MT 4 EAs don't work says broker - page 3
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I interviewed for another dealers job in Chicago...they were in desperate need for an "acting CTA" for their trading systems that their Brokers (AP's) traded.
I remember the guy had several guns in his office that he showed off to me...reminded me of a gangster or something...scared the hell out of me..
ES
P.S. What is really fascinating to me...is all the hundreds of employees in the industry that keep their mouth shut..during and after their employment...how do they stifle this? don't some traders just get out of the game and spill their guts? why don't we see some posters here that can attest to these facts, I am sharing? (Hey if I am dead tomorrow and you read about it in the papers... well you heard it first here..lol)
If the NFA catches this they are finished...but a computer can take care of much of this...its rather simple to trade against your retail clients as a group or a profile...
I once interviewed for a Currency Dealing Desk Job in Newport Beach California...that firm was caught and was closed down by the NFA...what a mistake I could have made...They wanted me to be their CTA....Wow...could I have been the front guy for them, if I accepted the Job?...I am out of the CTA business and trade my own money now...
It's funny in the interview they were complaining how the guy I would replace lost a lot of money on the other side of their trades for them....my gawd at that time they had 10 pip spreads...
ES
What I don't buy, and this is maybe something that I brought to the argument, is that the same broker will give different prices to different clients to make them unprofitable. This is something that I have heard before and never really bought into, it just seems unviable from a volume and time required perspective.
Folks...I could write a book...and Static you are probably correct..I just wanted the other posters to read about some stuff at your expense...have a good day tomorrow...
ES
ElectricSavant:
When you contend that MT4 doesn't work and that the dealer is a swindler, stacking the deck (illegally) against you, I have a problem verifying this with my own broker (Velocity 4X).
I lined up the 5 minute charts for GBP/USD, one above the other, showing the live chart on top and the demo chart on the bottom. If my EA works on the demo chart, it WILL work on the live chart. It is clear that the two charts are not identical, but the differences are so subtle that the effect on the trading decisions made by my EA are inconsequential. Therefore, the performance on one will be very similar to the performance on the other. No adjustment between the two is required.
So if the broker lets me develop a successful EA on the demo, it will also be successful on the live account. And if it fails on the demo, it will fail on the live account. One only needs test it on the demo to gain confidence for the live account.
I don't know if this test would work with other brokers, since I don't have live accounts with them. But I doubt that they're all crooks. It seems elementary that if the broker were playing with the prices, it would show up on the live account. And if the "playing" were on both the demo and the live account, one could develop an EA that worked (on the demo) in spite of such "playing." And it would still work on the live account.
Just some thoughts.
Conspiracy again??!!
P.S. What is really fascinating to me...is all the hundreds of employees in the industry that keep their mouth shut..during and after their employment...how do they stifle this? don't some traders just get out of the game and spill their guts? why don't we see some posters here that can attest to these facts, I am sharing? (Hey if I am dead tomorrow and you read about it in the papers... well you heard it first here..lol)
Electric
I think you answered your own question. How do all these people keep their mouths shut? It's because theres nothing to talk about in the first place.
Sure the industry has it's corrupt moguls (FXCM classic example, stop running etc etc) but all good conspiracies start with the tiniest bit of truth (or half truth) and then, the weak minded foolish majority whom have nothing better to do but gad about, take it the xtra mile.
The real truth of the matter is this - MORE than 97% of traders fail (EA's at least 5 times the odds against) so therefore the talk of corruption and the whole 'broker world' is against them takes off. Nobody likes to accept the fact that they are a loser so it's much easier to blame good old Broker. Give me a break!
Stop running and excessive slippage a-la-FXCM is one thing that suck the profits and I can understand that making a dif. But many brokers just make their money with spreads (plenty to be made) and the weak minded talk of them somehow reading our every thought, messing with MT4 and 'manipulating the market' is ludicrous. As long as you chose a broker that has good liquidity and does not requote, you will be OK with a decent system.
Losing EA's/Traders are still losers with no spreads or ECN brokers ... end of story.
