MT4 "Requote" vs "Off Quotes" - Variable Spread Feed

Discussion in 'Forex Brokers' started by danger66, Oct 20, 2006.

  1. I have read an explanation from one of the MT Russian guys on this, but it's easier for me to understand a Chinese dictionary than their writing.

    What's the difference between an "off quotes" and "requote" message on MT4? I know that the "requote" message asks the trader if he wants to deal at another price (quote), but I have been looking at the logs of one of our traders using a variable spread institutional feed through MT4 and I can't determine why sometimes he gets one message and sometimes another.

    Furthermore, if MT4 is a Fill or Kill system, why do these messages even come up at all? In other words, if the system price is outside of the deviation setting, why doesn't MT4 simply reject the order and leave the quote box up, rather than generate an "off quotes" message, force the trader to press "OK", then bring up the order entry box again and repeat all of this time consuming process?

    Is there a way to configure MT4 to allow manual traders to simply click and get either an instant execution or a rejection - AND then, if the trader gets a rejection, leave the order entry box up allowing the trader to continue clicking like mad until he gets executed?

    We are using an experimental multi-liquidity provider feed with a variable spread through MT4 (similar to CX). We cannot disclose anything until all our tests are done due to non-disclosure agreements.

    Can someone shed light on these things, please.

    Thank you.
  2. For someone who claims to have others "traders" working under you you sure sound like a rank amatuer.
  3. bigmrfrank, putting a variable-spread (Currenex-type) feed through MT4 has never been done before. It's uncharted territory. There are no experts on this subject out there - only amateurs.:)

    I simply fund traders. Even though I have "been around the block," you don't need a PhP to do this.
  4. I realize that and frankly I'm not sure if it is even worth the effort ... especially for MT4. My point was that you seem to have many unanswered questions for someone who already has other "traders". So what's your setup? Paying other to trade your funds on %? Running some kind of fund? Just curious. Yup, PhDs make horrible traders.

    Also, it was quite inappropriate to harshly slam a vendor for running stops when in fact, as you found out with a tiny bit of research, they had nothing to do with the bad trade you or your "trader" had. And, yes, that was a bad trade. Typical bucket stuff. Who's your current broker?

  5. BMF,

    It is worth the effort. From a trader's point of view, it is a pretty good platform. It's just that it was originally designed for brokers to rip off retail clients.

    We have access to clients from all over the world that want to invest with good forex traders. We fund these traders with our capital and with client capital and split the profits and fees.

    Can anyone address the original topic, please? Thank you so much.
  6. MT4 is a decent retail platform but certainly not the best. What it has going for it is the price, $0. There are far better charting apps that will blow MT4 away but do come with cost and learning curve. I use the mobile version for keeping track of positions when I'm away from my workstation and call in orders if I need to. What MT4 doesn't have going for it, as you stated, is the brokers/dealers that support it. Most if not all are buckets.

    Seems like an interesting business model you have there. I've considered the same but haven't followed up for several reasons such as. Mo' money = mo' problems, I'm not by nature a conservative trader but I'll do in a week or month what managed funds do in a year. Using OPM would be suited to my style only with the right clients. Also, there are so few profitable FX trader ... mostly gamblers and wannebees. What's the name of your fund? Licensed? Anyhow, I wish you much success in the endeavor.

    As far as the OT ... as far as I know the only way you can get an aggragate feed into MT4 is if you create it yourself or get it third party and license MT4. That's what I meant by "might not be worth the effort" ... especially when there are good FX feeds out there and better charting packages that will accept them.

  7. BMF,

    You are right; there are few profitable FX traders. I only look for active day traders - preferably scalpers. Not interested in position trading.

    I don't have a fund. I don't want to. It's a pain in the rear end and I don't want to drown in regulation. I fund different traders individually. It is very transparent because customers sign an LPOA and can see their account balance and positions in real time (unlike a hedge fund that is shrouded in secrecy).

    When you say that "there are good FX feeds out there and better charting packages that will accept them," what "good FX feeds" are you referring to?

    If any of my traders would like the standard Currenex console, I wouldn't be having all these problems. The only other good platform that works with Currenex is Strategy Runner, but only Man has the required server set up for it (that I'm aware of). I signed up with ODL recently, but they don't have an SR server for FX.
  8. sccz97


    hire a developer to write a fix app tailored to your traders' needs