Tag Archives: forex broker

Dukascopy Smiles to Programmers, Launches Visual JForex

Dukascopy Bank SA

Swiss forex broker Dukascopy Bank SA has released a unique tool for fans of automated trading – the Visual JForex, which, as its name suggests, allows programming in a more friendly, graphical way. Thanks to Visual JForex, you can now program your own automated trading strategy and use it on one of the most popular retail trading platforms out there – Dukascopy’s JForex.

If you’d like to use this tool, you may want to have look at some of the video tutorials on Dukascopy’s website first – they are pretty informative and you’ll get an idea on what to do in about 20 minutes. Of course, some programming expertise is desirable. The next step is to simply click the “Launch Visual JForex” button and then the working environment opens.

This is indeed excellent news. I have used JForex in the past but never attempted to code EAs for it as I’m not really a programmer, but now given this new visual coding capability I will definitely play around with it and see if I can build me some automated trading strategies.

Let me know what you guys think of this, or join me in a discussion at the Forex Nirvana forum.

About Dukascopy Bank SA

Dukascopy Bank is a Swiss Forex broker operating out of Geneva. It is secure and well-regulated, and offers excellent trading conditions: very tight spreads and fast ECN execution through the SWFX Swiss FX Marketplace technology.

Dukascopy Spreads Reduction

Dukascopy Bank SA

Greetings everyone. I’ve received a news update from one of my recommended brokers and I wanted to share that with you all. The broker I’m referring to is Dukascopy and no doubt some – if not most – of  you have heard about them. The news – and it’s good news – is that they’ve recently reduced their spreads.

Checkout what they say In their newsletter/news update:

Please see the recent evolution of our average EUR/USD spreads during the European trading session:

  • October 2012 – 0.57 pips
  • January 2013 – 0.51 pips
  • February 21st, 2013 – 0.46 pips

A simple calculation suggests that we have achieved a 20% decrease of the EUR/USD spread over the last four months. Our next target is to reach an average level of 0.4 pips for the EUR/USD spread.

–end quote —

Whether or not you decide to trade on their platform is up to you, but it’s good to hear that if you do you’ll get really competitive spreads.

That’s it for now folks.

Happy trading.

Alan out.

How to Find Your Broker’s Server IP

metatrader

In trading latency is important, regardless if you’re trading from your home computer of from a forex vps. Have you ever wondered how you can find out the network latency between your trading platform and your broker’s servers? Well, if you have I have the answer! All you have to do is do a quick ping test (ping command sends ICMP packets to the server and times how long it takes the server to respond), but before you can ping the server you have to know it’s IP address. But most of the times you will not know the actual IP address of your broker’s server(s). Some brokers will tell you some will not, and some will make it easy to find out and some will not. So you’re going to have to take matters into your own hands and find out the IP for yourself.

I’ll show you in this brief tutorial how you can do so.

The first thing I suggest you do is ensure that you have no other web browsing or any other internet network connections running. I’d suggest either restarting your machine and close every program that uses the internet connection, or you can just close every internet related program. Once you’ve done that run your broker’s MT4 / MT5 platform, but make sure you start ONLY that. This will ensure that later on when we search for the IP we will have more accurate results.

OK, so step:

1) Ensure that you are connected successfully to your broker’s server

2) Open up a windows “command prompt”

Click on the Start Menu and go to All Programs –> Accessories –> Command Prompt

You can also (in windows 7 and windows vista) just type in “cmd” in the search box visible once you click on the start menu.

If you’re running windows xp you can just click on the start menu, go to run, and in the run box type “cmd” and hit enter or press ok.

3) In the command prompt type the following command: “netstat -n” (make sure you leave a space after netstat and before “-n”)

4) Now you should get a listing of all the network connections currently open on your computer.The IP address of your MT4 platform should be listed underneath the “foreign address” heading. MetaTrader uses port 443 for communication so next to the IP you will see “:443”. The IP address with the “443” port listed there is the IP address of your broker’s MetaTrader server. See the example below:

Now I should qualify my previous statement about the use of port 443. Sometimes brokers WILL use other ports (for example 80, 923, 1950, etc).

Now you see why I suggested that you open only MT4 and nothing else internet related 🙂 It makes it that much more simple.

5) Now if you did not follow my advice and opened ONLY the MT4 platform and no other applications that make use of the internet connection, then there is an additional step you have to follow.

Close the MT4 platform and go back to the command prompt window and type the “netstat -n” command one more mime. Compare the result with the previous step’s result and note the IPs that are MISSING. The missing IP in this case is the one that belongs to your broker’s server. See this example:

Beware that sometimes two different brokers can have the same IP address. This most likely is due to one of the broker being what’s known as a “whitelabel” of the other one (or vice versa). This means they do not actually have their own server(s). You can think of the whitelabel broker as a sort of forex broker equivalent of a “reseller.”

I must thank the people at the ECN FX Robot website for the inspiration for the article and the images.

If you have some questions or need further clarifications on the process outlined above feel free to leave a comment on this post.

Until next time,

Happy trading.

Alan out.

MB Trading Now Accepts Credit Card Funding

mb trading logo

Hi everyone. I’ve got some news to pass on from one of the brokers that I use to trade live – MB Trading. Apparently MB Trading now accepts credit card payments as an available funding option for USD FOREX accounts. They accept Visa, MasterCard and Discover cards. So now it’s a lot more convenient to fund an account – no more wire payments!

For more details you can just visit the MB Trading homepage, but that’s pretty much all there is to it.

Hope you find it useful!

