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Old 22-08-2009, 06:25 PM
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Market Partcipants(1)



Banks
The interbank market caters for both the majority of commercial turnover and large amounts of speculative trading every day. A large bank may trade billions of dollars daily. Some of this trading is undertaken on behalf of customers, but much is conducted by proprietary desks, trading for the bank's own account.

Until recently, foreign exchange brokers did large amounts of business, facilitating interbank trading and matching anonymous counterparts for small fees. Today, however, much of this business has moved on to more efficient electronic systems, such as EBS, Reuters Dealing 3000 Matching (D2), the Chicago Mercantile Exchange, Bloomberg and TradeBook(R). The broker squawk box lets traders listen in on ongoing interbank trading and is heard in most trading rooms, but turnover is noticeably smaller than just a few years ago.


Commercial companies
An important part of this market comes from the financial activities of companies seeking foreign exchange to pay for goods or services. Commercial companies often trade fairly small amounts compared to those of banks or speculators, and their trades often have little short term impact on market rates. Nevertheless, trade flows are an important factor in the long-term direction of a currency's exchange rate. Some multinational companies can have an unpredictable impact when very large positions are covered due to exposures that are not widely known by other market participants.


Central banks

National central banks play an important role in the foreign exchange markets. They try to control the money supply, inflation, and/or interest rates and often have official or unofficial target rates for their currencies. They can use their often substantial foreign exchange reserves to stabilize the market.Milton Friedman argued that the best stabilization strategy would be for central banks to buy when the exchange rate is too low, and to sell when the rate is too high — that is, to trade for a profit based on their more precise information. Nevertheless, the effectiveness of central bank "stabilizing speculation" is doubtful because central banks do not go bankrupt if they make large losses, like other traders would, and there is no convincing evidence that they do make a profit trading.

The mere expectation or rumor of central bank intervention might be enough to stabilize a currency, but aggressive intervention might be used several times each year in countries with a dirty float currency regime. Central banks do not always achieve their objectives, however. The combined resources of the market can easily overwhelm any central bank. Several scenarios of this nature were seen in the 1992-93 ERM collapse, and in more recent times in Southeast Asia.



Investment management firms
Investment management firms (who typically manage large accounts on behalf of customers such as pension funds and endowments) use the foreign exchange market to facilitate transactions in foreign securities. For example, an investment manager with an international equity portfolio will need to buy and sell foreign currencies in the spot market in order to pay for purchases of foreign equities. Since the forex transactions are secondary to the actual investment decision, they are not seen as speculative or aimed at profit-maximisation.

Some investment management firms also have more speculative specialist currency overlay operations, which manage clients' currency exposures with the aim of generating profits as well as limiting risk. Whilst the number of this type of specialist firms is quite small, many have a large value of assets under management (AUM), and hence can generate large trades.


Hedge funds
Hedge funds, such as George Soros's Quantum fund have gained a reputation for aggressive currency speculation since 1990. They control billions of dollars of equity and may borrow billions more, and thus may overwhelm intervention by central banks to support almost any currency, if the economic fundamentals are in the hedge funds' favor.


Retail forex brokers
Retail forex brokers or market makers handle a minute fraction of the total volume of the foreign exchange market. According to CNN, one retail broker estimates retail volume at $25-50 billion daily, which is about 2% of the whole market. CNN also quotes an official of the National Futures Association "Retail forex trading has increased dramatically over the past few years. Unfortunately, the amount of forex fraud has also increased dramatically."

All firms offering foreign exchange trading online are either market makers or facilitate the placing of trades with market makers.

In the retail forex industry market makers often have two separate trading desks- one that actually trades foreign exchange (which determines the firm's own net position in the market, serving as both a proprietary trading desk and a means of offsetting client trades on the interbank market) and one used for off-exchange trading with retail customers (called the "dealing desk" or "trading desk").

