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2008-06-24 22:30:46
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2008-06-24 22:04:28
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2008-06-20 17:53:28
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Different Charts with Different Brokers
After using paid charting packages such as eSignal, Intellicharts, Metastock, and Xtick, I just don see a compelling reason to NOT use the freely available Metatrader. Ive become semi comfortable with Metatrader except that I just haven taken the time to learn to program in MQL4 which is short for Metaquotes Language 4. Just like chosing brokers, there is no perfect charting solution. You just have to choose which have the features that you need most. I will continue to use Metatrader not only because it is free but because the other paid packages don provide me with anything more.
There are a lot of brokers out there that use the Metatrader server trading platform. Why? One reason may be because they don have to spend the time and money to develop their own. Customers simply download the Metatrader client terminal and connect to the brokers server. What makes the big difference on the other hand is the infrastructure of Brokers which is responsible for the stability of this platform - and this is what traders need. If the platform is not stable it can cost you much more than the spread. A discount broker (you know these guys: pay 2 (or even 1) pips and get 10 pips charged for slippage or sudden server outages?). This infrastructure seems to be the decision criteria number one - as the range of platform stability goes from risky to absolute reliable - by the way this what I found i.e. with FXcast.com. I dont know any other broker who has such a reliable trading server. In 8 months I had no second downtime - with the only exeption of my local provider who was off for some hours a month ago. Well - this hurts; but when you have placed s/l and t/p it doesnt matter - it will be executed. Brokers are providing their own price feed so one of the things that will be different within the Metatrader client terminal between brokers are the prices. So if you decide to use Broker Alpari as your broker, you can do so by logging into their server from within Metatrader. If you then decide to switch to Broker IBFX, the only change are the login and the prices. If you switch, the prices will re-populate with that particular brokers price data. In addition to these changes, the time on your charts will also change which is the one annoying thing about Metatrader. If Alpari is at time zone GMT and Interbank at GMT -3, this will be reflected on your charts. The time in Metatrader is not based on your local computers time.
This finally brings me to the reason for this post. There are meanwhile major forex brokers that use the Metatrader platform because the ability to trade directly from within the platform could be its biggest strength. Instead of purchasing an expensive API, you can automate your trades from Metatrader. The trading system Ive been using for the past 3-4 weeks is a perfect candidate. Ive been sleep deprived during this time because a lot of the trades are opened during the European session. Ive seen a lot of advertising from Interbank FX I just don know how much I could trust this broker with my money after the FXLQ case.
I saw postings on MT4 brokers, and had a few thoughts about. I trade on pure price and candle formations. Depending on how a certain candle(s) form tells me a lot about supply and demand. The one thing that Im running into with using MT4 for charting is that the brokers candle formations are absolutely different. Since there is no common exchange for Forex, the charts are typically a little different. And if you compare real market charts as the above mentioned FXcast.com to those booring and slow charts from many other brokers you will start thinking about these brokers - why do they smooth their signals? Maybe that traders have no chance to to get a real good price? No idea - but FXcasts charts are a highway compared to the footwalk of IBFX. And this is not the only case there. Sometimes the charts are 15 pips away from each other during news times. But ok - if you t/p is reached 15 pips better this makes a lot of money - and if your s/l is affected - well - each coin has 2 sides. So don claim - if news are too hot for you - get out before.
This causes of course a problem for a lot of strategies. Because often daily close, open, high, and low are going to be different for different brokers as shown above. So if someone is dealing with a breakout strategy, pivots, cam lines, or a range system its going to differ for each broker. Ive noticed several times that I might have divergence on my MIG station, but not on my Alpari, or the 34 EMA is different, or I might have a 15 min doji on one and not the other. Since Im dealing with pure price i use the Oanda charts. The reason is they are a large firm, and since they do a lot of volume I feel I get a closer picture of what is really happening with price. But now I will join FXcast. They definitely know what they do and I think they are a new generation broker. Lets give them a try.
Tough to explain, but I hope it all makes sense. |
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