[tayser]

hence why MT4 brokers are known as bucketshops

as above, this has been common knowledge for a while now.

 

[Kryzz]

Does IB only offer currency futures? Or do the spot market also?

Thanks.


( there was a post re IB and FX, hence the question posted here, since removed)

 

[>Apocalypto<]

Does IB only offer currency futures? Or do the spot market also?

Thanks.


( there was a post re IB and FX, hence the question posted here, since removed)

also offer spot, I trade it most days.

 

[Kryzz]

Thanks for the reply Apocalypto

Would it be fair to say then that the for the smaller volume trader (me, eg, two mini contracts or less) would still be better of sticking with purely a spot fx dealer (ie, go markets), as per the attached picture.

IB = 2.50 USD Commission, + Value of 1 Pip per (per side i assume)

Go = Value of 1-2 Pips, so 2-4 pips round trip.

Just trying to get my head around commissions.

Cheers,

shaun

 

[Trembling Hand]

Would it be fair to say then that the for the smaller volume trader (me, eg, two mini contracts or less) would still be better of sticking with purely a spot fx dealer (ie, go markets), as per the attached picture.

You will always be better off using a broker over a MM. Even if the spread & commission is the same. But not sure what size two mini contracts are.

 

[cogs]

This thread has been renamed by the administrator.

I originally titled it "In Case You Weren't Aware" to inform those who were not up to speed with 'Server Side' options/settings for brokers when promoting the 'MT4 platform' being available with their brokerage services.

The posting is intended for newbies and the unaware, to help explain any potential suspicious activities you may have encountered with your trades when using the MT4 platform.

I have no doubt that these and many other functions are written into most other software platforms also to assist brokers in the profitable function of their company/business. MT4 just makes it so obvious.

 

[Trembling Hand]

I have no doubt that these and many other functions are written into most other software platforms also to assist brokers in the profitable function of their company/business. MT4 just makes it so obvious.

The word broker is used incorrectly in the above. Anyone who uses these "functions " are clearly trading against their clients and therefor not brokers but Market Makers.

 

[professor_frink]

You will always be better off using a broker over a MM. Even if the spread & commission is the same. But not sure what size two mini contracts are.

2 mini contracts with most bucket shops is 20K, so IB may not be the best option for trades of this size

 

[WaveSurfer]

I did a bit of a search yesterday to see what I could find out about 'broker side controls' for MT4 and thought I would post some images of what I found. I realise this is only a small picture of what settings are really available for brokers but it confirms my suspicions.

These are from Metatrader Manager.

You can form your own opinion.

WOW.....

I think I should change my broker

 

[>Apocalypto<]

Thanks for the reply Apocalypto

Would it be fair to say then that the for the smaller volume trader (me, eg, two mini contracts or less) would still be better of sticking with purely a spot fx dealer (ie, go markets), as per the attached picture.

depends what you want, if you can't trade to a size of USD 25k or equivalent then you may have to trade on Ideal not the place to trade as it's for currency conversions. I trade on Ideal pro you need to have a base currency of $25K or more or the equivalent, so if 2.5$ usd per pip is to expensive for you right now as you're learning then IB maybe a place to come to later on.

please remember IB don't pull the base acc is the trading currency crap it's all in the terms you have to understand how the value of the terms will equal your base if you take a loss.

IB = 2.50 USD Commission, + Value of 1 Pip per (per side i assume)

if your trade is 25k usd or less you pay the min com per side $2.5 if the trade is over 25K you pay the bias point. this is also in the terms wehen charged depending on the pair.

example EURUSD 25K base size trade. I pay 1 (assuming spread was 1pip on ent and exit.) pip in spread plus 2.5USd in and when I close I pay 2.5 out. the cost of the trade was in terms (USD) is 1 pip = USD$2.5 + $5 so total is $7.5 yes more then the $5 you may pay at a MM.

