Mt4 scam

[jamespp83]

Guys I was just wondering if the companies which offer MT4 can see your stops etc does that mean if you have an EA they could also see that too? and are then able to mess around with the price to make your EA open and close trades???

 

[wibble1234]

If you put your stop price into your order ticket then the information goes to your broker's trading systems so yes they can see your stop price. This is what will happen whatever trading software you are using and is nothing to do with MT4. This is not an MT4 scam!

If you have an EA then it can either implement the stop in the order ticket (in which case they will see it), or it can implement the stop locally by monitoring the price and then closing the order when it reaches the set level. In this case your broker won't know what your stop value is. But beware if your computer crashed, internet connection went down, or if there was a bug in the EA your stop might not be triggered!

It is much safer to have the stop included as part of your order ticket.

I wouldn't worry about them messing with the price to hit your stop. I doubt you are trading in high enough volumes for them to want to change the entire currency exchange rate in order to take you out

 

[everyonerich]

wibble1234 is right, and also ensure you trade with reliable broker + ECN. then wouldnt have any problems

 

[fxgunner]

ECN certainly avoids the entire issue, but it is highly unlikely that forex dealers are stop hunting on any small accunts, and no one keeps a big account on a retail platform (or i would hope not)

 

[Tenapenny]

ECN certainly avoids the entire issue, but it is highly unlikely that forex dealers are stop hunting on any small accunts, and no one keeps a big account on a retail platform (or i would hope not)

So, should I ditch my £100 CrappySpreads.com account and go ECN? :whistling

 

[neil]

So, should I ditch my £100 CrappySpreads.com account and go ECN? :whistling

yep - get a job at McDonalds and save up a couple of grand for a trading pot.