Hi all,
I have been demoing for about 7 weeks, I used the Alpari MT4 and was doing okay. I then decided to check out OandA’s MT4 as I am probably going to go with them for real.
I started OandA’s MT4 for about a week and suddenly every trade was a loss. I went back on to Alpari’s MT4 and everthing went back to being back as it was.
Has anyone else encountered this? Does it have something to do with instant execution vs. market execution?!
I am doubtful of OandA…
Thank you.
Instant execution IS market execution.
Try several more demos, and compare the results to Alpari, and Oanda.
that’s not my understanding.
My understanding is as follows:
Instant execution
Instant execution means that when you click the button to place your trade, your online forex broker will immediately fill your trade at the current market price. If it cannot be filled, then a ‘requote’ will issued with the new price and you will have an opportunity to either place the trade at the new price or not trade. With instant execution, traders have the ability to set stop losses and take profit orders prior to the execution.
Market execution:
In contrast, if your forex broker uses market execution, when you click the button to place your trade, it goes to the open market where it is then filled at the next available price. With market execution, there is a delay before the trade is placed and when it is filled. The implication of this is that you may well pay a different price to the price you saw when you clicked the button to place the trade. It may go up or it may go down. Traders cannot set stop losses or take profit orders prior to the trade execution
Explain the difference there.
Do you really think you can’t get a requote at market execution? If you do, you haven’t been in the game long enough. That is often broker related. I’ve had requote issues with several different brokers personally, and all using market execution orders. And just for the record, a delay entering a trade using market execution is broker related, not a different method of entering the market. If you are experiencing a delay and getting requotes often, you need to try another broker.
As for placing stops, and t/p points prior to trading, that is MT4 related. It doesn’t allow it. Other brokers with proprietary platforms often do. With MT4, you can run a script immediately following entry that places your s/l and t/p accordingly. But with other platforms, you can definitely enter a market execution trade with those in place.
Your confusion lies in the fact that market execution, and instant execution are different names for the same function. Getting in the market right now, at current market price.
you’re absolutely right, I haven’t been in the game long enough.
I am back to trading MT4 with Alpari and doing ok. I just don’t know why.
I don’t really want to use OandA now- which UK based broker would you suggest? I don’t have to use MT4, happy to use another platform if it lets me use my own custom indicators.
Ever consider it could just be a psychology thing?
Never underestimate the power of a meere coincidence, maybe you tried the demo of a different broker when you were having a losing season. There is not such think called instant execution. And by the way with MM brokers SL orders are not filled at exact price.
Regards.
Very funny!
Why cant you use the mt4 account you have now for technical analysis and then use Oanda’s web based platform for placing trades??
that’s a good idea, just a little worried about slippage?
I use MT4 (Oandas)for entries. then I place my orders with Oandas FXTrade.
Works fine!
when you see a set up approaching you open the order window in Fxtrade. fill in all the details,
then when the setup is complete, you just press submit. order goes through just where you pressed submit.
I don’t get why so many flock to Oanda. I prefer PaxForex and think they offer a much better overall service. I guess it comes down to preference.
I looked paxforexmup and they look good.
Are they Fsa registered and have you had any issues with them?
Because they are a regulated, long standing, reliable, trustworthy broker.
I will say no more.
I currently have a Ooanda demo account…
Can someone explain to me the difference between MT4 and this FX Trade thing?! :\
I thought it was all the same?!
For MT4 read this page MetaTrader 4 - Wikipedia, the free encyclopedia
FXTrade is Oanda’s own platform, bit clunky but some like it.
I personally only use the market orders & formulate my TA on MT4 FXPro. (actually Norton Finance platform)
How have you found fxpro?
I have held a demo account for at least 5 years, from when they
were Norton Finance, but never a live account.
Do I need to say more.
Nope. All noted.
OandA might be the one I use then and use mt4 for trading plan and use their live account to start. Are OandA ECN?
No they are a market maker.
ECN deposit limit usually starts about £3 000.
But you will probably need more than £10 000 to trade effectively.