Smart Live Markets - Spread Bet on MT4

[stiltskin]

got a requote today and 2 delay quotes, this is after maybe 3 weeks with them and mkts were a lil bit choppy...

jus my 2 pips

Blimey, 1 requote and 2 delayed quotes out of 3 trades is not a track record is it.

 

[Trading Gurus]

Morning Francis,

Given the bucketshops (and they are no question) at this level will requote on a deal desk is it not better to build an api with someone higher up the order such as dukas and interactive or is there still value in MT4 around alpari/oanda/MB/IB/Go (and anyone else you can think of) before I throw MT4 into the bin?

How can I put this politely? From the point of view of an automated trading systems programmer MT4 is a pile of pony. I wouldn't know where to begin listing its shortcomings. As mentioned in these hallowed halls not long ago, from the point of view of the broker:

MT4 is a beast. It has many advantageous points, but also a lot of draw backs.

Unless you have a very good reason not to (such as a desire to automate your spread betting for example) I'd consign it to the scrapheap at the earliest opportunity.

Or should i be giving other platforms like ninja/tradestation a go?

because in the end if i want to be trading £100 per pip, there is no way I want requotes/slippage do I?

Smart Live (or should I say GKFX?) won't let you trade "£100 per pip", so that's a good reason to go to somewhere like Dukascopy. However if you're trading at say £10 per pip why would you want to play hardball with banks on the other side of the planet, when you could be dealing with your local friendly neighbourhood SB broker instead? Dukascopy have "rejections" instead of "requotes". They don't have fixed spreads, they have rather variable ones instead, especially if you want to trade $10 mio and up.

Personally I much prefer JForex to MT4. A proper programming language with a proper debugger for a start. However please make sure to take all the "ECN" hype that the retail FX "industry" is pushing down your throat with a very large pinch of salt.

Cheers,

Jim

 

[munchiedude]

Blimey, 1 requote and 2 delayed quotes out of 3 trades is not a track record is it.

hi stiltskin,

never said it was out of 3 trades? said it was out of 3 weeks and besides, i only joined 3 weeks ago so unfortunately not got much to go on, over time i can see but the support and ease of use has been very good. needed to email then the other day for some support and they got back to me promptly so all good so far.

 

[Trading Gurus]

Evening Francis,

Given the bucketshops (and they are no question) at this level will requote on a deal desk is it not better to build an api with someone higher up the order such as dukas and interactive or is there still value in MT4 around alpari/oanda/MB/IB/Go (and anyone else you can think of) before I throw MT4 into the bin?

Take a look at this conversation:

GuruLogger on Alpari UK

Ready to throw MT4 in the bin yet?

Cheers,

Jim

 

[francisfinley]

Evening Francis,



Take a look at this conversation:

GuruLogger on Alpari UK

Ready to throw MT4 in the bin yet?

Cheers,

Jim

if i knew what i was looking at, my brain is not working at optimum speed after only my second coffee.

im more concerned by the amount of slippage - which maybe requotes i have got just this morning.

not just forex... indices too.

i am looking at the results this morning and will publish and also send to SLM.

Jim - if you could advise what the guru logger is showing in the post?

 

[Black Swan]

Is there anyone betting at perhaps ten quid a pip who can 'defend' slm, gqfx or whatever they're now called?

 

[munchiedude]

Is there anyone betting at perhaps ten quid a pip who can 'defend' slm, gqfx or whatever they're now called?

not me, just testing with 10p/pip.

personally i do not feel i would use slm for £10/pip on the basis that they are a spread betting company and im dubious about them for larger amounts.

i would look to use hantec markets for that as they offer STP, NDD execution.

just my 2 pips

 

[tommac]

I`ll have a go at defending them to some extent. Had an account ( in profit) for 9 months. Trading mainly Indices and stocks in various sizes with no problems. Sure i`ve had some slippage and some requotes but no more than with any other platform i`ve tried ( and i`ve tried many). Only one lockout and they reinstated within 10 minutes. I don`t have one main account as I trade over several companies.
They are what they are, a spreadbet company aimed at Joe Bloggs who don`t pretend to cater for the £100 a pip guys.
Most of the time i`m guessing its £2 £5 or £10 a pop. There are not that many retail traders playing much larger despite what you read on forums. ( yeah yeah I know there are some)
Working for me so far.

 

[francisfinley]

I`ll have a go at defending them to some extent. Had an account ( in profit) for 9 months. Trading mainly Indices and stocks in various sizes with no problems. Sure i`ve had some slippage and some requotes but no more than with any other platform i`ve tried ( and i`ve tried many). Only one lockout and they reinstated within 10 minutes. I don`t have one main account as I trade over several companies.
They are what they are, a spreadbet company aimed at Joe Bloggs who don`t pretend to cater for the £100 a pip guys.
Most of the time i`m guessing its £2 £5 or £10 a pop. There are not that many retail traders playing much larger despite what you read on forums. ( yeah yeah I know there are some)
Working for me so far.

I wish someone would work out that just by charging a comission they would make money and retain custom just on that basis.

it is not a difficult equation.

 

[Trading Gurus]

Hi Francis

Jim - if you could advise what the guru logger is showing in the post?

