Brokers and Platforms

Hey All,

Ok, completely noob question.

I don’t get how the interaction with Brokers and Trading Platforms works.

I’ve played around with GFT and they use Dealbook 360.

But now I want to try Ninjatrader, but I need to organise a broker to go with it. but I can’t find a broker that uses Ninja Trader.

  • Do most brokers have their own platform?
  • Is there an easy way to see what brokers I can use with a specific platform (maybe MT4 next)?

I might be even wording my questions in a way that doesn’t make sense, I don’t really get how this works.

Cheers

Don’t worry so much on matching up your favorite broker with your favorite trading platform. Find them individually. For instance, I trade with Oanda, however I use FXDD’s Metatrader 4 as my charting platform. I simply just place my trades with Oanda as I see the opportunities present themselves on Metatrader 4.

Look MT4 is a platform that is the same (or it should be) in every broker: it is a rented software and no broker owns it. That is the thing with that platform, brokers can’t guarantee no slippage or those stuffs since they don’t control it. That its why its better if they own the platform: ensures u a better performing, or at least the right to complaint to the broker :slight_smile:

Regarding brokers, are things you have to look for no matter what platform they have. For me its all about regulation: my broker ACM Forex is FINMA regulated (because they are a Swiss broker), ISO 9001 and ISO 27001certidied. Plus they are about to become a Swiss bank. Remember this is gonna be the entity to hold you funds, make sure they have all the right regulations.

The brokers provide the data feeds to MT4. Thus rendering them individual. The feeds might vary. Also, each broker has their own way to manipulate how orders are processed on MT4. Again, rendering them separate of each other.

Slipping has nothing to do with the Mt4 platform. When you get slippage or a, “requote,” Or something that basically says the price you wanted is no longer there, it is simply because the price has moved before your order reached the brokers server. So, they can’t give you that price any longer. So,they slip you are requote you.

This will happen often when price is moving quickly and put try to put in an order type that says, “this price and this price only with no deviation.”