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MetaTrader 4
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MetaTrader 4

  #21 (permalink)
Elite Member
Hungary
 
Futures Experience: Beginner
Platform: N/A
Favorite Futures: Forex
 
Arpad's Avatar
 
Posts: 34 since Dec 2010
Thanks: 145 given, 9 received

Is MetaTrader more dangerous&worse to use even at a reputable and trustworthy broker?

Just a reminder to everyone: we are talking about spot forex trading.

Itís scary and disgusting what you can read in the above link about the MetaTrader Virtual Dealer Plug-In and what fraudulent dealers can do with it.
Some people argue good things about MetaTrader. So the question is, what if you choose a trustworthy broker?

I think itís very important to choose a trustworthy broker regardless of application you use. Itís a base for you, so itís very important.
So I assume everyone chooses a trustworthy broker whether he wants to use MetaTrader or another platform to tradeÖ

The question is, if you choose a trustworthy broker, may you choose MetaTrader (if you think it is better for you), or regardless of the trustworthiness of a broker, MetaTrader bears a higher level of risk (fraud) compared to e.g. NinjaTrader?
Or if you choose a big, well-known, trustworthy commodity-futures broker who also offers forex and MetaTrader, (e.g. Interactive Brokers, PFG Best etc.), this guarantees that the use of MetaTrader with him as safe and non-fraudulent as the use of e.g. NinjaTrader?
And you can get equally good fills (fast execution, no slippage, no requote) as with NinjaTrader?

 
  #22 (permalink)
Elite Member
Hungary
 
Futures Experience: Beginner
Platform: N/A
Favorite Futures: Forex
 
Arpad's Avatar
 
Posts: 34 since Dec 2010
Thanks: 145 given, 9 received

I'm curious about your opinion on this.



Arpad View Post
Just a reminder to everyone: we are talking about spot forex trading.

The question is, if you choose a trustworthy broker, may you choose MetaTrader (if you think it is better for you), or regardless of the trustworthiness of a broker, MetaTrader bears a higher level of risk (fraud) compared to e.g. NinjaTrader?
Or if you choose a big, well-known, trustworthy commodity-futures broker who also offers forex and MetaTrader, (e.g. Interactive Brokers, PFG Best etc.), this guarantees that the use of MetaTrader with him as safe and non-fraudulent as the use of e.g. NinjaTrader?
And you can get equally good fills (fast execution, no slippage, no requote) as with NinjaTrader?


 
  #23 (permalink)
Membership Temporarily Revoked
Boston
 
Futures Experience: Advanced
Platform: Mt4
Favorite Futures: Fx
 
Posts: 16 since Apr 2011
Thanks: 0 given, 3 received



Arpad View Post
I'm curious about your opinion on this.

There is much negativity regarding MT4. It is not MT4 that is shady it is the broker behind it. There are actually a fe MT4 brokers out there that are offering conflict free trading, fast executions, deep liquidity and will allow your ea or strategy to operate without interference. The tough part is finding the 2-3 decent ones out there! I love trading on MT4 because the charting is decent, if I were to switch FX brokers I don't have to learn a new platform, and for a cheap fee i can get my strategy automated and turned into an EA.

 
  #24 (permalink)
Elite Member
Honolulu, Hawaii
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: ATC/TT, AMP/Zen-Fire, AMP/CQG
Favorite Futures: TF
 
bluemele's Avatar
 
Posts: 2,547 since Jun 2010
Thanks: 3,806 given, 2,826 received

MT4 is great if you swing trade. For scalping, use something else because the brokers will eat you alive.

ECN/STP doesn't get you fills if you are market at the price you 'should' be getting, so.....

All brokers are crooked a bit in my opinion, but a matter of how 'crooked'.

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  #25 (permalink)
Elite Member
Italy (IT)
 
Futures Experience: Advanced
Platform: ATAS, R|Trader, NT8
Broker/Data: Rithmic
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LukeGeniol's Avatar
 
Posts: 1,501 since Apr 2010
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To me MT4 is not fast to send orders x design.

Take your Pips, go out and Live.
Luke.
 
  #26 (permalink)
Membership Temporarily Revoked
Boston
 
Futures Experience: Advanced
Platform: Mt4
Favorite Futures: Fx
 
Posts: 16 since Apr 2011
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LukeGeniol View Post
To me MT4 is not fast to send orders x design.

Once again it is not MT4 that is slow, it is the broker using it. There are some MT4 brokers that can execute in 1millisecond with no slippage....

 
  #27 (permalink)
Elite Member
Italy (IT)
 
Futures Experience: Advanced
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LukeGeniol's Avatar
 
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FXVIP View Post
Once again it is not MT4 that is slow, it is the broker using it. There are some MT4 brokers that can execute in 1millisecond with no slippage....

Who are these brokers, you can name them. Anyway MT4 has a poor orders management with few features.

Take your Pips, go out and Live.
Luke.
 
  #28 (permalink)
Membership Temporarily Revoked
Boston
 
Futures Experience: Advanced
Platform: Mt4
Favorite Futures: Fx
 
Posts: 16 since Apr 2011
Thanks: 0 given, 3 received


LukeGeniol View Post
Who are these brokers, you can name them. Anyway MT4 has a poor orders management with few features.

There are scripts out there for MT4 that allows 1 click trading, etc. MT4 is great if an individual wants to create custom indicators or automate their strategy into an expert advisor. There are many professional programmers that can turn your strategy into a robot for very little money. The charting is decent and I trade at a broker that is straight through processing all orders and i'm getting filled instantly without slippage. If you can create this environment for your trading you have a real chance to execute your strategy and make some money...

 
  #29 (permalink)
Membership Temporarily Revoked
Boston
 
Futures Experience: Advanced
Platform: Mt4
Favorite Futures: Fx
 
Posts: 16 since Apr 2011
Thanks: 0 given, 3 received


LukeGeniol View Post
Who are these brokers, you can name them. Anyway MT4 has a poor orders management with few features.

I don't really want to hype or promote brokers on this forum but discuss MT4 trading etc...if you are looking for a honest, straight through processing, conflict free trading broker PM me and I will give you your options depending on what country you live in.

 
  #30 (permalink)
Site Administrator
Manta, Ecuador
 
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Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
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This thread is now closed.

This thread was created prior to having an entire subforum dedicated to MetaTrader discussions. Now that a dedicated subforum exists, this thread is obsolete and is being closed so it will be easier to find topics going forward.

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