Many retail FX market makers claim to offset clients' trades on the interbank market (that is, with other larger market makers), e.g. after buying from the client, they sell to a bank. Nevertheless, the large majority of retail currency speculators are novices and who lose money, so that the market makers would be giving up large profits by offsetting all order flow. Offsetting does occur, and while it is difficult to know for certain to what extent, it occurs mostly for risk management and regulatory reasons (e.g. the CFTC has capital requirements derived from a percentage the notional value of outstanding trades on client accounts, and on the net position of the market maker in its own accounts).

The dealing desk operates much like the currency exchange counter at a bank. Interbank exchange rates, which are displayed at the dealing desk, are adjusted to incorporate spreads (so that the market maker will make a profit) before they are displayed to retail customers. Prices shown by the market maker do not necessarily reflect interbank market rates. Arbitrage opportunities may exist, but retail market makers are efficient at removing arbitrageurs from their systems or limiting their trades.

Most retail forex brokers do not offer their customers direct access to the interbank forex market because of the limited number of clearing banks willing to process small orders. More importantly, the dealing desk model can be far more profitable, as a large portion of retail traders' losses are directly turned into market maker profits. While the income of a marketmaker that offsets trades or a broker that facilitates transactions is limited to transaction fees (commissions), dealing desk brokers can generate income in a variety of ways because they not only control the trading process, they also control pricing which they can skew to maximize profits.

The rules of the game in trading FX are highly disadvantageous for retail speculators. Most retail speculators in FX lack trading experience and capital (account minimums at some firms are as low as 250-500 USD). Large minimum position sizes, which on most retail platforms ranges from $10,000 to $100,000, force small traders to take imprudently large positions using extremely high leverage. Professional forex traders rarely use more than 10:1 leverage, yet many retail forex firms allow client leverage of 100:1 or even 200:1, without disclosing that this is highly unusual for currency traders. This drastically increases the risk of a margin call (which, if the speculator's trade is not offset, is pure profit for the market maker).

According to the Wall Street Journal "Even people running the trading shops warn clients against trying to time the market. 'If 15% of day traders are profitable,' says Drew Niv, chief executive of FXCM, 'I'd be surprised.'

In the US, "it is unlawful to offer foreign currency futures and option contracts to retail customers unless the offeror is a regulated financial entity" according to the Commodity Futures Trading Commission. Legitimate retail brokers serving traders in the U.S. are most often registered with the CFTC as "futures commission merchants" (FCMs) and are members of the National Futures Association (NFA). Retail forex brokers are much less regulated than stock brokers and there is no protection similar to that from the Securities Investor Protection Corporation. The CFTC has noted an increase in forex scams.
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Old 22-08-2009, 06:26 PM
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Market Participants(2)


Speculators
Controversy about currency speculators and their effect on currency devaluations and national economies recurs regularly. Nevertheless, many economists (e.g. Milton Friedman) argue that speculators perform the important function of providing a market for hedgers and transferring risk from those people who don't wish to bear it, to those who do. Other economists (e.g. Joseph Stiglitz) however, may consider this argument to be based more on politics and a free market philosophy than on economics.

Large hedge funds and other well capitalized "position traders" are the main professional speculators.

Currency speculation is considered a highly suspect activity in many countries. While investment in traditional financial instruments like bonds or stocks often is considered to contribute positively to economic growth by providing capital, currency speculation does not, according to this view; it is simply gambling, that often interferes with economic policy. For example, in 1992, currency speculation forced the Central Bank of Sweden to raise interest rates for a few days to 150% per annum, and later to devalue the krona. Former Malaysian Prime Minister Mahathir Mohamad is one well known proponent of this view. He blamed the devaluation of the Malaysian ringgit in 1997 on George Soros and other speculators.

Gregory Millman reports on an opposing view, comparing speculators to "vigilantes" who simply help "enforce" international agreements and anticipate the effects of basic economic "laws" in order to profit.

