My broker funk'ed me - page 2
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What is the point of complaining about FX brokers on this forum?
MetaQuote sells the software to the brokers and even wrote pug-ins for the brokers to send spikes up the traders' backsides. That's how they make their money.
Unlike Exchanged traded futures and options the OTC products like FX and CFDs your profit money, if you ever make any trading them, has to come from the broker not from the counter parties.
You will never make money trading FX, period, full stop!
@BarrowBoy > Indeed, "marginal" is the best way to describe this post. Actually the reason that I wrote this here is because this is the only forum I read daily and is the only that I really pay attention. Another reason is the fact that I trade and I would like to continue to trade through an MT based broker.
Even though this post was not intended to ask any particular question (just a little venting), unconsciously probably I would like to know what's the explanation of those execution delays. Probably from someone that knows the MT server at the core. Probably I'm not gonna get this.
As the code part goes, I could put some in, but would be a stretch, no need to fake it. It's the same code (nothing special about it in particular) I used until now with sub-second execution time, now, 15 secs on the average.
Being a coder at the core, I know how is to invest time and resources in this. I feel for the people here that (with my new vision of the Forex world) code for nothing. I cannot even smile when I see people with their little indicator setup EA with profits in tests, will never work in real life. Wasted time and resources.
The finality of this, even that I can get a lot of profits per month, probably I will have to limit myself. This is my backup plan:
- ditch my current account
- make one on another name (same broker)
- trade at random times and days
- insert some controlled losses (so my Win% would drop at about 40-45%)
- win few high priced pips and then lose a lot of low priced pips (so my pip count would be on the negative side)
- randomly insert losing days and occasionally losing weeks (not by much, just to destabilize my growth graph)
- randomly withdraw and deposit money into the account
Basically, doing what I can to dissimulate the profits on a longer time frame, so, anyone looking at my account basic metrics (except the long term gains), would see that I stink at trading.
Or, the second backup plan: hit hard, hit fast, hit high on another account until they catch me, then doing it on another account, and so on.
On this last part I would like to know your take.
PS You can consider this thread dead if some take offense by the lack of actual code. I will only disclose at a later time the name of the broker.
Cheers.
Personally, I could care less about the Broker's name. As far as Broker and Mq bashing, I'm not interested in that a bit. Mq gives me free software .... Yea.pee... thats my cheer for them. I'm new and the reason I'm interested in these broker's post is to get some Idea of what this High-Stakes poker game called Currency trading entails. There are members on this forum who run over 25 accounts with different brokers. Obviously, the question in my mind was why? I'm starting to realize some of the answers.
The biggest question one have to answer if they gonna indulge in broker bashing is "What's the Motive?" what does the broker have to gain/lose by screwing you? AFAIK none have provided a decent argument IMO. I've been looking for the answers to that question on this forum because this is kinda like home for me. However, I'll no longer be looking for such answers, rather for a way to exploit (legally) the bluffs of the Game.
The assumption which I'm moving forward with at this time is. *The brokers are fully aware of what works and would kick you out of the lil boys club or make life harder for you....kinda like card counting.... when you discover what going on. Yea..my paranoia runs deep but if this game is like poker, then everyone is suspect until proven innocent lol. I guess all I've learned from this post is 1) start looking for mini sparks (hey csebastian wanna pm me some hint of where to start ?) and 2) Rat hole the profits and spread around different brokers if I start to appear like a winner.
We're back to the good ole days of cat and mouse with the house again. Good thing I don't mind playing that game. -Added- :)) It's never a good idea to lose money in order to make the House feel you're a loser. I've never been banned but watched my friends get 86's. The hit hard and fast, like bumble bee approach is my recommendation. Mathematically it's hard to factor in the cost of Cover strategies not to mention it's a harder pill to swallow. Your disguise play could cost you more than you bargan for.
One way to answer your concern would be to open a second account with the same broker and if your execution time goes back to normal then VOLLA. I'd be more than interested in hearing about that. If the brokers are as smart as I think they are then maybe they have your IP pegged. Hehehe ... starting to sound like a 007 movie lol. But yeah, if it gets fast again then you know you're being singled out.