OceanFx
This is a quote.... not me!
FYI for those interested in fast trigger news trading--from
forexmastermaker:
>>I wanted to let you know what I have found out regarding the recent
execution issues and let you know some of the options available. This is
a fairly long email so I will send out a second part later in the weak
going over some additional options. On to what I have found out.
One of my contacts informed me that Meta Quotes recently released a
plug-in that allows a brokerage firm using MT4 to add an order delay
around specified times. I will give you an example to better explain how
this is used against news trader. Let's assume that there will be an
important piece of data released at 8:30 am eastern. The broker can now
set this plug-in to add a delay to your order between the times 8:28 and
8:32 such that when the order is actually received the price will have
already moved. So when the numbers come in and you execute your order,
this order is held to the side for 4 seconds and then processed. If the
price is different than what you initially clicked, the software will
just give you a re-quote.
Basically, this new plug-in will inhibit news based execution for anyone
using the MT4 platform. If everyone moved to MT3 I would assume they
would see this very quickly and likely make changes for this platform as
well. I am recommending that everyone move there funds from Interbankfx
to another firm unless you are on MT3 already. I have approached IBFX
about this issue and sent them a list of everyone that had contacted me
and the amounts of funds that they were going to lose literally
overnight and they became extremely concerned almost immediately as you
can imagine.
That plugin now gives the message offquotes instead of trade context busy and requote yet it gives it whenever they want not just around news when opening or closing orders or changing them or anythng.
FXCM is worse than MT4.
Ok ok lets recap a bit shall we.
IBFX say that no EA has been profitable over time.
What they mean is they ain't ever gonna let one be either.
Ive watched IBFX after I pull out profits from my account, they change my data, little bar changes in history etc.
When I look at my friends account who hasn't made any profits, there is no data change.
Then all of a sudden indicators that display repaint history, on monday when I start it up, have repaint history going back 2 weeks, instead of the 4 days it had on friday.
I look at my friends account, same indicator DOESN'T have what mine now has.
They change the data to throw off your indicators and ea's so you don't make a profit.And its perfectly legal for them to do it because its there data and you sign a waiver that it might not be accurate when you sign up.
You put money in there bank, they keep it, how much easier does it get than that
Now argument 2, how would the broker make any money if they messed with your trades and margin called you then you wouldn't trade anymore and they wouldn't get the pip spread???
Logically speaking, if a broker was looking for income from a pip spread alone, then why wouldn't he allow "scalping"? He would make 500 times more money from spreads if you made more trades so why would he ban this kind of thing?
Because its harder for him to keep track of your profits and how your trading so he can mess with it if its on constant turbo charge all over the place.
A broker getting pip spread is simply like an introducing broker, of course IB's don't setup whole facility's and employ 40+ staff to get rebates they just get kickbacks from when people trade.
So the myth of them being compensated by pip spread is a little far fetched.
Thirdly you think well if someone loses there account they'll close it etc and broker has no more client.WRONG, 70% of people find more money and fund it to try and get back what they lost
Does this sound like a casino or what?The only difference is if you lose in a casino its fair and square they do give you an honest game of cards.
The only way to run EA's profitably over time is from private data sources that aren't involved in trading but merely providing data, like E-signal.
Then that provides some problems because E-signal is a tinny crappy piece of junk and you cant simply use indicators and EA's as easy as you can on MT4.
To trade properly and securely with regulation and dispute resolution you need to use a commission based broker who also is a commodities broker not just registered with NFA and CFTC registration does not mean a member.
So how do you run MQL EA's this way?You pay a programmer to setup a machine to do all this, trade charts from E-signal data and execute trades through a commission based ecn.They can do it, they are doing it, but it isn't free.
Don't trade with MT4 Brokers?
Hi kjhfdgjfhdghdf
to cut a long story short.
Don't trade with MT4 Brokers?
You know a fair MT4 Broker?
This is a quote.... not me!
FYI for those interested in fast trigger news trading--from
forexmastermaker:
>>I wanted to let you know what I have found out regarding the recent
execution issues and let you know some of the options available. This is
a fairly long email so I will send out a second part later in the weak
going over some additional options. On to what I have found out.