In this view, countries may develop unsustainable financial bubbles or otherwise mishandle their national economies, and forex speculators only made the inevitable collapse happen sooner. A relatively quick collapse might even be preferable to continued economic mishandling. Mahathir Mohamad and other critics of speculation are viewed as trying to deflect the blame from themselves for having caused the unsustainable economic conditions.
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Old 22-08-2009, 10:07 PM
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To get the timing of forex hours and various stock markets go to http://www.forexmarkethours.com/ which provides timings in local time.
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Old 23-08-2009, 08:16 PM
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Fundamentals and Data Affecting Forex



Fundamental analysis is about looking at the intrinsic value of an investment, its application in forex entails looking at the economic conditions that affect the valuation of a nation's currency. Here are listed some of the major fundamental factors that play a role in the movement of a currency:


Economic Indicator

Economic indicators are reports released by the government or a private organization that detail a country's economic performance. Economic reports are the means by which a country's economic health is directly measured, but do remember that a great deal of factors and policies will affect a nation's economic performance.

These reports are released at scheduled times, providing the market with an indication of whether a nation's economy has improved or declined. The effects of these reports are comparable to how earnings reports, SEC filings and other releases may affect securities. In forex, as in the stock market, any deviation from the norm can cause large price and volume movements.

Economic reports, such as the unemployment numbers, are well publicized. Others, like housing stats, receive little coverage. However, each indicator serves a particular purpose, and can be useful. Here are outlined four major reports, some of which are comparable to particular fundamental indicators used by equity investors:

The Gross Domestic Product (GDP)
The GDP is considered the broadest measure of a country's economy, and it represents the total market value of all goods and services produced in a country during a given year. Since the GDP figure itself is often considered a lagging indicator, most traders focus on the two reports that are issued in the months before the final GDP figures: the advance report and the preliminary report. Significant revisions between these reports can cause considerable volatility. The GDP is somewhat analogous to the gross profit margin of a publicly traded company in that they are both measures of internal growth.

Retail Sales
The retail-sales report measures the total receipts of all retail stores in a given country. This measurement is derived from a diverse sample of retail stores throughout a nation. The report is particularly useful because it is a timely indicator of broad consumer spending patterns that is adjusted for seasonal variables. It can be used to predict the performance of more important lagging indicators, and to assess the immediate direction of an economy. Revisions to advanced reports of retail sales can cause significant volatility. The retail sales report can be compared to the sales activity of a publicly traded company.

Industrial Production
This report shows the change in the production of factories, mines and utilities within a nation. It also reports their 'capacity utilizations', the degree to which the capacity of each of these factories is being used. It is ideal for a nation to see an increase of production while being at its maximum or near maximum capacity utilization.

Traders using this indicator are usually concerned with utility production, which can be extremely volatile since the utilities industry, and in turn the trading of and demand for energy, is heavily affected by changes in weather. Significant revisions between reports can be caused by weather changes, which in turn, can cause volatility in the nation's currency.

Consumer Price Index (CPI)
The CPI is a measure of the change in the prices of consumer goods across over 200 different categories. This report, when compared to a nation's exports, can be used to see if a country is making or losing money on its products and services. Be careful, however, to monitor the exports - it is a focus that is popular with many traders because the prices of exports often change relative to a currency's strength or weakness.


Some of the other major indicators include the purchasing managers index (PMI), producer price index (PPI), durable goods report, employment cost index (ECI), and housing starts. And don't forget the many privately issued reports, the most famous of which is the Michigan Consumer Confidence Survey. All of these provide a valuable resource to traders, if used properly.



So, How Are These Used?

