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MBT Demo and Real

Discussion in 'Beginners Bootcamp' started by MYJ, Oct 15, 2007.

  1. MYJ

    MYJ Private

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    Hi..
    I am new in Forex and currently using MBT Demo platform. I have not opened up a real account with them yet. Anybody here who can tell me if there is any difference between the demo and real platform, especially on their performance etc... :rolleyes:
     
  2. 3BlackCrows

    3BlackCrows Corporal

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    Hi MYJ,

    I use EFX which is basically the forex arm of MBT with the same platform, spreads, pricing etc...

    The Demo absolutely sucks!

    BUT the live platform is great - no outages and pretty fast executions

    Hope this helps - Happy Trading! :)
     
  3. MYJ

    MYJ Private

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    Thanks

    :) thanks 3blackcrows

    I am still doing a demo and so far the account looks good. I am strickly observing money management and only trade on signal...
     
  4. egg

    egg Recruit

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    Thank you 3BlackCrows. And do you use their chart platform? If yes, would you share it with us about its performance and what indicators provided in it? It no, what chart platform are you using right now?
    Thanks a lot.
    Cheers
     
  5. 3BlackCrows

    3BlackCrows Corporal

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    Hi Egg,

    Currently the only charting available with MBT/EFX is Intellichart (you can read more about it on their site) which is what I use, and costs $50 per month if you have a live account with them.

    All the standard indicators you would need come with the package and performance is very good though rarely price will move quite fast on the trading platform but remain the same on the charts (this happens only very rarely and is not a big issue) and takes a little time to catch up.

    Also you can save all your settings and groups so that you don't have to set everything up again when you log in again.

    There are 2 versions - Desktop which you download onto your computer and a web based version which is accessible from any computer and is $25 per month.

    If you want to use a free chart with MBT/EFX, try opening an Oanda demo account and use theirs as the price display on Oanda is pretty much identical to MBT/EFX.

    The only drawback however is the fact that charting on Oanda is very basic and there is no save function.

    EFX have dome a big revamp of their platform and are slowly rolling it out. I am currently on the list to be placed on this new platform and only live account holders will get it at first.

    The first rollout includes charting with indicators and a save feature so I will have to see what that is like before I make the switch.

    The rollout is basically in 3 stages where you get the basic charting 1st and then more complex charting along with programming abilities at the 3rd stage.

    Hope this helps - Happy Trading! :)
     
  6. Pharaoh

    Pharaoh Colonel

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    Oh good. Someone else here is also on the EFX waiting list.

    I've only paper traded thusfar, but did open and fund my first live account on EFX just in time to be on the waiting list for the new interface.


     
  7. toadybones

    toadybones Recruit

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    The most significant factor is:
    Demo a/c = you + platform
    Real a/c = you + emotions + platform
    You only really start to understand and learn when trading with your own money. It is sensible to use mini-lots at first.
     
  8. 3BlackCrows

    3BlackCrows Corporal

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    I agree completely toadybones :)

    Sometimes though beginners tend to make mistakes that have nothing to do with emotion so some sort of demo/papertrading is useful at first.

    You gotta crawl before you can walk and no use losing money at first if you dont have to :)
     
  9. egg

    egg Recruit

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    3BlackCrows,
    THANKS A LOT!
     
  10. whelms

    whelms Recruit

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    mbt demo verses live!

    i have a live account with fxcm and have not been satisfied with trading the news with them. so following our leader, felix, i have been trading a demo account with mbtrading and it sucks big time. i have trades reappear that i have closed, i have open trades that just disappear, i have stops set that never activate and the account just keeps on losing money. so i emailed them and was told that they just use the demo to work kinks out of there real platform and if i go live there will never be a problem. i dont know about you but if they cant get the demo right i am not taking a chance on a real account. i want to use the demo to practice strategy and i want to see the stops and pt's work. anyone having any similar experiences?
     
    #10 whelms, Nov 5, 2007
    Last edited: Nov 5, 2007

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