Metatrader exposed in series of videos stop hunting, slippage etc

Metatrader has just been exposed in a series of videos, these show how they hunt stops, change orders and generally play dirty tricks with you.

EcnJesus’s Channel - YouTube

Yeah nice try for a promo to your youtube channel.

I just dont see the fascination of trying to get 1-100 more channel views, its not like your the next nigahiga or freddiew

:slight_smile:

Note the ECN in his username.

The only thing I will say on the issue is this.

The only way to get a reliable ECN feed and execution (minimal latency) is with a proprietary client. Metatrader is not compatible natively with ECN no matter what you hear.

Not everyone needs an ECN venue, especially pseudo ones that let users sign up with $500 dollars and trade minis.

Proper interbank rate ECNs have a minimum one standard lot requirement which is why people connect to an “ECN” like MB Trading or IBFX and still have complaints. These guys have to aggregate lots up to at least one standard lot to get interbank fills (latency, slippage). Less than that they can fill you against other clients at your price or take the other side themselves.

His YouTube channel has nothing to do with the valid basic message he is trying to get across.

LOL!

That “Stop Hunting” video is priceless!

I know there are shady brokers out there, we all do.

But the idea that a mainstream NDD ECN type broker will be taking literally nickles and dimes from the majority of the traders out there is ludicrous.

I had a hard time when I started this gig. The fault was mine. I could have blamed the broker, but why do I now consistently MAKE money with the same broker?

All this crap about stop running, and broker scams is generally sour grapes from people that expected an easy walk in the park. Thinking money grows on trees in this business is largely the problem.

It takes a lot of perseverance… You don’t wake up one morning, and decide to be a trader, read a quick tutorial, open an account, and pay for a trip to Bermuda with a $100 account that night.

Roll up the sleeves, get some screen time in, and get a reputable broker. No whiners allowed.

Master Tang you have the right idea and spirit (most bad trades are not broker related) but any ECN that offers you less than one standard lot and so less than a couple grand initial balance and also allows user limit orders directly into the order book for other users to see is not an automated interbank stp broker and potentially uses some manual order routing which is discretionary. This is why many still have issues on any alleged “ECN” broker when they trade in metatrader and/or use less than one standard lot (these orders are not going straight through to banking platforms like FXall, Integral, EBS, etc) and/or scalp aggressively and end up on manual execution. There have been instances of “ECNs” disabling expert advisors that operate too quickly for their internal “routing” boxes (or perhaps their hedging capability) which would not happen if orders went out straight to the banks. Also, orders taking more than 2 seconds to execute are suspicious. As are the slips on entry and exit. Bank liquidity doesn’t allow this. For example I saw a $10,000,000 100 lot short trade in aud/usd filled at a hedge fund the other day in less than one second in four batches 4 mil, 3 mil, 2 mil, 1 mil at 1.02246, 1.02245, 1.02242, 1.02241 - that looks like zero slippage instant execution to me. Yet a $40000 4 mini lot retail trade slips two pips hehe :slight_smile:

Bad entries into a market already moving against you or allowed to move against you don’t count.

In the end a good strategy doesn’t fall due to a 5 pip spread widening or spike, this is true.

A 20 pip stop already penetrated 15 pips is a goose already cooked, save for some market mercy - profit is profit but trades and strategies that run 75% into your stop need a looking at if they’re not of the buy-and-hold variety.

If folks buy into the idea of trend and momentum, entering a position that reverses immediately becomes a rare thing. If price is really moving no broker can slow it down or reverse it.

Anyone who suspects their broker should run secondary charts or software so they can check moves in the market against what they see.

The reality though is that the real stop hunting happens at the banking level who get access to all the broker positions and customer stops and use this big picture view to move market prices in general.

Anyways, Happy trading…

What a stupid comment. I tell you what ignore the youtube channel and go read about it on trade2win. Regarding the other comments clearly the functionality has been built in to MT4 for the purposes of ripping off clients, whether or not every broker does so is another matter. However both FXCM and forex.xom have been heavily fined in the past for dodgy slippage practices so its not like it never happens.

How easy is it for a broker to stop hunt

Did you see how much FXCM and Gain Capital were fined for this type of thing?