Since economic indicators gauge a country's economic state, changes in the conditions reported will therefore directly affect the price and volume of a country's currency. It is important to keep in mind, however, that the indicators discussed above are not the only things that affect a currency's price. There are third-party reports, technical factors, and many other things that also can drastically affect a currency's valuation. Here are a few useful tips that may help you when conducting fundamental analysis in the foreign exchange market:
• Keep an economic calendar on hand that lists the indicators and when they are due to be released. Also, keep an eye on the future; often markets will move in anticipation of a certain indicator or report due to be released at a later time.
• Be informed about the economic indicators that are capturing most of the market's attention at any given time. Such indicators are catalysts for the largest price and volume movements. For example, when the U.S. dollar is weak, inflation is often one of the most watched indicators.
• Know the market expectations for the data, and then pay attention to whether or not the expectations are met. That is far more important than the data itself. Occasionally, there is a drastic difference between the expectations and actual results and, if there is, be aware of the possible justifications for this difference.
• Don't react too quickly to the news. Oftentimes, numbers are released and then revised, and things can change quickly. Pay attention to these revisions, as they may be a useful tool for seeing the trends and reacting more accurately to future reports.


There are many economic indicators, and even more private reports that can be used to evaluate the fundamentals of forex. It's important to take the time to not only look at the numbers, but also understand what they mean and how they affect a nation's economy. When properly used, these indicators can be an invaluable resource for any currency trader.
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Old 24-08-2009, 07:44 PM
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What units are traded?


I would like to quote a post from Columbus here before I put anything more from my part.

Originally Posted by columbus View Post
Which currencies are traded?

* EUR/USD (euro/dollar)
* USD/JPY (dollar/Japanese yen)
* GBP/USD (British pound/dollar)
* USD/CHF (dollar/Swiss franc)

and the three commodity pairs:

* AUD/USD (Australian dollar/dollar)
* USD/CAD (dollar/Canadian dollar)
* NZD/USD (New Zealand dollar/dollar)

Although some retail dealers trade exotic currencies such as the Thai baht or the Czech koruna, the majority trade the seven most liquid currency pairs in the world, which are the four majors:

These currency pairs, along with their various combinations (such as EUR/JPY, GBP/JPY and EUR/GBP) account for than 95% of all speculative trading in FX. Given the small number of trading instruments - only 18 pairs and crosses are actively traded - the FX market is far more concentrated than the stock market.


Apart from the 4 majors(EU,GU,UC,UJ) and 3 minors ( UCAD,AU,NU) there are a host of other basic currencies that are traded in the FX market. As already mentioned Thai Baht, Czech Krouna, Singapore Dollar,Hong Kong Dollar, Russian Rubble, Danish Krouna,Polish Zloty,Arab Dirham are some of the other currencies traded.
But for speculative purposes, we limit our focus only to pairs having Euro,GBP(or cable), CHF(or swisee), JPY,CAD,AUD,NZD and a combination of thereof. More than 98% of volume takes place in these currencies.

Combinations like EURJPY,GBPJPY,EURAUD,CADJPY,EURGBP,EURCHF etc are all called Exotic pairs or derived pairs.

Whenever we take position in one pair, we are neccessarily taking a position on both the currencies constituting the pair.

For eg: If we go Short EUR/USD, that means we are selling EUR or buying USD. One's gain will be other's loss and depending on what side are we, we will gain or loose.
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Old 24-08-2009, 09:14 PM
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BROKERS:The great debate: ECN vs Market Makers



This topic is discussed constantly by traders, journeyman and newcomers alike. And to take one side we have to get to the truth, examine the differences and define our needs. This writings purpose is to bring what I have learned together in a manner that will save many from hours of searching, reading, trial and error.

The Stage

Broker complaints and debates have gone on since they have existed. But lately, this topic has been hotter than ever. Why? Because, things are changing. And, when you change things people get upset. Hey, my spreads never widened before or what the heck! I never got slipped like that! So, why is all of this happening now?

Retail trading strategies around news have been changing. The little guys are getting in on the data game. It is not hard to see the tremendous profit potential possible on many of these economic reports. Some retail traders are getting news services, some are joining data release signal clubs and a large number are just straddling their favorite pair before the release.

The market makers dilemma

So, how does this change anything and why would ECN style brokers be any better? Well, the answer lies in the market makers liquidity providers and their relationship with the global interbank market. This is not so easily defined because these relation ships can come in many forms. But, this explanation will apply to most retail brokers.

