ECN broker with MT4

[Stormin_Norman]

Wow !!! Read some not so pleasant experiences gained from Oanda and MB Trading ?? Is there any honest online broker in forex without fraudulent activity at all ? should I give up on this idea ???

Any fair broker with honest system at all ???

Thanks

theyre platform is java based.

there are bad reviews on every broker. some people love to blame everyone but themselves for their crap trading.

i have traded with them for a couple of years. made many many thousands, and received it all at request.

 

[AbundantIncome]

theyre platform is java based.

there are bad reviews on every broker. some people love to blame everyone but themselves for their crap trading.

i have traded with them for a couple of years. made many many thousands, and received it all at request.

Thanks Norman ... wanna share what systems you use ?

Are they both equally good or what is your preference and why if I may ask ??? I prefer metatrader4 platform but they are both not offering that .. scratching head ...

BTW, do they provide straight data feed ? do we have to pay for them on a monthly basis ???

Thanks ....

 

[Stormin_Norman]

OandA are worth USD160 mil in excess capital. i like knowing ill get my money back.

theyre transaction costs are the cheapest for a retail broker.

i use IBFX for my autotraders atm. although we'll probably recode them for java and OandA in time.

i dont know of any retail brokers who charge for data feeds for their currency market.

 

[AbundantIncome]

OandA are worth USD160 mil in excess capital. i like knowing ill get my money back.

theyre transaction costs are the cheapest for a retail broker.

i use IBFX for my autotraders atm. although we'll probably recode them for java and OandA in time.

i dont know of any retail brokers who charge for data feeds for their currency market.

thanks for that ... wow .... even Oanda only get 3 stars and some of the comments in the peacearmy website is kinda scary ... i mean if we play by the same rule and we lose that is ok but if we are cheated/ at their mercy how could we make monies I wonder ....

MBtrading is 4 stars and still have these "awesomely scary" reviews based on experiences ...

My dilemma is this. How small can we trade without being wiped out quickly after just starting ...

Oanda at least provide a great money transfer facility, however I still need a good charting system for them ....

MBtrading is implementing MT4 soon so that would be of benefit, yet they do not provide Electronic transfer system.

Kinda hard to decide isn't it ??? Costs with cheques clearing etc would all add up at the end with MBtrading ...

What are your thoughts/experiences ????

Thanks
AL

 

[Stormin_Norman]

like i said above. i use OandA as my main broker. i use IBFX as my MT4 (EA) broker.

i also use IGmarkets (sometimes for currency, mostly for other things i want to occasionally trade).

i have recently started a 'test' account with gomarkets (who are aussie and a MT4 broker).

if you choose between the above i doubt you can go too far wrong. the small differences in their transaction costs are not as big a concern to me as my own trading mistakes.

what are the main complaints against OandA? i think theyre by far the best retail broker available.

add me via my msn link if u want,

 

[alwaysLearning]

like i said above. i use OandA as my main broker. i use IBFX as my MT4 (EA) broker.

i also use IGmarkets (sometimes for currency, mostly for other things i want to occasionally trade).

i have recently started a 'test' account with gomarkets (who are aussie and a MT4 broker).

if you choose between the above i doubt you can go too far wrong. the small differences in their transaction costs are not as big a concern to me as my own trading mistakes.

what are the main complaints against OandA? i think theyre by far the best retail broker available.

add me via my msn link if u want,

I also use Oanda. I was just curious though--What is your leverage ratio set at? I read about your amazing record over the last 18months in a prior thread--congrats on accomplishing that

I was on 20:1 and then later changed to 50:1 and now I'm going to change it back to 20:1

 

[prawn_86]

I was on 20:1 and then later changed to 50:1 and now I'm going to change it back to 20:1

Why not just adjust your lot size down?

 

[alwaysLearning]

Why not just adjust your lot size down?

Hi prawn, yeah i can do that but it's still different with the different margin ratios.

If I buy 5000 units with 20:1 margin ratio, the actual dollar value for a margin call is different to an account where you buy 5000 units with 50:1 margin ratio.