Metatrader have forced youtube to remove the videos, they claim its a copyright violation. Of course none of the other thousands of videos with NT4 in them have been removed so I think everybody can guess why they had them removed.

So what makes you think a broker won’t do the same thing on his own web-based platform, if he indeed wishes to take your few hundred or few thousand bucks?

The MT4 plugin ‘Virtual Trader’ has initially been developed to enable brokers to incorporate a 1-5 second delay in execution during news events … this will work in favour of both the broker [B]and[/B] the client, if used properly.

Can it be used for ‘cheating’ by a broker? Of course it can.
This just goes to show how important it is to do proper research before deciding which broker to entrust with your funds.

In my opinion, 99% of complaints directed against platforms or brokers are just incompetent traders blaming technology or third parties for their own shortcomings.

So:

  • RTFM!!! (google that acronym, if you don’t know what it stands for), i.e.[B] learn trading from scratch[/B] instead of jumping into it without having any idea how it really works;
  • choose your broker carefully, i.e. don’t go with a broker because he offers you a 25% deposit bonus. Remember, you are looking to [B]do business[/B], not become a member in an online casino;
  • trade smartly, don’t gamble; do not expect a 10% profit every day (of course you’ll have really good days with nice profits) but rather go for steady gain; this will save you from gaining 10% daily for a week and then sustaining a 100% loss, once Lady Luck decides she’s favoured you enough.

Cheers,
O.

So if they all do it that makes it OK? I don’t quite get your point. Whilst other platforms no doubt have similar functionality in this case we have video proof. Go read the FXCM and Gain Capital fines to see whether or not they have defrauded customers using tools like this.

New video today showing how they can edit charts after the fact

Videos of MetaTrader Manager, Administrator, virtual dealer and other plugins/setting - Page 10

My point is: choose your broker carefully. I can’t say I’m surprised at FXCM and Gain Capital using these practices … there are many complaints of various types about them to be found.

But having a function available doesn’t mean that every broker will make use of it, too.

You sound like having a personal grudge with one broker or the other, for whatever reason.
What that reason may be is none of my business and doesn’t interest me.

O.

I think it’s good to be aware of such things, but I also think it’s wise not to be too paranoid. Forex is still pretty much the wild west which means the doors are still wide open to snake oil salesmen and the like so you have to beware. Also, don’t many of the brokers offer their own platforms (and MT as an option since it’s so popular)?

Many brokers do have their own platforms, we can safely assume they have similar features built in to defraud customers. Some of them have been fined already for fraudulent slippage so its not a case of it only being metatrader.

Which broker is that? The thread concerns metatrader, not a particular broker.

Which broker is that? The thread concerns metatrader, not a particular broker.

Read more: 301 Moved Permanently

Here we go again.

Somebody has a ‘hard on’ for MetaTrader, or Brokers, or the business of trading itself, or a ‘hard on’ for all three!!!

On that other thread by ECNjesus, on the very same topic, there was no denying that MetaTrader (or any other proprietary platform for that matter) has certain ‘tools’ or ‘features’. It’s what they’re used FOR that makes the difference. But this doesn’t seem to ‘sink in’.

So now we’ve got a NEW video to show that a broker can change chart data ‘after the fact’. Do you honestly believe that is not common knowledge and this is some ‘new discovery’??? It’s JUST SOFTWARE and charts are JUST DATA.

As a matter of fact even YOU could go and change a chart YOURSELF with MetaTrader. Simply download the historical data, import it into Excel, change the OHLC prices for a couple of bars, then save YOUR modified data and import it into MetaTrader!!!

I mean: you tell me what a broker is supposed to do in the case of ‘bad tick’??? To demonstrate: I’ve attached a chart (Proctor & Gamble) from a ‘bucketshop’ that I USED to trade with many years ago (although the chart is current). Take a good look at the chart and see where that one ‘no trading’ bar is placed. It just so happens that this broker is a proven scam artist ‘bucketshop’. Had you been long the stock you would have gotten stopped out (probably with LOADS of slippage). That’s a MISUSE of the ‘tools’ or ‘features’ in action. No question. If it was a ‘no trading day’ then an honest broker would have that bar shown in the right place and the OHLC would be the closing price of the previous day. But let’s give this broker the benefit of the doubt (BAD BAD example knowing this broker though). Let’s SAY it WAS a ‘bad tick’ (although then you’d see a HUGE long wick going down on that day). You would still have gotten stopped out BUT your position would have been re-instated and the data for that bar would have been corrected to reflect the correct price. And note what it does to just any indicator (even something as simple as MACD which I’ve put on the chart for demonstration purposes). It renders both the chart and the indicator useless (at least until a certain period of time has passed and the indicator has been given the time to ‘settle down’ again).