As most of you know, retail brokers are the counter party to all of your transactions. When trading on the exchanges, Joe sells and another member Mary buys and the exchange broker merely gets a commission for facilitating the deal. At BigretailFX when Joe buys BigretailFX is selling and when Joe sells BigretailFX is buying. BigretailFX may take Joe’s position and cover it with their liquidity provider, they may put it into a pool and then take a position with their liquidity provider that equals their total position or they may just hold it in house knowing that Joe is probably going to lose anyway. In any case, there is a step or most often two between Joe and the community of banks, hedge funds or other brokers that would have the other end of Joe’s position in an ECN type environment.

These 1 or 2 steps are where the problems start for Joe’s market maker broker during high volatility trading such as economic releases. You see Joe’s broker may have promised him “fixed spreads”, “guaranteed fills”, and/or “zero slippage”. Or, they just may not have slipped him or widened his spreads in the past because it always worked out in their liquidity pools and they want to keep Joe happy.

Then, suddenly, the world changes. More and more of BigretailFX’s customers start trading the news. And, at the same time they are start having incredible success because the market reactions have been very predictable and they have been educated on strategy. Now BigretailFX is in trouble, their business model is not working and they are loosing money like crazy during economic releases. Why? It is those darn 1 or 2 steps between Joe and the greater market. The fact is, good old BigretailFX is selling Joe and hundreds of their clients Euros when no one else in the Forex community would. And, you guessed it, no one will sell them to BigretailFX so they can cover either.

So what does BigretailFX do? If you are a Forex trader, you know the answer oh so well. They widen their spreads, introduce slippage or just shut down during economic releases altogether.

Suspicion and the want for something better

When a trader clicks on buy or sell, he has an expectation of what he thinks will happen. When he ends up in a lesser position than he expected he thinks “What the ….? They screwed me!!!” We have each been there a time or twenty. This very experience starts the thought and from there on forward you are looking out for being “screwed”. So what now? You have decided that your broker is no good. You talk to your fellow traders and they say “I’m getting screwed too”. So, you all start searching. And everywhere you look it seems to be the same old thing. Why? Because everywhere you looked it was pretty much the same old business model.

Are ECNs our savior?

Then one day a new player shows up with promises of a better deal. We have all heard the new sales pitch. “Spreads as low as 1 pip”,“No dealing desk”, “We never take positions against you”, “Straight through processing” and even “True interbank access”. Wow, woohoo this is just what we were waiting for! We quickly open a demo account and see the spreads. Man oh man, we are impressed! “Look at that! One pip on the pound!” But as we begin to try it out suddenly it is not exactly what we had assumed it would be.
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Old 24-08-2009, 09:16 PM
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The debate continues



The ECN experience

Let’s face it. We all create our expectations based on what we know. And, the fact is, most of us did not really know what to expect out there in the “real” market. So we thought the ECN style brokers will be just like the good ol’ days only days but with tighter spreads and no lousy, cheating dealing desk. This is where we come to terms with those ever present expectations.

The first thing you find out when you open your ECN style account it that there is still slippage. But why? If there is no dealing desk to cheat us, why is there slippage? The reality is, in a true ECN environment,
slippage is a misnomer. Nobody is slipping you. Your ECN style broker is merely providing you what you asked for. You ask for a market order to go long on the euro and that’s what you got. The problem is many of us had no clue what a real market place is about. We thought we could buy the euro at the price on the screen like a tomato with a price tag. Why do we think this? Because, BigretailFX and his competitors trained us to think this way. Retail brokers have spoon fed retail traders simplicity. Some wanted to make it as easy as possible for traders. Others used this trader ignorance of the real market and market prices to steal some additional profits. In a sense, they set themselves up for all of the dissatisfaction and suspicion to come.

