I think you're right, it's an extremely competitive market and clients are getting wiser, marketmakers need to offer a good product or else clients just walk.
My connection problems seemed to disappear once I removed Oanda's charts and trinkets, I just have the bare minimum now and very rarely see anything less than a green bar. I see they're updating the platform again this weekend, I wonder what we're in for next
I had a small account with them a while back running an EA and connection and platform seemed reliable enough. I'm not sure their spreads and interest rates are all that competitive but that may not bother you. Having said all that they're an MT4 broker....
The spreads are reasonable (i.e. eurusd = 2 pips), except for news events. However, every broker widens spreads during news events. Personally, the overnight interest is pretty bad IMO, although I haven't recently compared/shopped the interest with other brokers. I guess I should be satisfied with less than desirable interest because I get excellent leverage (400:1). I know leverage is a double edged sword. However, there are many powerful tools that can be used for destructive or constructive purposes... The platform rarely goes down. There is slippage from time-to-time; however, since I'm a longer term & bigger pip trader (i.e. 100 pip sl & tp over the course of 1 - 2 days typically), the slippage doesn't bother me much. Walt
Is it a "bad thing" for a trader to use a MT4 broker? Of course the benefits include writing EAs... Walt
MT4 has always been synonymous with some questionable Russian based brokers underhand methods to separate clients from their cash, plus the negative publicity surrounding Boston Technologies Virtual Dealer Plug-In hasn't exactly helped improve MT4 brokers reputation for integrity :eek: Apart from that I've found the platform awkward to trade on, charts are great but orders are fiddly imo. On the plus side like you say there's the EA facility which is useful, and there are no end of customized indicators available around the net and plenty of people who will write one for a few bucks.
cabletrader, this business is not about trust, its about getting your facts straight. And you are simply wrong, period!!!
you dont need to be a *Citytrader* to grasp that the quality of the price feed (depth of liquidity, spread, slippage) always preceeds the ability to trade off a chart or being able to trade variable lot sizes. Sure, you seem to trade just small size and there is no issue with Oanda, but try to trade 2-5 mln USD positions and you will see what I mean. Also, I prefer a rather more conventional order entry platform that is on the other side stable and reliable than some fancy looking platform such as Oanda that miraculously fails you during some of the most important news release times, I wonder why ;-) Also, have you ever noticed that the quotes in the quote window and the chart levels are sometimes not matching? I observed several times on 15min charts that the chart is 15-20 pips behind the quoted prices. Great platform I have to say...
Again you are WRONG. Recently MT4 has also been opened up and licensed to FCM's and other brokers who use an ECN feed. Those brokers charge commission because they dont make a penny on the spread. I dont use MT4 and cannot even recommend it as I have never tried it really but I dont like half-assed research and comments, thats all....