Forgive me. I assumed that since you wrote your own logging EAs that would be self evident.

To take a single example, apparently (and appearances can of course be deceptive) a quote timed at 13:30:01 BST yesterday afternoon on Alpari UK's server eventually arrived at my logging indicator running on a UK VPS at 13:31:10.270. A mere 1 minute and 9 seconds later.

Cheers,

Jim

 

[Trading Gurus]

Hi Black Swan,

Is there anyone betting at perhaps ten quid a pip who can 'defend' slm, gqfx or whatever they're now called?

I have recently traded at Smart Live Markets at as much as fifteen quid a pip.

My defence rests.

Cheers,

Jim

 

[francisfinley]

Hi Francis



Forgive me. I assumed that since you wrote your own logging EAs that would be self evident.

To take a single example, apparently (and appearances can of course be deceptive) a quote timed at 13:30:01 BST yesterday afternoon on Alpari UK's server eventually arrived at my logging indicator running on a UK VPS at 13:31:10.270. A mere 1 minute and 9 seconds later.

Cheers,

Jim

can you/have you got a db going of various brokers of this? i will play with your indie this afternoon - until i visualise it (break it) i cant work out what it does.

 

[Trading Gurus]

Hi Francis,

can you/have you got a db going of various brokers of this?

I have a large database of such things, which I utilise in my own trading.

i will play with your indie this afternoon - until i visualise it (break it) i cant work out what it does.

Feel free. If you find something broken and you manage to fix it, please upload the improved version.

Cheers,

Jim

 

[Phoenix01]

I trade the ftse 100 with slm and am constantly getting reqouted. My reason for joining them was the fact they offered 10p per point permanently. Can anyone recommend a broker than offers the ftse 100 with a spread of 1 or less and good fast execution? I plan to trade futures soon however need more time.

Thanks

 

[shiversc]

I use SML and experience the same 'issue' if price is moving fast and trying to buy 'at market'. Placing a Stop or Limit order appears to give no problems. I don't do that often so can't be very confident. My alternative broker is Capital, in my view fast and faultless, in and out of the market. Minimum is £1 / pt. Hope that helps a little.

I trade the ftse 100 with slm and am constantly getting reqouted. My reason for joining them was the fact they offered 10p per point permanently. Can anyone recommend a broker than offers the ftse 100 with a spread of 1 or less and good fast execution?

Thanks

 

[francisfinley]

slipped through stop again today on dax.

heres what SLM say - bear in mind its not ridiculously volatile on all the queries and certainly not today.

this is just criminal.

"We do not make the price up. It is the market price fed straight from the futures exchange, adjusted by the fair value, set by the market to replicate the cash market.
So tick for tick our price moves with the market, including gaps.

Funny enough Gold and Silver has been a bit volatile with clients being slipped occasionally as well recently.

If you want to trade extremely volatile markets then I am afraid you will get slipped occasionally (benefiting on limit orders).
MT4 is a professional platform, and I am afraid it is not set up to be able to provide guaranteed stops.

If you require guaranteed stops then maybe a different platform would suit you better.

Kind regards

SLM"

"Hello

The Dax, as I am sure you are only too aware, has become very volatile in the last few days.
Indeed, yesterday the Dax had one of its biggest moves in the shortest period ever in late afternoon trading.
That is the reason for the slippage. We do not guarantee stops.
For the record limit orders would be done at a better level.

Regards

SLM"

 

[francisfinley]

slipped through stop again today on dax.

heres what SLM say - bear in mind its not ridiculously volatile on all the queries and certainly not today.

this is just criminal.

"We do not make the price up. It is the market price fed straight from the futures exchange, adjusted by the fair value, set by the market to replicate the cash market.
So tick for tick our price moves with the market, including gaps.

Funny enough Gold and Silver has been a bit volatile with clients being slipped occasionally as well recently.

If you want to trade extremely volatile markets then I am afraid you will get slipped occasionally (benefiting on limit orders).
MT4 is a professional platform, and I am afraid it is not set up to be able to provide guaranteed stops.

If you require guaranteed stops then maybe a different platform would suit you better.

Kind regards

SLM"

"Hello

The Dax, as I am sure you are only too aware, has become very volatile in the last few days.
Indeed, yesterday the Dax had one of its biggest moves in the shortest period ever in late afternoon trading.
That is the reason for the slippage. We do not guarantee stops.
For the record limit orders would be done at a better level.

Regards

SLM"

slipped 2 points on the dax @ 17:04 GMT
slipped 1 point on the dax @ 13:53 GMT

 

[francisfinley]

slipped 3 points on dax 9.09am gmt

 

[francisfinley]

slipped 1.2 pips
08.31.2011 10:03 08.31.2011 10:27 DAX30S Buy 0.10 5713.50000 - 5712.50000 5712.30000 -200.0 -0.02

 

[Trading Gurus]

Afternoon Francis,

slipped 1.2 pips
08.31.2011 10:03 08.31.2011 10:27 DAX30S Buy 0.10 5713.50000 - 5712.50000 5712.30000 -200.0 -0.02

Sh1t happens. So does slippage.

I don't suppose by any chance that you have any more detailed logs you might be able to share do you?

Cheers,

Jim