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attn. everyone: MT5 will also be a bucket shop
Broker side controls for MetaTrader
- Thread starter cogs
- Start date
WaveSurfer
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I wouldn't call the platform itself a bucket shop. Certainly attracts them.
While I have experienced the effects of the "broker controls", it hasn't caused me to lose money.
For a free platform, it actually craps on a LOT of other paid solutions out there. Esignal I was disgusted with, feels like it was built for Win95 and hasn't been upgraded since. Metastock isn't too bad, I could live with that. For the price though, it has me questioning it. Amibroker is ok, definitely the better of the three. Ninja is alright, bit clunky and resource intensive though (thanks to .NET).
Do you really always get what you pay for?
MT5 should be much better. OOP, real volume, market depth, events. Not sure how the data feeds are going to work, but if I can hook it into an ECN feed, I will strongly consider using it for my charting.
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I guess it is not so free when used by a bucket shop.
Most of the broker settings against productive trading, I find can be negated purely by longer term trading. ie: using >30 min charts, longer time time frames between trades and larger price movements.
I don't care what anyone says, if you trade using 1, 5 and sometimes 15min charts and time periods you can really see the broker settings come into play. One particular MT4 platform I have used always freezes when some serious action come into play while the others continue.
Whatever new customized code produced for the trader to use with MT4, there will always be brokers countering it. I would be even more sceptical to use MT5.
I'll be sticking to another platform.
Platform doesn't really matter sometimes, another broker I used shut me down when I started withdrawing x profit each week, the money is supposed to flow in one direction only.
Most of the broker settings against productive trading, I find can be negated purely by longer term trading. ie: using >30 min charts, longer time time frames between trades and larger price movements.
I don't care what anyone says, if you trade using 1, 5 and sometimes 15min charts and time periods you can really see the broker settings come into play. One particular MT4 platform I have used always freezes when some serious action come into play while the others continue.
Whatever new customized code produced for the trader to use with MT4, there will always be brokers countering it. I would be even more sceptical to use MT5.
I'll be sticking to another platform.
Platform doesn't really matter sometimes, another broker I used shut me down when I started withdrawing x profit each week, the money is supposed to flow in one direction only.
WaveSurfer
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Research goes a long way champ. MT5 supports options, futures and stocks.
Who's head slapping who now? LMAO
WaveSurfer
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There you go. Bold is the key. I too have only noticed it when trading very short term. I generally trade based of the 1hr, honing down to the smaller in attempt to get a better entry if I have the time.
Platform is not the issue. Any broker/MM can skew their platform/server to do this. From a coders point of view, too damn easy to do. Even when they use a third party platform.
WaveSurfer
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I have not checked all the finer details, but this looks like it ticks all the boxes for STP to the ECN:
http://www.mbtrading.com/metaTrader4.aspx
This voids the broker controls because there is (supposedly) no middle man.
Minimum account size is suspect ($400), but minimum trade size is in sync with what the banks allow (10k units).
Anyone with a bit more knowledge may be able to set me straight.
I'm off to IB anyway so it doesn't concern me. TWS platform leaves a bit to be desired, but yea you get that.
No probs withdrawing profits from axis either. I guess all bucket shops aren't created equal.
http://www.mbtrading.com/metaTrader4.aspx
This voids the broker controls because there is (supposedly) no middle man.
Minimum account size is suspect ($400), but minimum trade size is in sync with what the banks allow (10k units).
Anyone with a bit more knowledge may be able to set me straight.
I'm off to IB anyway so it doesn't concern me. TWS platform leaves a bit to be desired, but yea you get that.
No probs withdrawing profits from axis either. I guess all bucket shops aren't created equal.
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Just thought I would upload the plug in manual for some light reading for those interested.
.pdf attached.
.pdf attached.
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And here's a brief video of some settings available in Metatrader Manager.
http://www.youtube.com/watch?v=Cf-Cs0bHXdg
http://www.youtube.com/watch?v=Cf-Cs0bHXdg
I didn't know that such manipulation of trades takes place with MT4.
Are other trading software designed to work in the broker's favour as well?
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I would say without doubt all forex brokers have similar and maybe even more control over pricing built into their own software packages. I have experienced such questional behaviour even with commsec trading gold.
It is mainly that MT4 is 'open source' and most widely used so it generates more conversation.
It is becoming quite contraversial with so called Metaquotes copyright legal issues, and Metaquotes having posts and exposing videos taken off the net all over the place. I am surpirised my postings are still even here.
Read their PDS and financial statements, some are getting quite long now, but this is how they cover their corruption.
cogs
thanks for the reply.
I haven't used MT4 much but I've experienced strange behaviour with the GFT software as well.
For example, yesterday I had a long position on AUD,
the AUD on the 1 min chart was going up
and my trade's balance at that particular time was going down.
Go figure.......
thanks for the reply.
I haven't used MT4 much but I've experienced strange behaviour with the GFT software as well.
For example, yesterday I had a long position on AUD,
the AUD on the 1 min chart was going up
and my trade's balance at that particular time was going down.
Go figure.......
this scenario is not related to mt4.
excepting outright bucketshops, mt4 is fine.
the market will game you, not your broker.
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I put up a blog about brokers. Included is this subject. There is also a link within it to a large PDF outlining all the various methods they have to squeeze the little guy.
The blog: https://www.aussiestockforums.com/forums/entry.php?b=933
The PDF with more details of plugins: http://cdn6.tulipfx.com/images/blogpost_brokers/Virtual_Dealer_Plugin.pdf
The blog: https://www.aussiestockforums.com/forums/entry.php?b=933
The PDF with more details of plugins: http://cdn6.tulipfx.com/images/blogpost_brokers/Virtual_Dealer_Plugin.pdf