@ubzen > Hmm, you (and the EuroTrader's previous statement) made me think on something, I didn't intend (not event implicitly) to bash in some way MetaQuotes (I heart MT), but thinking about it (and in the light of new evidence), for my "unnamed broker" to delay the trade execution, there has to be an option in the MT Server platform. Seems logic, ain't it?
The "new evidence" that I'm talking about is that for a few hours now, I had placed my code in a demo account (same broker, of course), running in parallel with the real account. Same algo's, same broker, same currency, basically the same signal. And I get the same trade opportunities on both. Except that I still have 6-15 seconds delay on the real one, and instant execution on the demo (where the trades are flowing constantly, but not even one on the real account).
EDIT: Just saw your later edit, about the hitting hard part, that's what I'm probably gonna' do.
About the opening another real account to see if actually only I get the delay, yeah, thought about confronting them, show them the evidence, but the end result is gonna' be still just one, still funk'ed, still not making money.
Already had changed my IP's a few times, still no change. The kibosh is on my account, not the IP.
EDIT2: It's not exactly "broker bashing" here, I assume that there are people here that have been in this type of situation, the real questions that that people should be asking me are about the "cutoff level", and the broker name. From this perspective, it's actually broker advertising since they almost give free money until you reach the cutoff percent.
(I'm still not gonna' tell the broker name yet, I still have a little bit of hope that this is only a fluke and will pass, it's a small hope, and about the cutoff level, well, for the sake of it, let's say is 100% profit.)
Already had changed my IP's a few times, still no change. The kibosh is on my account, not the IP.
They could really be unto your strategy lol..... I don't mean to laugh at you :). But seriously, I'm hoping we're just acting like a bunch of dis-gruntal newbies and there's no conspiracy theory at work here. Next week, your account would go back to normal and you'd be just fine. If that's not the case, I better take my bankroll back to the tables and start selling my programming/mql experience to prospective employers/clients. This so far has been all a game, making ea, dreaming of trading on the beach. Omg someone who knows better about brokers please respond b4 I fall into depression mode. Help lol.
Well, laugh all you want, you will be too in my situation ;)
If I want to remain optimistic about this, there have been only 3-4 days since it all begin, I will wait another week, or two until I'll do something about it. But one thing is clear, I'm only trading at 0.1 lots. I'm not giving them their money back (well, no more than $100, feeling generous today).
EDIT: There is one other possibility though, they indeed trade against the trader, this is the MarketMaker business model, even though they brag about the fact that they have separated Client Office and Trading Office, so, this means the Trading Office has no idea who's client any particular order is. They say this is to avoid the conflict of interest (as required by their official state reglementation body).
I can further assume that they match any opposite orders in-house at a particular price, then as they state it, the part of the trade (or all of it) which was not compensated internally, goes to the real market by adding or subtracting from their main position. Basically getting only the spread as profit.
But, in my case, I can only assume that I'm too profitable for them to let me play in-house, and this execution delay (and lot's of re-quotes) to be in fact because they offset my trade directly on the market.
In this case, I would be better of on an ECN account since that is specialized in fast execution time (unlike a MM).
Yeah, looking into a ECN is the typical recommendation I've seen come from the Advanced Traders on this and other forums. I don't know much about how ECN works to be honest. I've downloaded the ECN mt4 platform offered by my broker but I've got yet to start playing with it. The biggest difference is that the ECN platform have is another window which shows Multiple currencies proprieties like Lots, Spreads, Commissions, Volume ....blah u get the idea. I'm not sure if my traditional EA's would work with ECN also I'm not sure if there's a difference in pricing and to what extend ECN are different from what I've gotten used to.
However, yeah you could be right. They're suppose to be matching your order in-house with other traders. But like I stated earlier, Brokers aren't just happy with just the Bid/Ask spreads (I read that somewhere: blame the author) because of their associations and borrowing, they typically find a need to speculate on their non-ECN traders. You may have just answered our question there.
But in the tradition of dusty old Bj books. What the house Gives with one Hand they take with the other. I didn't do the math on the costs of ECN but it didn't sound attractive from the offset. Bigger account deposits, + commissions + variable spreads was enough to say No-Thanks. I guess they want you to play in a Class of your League if you're gonna be that good.