MT4 does not connect you to MetaQuote’s servers. All your orders go directly to your brokers servers, and all your price data comes directly from your broker’s servers.
The fact that trailing stops require MT4 to be turned on doesn’t mean MetaQuotes has any hand in your trades, it just means they didn’t program a feature to store your TS on the broker’s server.
No one should avoid a broker just because they use 3rd party software. I’d guess that no broker writes their own software anyway. I can almost guarantee you that they contract a private 3rd party programming firm to write the software for them.
Thanks for that phil838, I understand it better now. I was not saying for people to keep away from MT only brokers.
So when a broker that offers both platforms tells you in their discalimer that they cannot guarantee the same kind of execution experienced with their own platform, that re-quotes and confirmation delays are not under their control, that streemed prices may vary between propriatary and MT, please explain how that falls in to your [I]“All your orders go directly to your brokers servers, and all your price data comes directly from your broker’s servers.”[/I]I would like to ubnderstand this better as well.
Thanks a lot for the explanation about MT4, but sth is true about Mt4 a broker doesn�t buy it, the broker rents it. They pay a fee to metaquotes to use that software, the fact that the software is not OWN by the broker they can�t guarantee the same execution as a software owned by the broker itself�
MT4 is used by amateurs and esignal and tradestation is used by professional dont people think using what the professionals use there tools will give them an edge?
If indeed you are professional then you understand fully that the EXECUTION VENUE is what separates “amateurs” from “professionals” not their charting software.
MT4 is miles better than many antiquated proprietary interfaces used in banks and funds. MT4 itself is not important, it’s good for forex once setup right. But you’ll never get an institutional backend connected natively to the MT4 server.
Have u ever looked at charts in BLOOMBERG TRADEBOOK? Compare them to MT4 and get back to me For currencies MT4 offers lots of indicators, autotrading, some news - what more is needed? One can certainly hone their trading strategies there before moving on to “better” platforms. But again - for the most part - better is the execution venue and price feed not the damn charting thing
Using Bloomberg Tradebook won’t stop you having a margin call if you cannot trade either. Good traders make money no matter what. I myself did 70 pips on an iPhone with a 3.5in screen on friday. Stop confusing people
Absolutely agree. I have traded from all sorts of platforms from the free java apps or mobile clients to commercial trading platforms. As long as the information is timely and accurate then there is absolutely NO reason a good trader could not be successful with it. Honestly if i had to print out charts like I did before and use a ruler I would be fine. Yeah it would take a bucket load of time but I could trade just off up paper and pencil with grid paper if I had to. The only edge a professional might have on you is execution time and that would most likely be a pit trader, but as with electronic trading these days the edge there has been greatly diminished.
I am new to forex but would definitely swear by thinkorswim (td ameritrade). Once you learn to use the software it is very powerful and easy to trade well. I have downloaded and played around with MT4 but it just doesnt compare. Plus td ameritrade is a reliable broker.
With so many platforms out there it can get quite difficult to choose one, so I agree with lots of you that you need first of all to choose a method and strategy, also depends on the type of trader you are, if you are a newbie or a pro, probably a newbie cuz a pro will have already his platform and wouldn’t change it. For example if you are a newbie probably you should start with etoro that have a very easy to use platfrom, but if you want something more pro, you should go for an ECN platforms like Alpari, Fxpro or Sunbirdfx…Good luck !
I am new in forex and I opened a few demo accounts in different brokers so I can try and see what kind of platform fits to me the best, like maxgold said etoro it is very good for newbies but because i want to became a pro i open a demo in alpari and also in sunbird cuz they have the mt5 in demo and i really like it, so maybe when they have it in real i will open the real account, till now im just trying different platforms but definitely im happy with the mt5…
There is this self proclaimed New Zealand based broker SVI (Standard Vanguard Investments) with whom I opened my first ever live trading account only to discover how big a bandit the said is!!! Fake Ticks, price re quotes, price freeze, stop hunting and the like happen to be some of the major benefits you get as a client of SVI! Above all these thugs are master of taking back all profits greater than 300pips and so on. Any such trade is removed from trading history instantly. For them MT4 is “manipulated trader 4” rather than meta trader 4. Their Introducer broker-Harvest Topworth International and this SVI happen to be two ends of same coin! They are running their own book so a loss of client is actually easy profitfor them.
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