Virtual plug ins and Dealers

[redtag12]

Good Morning,i have just read ECN Jesus postings,and to be frank they are shocking to the nth degree.If you have not yet read them you must, they not only make for compelling reading but are mind boggling, and yet im not surprised at all.So my question here is.Are there ANY ecn brokers or SP Brokers out here in never never land that would like to come on this forum and explain yourselves or say definitivly that they do no use Virtual Dealer or any other plug ins to manipulate Meta4 or any other platform to their own advantage and thereby putting he client in a false posistion,and a losing posistion.People dont hold your breath.God this industry stinks to high heaven.Is it not about time that the FSA got off of it collective butt and sorted all of this and made dealing Fair.Yeah right.I m sick to death if hearing about malpractice and good people losing money to shady practise. Rant over.

 

[pboyles]

No they are all at it, they just haven't all been caught yet. FXDD are the latest to be charged

NFA hits FXDD with multiple charges including asymmetric slippage, fine will cost it over $3.5m | Forex Magnates

Previously FXCM were heavily fined, Gain Capital (forex.com) were also fined, there were others but I can't remember them all.

 

[pboyles]

IKON was another

IKON fined $320,000 for Virtual Dealer @ Forex Factory

 

[redtag12]

Hi pboyles,yup they are all at it.But is there a broker in the UK that is not up to tricks,because if they come on his forum and say so then they are the brokers i will go with. iIwont hold my breath.All i want to do is trade after a 4 year layoff.

 

[Crassius]

Not all brokers use the virtual dealer plugin...

such statements sound like the things perpetual losers say because no matter what they try they always lose.... therefor it must be the brokers fault.

There are many reasons not to use MT4 at all... it's really a POS, compared to other platforms that are available.

If you insist on saddling yourself with this retailer's toy then MB Trading would be one house that isn't using MT4's Virtual Dealer Plug-in. But I strongly recommend that you do not use their MT4 implementation. MB had to do extensive reworking of MT4 to get it to work at all in a true ECN/STP shop... and all that customization makes it cluncky and subject to too many issues..... Turns out its just too hard to pound MT4's square peg... which was designed from the ground up to fleece retail customers while providing them with a "free" platform.... into the round hole of true ECN/STP.

Do yourself a big favor. Make the investment and learn how to use a real platform like TradeStation, Multicharts .Net or my favorite NinjaTrader. How much are you losing because your tools are a joke?

If you must have a free platform then learning to use MB's DeskTop Pro would be a good start, or Dukascopy's jForex.

One last thing.... historic examples like the infamous Virtual Dealer Plug-in are yet another reason to stick to a regulated broker in a first world country. Brokers that were using it in the US were caught, and fined, and that example is out there dissuading others from using it within that jurisdiction.

 

[redtag12]

Not all brokers use the virtual dealer plugin...

such statements sound like the things perpetual losers say because no matter what they try they always lose.... therefor it must be the brokers fault.

There are many reasons not to use MT4 at all... it's really a POS, compared to other platforms that are available.

If you insist on saddling yourself with this retailer's toy then MB Trading would be one house that isn't using MT4's Virtual Dealer Plug-in. But I strongly recommend that you do not use their MT4 implementation. MB had to do extensive reworking of MT4 to get it to work at all in a true ECN/STP shop... and all that customization makes it cluncky and subject to too many issues..... Turns out its just too hard to pound MT4's square peg... which was designed from the ground up to fleece retail customers while providing them with a "free" platform.... into the round hole of true ECN/STP.

Do yourself a big favor. Make the investment and learn how to use a real platform like TradeStation, Multicharts .Net or my favorite NinjaTrader. How much are you losing because your tools are a joke?

If you must have a free platform then learning to use MB's DeskTop Pro would be a good start, or Dukascopy's jForex.

One last thing.... historic examples like the infamous Virtual Dealer Plug-in are yet another reason to stick to a regulated broker in a first world country. Brokers that were using it in the US were caught, and fined, and that example is out there dissuading others from using it within that jurisdiction.

Good Morning Crassius,many thanks for the reply, nice and constuctive,and good advice im sure..I traded for 3 years before ceasing trading 4 years ago due to a divorce and meeting a new partner for sure i was,nt a loser, yes i lost money and after a great many trials and tribulations managed to make a modest living full time at trading, one of the lucky ones, but then my advantage was my son was a pro trader.Yes the broker is always to blame for losing one of the most common reason was and maybe still is was i entered the trade and the trade reversed as soon as i pulled the trigger and therefore the broker must be to blame he must be manipulating he trade.Good advice for anybody regulated brokers, me only FSA brokers, i am currently demo trading GKFX but it is Meta4 so im going to take your advice and look at Nijatrader.Many thanks for the good advice.Mike

 

[Crassius]

so im going to take your advice and look at Nijatrader

One great thing about NInjaTrader is you can demo it with all functionality except placing live trades through it with no time limit... the trial never expires.

This gives you an infinite amount of time to learn the platform, which being extensive requires a commitment on your part to learn. That learning becomes a skill that will pay you back over and over again. Its good not to have to commit with an outlay of cash before you know you really want that specific platform.

Ninja is broker agnostic. You can use it at any broker that supports it, and the list is growing. Fine brokers like International Brokers, Mb Trading and FXCM ( too expensive) all offer it.. others I have no experience with do to.

Another alternative now that Monex owns both TradeStation and IBFX is they give you TradeStation free with a $2000 deposit and No trade quota. The disadvantages are that you must trade with IBFX, who has improved greatly since Monex has taken over... I trade a small account there because a prop house needs to track my trades and they seem too stupid to be able to do it from MB Trading's API.... Most of my own money I trade at MB Trading. IBFX is a bit expensive... 2 pps on EURUSD, but the execution has been very good to date on the small account I trade at IBFX.

I prefer NInjaTrader to TradeStation... I have used both extensively.