You see in real interbank networks, a market order is just that, a request for a euro at the market price. And the market price is not static. It is moving all of the time. Sometimes it is moving very fast. In those conditions, you may request a euro at 1.2750 but in the time it takes for you to push the button, route the order and match a buyer the price could be 1.2752 or in a really volatile market as during economic releases, the next seller might not be available until 1.2780. How many stupid people do you think are out there that want to sell a euro after the Federal Reserve just released a U. S. dollar negative statement? This is the reality of the real market. Sometimes there just isn’t a buyer at the price you want. Because we have been lied to, and some of us flat out cheated in the past, we immediately go into combat mode. “I can’t believe it! These guys are just as bad as the lousy market making broker I just got rid of!”. Well, no, probably not. They are just giving us what we asked for. Unfortunately for us, we didn’t really know what we were asking for.

After a few days with your new ECN style platform you observe your first economic report. And the good news is that you don’t get the ridiculous 20,30 or even 50 pip fixed spread that popped up prior to the data on your BigretailFX platform. But the spreads do widen a few pips and the spread starts dancing like crazy, especially on the pound. The spreads widen, narrow and even invert in a frenzy. And for a few seconds before the release it just looks scary. Banks are pulling order and last minute speculators are taking positions. It looks dangerous because it is. Welcome to the cold cruel world of the real interbank networks. There are no guaranteed stop losses here. Just buyers and sellers and whatever the market will bear.

Commissions are the next consideration. Unlike BigretailFX, the brokers profit is not hidden in the difference between your price and the brokers liquidity providers price. The Bid and Ask you see on the screen is representative of the prices offered in your ECN’s network. So in order for your ECN style broker to profit, they charge you a transaction fee or commission. While the commissions can vary, most retail ECN style brokers commissions average the equivalent of 1 to 2 pips per round turn depending on the currency pair. Just a little math will tell you that in order for your ECN style brokers spreads to be better that your old retail market maker, your ECN style broker must be showing a spread of 1or 2 pips or less. And this may or may not be the case when it is time for you to take a position. So are ECN style broker net spreads really better than your old market maker broker? Sometimes yes, sometimes no.

So why all the praise for the ECNs?

In a word, transparency. Or at least the promise of transparency. While some are initially attracted by the spreads, the big draw for ECNs is to see the real market. If we can see the real market, then no one can lie to us or cheat us. And for many, we just want a fair shake. But the thing that must be said here is that, we may have revealed, your old broker may not have been so bad after all. More specifically, your old broker may not have been out to cheat you. BigretailFX is just built on a business model put them in a position that inspires distrust. Throw in the fact that there have been notable amounts of skullduggery by retail brokers over the years and you have a Forex market begging for transparency. Are ECNs style brokers truly transparent? Not really. Unless you have central clearing where everyone, including the retail trader, has access to the feeds then it is not truly transparent. But they are a good step in the right direction.

Run straight to your nearest ECN? Not so fast.

As we discovered, your old market maker broker may not be obsolete just yet. In fact, many of them have features that are an advantage or just down right prudent for new or small account traders. Some market maker brokers guarantee no negative balances. Which means you can never lose more money than you have in your account. This is a huge plus and a very smart safety feature. Also, you won’t find any ECN style brokers that guarantee stop losses. These features alone can make them the only choice for many. Many market maker brokers also have leverage up to 400 to 1. This may be attractive to some and makes those stop loss and no negative balance guarantees all the more important. Let’s face it, if you need 400 to 1 you had better have no negative balance protection! Last but not least is the advantage of fixed spreads. If you trade at odd times like early in the Asian market timeslot, fixed spreads can be better than the interbank, especially on the pound.

So, is the grass greener with ECN style brokers?

The answer is up to you. We now have a much better idea of each broker’s structure and advantages. In general, I will state that experienced, active Forex traders will probably be happier with and ECN style broker. While a new trader, in need of simplicity and financial safety will likely be better off with a quality market making broker that has these safety features. After all I have learned, for now, I will have one of each.
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Old 03-09-2009, 01:51 PM
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FX Trading Resources: Free MT4


Online trading platform: MetaTrader 4

MetaTrader 4 – broker services on Forex, CFD and Futures via Internet MetaTrader 4 is an online trading platform designed for financial institutions dealing with Forex, CFD, and Futures markets. The platform includes all necessary components for brokerage services via internet including the back office and dealing desk. Currently, over 250 brokerage companies and banks worldwide have chosen our solution to meet their high standards of business performance.


