Centralize & Manage Trading Activities via MT5
Discussion (especially the recommendations) about the brokers is prohibited on the forum.
for information.
Unfortunately some of your objectives are nonsensical, due to the fact that you have not taken time to research and actually use and learn how MetaTrader works.
- There is no "captive broker white label" version of MetaTrader. They all work in exactly the same way as the version downloaded from the MetaQuotes site and can be used for any account or broker. There is no "lock-in".
- You can't implement a news feed with MetaTrader. You can only read a news feed from an available provider, including but not limited to, MetaQuotes' Economic Calendar webservice.
- You cannot "syncronise" the MetaTrader clock. The time you see reflected on MetaTrader's Market Watch is the time used by the broker's trade server and will change depending on what timezone the broker implements.
- You can use as many brokers or accounts you wish. There is no lock-in captive broker scenário. But you can only connect to one account one at a time per terminal. If you want to connect to multiple accounts at the same time, you have to run more terminals at the same time (for example in portable mode) or use VPS services.
- Trading forex, futures, CFD's, etc., is all dependent on what brokers you choose to work with and what they offer. Avoiding ECN brokers is absolute foolishness. You should learn the difference (advantages and disadvantages) between Market Maker and Dealing Desk brokers and Non-Dealing Desk, STP and true ECN brokers, before you say something like that.
Since 2009, hedging is not permitted for US traders.
NFA Enforces FIFO Rule, Bans Forex Hedging in US Forex Accounts - Trading Heroes September 12, 2016
FAQ: FIFO in the Forex Market - BabyPips.com May 31, 2011
Dear Mr. Carreiro,
Thank you for your worldly knowledge and expertise on such matters. Allow me to clarify, per my inexperience, and than please respond accordingly.
Firstly, a downloaded version from Broker "A" or Broker "B" is different than a downloaded version directly from Metaquotes. They are not identical, contrary to your expertise. There are nuances and caveats that are tailored per the brokers parameters. Broker "A" for example may not show the "subscriptions" tab! This is only one example, but there are more. Yes, I am locked in, because, the templates saved under Broker "A" are not functional for Broker "B". So tell me, how do they work exactly in the same way?
Secondly, the "News Feed" and "Economic Calendar" complement each other, but are two different features. Not all Brokers provide the news feed, as is the case with one of the two popular US brokers that offer Futures. Are you suggesting that a news feed is provided directly from Metaquotes? Are you able to provide step-by-step instructions on how to implement the Metaquotes newsfeed and/or other third-party provider? When I say implement a news feed, its understood that it is coming from a provider --- that's a given. So keep it simple wise guy, provide solutions, and address the objective; otherwise keep your comments to yourself.
Thirdly, you already repeated what is known. Since you seem to know so much about this, go ahead and design an App to fix the time difference and sell it on the market. I won't charge you for the idea.
Fourthly, you already repeated what is known. Opening multiple instances (aka copies) is a given, but off basis. You missed the point of the objective, that is, using Broker "A" to access multiple broker accounts outside Broker "A" is problematic. Broker "A" doesn't do business with Broker "B". Its the nuances and caveats that separate the brokers and hold the trader captive. This is why centralizing and managing the trading activities directly via Metaquotes is sought after (True Broker Neutrality!). But Broker "A and Broker "B" insists that you use their downloaded version of the platform. Why is that? Hmmm?
Fifthly, here you go again, stating what is already known. Futures, Forex, CFD's etc., dependent upon the broker --- thanks for that insight!!! Foolish is trading wild spreads via ECN brokers! I would much rather pay a commission via a regulated market exchange knowing that despite the time of day, that despite the market liquidity, that despite the circumstance at the given point of trade execution, I won't miss the timing and be a victim of silly ECN slippage! I'll gladly pay the commission any day! No thank you ECN and wild spreads --- you can keep them all to yourself.
Lastly, what do you know about the rules that govern the US as opposed to Europe? Are you talking specifically about hedge accounts verse net accounts (FIFO) or just generalizing again?
No need to comment. You words are well received.
All the best,
Jay
PS -- anyone who understands the objectives than please reply with step-by-step solutions if such exist -- thank you!
Fernando Carreiro:
Unfortunately some of your objectives are nonsensical, due to the fact that you have not taken time to research and actually use and learn how MetaTrader works.
- There is no "captive broker white label" version of MetaTrader. They all work in exactly the same way as the version downloaded from the MetaQuotes site and can be used for any account or broker. There is no "lock-in".
- You can't implement a news feed with MetaTrader. You can only read a news feed from an available provider, including but not limited to, MetaQuotes' Economic Calendar webservice.
- You cannot "syncronise" the MetaTrader clock. The time you see reflected on MetaTrader's Market Watch is the time used by the broker's trade server and will change depending on what timezone the broker implements.
- You can use as many brokers or accounts you wish. There is no lock-in captive broker scenário. But you can only connect to one account one at a time per terminal. If you want to connect to multiple accounts at the same time, you have to run more terminals at the same time (for example in portable mode) or use VPS services.
- Trading forex, futures, CFD's, etc., is all dependent on what brokers you choose to work with and what they offer. Avoiding ECN brokers is absolute foolishness. You should learn the difference (advantages and disadvantages) between Market Maker and Dealing Desk brokers and Non-Dealing Desk, STP and true ECN brokers, before you say something like that.
You are confusing "branding" with functionality, due to the fact that you have not yet actually used the terminal to find out how it works or what functionality it has. Yes, there nuances between MT5 of brokers, but they purely ascetics, such as logo or chart colours, or default chart templates, or default tabs that are enabled or disabled, but you can easily "clear" the ascetics to the defaults. The functionally is same and can be used for any broker or account. There is no lock-in!
As for the rest, I suggest you actually take the time to use MetaTrader 5 and learn how the platform works. Sign up for demo accounts from different brokers and test out conditions to gain actual experience and not just depend on theory and attitude.
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
You agree to website policy and terms of use
Greetings to All,
"NOT SEEKING BROKER RECOMMENDATIONS"
I am new to the forum and this is my first posting. I am hoping to receive reliable and trustworthy input from the community.
I am US citizen, constant student, and developing trader that has been practicing and testing on demo accounts for the past year utilizing various brokers and trading platforms.
The objectives follow:
Can the foregoing objectives be achieved in any capacity? What are the recommendations?
Please forward solutions.
Cheers, Jay