Smart Live Markets - Spread Bet on MT4

[Smart Live Markets]

Hi.... yes the 10p a point was a must from our point of view. MT4 as good as it is can be difficult for the beginner, so one has to let people start small, and these days as everything is automated there really is no execuse not to offer it. Ten years ago when it was all phone trading with massive staff costs you could not offer it really.

With regards to your issue, that is very strange.
If I was building an EA from scratch for spread betting then I would base the stops loss on the following fact. You know the value of any spread bet... ie if you traded UK100SB right now in a pound (ie 1 lot) then the actual value of that trade(which the financing is based on) is £1 x 5705 .. so £5705. If you had done WS30SB then it would be £1 x 11025 so £11025. I would get the EA to put the SL 1% away for example. This should work, as EVERY SINGLE spread bet has a value.

Not sure if that helps or not, but there you go.

Regards

Paul, SLM

 

[gle101]

Hi.... yes the 10p a point was a must from our point of view. MT4 as good as it is can be difficult for the beginner, so one has to let people start small, and these days as everything is automated there really is no execuse not to offer it. Ten years ago when it was all phone trading with massive staff costs you could not offer it really.

With regards to your issue, that is very strange.
If I was building an EA from scratch for spread betting then I would base the stops loss on the following fact. You know the value of any spread bet... ie if you traded UK100SB right now in a pound (ie 1 lot) then the actual value of that trade(which the financing is based on) is £1 x 5705 .. so £5705. If you had done WS30SB then it would be £1 x 11025 so £11025. I would get the EA to put the SL 1% away for example. This should work, as EVERY SINGLE spread bet has a value.

Not sure if that helps or not, but there you go.

Regards

Paul, SLM

Yes you got a point there. I do not build EA's from scratch, I use existing ones. The input parameter for SL is in points. This is where one run might run into problem with a fractional point instrument. I have experimented with the input but have not as of now got it right.

 

[rjay]

My scripts work perfectly on your demo platform - it's just the position sizing, on AUDUSD & EURCAD, which goes crazy when I run them on the live platform. On the demo even these two instruments behave perfectly.

I'll contact the person you recommended, but I can't see how it's the script at fault.

 

[Smart Live Markets]

Hi
Well EURCAD is not on the demo, so I have no idea on that?
I have just checked all the settings. They are identical for the AUDUSD on the demo and Live.
Is it anything to do with the account size? I am gussing their may be more money in your demo account than the Live one which depending on your scripts may destort things possibly.
Other than that I am at a loss.
Regards
Paul, SLM

 

[rjay]

Jim has - very swiftly - replied. He said that he has a fix to deal with the "quirk" on SLM's platform relating to tick value.

So, I would have to conclude that there is indeed something about the tick value on SLM's MT4 that means scripts may not work in the same way as they would on other MT4 platforms.

 

[Smart Live Markets]

As I have been indeed saying all evening, the extra decimal currencies ...thats EURUSD, GBPUSD, USDCHF, USDJPY and EURJPY are different to the normal decimal place currencies. I told you this and suggested you speak to Jim who knows about that area.

Out of the currencies you mentioned, one was not even on the demo and the other does not fall into the extra decimal category. So Jim will not have a fix as it does not have a problem.

Anyway, I wish you the best of luck in solving your problem.

Regards
Paul, SLM

 

[Trading Gurus]

Hi rjay,

The most obvious error is the tickvalue. By definition it is the "Tick value in the deposit currency."
So 1 tick of AUDUSD = 0,00001 lot = 1 $ so something like 0.65 pounds
tick value should be 0.65 not 0,0001"

This is spread betting, not spot forex. £1/pip. Everything follows from that. Tick value should be 0.1 for 5 decimal place pairs, and 1.0 for 4 decimal place pairs.

Jim

 

[Trading Gurus]

Hi rjay,

Jim has - very swiftly - replied. He said that he has a fix to deal with the "quirk" on SLM's platform relating to tick value.