Advantages

MetaTrader 4 is the best solution for broker companies, banks, financial companies, and dealing centers. The main advantages of the system are:
  • Coverage of financial markets
The trading platform MetaTrader 4 covers all brokerage and trading activities at Forex, Futures and CFD markets.
  • Multicurrency basis
The system is designed on a multicurrency basis. It means that any currency can serve as a general currency used in the operation of the whole complex in any country and with any national currency.
  • Economy and productivity
Implemented data transfer and processing protocols are notable for their economy. It makes it possible to support several thousands of traders through a single server with the following configuration: Pentium 4 2 GHz, 512 DDR RAM, 80 GB HDD. New protocols reduce both the demands on datalink and their operational cost.
  • Reliability
In the case of damage to the historical data, the complex has backup and restoration systems. Also, the implemented synchronization allows to restore damaged historical databases within several minutes with the help of another MetaTrader 4 server.
  • Safety
To provide safety, all the information exchanged between parts of the complex is encripted by 128-bit keys. Such solution guarantees safekeeping of information transferred and leaves no chance for a third person to use it. A built-in DDoS-attacks guard system raises the stability of operation of the server and the system as a whole.
A new scheme of system working operation was created especially for DDoS-attacks resistance. With its help, you can hide the real IP-address of the server behind a number of access points (Data Centers). Data Centers also have a built-in DoS-attacks protection system; they can recognize and block such attacks. During distributed attacks at the system, only Data Centers are attacked; MetaTrader 4 Server continues its operation in regular mode. Thus, Data Centers increase the system’s stability to DoS and DDoS attacks.

The implemented mechanisms of rights sharing make it possible to organize the security system with more effectiveness and to reduce the probability of ill-intentioned actions of company staff.
  • Multilingual support
MetaTrader 4 supports different languages, and a MultiLanguage Pack program is included into distributive packages. It provides translation of all program interfaces into any language. With the help of MultiLanguage Pack you can easily create any language and integrate it into the program. This feature of the system will bring MetaTrader 4 nearer to end-users in any country of the world.
  • Application Program Interfaces
MetaTrader 4 Server API makes it possible to customize the work of platform to meet your requirements. API can solve a wide range of problems:
creating additional analyzers for finding a trend of monthly increase of traders;
creating applications of integration into other systems;
extending the functionality of the server;
implementing its own system work control mechanisms;
and do much more.



Download Resources

You can download a free MT4 from any of the following links after registering for a free demo account.

Fxpro : This one is my favorite

FxCentral : They provide indian markets futures,scrips along with commodities too. For more details refer here

IBFX: One of the largest ECNs around

Alpari,UK: They have opened a shop in Mumbai now.

FXDD

FXCM

The list is practically endless and I have listed only few of the best ones here.
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Old 06-09-2009, 06:23 PM
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I just figured out how to get more pairs that what are available in market watch.

Earlier I had mentioned that I got only 12pairs in Alpari but now what I did was right click in market watch and there are something called forex sets or just select show all. If some pairs are hidden then they will show up. So right now I have 29pairs in all + gold and silver. Does any broker provide crude as well in demo?
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Originally Posted by lazytrader View Post
I just figured out how to get more pairs that what are available in market watch.

Earlier I had mentioned that I got only 12pairs in Alpari but now what I did was right click in market watch and there are something called forex sets or just select show all. If some pairs are hidden then they will show up. So right now I have 29pairs in all + gold and silver. Does any broker provide crude as well in demo?

Perhaps you never tried this.
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File Type: jpg alpari_uk.jpg (44.6 KB, 44 views)
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