Friday, April 29, 2011

SunbirdFX - Sunbird Forex Broker Review - Sunbirdfx.com

SunbirdFX - Sunbird Forex Broker Review - Sunbirdfx.com
 
Differences between Sunbird MetaTrader 4.0 and a regular MetaTrader 4. 0

Note: When comparing Sunbird's MT4 to others it includes both our standard MT4 (No Dealing Desk Execution) and our ECN MT4 Get a free demo account


The Majority of MT4 brokers with Dealing Desk use the regular MT4 systems.

To be able to use the STP technology (with no intervention) through an ECN - to the inter-bank market - Sunbird has modified some features of the regular MT 4.0
H
ere is an overview of all the differences and modifications between the Regular MT4 and Sunbird's MT4 system:

In the regular MT4.0 you may add Stop Loss and Take Profit orders when entering an "Instant Execution" transaction.



In Sunbird's MT4.0, transactions are executed using "Market Execution" and you may only add Stop Loss and Take Profit after the transaction is executed.



In a regular MT 4.0 system you can scan servers by clicking at the bottom right hand of the screen, which you cannot do with Sunbird's MT 4.0.



In a regular MT4 , the "order execution" and the "modify existing orders" screens have the option to specify the number of pips you are willing to accept between the rate you requested and the actual rate at which you will accept the transaction, by clicking "Enable Maximum deviation from quoted price".



With Sunbird's MT4, this option is unavailable, since you will always get the transaction at the best market price.



In a regular MT4, prices are quoted in whole pips (4 digits after the decimal point for most currencies, 2 digits only for JPY pairs).





With Sunbird's MT4, prices are quoted with one tenth of a pip (5 digits after the decimal point for most currencies, 3 digits only for JPY pairs).





With Sunbird's MT4, all your future orders including Stop Loss and Take Profit are saved in the system and are submitted as MARKET orders only once the requested rate is hit.

IMPORTANT:
Regular MT4, prices are usually quoted in whole pips (4 digits after the decimal point for most currencies, 2 digits for JPY pairs) whereas in Sunbird's ECN MT 4.0 system, prices are quoted with one tenth of a pip (5 digits after the decimal point for most currencies, 3 digits for JPY pairs) and are measured in points (10 points = 1 pip)

THEREFORE PAY ATTENTION:
If you wish to place any order, such as a Stop Loss for example, within 10 pips - with Sunbird's MT4 you should place the order within 100 points.

Expert Advisor
In order to activate EA in Sunbird's MT4 you need to make several adjustments:
  • The expert should be adapted for operating with an ECN system with partial pips , 5 digits after the decimal point for most currencies, and 3 digits after the decimal point for JPY pairs
  • Further adjustments should be addressed so that EA places instant execution with a predefined stop loss and/or take profit. Those orders should be modified after the order is executed.