software and brokers

[shan777]

I recently started up an account with forex.com, using metatrader 4....

the major problem I ran into was not being able to exit half my contracts at a certain target and other half later on..... and this is crucial to my trading system.
So was wondering if anyone would be able to point me in the right direction for a broker that offers micro accounts, has decent spreads, and offers free software like MT4, that has the above capability...... maybe scraping the bottom of the barell here but have to find out for sure
Thanks heaps, Shan

 

[xebectrader]

MBTRADING.COM , they have eliminated the deal desk functionality of the back-office systems of Metatrader. but they haven't released it for live accounts yet, i believe they will be the best broker using MT4

 

[shan777]

thanks for that, will look into it

 

[Trading Gurus]

Not sure that MB will be offering terribly useful micro lots. When I asked them (admittedly a few months ago now) they said I could try entering micro orders into their standard platform, but they implied the execution would leave a lot to be desired so I never did. Last time I checked the MB MT4 beta (again a while ago) it only offered mini lots.

Alpari UK would appear to fit your bill, if you can live with the limitations of their micro accounts.

Not sure that I understand your problem though. I assume your account is with Forex.com UK. What is it about their MT4 that prevents you doing what you want to do?

Jim

 

[shan777]

Thank you for the reply.
I'm def only a beginner but I believe it is to do with hedging etc.
On Ninja Trader, I can enter a position, and have 2 different targets, exiting 4 lots at certain price , and exiting other 2 at another level. I understand I can do this on MT4, its just alot more time consuming.
I believe I would have to enter 4 lots for one trade with a take profit level, then enter seperate trade for 2 lots with different take profit level.
I have signed up with Alpari and they seem to be decent. What limitations did you find with their micro account??? They also allow hedging which is important, just wish MT4 had a feature where you could have two different take profits so I wouldn't have to enter two different trades, as when I'm trading things are busy and I need the order process to be quick..... ah well, in life I've come to realise we don't get everything we want

Not sure that MB will be offering terribly useful micro lots. When I asked them (admittedly a few months ago now) they said I could try entering micro orders into their standard platform, but they implied the execution would leave a lot to be desired so I never did. Last time I checked the MB MT4 beta (again a while ago) it only offered mini lots.

Alpari UK would appear to fit your bill, if you can live with the limitations of their micro accounts.

Not sure that I understand your problem though. I assume your account is with Forex.com UK. What is it about their MT4 that prevents you doing what you want to do?

Jim

 

[Trading Gurus]

OK. It's not that it's impossible to do what you want in MetaTrader, it's just rather complicated to do it manually. Have I got that straight? "Hedging" is important because it makes some things easier to do manually?

By the sound of it your ideal platform would combine Ninja Trader with micro lots, low spreads, zero commission and perfect execution. That's not far off my holy grail too

Apart from the usual limitations of MT4, on an Alpari micro account you are allowed a maximum of 2 full lots in open positions.

Jim

 

[Trading Gurus]

Prompted by your question, when the markets opened last night I fired up MB's beta MT4 and updated it to build 225. It still only lets you trade in mini lots. Out of idle curiosity I bought 0.1 EUR/USD. Then I tried to close the position by selling 0.1. MT4 wouldn't let me. It told me "Hedge is prohibited"!

Thankfully MBT Navigator still seems to work the way it always used to, and it did allow me to use micro lots. For some strange reason they're also entered as 0.1.

Jim

 

[shan777]

thnks Trading Guru, very interesting replies. Yep, that holy grail of set ups is always that little bit out of reach hey
After some further research, I just couldn't bring myself to sign up with MB.

What I am doing now is using NT for my analysis, and Oanda with FX trade platform just to place my orders. Oanda are good broker, and the order process on FX trade is simple, and well set out , even though its got nothing on NT.
Happy trading

 

[Trading Gurus]

My pleasure!

The trouble with Oanda is that they charge for the use of their API, which makes it a bit difficult for the little guy to get started automating stuff. As far as I know Ninja Trader have no immediate plans to support them, maybe for that very reason?

If you've used them for some live trades now, what's your opinion of them? Are they still the nearest thing to your holy grail?

Happy profiting!

Jim

 

[shan777]

Hey Jim, yeah, good point. I'm in no need for automated trading, but would be important for alot of people.
Oanda and the FXtrade platform is good. No probs with it so far.
As I'm still new to all of this, I was wondering why Oanda only offer 50:1 max leverage.
I thought the rough average of brokers is around the 100:1, if not more.
Anyone have any thoughts on this, as don't know if I'm being crazy, but 50:1 is a little small ...... and yes- I'm a newbie to the forex so go easy

 

[Trading Gurus]

No one else seems to have picked up the baton, so here goes!

Leverage is a very sharp double edged sword. If you guess right you make money quickly. If you guess wrong you lose it even quicker, or so it seems.

In the good old days when traders were happy with 20:1 you were politely asked to cough up some more cash when things started to turn pear shaped. Then you had the luxury of sweating for a bit while you decided whether to comply, or if you had some sense you just closed everything then licked your wounds in private for a while.

These days Alpari offer 500:1. You can leave your screen for a toilet break and come back to discover your account has been wiped out. If some brokers are offering 500:1 do you suppose most of their clients guess right, or guess wrong? Maybe Oanda clients guess right a bit more often?

Jim