Cheers,
Alan

AAAFX Adds CFDs, Gold, Silver and Oil

aaafx

Greetings traders. I’ve got a bit of forex news to pass on. ZuluTrade’s recommended broker – AAAFx – just announced that they’re now able to offer their traders the ability to trade CFDs, gold, silver, and oil all from the same account.

Other forex brokers have offered this capability for quite a long time now so AAAFx is a bit late to the game, but let’s not forget that they’re a fairly new broker on the scene – as far as I know. It may have been better for them if they had this setup from the beginning, but I guess I’m just nitpicking here.

Anyways, if you already have a AAAFx account you can now dabble in CFDs, gold, silver, and oil – congrats! I hope you do well with these trading instruments.

Oh, and I should also mention that they’re giving a 10% deposit bonus to new clients.

Happy trading!

Cheers,

Alan

FXCM Now Listed on the NYSE

fxcm

Wow, I’m a bit surprised about this this bit of news, but I say it’s about time. Yes, FXCM is now a publicly traded company! You can buy FXCM stock on the NYSE (New York Stock Exchange). FXCM Inc. (NYSE: FXCM) publicly listed with the New York Stock Exchange in December 2010.

FXCM says that “this achievement is important to FXCM and to retail forex traders world-wide. We believe that our listing solidifies our position as an industry leader, and we believe that our firm now offers a level of transparency and credibility never before seen in the forex industry.”

Now that FXCM is a public company, you can view their  independently audited financial statements online. Statements are published monthly. VIEW FXCM FINANCIALS

If you wish to discuss with other traders about FXCM or share your opinion of this broker I suggest you checkout this forum thread:

http://www.forexnirvana.com/f11/fxcm-730/

Cheers,

Alan

AAAFX Spread Reduction

aaafx

Hey everyone. I just found out that ZuluTrade’s recommended broker – AAAFx – has announced that they’ve reduced the spread on all currency pairs. For example the spread on EUR/USD is now 1.5 pips and 0.5 pips for institutional accounts. What I find more appealing though is the lower spread on cross pairs such as GBP/JPY and EUR/JPY. As I’m sure you may know GBP/JPY is quite the beast and you can stand to make quite a lot of pips if you know what you are doing or if you find a good signal provider on ZuluTrade, so the lower spread will simply mean more pips in your pockets.

I’ve been using FXCM for my ZuluTrade account but I do plan to swtich to AAAFx soon simply becuase of the tighter integration with ZuluTrade’s platform and because fo the supposed better execution. But I do wish they would increase the leverage to 400:1.

Anyways, that does it for this post. I’ll keep you all up-to-date on how my experience with AAAFx goes once I switch over.

Best of luck to you all!

Cheers,

Alan

Proof that forex brokers cheat you

You’ve probably heard of Forex brokers ripping off their clients by using various dirty tricks. Some of the most common ones are: stop hunting, requoting, widening the spread to some ridiculous number, software disconnects, lagging/fraudulent price quotes, unfilled orders, and account banning. Yes, they will politely (sometimes not so politely) tell you to bugger off if you’re consistently profitable.

I bet you’d like to know what tools brokers use to accomplish their nefarious deeds. Well, I’ve got just the thing for you! Check out the screenshots below:

metaquotesvirtualdealer1.jpg

metaquotesvirtualdealer2.jpg

Yep, your eyes are not deceiving you. They actually have very specialized and advanced software that they use on their trading servers to make sure that YOU end up losing. In most cases the majority of these so called brokers don’t even deserve that title. Technically speaking a broker is only an agent who executes orders on behalf of clients, whereas a dealer acts as a principal and trades for his or her own account.

Someone asked on MetaQuotes forum “What is the Virtual Dealer plugin used for? Many pepople want to know.” and guess what happened:

virtualy_banned.JPG

Here is more:

dealer.PNG

deletedpost.PNG

Lovely, isn’t it? I very much doubt that only MetaTrader4 based brokers have this type of software installed on their trade server. I often hear brokers touting that they have “no dealing desk” and whatnot, but to me this is just exploiting the vagueness of language. When they say that they have no dealing desk they really mean it, BUT what they really mean is that they have no HUMAN operated dealing desk, and instead they use software dealing desk applications such as the one you see in the screenshots here.

Experienced trades already know the games dealing desk forex brokers play so this post is mainly geared towards beginning traders. Having said that my advice is this:.

1) Stick to only so called “reputable” brokers. Do your research before you open an account with any broker. It may also be helpful to ask them if they use virtual dealing desk software. Ask them to send you a written statement saying that they do not. If they refuse or do not answer then simply move on and DO NOT open an account with them.

2) DO NOT open up a large account with dealing desk brokers. I’ve come to learn that the majority of brokers have software routines that specifically flag large accounts. They will target you and incrementally erode your account balance using their dirty tricks.

3 ) If you can avoid this stay away from trading before/during/or immediately after important news releases.

4) Take money out of your brokerage account on a regular basis!

5) Learn learn and learn some more. Practice in a demo account until you are consistently profitable. When you are then I suggest you look to open an account with an ECN broker.

That about does it for this post. If you wish to discuss this topic you can either visit the Forex Nirvana forum (my own forum) or the forex factory forum thread.

Forex Nirvana Forum:

http://www.forexnirvana.com

Thread on the Forex Factory Forum:

http://www.forexfactory.com/showthread.php?p=1855072#post1855072

Happy trading everyone, and I hope you don’t end up being victimized. If you do please see me with your proof/evidence and I will gladly publish it on my blogs.