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Which FX bots connect to Interactive Brokers?

Discussion in 'Forex Company Comparisons' started by Lurky, Feb 2, 2011.

  1. Lurky

    Lurky Recruit

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    Hello,
    I've been trading for years but have just recently come to discover the world of Forex bots.

    My main question is: will the trading systems reviewed here interface with my current broker - Interactive Brokers?

    I've tried to research a few of them, which is difficult because the websites are all sales pitch and no detail, and they dont even reveal what brokers they support. Am I missing something? Thx
     
  2. Pharaoh

    Pharaoh Colonel

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    It looks like Interactive Brokers doesn't offer MT4. Without that, you can forget about EAs. There may be ways to automate a trading system on the platforms that IB offers, but you'll need to ask them about that.

    Pretty much, unless the robot is VERY specific, it will run only on MT4 (maybe MT5).

    Back in the good old days, an EA robot could run on ANY broker that offered MT4. Then things changed.

    Some brokers offer 4 digit pricing, some offer 5. Some EAs can handle both. Some can't.

    Some ECN brokers have issues with EAs. They may require setting the SL and TP as a trade adjustment instead of with the initial trade. Not all EAs can handle this. If the EA relies on hitting TP or SL and can't add those later, you'll be left with trades you need to cancel manually on some ECN brokers.

    Some brokers have limits on how quickly you are allowed to trade.

    Some brokers forbid certain EAs.

    Ask the EA seller to recommend several brokers. Make it plain that you are going to go directly to the broker website to open the account and won't use any sort of referral link or IB link. This means that the EA seller won't profit from getting kickbacks on your trades, so they won't have any motivation in broker recommendations other than to try to keep you as a happy customer.
     
  3. f-man

    f-man 4Xangels Representative

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    Unfortunately for you, most EA are programmed on MQL4 language, which works only on Mt4 terminals.
    These EA will not even work on MT5 terminals, (MT5 is programmed on MQL5)

    I think there are very very few that work on Java platforms (like the one of Dukascopy for example), but again the choices are very limited and very hard to find information about their performance etc.

    If you really want to work with EA, I think you have to find another broker
     

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