My readers have known for some time that I'm not a big proponent of Metatrader, a forex trading platform that I have contended for some time was originally designed for the benefit of the forex dealer, not the trader. It's by far the most popular trading platform in the forex dealer community and for one very good reason. The plaform provides dealers the means to skew markets to their own advantage.
If there was any doubt about that, an insider has produced two videos showing exactly how the Metatrader platform can be used by dealers and brokers to trade against the unsophisticated trader. The producer of these videos has come up with another plug-in to circumvent the problem, but there is a far better solution folks. It's FxSpyder, an independently controlled, API driven platform that was introduced to the marketplace two years ago.
When traders use FxSpyder, facilitating dealers can't manipulate the market using pending take profit and stop loss orders because they don't have access to the trading platform let alone a plug-in designed to enable them to manipulate pending orders to their advantage.
FxSpyder's platform interfaces directly with the accommodating dealer's API and resides on the individual trader's computer. Stop loss and take profit orders, therefore, do not reside on the dealer's server where they can be used by dealers to leverage their trading positions.
The following videos documenting this conflict of interest have since since been taken off line. I can't say for sure just why but I suspect the individual posting them in the first place had good reason to hide. Makes one wonder why they haven't been removed altogether.
Video 1
Video 2
Once you've done that, I suggest you do two things.
1. Check out FxSpyder. It's the only trader controlled trading platform in existence and you don't need a silly "plug-in" to hide your stop loss and take profit orders. The platform was originally designed to do just that.
2. Visit Forexfactory's forum and get the moderators to reactivate the thread that originally brought the dealer plug-in issue to the attention of Metatrader users. The thread was deactivated some time ago.
Good luck.
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