Now this is were IB and spot FX come into it's own, at a STP or at a MM you get flash spreads .5 - 1.8 but it's not stable down to .5 for a sec then back to 1 to 1.5 back down ect.......... IB has solid steady spreads on usdjpy and eurusd that stick to .5 to 1pip they are very steady other pairs are excellent as well! I have seen 11 pip spread on USDNOK!!!!!!!!

this is the difference! we trade 1 standard lot at a STP like FXCM we pay 2.3 in spread that's $23 and the market has to move 2.3 pips for us to be at BE (this spread moves out in as well) at IB we pay 1 pip that's 10$ plus the com that's about 3$ a side rough so all up 16$ inc spread. that's a $6.5 saving per 100 lot.

Go = Value of 1-2 Pips, so 2-4 pips round trip.

Just trying to get my head around commissions.

Cheers,

shaun

not sure what that means.

hope the above helps.... plenty of time as no entry's in sight I have posted FX trader below so you can have a look at some of the spreads on a live acc. If I have made any mistakes please advise other IB traders.

 

[Knoxy]

Go = Value of 1-2 Pips, so 2-4 pips round trip.

Seems a common error. You only pay the spread on entry. 1-2 pips means 1-2 pips eg. a 4pt spread on AUDUSD means you pay total $40 per lot, not $80.

 

[Kryzz]

depends what you want, if you can't trade to a size of USD 25k or equivalent then you may have to trade on Ideal not the place to trade as it's for currency conversions. I trade on Ideal pro you need to have a base currency of $25K or more or the equivalent, so if 2.5$ usd per pip is to expensive for you right now as you're learning then IB maybe a place to come to later on.

Thanks for the detailed response, appreciate it. I think you're right, IB probz best left for a little later down the track whilst im still in rookie mode. So for IdealPro, you need minimum of $25k cash in your account, or thats the minimum trade size?

Are FX traders classed as "pattern day traders" if trading on IB (intraday), i've seen that term thrown around a bit on their site, which I think if you are, you would need a min. of $25k in your a/c, out of my reach, for now at least.

 

[Trembling Hand]

Thanks for the detailed response, appreciate it. I think you're right, IB probz best left for a little later down the track whilst im still in rookie mode. So for IdealPro, you need minimum of $25k cash in your account, or thats the minimum trade size?

Are FX traders classed as "pattern day traders" if trading on IB (intraday), i've seen that term thrown around a bit on their site, which I think if you are, you would need a min. of $25k in your a/c, out of my reach, for now at least.

Pattern day traders rule only applies to trading US equities. nothing else.

The pic I posted above is the minimum lot sizes for trading IB Pro in each base currency, not the margin required, which is 2.5% of the position for the majors.

 

[Naked shorts]

Couldnt we just sticky a thread saying that IB is the best broker?

 

[>Apocalypto<]

Thanks for the detailed response, appreciate it. I think you're right, IB probz best left for a little later down the track whilst im still in rookie mode. So for IdealPro, you need minimum of $25k cash in your account, or thats the minimum trade size?

No buddy that's the minimum lot size required to trade on Ideal pro, you need 10KUSD to open the account.

Are FX traders classed as "pattern day traders" if trading on IB (intraday), i've seen that term thrown around a bit on their site, which I think if you are, you would need a min. of $25k in your a/c, out of my reach, for now at least.

Pattern day trader? I would not worry to much about things like that. All you need to know is you need 10K to open and enough to cover your margin. to trade on Ideal pro you need 25K in position size. 2.5 minis.

cheers

 

[WaveSurfer]

....Pattern day trader? I would not worry to much about things like that. All you need to know is you need 10K to open and enough to cover your margin. to trade on Ideal pro you need 25K in position size. 2.5 minis....

Cheers mate. I also got the impression I'd need 25k to trade with them. Testing the TWS sim now. Looks like I'm going to need a few weeks to get this baby sussed.

 

[Naked shorts]

attn. everyone: MT4 is a bucket shop