The simple answer: the brokers that end up getting fined or make headlines or get the bad reviews and ratings are the ones that are MISUSING or ABUSING the ‘tools’ or ‘features’ provided as standard with MetaTrader on the broker side of things.

So really: once again (and as I went to GREAT lengths to explain to ECNjesus but got ‘flamed’ for doing so and, well, his getting ‘personal’ ‘backfired’ on him) this is ‘a storm in a teacup’. The only thing I DO NOT understand is why MetaQuotes bothers to delete threads and posts and videos on this subject because all they’re doing is providing more ‘fodder’ for the ‘conspiracy theorists’. That’s the part that I don’t ‘get’.

And by the way: I don’t know where everyone gets this notion that the moment there is slippage or a re-quote it’s a broker trying to ‘defraud’ or ‘fleece’ you. Slippage and requotes (especially in the Futures Market) is just ‘part of the game’ and is caused by price moving which is what it’s supposed to do otherwise we would not be able to trade would we??? And let me tell you: if slippage of one or two pips in FOREX is going to ‘make or break’ your trading system then I suggest you look for another trading system!!!

Regards,

Dale.

There is no conspiracy, these are proven facts, not only the videos but the huge fines against some brokers for dishonest slippage practices.

Possibly because the NFA and CFTC have fined brokers tens of millions for doing just that. Of course you may argue that not every broker will do that, to be honest I dont believe that, there are way too many brokers getting caught fleecing customers through various means.

Hello again.

As you can see: I deleted my previous post so no problem (with the quote I mean).

This is a bit of a weird situation: we’re all on the same side and are ACTUALLY AGREEING with each other and yet we seem to be arguing!!! LOL!!!

Anyway, and just for fun, even I am talking nonsense about how to edit bars in MetaTrader which I only thought of while standing cooking something would you believe. You don’t even have to download and export data to Excel to make changes. You can make changes directly from within the ‘History Centre’!!! I don’t know why I never thought to mention this. So I ‘fixed’ that chart (see below) by simply deleting that daily bar and look at the difference although, as I said, ‘too late’ for anybody that WAS long that stock i.e. you would have gotten slipped BIG time before your position was closed. One problem that I HAVE discovered though: you can only make your change if you’re disconnected from the broker. If you don’t do this then the moment you hit ‘Refresh’ on the chart your change shows up for an instant but then gets overwritten as soon as MetaTrader re-downloads the data so that’s of use to nobody!!! LOL!!!


And yes I see your point above about slippage. But it still comes back to the same thing: the broker. I mean: there is NORMAL slippage and there is FRAUDULENT slippage let’s face it.

And as a matter of fact: I was doing a little ‘experiment’ not too long ago using FXCM’s MetaTrader (Demo). It’s a long story and the reason for the ‘experiment’ and having to use FXCM as the broker for the said ‘experiment’ has nothing to do with the topic at hand. But what I DID INDEED notice: on at LEAST three occasions during the month of my ‘experiment’: I noticed that on these occasions the indicator (well it’s not really an indicator in the true sense of the word) for my main trading system had given me a signal to place an order and had gotten me into a trade and one or two days later those signals were no longer showing on my indicator and there’s only ONE way for THAT to have happened and that IS INDEED for the prices of the preceding bars to have been changed ‘after the fact’. I’m 1 000 000% sure that there isn’t a problem with my indicator or trading system because it’s never happened at any OTHER broker. And of course the end result is that I was in trades that I wan’t sure whether or not I was supposed to be in or not. BIG problem. And quite possibly a contributing factor to the fact that my ‘experiment’ turned out to be a complete disaster.

Regards,

Dale.