One of my contacts informed me that Meta Quotes recently released a
plug-in that allows a brokerage firm using MT4 to add an order delay
around specified times. I will give you an example to better explain how
this is used against news trader. Let's assume that there will be an
important piece of data released at 8:30 am eastern. The broker can now
set this plug-in to add a delay to your order between the times 8:28 and
8:32 such that when the order is actually received the price will have
already moved. So when the numbers come in and you execute your order,
this order is held to the side for 4 seconds and then processed. If the
price is different than what you initially clicked, the software will
just give you a re-quote.
Basically, this new plug-in will inhibit news based execution for anyone
using the MT4 platform. If everyone moved to MT3 I would assume they
would see this very quickly and likely make changes for this platform as
well. I am recommending that everyone move there funds from Interbankfx
to another firm unless you are on MT3 already. I have approached IBFX
about this issue and sent them a list of everyone that had contacted me
and the amounts of funds that they were going to lose literally
overnight and they became extremely concerned almost immediately as you
can imagine.
That plugin now gives the message offquotes instead of trade context busy and requote yet it gives it whenever they want not just around news when opening or closing orders or changing them or anythng.
FXCM is worse than MT4.
Ok ok lets recap a bit shall we.
IBFX say that no EA has been profitable over time.
What they mean is they ain't ever gonna let one be either.
Ive watched IBFX after I pull out profits from my account, they change my data, little bar changes in history etc.
When I look at my friends account who hasn't made any profits, there is no data change.
Then all of a sudden indicators that display repaint history, on monday when I start it up, have repaint history going back 2 weeks, instead of the 4 days it had on friday.
I look at my friends account, same indicator DOESN'T have what mine now has.
They change the data to throw off your indicators and ea's so you don't make a profit.And its perfectly legal for them to do it because its there data and you sign a waiver that it might not be accurate when you sign up.
You put money in there bank, they keep it, how much easier does it get than that
Now argument 2, how would the broker make any money if they messed with your trades and margin called you then you wouldn't trade anymore and they wouldn't get the pip spread???
Logically speaking, if a broker was looking for income from a pip spread alone, then why wouldn't he allow "scalping"? He would make 500 times more money from spreads if you made more trades so why would he ban this kind of thing?
Because its harder for him to keep track of your profits and how your trading so he can mess with it if its on constant turbo charge all over the place.
A broker getting pip spread is simply like an introducing broker, of course IB's don't setup whole facility's and employ 40+ staff to get rebates they just get kickbacks from when people trade.
So the myth of them being compensated by pip spread is a little far fetched.
Thirdly you think well if someone loses there account they'll close it etc and broker has no more client.WRONG, 70% of people find more money and fund it to try and get back what they lost
Does this sound like a casino or what?The only difference is if you lose in a casino its fair and square they do give you an honest game of cards.
The only way to run EA's profitably over time is from private data sources that aren't involved in trading but merely providing data, like E-signal.
Then that provides some problems because E-signal is a tinny crappy piece of junk and you cant simply use indicators and EA's as easy as you can on MT4.
To trade properly and securely with regulation and dispute resolution you need to use a commission based broker who also is a commodities broker not just registered with NFA and CFTC registration does not mean a member.
So how do you run MQL EA's this way?You pay a programmer to setup a machine to do all this, trade charts from E-signal data and execute trades through a commission based ecn.They can do it, they are doing it, but it isn't free.Here is today's no fill EA job
These metatrader brokers are tossers
I guess this is not available to the public...
Good for you. (but your post gives me hope)
ES
Tell that to my accountant. 30-70% ROI per month depending on the market.
nope! my little secret. actually a couple of the techniques i use are *never* discussed in forums. seems like when someone puts together a $$$ EA they clam up! truthfully I think the reason for the secrecy has more to do with the broker than reluctance to share.
I just want my broker to let me run and not start any funny biz. I dont wanna get banned because they raised their defenses after an attack of EAs that use similar strategy.