I tested this can confirm 100% that it is different value. Strange but true.

So just to be clear, if I buy the same number of units using two separate accounts with the different margin ratios, the amount the broker assigns to you for a margin call is actually different.

You can test this yourself by opening two demo accounts at Oanda and verify.

 

[Stormin_Norman]

yeah stands to reason that the margin amounts are different. that's what the leverage is.

for the record i use 50:1. might as well have it, even if u dont use it.

i use 300:1 on the EA accounts. and never even get close to using it.

 

[alwaysLearning]

yeah stands to reason that the margin amounts are different. that's what the leverage is.

for the record i use 50:1. might as well have it, even if u dont use it.

i use 300:1 on the EA accounts. and never even get close to using it.

Thanks for your response Stormin_Norman

Just out of curiosity, how many pips do you like to take from the market per trade? Or does the amount you like to take profit on vary a fair bit?--perhaps dependent on volatility and technical support/resistance levels, fibs etc?--this is for your discretionary system, that I'm referring to.

Personally I'm starting to like taking 10pips from the market per trade and having a few trades each day.

I'm still yet to be profitable though overall, but still working hard at it

 

[BentRod]

AlwaysLearning.....leverage has absolutely nothing to do with anything.

It's about how much you risk per trade and how much you make on the rest that matters.

If you are taking 10 pip profits you better have a good win ratio.

 

[AbundantIncome]

Hi all

I am trialing MT4, I am wondering what is the swap thing on trade information panel ?

Is that the differential interest rate between the pair ???

Thanks

 

[white_goodman]

Hi all

I am trialing MT4, I am wondering what is the swap thing on trade information panel ?

Is that the differential interest rate between the pair ???

Thanks

its the swap rate which i think means the difference between interest rates...
only affect you if you hold for a long time, not if scalping or intraday..

 

[AbundantIncome]

its the swap rate which i think means the difference between interest rates...
only affect you if you hold for a long time, not if scalping or intraday..

Hi WG, thanks for that. Cool. It make sense I guess as I executed one trade yesterday. I am wondering what is the cut off for interday. What I mean is Australian time, between one day to the next ??? It is kind confusing cos you are accessing world market everywhere ??? Do we adhere to Aussie times or what ???? Trying to avoid it if I can

Thanks

 

[Stormin_Norman]

i dont worry about it.

my poor decision making costs me far more then swap rates.

 

[AbundantIncome]

i dont worry about it.

my poor decision making costs me far more then swap rates.

SN, thanks for that confirmation.

I just checked my demo on MT4, I just lost about 800-1k !!!

Yuck !!!

Was trying to setup stop loss and target price but i keep getting errors for some reasons .... any tips on these apart from setting 5% stop loss ? I think am confused about the sell limit and sell stop.

Wonder I get a second demo if I lose it all

 

[white_goodman]

Hi WG, thanks for that. Cool. It make sense I guess as I executed one trade yesterday. I am wondering what is the cut off for interday. What I mean is Australian time, between one day to the next ??? It is kind confusing cos you are accessing world market everywhere ??? Do we adhere to Aussie times or what ???? Trying to avoid it if I can

Thanks

i think the end of day in forex is after new york close and around our open... theres a period of an hour of really dropped liquidity.. thats my educated guess.

 

[AbundantIncome]

i think the end of day in forex is after new york close and around our open... theres a period of an hour of really dropped liquidity.. thats my educated guess.

thanks for that ...

wondering if there is a volume open buy and sell quotes in MT4 ???

thanks again for sharing the information with a noob like me :d

 

[Page]

It is true that swap is the difference in the interest rats. If you are having a practice account or a real account take help of stop loss because this will help you in cutting your losses. Therefore, when you use stop loss in practice accounts that would help you when you start trading real account.

 

[AbundantIncome]

It is true that swap is the difference in the interest rats. If you are having a practice account or a real account take help of stop loss because this will help you in cutting your losses. Therefore, when you use stop loss in practice accounts that would help you when you start trading real account.

yes i surely need to learn to take losses with stop loss, i have to break through this wall !!!

thanks