ECN and MT4
I've read that MT4 is designed to be used by dealing desk brokers. ECN's and MT4 just don't mix at the moment.
If or when an ECN does offer MT4, just watch the stampede....
No ECN for MT4, no no no
I've read daraknor's post, basically he's read my mind somehow and posted in his thread somewhere about finding ECN to connect with MT4.
So which is it? Yes or no? Are there NO ECN that allows MT4?
I've also tried MB Trading API, its garbage. Support is garbage as well.
I'm going to use QuickFIX, however, it solves nothing. As finding an ECN api that allows many functionalities found in MQ language in MT4.
MT4 has an awesome language. Now, if only this can run on ECN.MT4 at the moment is unuseable for ECN trading here are some reasons :
- MT4 cannot handle half pips of a currency or even tenth of it. Imagine you can buy GBPJPY at 249.558 there's someone offering you 10 lots metatrader would roud it up to 249.59 and you would end up with no deal/fill you could even head up for a big slippage...if you want to get out of a position
-MT4 cannot handle partial fills eg. you want to sell 10 lots af a currency :
- 3 lots go to buyer 1 at 249.600
- 5 lots go to buyer 2 at 249.595
- 2 lots go to buyer 3 at 249.590
So you just sold 10 lots at an average price of (3x249.600 + 5x249.595 +2x249.590)/10=249.5955
-ECN's try to give you the best bid/ask so the spread is constantly changing from 0.5 pips to sometimes 40 pips at news time... but mostly you get a better spread than fixed spread brokers depending on pairs. Metabrokers seem to show you quotes like Ask/Bid=Ask+spread and some even change the spread during news time
-ECN's make theyr money from comissions depending on your trading volume there's no way showing these costs to you in metatrader for now.
-MT4 is free for the end user... so who pays ? for maintaining this software ? I guess it's your broker and why would he pay and give you something for free ? Because he's getting the money back from your live account ...
Don't get me wrong I really like metatrader and the community that developped hundred of EA's and indicators but the brokers using metatrader are just playing against their clients.
They are offering you the tool, their datafeed and believe me they advertise 3 pips spread and they get 2 or more pips from the datafeed/quotes they show you as you enter the trade and quite some more with slippage or requotes as you try to exit...
Sometimes 1 minute candles just need 5 minutes to complete and you are seeing a bullish candle and the quotes go down ...
Why can't you place a stop loss or a take profit just 1 or 2 pips away from your entry ? ... The broker just want some more pips from your account
I can show you charts from live trading broker A just spiking 1 pip to get my stop loss hit and broker B demo not showing this spike. Reread the agreements you signed them... nothing to do about this...
Why would any ECN that has no dealing desk want to support a software which allows market makers such practices ?
Have you ever seen in these forums a metatrader live account statement ? showing a nice equity curve ?
Why do all EA's just seem to work better on longer time frames ? because there's less space for your broker to manipuate the price... and all these practices keep scalpers and news traders away...
But beware I'm not saying ECN's are better they might just be using other techniques to get the money out of you. Even ECN's can act as market makers read your contract very carefully...
what's gonna be?
so guys what's gonna be? is there ECN on MT4 or not ?
u are right. mt4 is for Desk dealers, and these guys basically want ur money and to do that they make u lose.
i'm focusing on tradestation, hoping to connect to ECN with tradebullet.
but sad thing is MBT is no longer supported by tradebullet.
EFX group is releasing Omega platform. heads up on that.
Doesn't the MT4 server software connect brokers up to ECNs?
So in theory you could purchase the server software (I would imagine that you have some cash to play with) from metaquotes and hook up to an ECN, and then run you regular MT4 client software connected to this. In essence, you become your own broker. Plus you could also make some cash off spreads if you decide to take on other clients.
Or do I have that all wrong?
so guys what's gonna be? is there ECN on MT4 or not ?
Yes. We have a bridge between MT4 and ECN broker.
MT4 brokers are not interested. They can’t control the game.
They are looking for suckers and losers. MT4 trading platform
is for market maker.
thanks 
Currenex + MT4 -> follow www.bgcfx.com
Hi,
We are in the middle of developing this very platform.
Our Currenex liquidity will be put into the MT4 platform to enable our
customers the benefits of very tight pricing and the functionality of
MT4.
If you would like to open an account please fill out the attached
questionairre and return by scan or fax to the details below.
BGC FX
FX Liquidity
BGC Partners
19th Floor
One Churchill Place
London E14 5RD
When can we expect to see this happen?
mt4 + currenex
If we try to connect mt4 to ecn pools personally, this means to setup a broker. meaningless, if trader, meaningfull if you will setup a firm.
Contact info for bgcfx, bgcpartners
----------------------------
Lloyd Moncur
BGC FX
FX Liquidity
BGC Partners
19th Floor
One Churchill Place
London E14 5RD
Tel. 00 44 (0) 207 894 7250
Fax. 00 44 (0) 207 894 8061
Mob. 00 44 (0) 7866 744 141
Email : LMoncur@bgcfx.com
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I've read daraknor's post, basically he's read my mind somehow and posted in his thread somewhere about finding ECN to connect with MT4.
So which is it? Yes or no? Are there NO ECN that allows MT4?
I've also tried MB Trading API, its garbage. Support is garbage as well.
I'm going to use QuickFIX, however, it solves nothing. As finding an ECN api that allows many functionalities found in MQ language in MT4.
MT4 has an awesome language. Now, if only this can run on ECN.