So, I would have to conclude that there is indeed something about the tick value on SLM's MT4 that means scripts may not work in the same way as they would on other MT4 platforms.

I just wanted to point out that you used the term "quirk" first, not I!

Should anyone else have this problem my suggested solution is to download the source code for our multi-currency MT4 clone of Ray the Random Robot™ which you can access on our community forum here.

Check out the "SmartFix" sections. If you don't have access to the source code for your EAs, you may unfortunately have more difficulty fixing any similar position sizing problems.

A small price to pay for the wonders of MT4 spread betting?

Jim

 

[Ross Spur]

Hi Jim
I've asked this before on T2W, but you seem like the sort of person who'd know if there's an EA that allows orders to be dragged/modified directly on MT4 charts? Ideally, it would work like NinjaTrader, so you could scale in and out, with a line showing average price.

 

[Trading Gurus]

Hi Ross,

Hi Jim
I've asked this before on T2W, but you seem like the sort of person who'd know if there's an EA that allows orders to be dragged/modified directly on MT4 charts?

Sorry but I've no idea.

I prefer my own trading to be fully automated, rather than merely "computer assisted". Personally I also prefer not to use MT4 whenever possible.

Jim

 

[Ross Spur]

Hi Ross,



Sorry but I've no idea.

I prefer my own trading to be fully automated, rather than merely "computer assisted". Personally I also prefer not to use MT4 whenever possible.

Jim

OK, Jim. I'd also prefer not to use MT4.

 

[gle101]

Hi Jim
I've asked this before on T2W, but you seem like the sort of person who'd know if there's an EA that allows orders to be dragged/modified directly on MT4 charts? Ideally, it would work like NinjaTrader, so you could scale in and out, with a line showing average price.

Ross, check out Easy_v2 EA. You can make adjustment by dragging the SL and Target lines directly on the chart. However with this EA I got some problems with getting the correct stop loss on every trade. I think one has to test it on a live account in order to see if it really works in live trading.

 

[Ross Spur]

Ross, check out Easy_v2 EA. You can make adjustment by dragging the SL and Target lines directly on the chart. However with this EA I got some problems with getting the correct stop loss on every trade. I think one has to test it on a live account in order to see if it really works in live trading.

Thanks, gle. Only trouble now is that I can't seem to make new EAs show on my MT4. They're all in the correct folder, but only the two supplied originally appear in the list. Any ideas?

 

[gle101]

Thanks, gle. Only trouble now is that I can't seem to make new EAs show on my MT4. They're all in the correct folder, but only the two supplied originally appear in the list. Any ideas?

I take it you have restarted MT4 And if you have a live account by logging in to the website and ask EA's to be enabled.

 

[Ross Spur]

I take it you have restarted MT4 And if you have a live account by logging in to the website and ask EA's to be enabled.

Fixed it -- discovered I had part of an old version of MT4 in another directory. Demo account still doesn't work, though.

 

[gle101]

Fixed it -- discovered I had part of an old version of MT4 in another directory. Demo account still doesn't work, though.

No problem on my demo account.

 

[gle101]

Fixed it -- discovered I had part of an old version of MT4 in another directory. Demo account still doesn't work, though.

Please report back if the EA is working properly, especially on the setting of the stop loss.

 

[twinj]

I spoke too soon about the slow execution problems. I just tried to execute a 20p per pip on GBPUSD. I got an instant requote. I waited a bit longer and then order took 10s of seconds so I decided to cancel and missed an opportunity. When I pressed cancel, a note appeared that said this will not cancel the order as the dealer is dealing with the order. However, the order appears to have disappeared. I do hope the order is not latent and it will not execute later on? Well over 10 minutes have passed now.

 

[Smart Live Markets]

Hi twinj
If you have a problem then please contact us directly.
How can I help you if I do not know who you are or when you have tried to deal?
Regards
Paul
SLM

 

[twinj]

Hi Paul,
Thank you for looking into the problem so quickly. I am looking forward to the next opportunity to trade and I hope the execution is as smooth as I experienced a while back.

Top customer care.