Metatraders of Forex – Beware of What kind of Metatraders You Are Getting
There are many expert advisors (EAs) obtainable on the Forex trading market; Forex autopilot is one of them. This MQL program has an automated money pairs trading ability, it can help you to monitor the Forex market, open and close locaiongs at all times. Forex Autopilot depends on the internal stop loss function and it provides two Forex trading strategies which are used alternatively, most likely based on time frame and money market situations then. Another competitor is FAP Turbo, truly both were originated from the same development team. FAP Turbo is newer than the Forex Autopilot.
Readers should notice than though all MetaTrader four platforms are equipped with all sorts of roles, and all seem to offer nearly the same trading software to their traders, they vary a lot in their internal account settings. They usually present different swap rates, minimum lot sizes, number of spreads, etc. For the clients who plan to use “scalping” strategies, they will need to get a STP or NDD Forex MetaTrader brokers. STP stands for “straight by processing”; NDD stands for “no dealing desk”; there is another acronym ECN which stands for “electronic communication network”. These three are in a group, when Market maker brokers (MM) usually act the other way, they look for opportunities to trade against their clients. Conversely, the STP brokers interpret their client’s win as neutral, which is not related to the brokers’ loss, hence their Forex trading transactions are not counteracting. consequently NDD and STP Forex brokers will not interfere in their clients’ success in any negative way. It is important for traders to enquire early on whether their brokers are STP, NDD, ECN or something else like MM. Any vague answers would indicate they are trading against you, or they are not playing a very clear role.
At the end I want to link the two items together, that some MT4 brokers do not allow certain EAs, as the ODL Securities have a policy against automated programs, specifically FAP Turbo, in which readers have to give special attention to its compatibility with the MetaTraders they are interested in.