In this article I would like to explain different FIX API trader setup for different tasks.
First of all, I would like to once again highlight the most important benefits of trading through the FIX API protocol:
- Faster execution time comparing with MT4/MT5, cTrader and other trading platforms, and therefore lower negative slippage;
- Lower likelihood of broker intervention in trading (fewer manual intervention tools & plug-ins then for MT4/MT5 and more trader control options due to protocol transparency);
- Possibility to use IOC and FOK Limit orders for slippage control.
You can read our article about advantages FIX API vs MT4
All these advantages allow the trader to use his strategies more effectively, with higher profit and lower drawdown) and very often trading via FIX API is the only one opportunity to use the particular strategy with profit. We often encountered the fact that the strategy (MT4 Expert Advisor) that worked on MT4 only in the tester or only on a demo account, started working on FIX API account via FIX API Trader.
FIX API Trader works in two modes
Mode 1 - for robots (MT4 Expert Advisors) already adopted for FIX API Trader and Manual Trading
This is the best mode since it allows you to take full advantage of FIX API Trading.
Explanation: FIX API and MT4 have different type of orders, and if you want to take advantage of IOC and FOK Limit orders, you need to make some changes in your MT4 Expert Advisor code (adopt it for FIX API Trader). You can download here FIX API Trader users guide and MQL4 Code examples. On page 15 you can find all information about how to adopt your MT4 expert advisor for FIX API Trader. But if you can’t do it by yourself, we can help for reasonable extra fee.
We also provide several fully adopted forex robots for free as a bonus if you buy FIX API Trader
To setup this mode you need to install MT4 template – you will receive it after FIX API Trader purchase
Install FIX API Trader and connect it via 2 Connectors: Events and Commands connector. Set NewOrderDetecton Method =1. Fill in FIX API Credentials.
Video: How to setup FIX API Trader
We recommend to use FIX API Trader on VPS located in the same datacenter with your FIX API Broker.
Mode 2 – for robots (MT4 Expert Advisors) not adapted for FIX API Trader and for Manual Trading
If you do not have MQ4 (source code) for your expert advisor, we recommend to check with MT4 EA developer, maybe he is able to provide you with source code or maybe he will contact us and we will explain him how to adopt his MT4 EA for our FIX API Trader. But if for some reason you are not able to get source code, you can use your MT4 robot without any re-coding. But in this case your MT4 EA will send limit orders or execute SL or TP on FIX API by market orders.
To setup this mode you need to install MT4 Terminal and open demo account with fast broker located in the same datacenter with your FIX API Broker.
Install FIX API Trader and connect it via 2 Connectors: Events and Commands connector. Set NewOrderDetecton Method =0. Fill in FIX API Credentials.
If you would like to use adopted and not adopted forex robots together, you need to have 2 FIX API account and install two instances of FIX API Trader on the same VPS: 1st for adopted MT4 Robots, 2d for not adopted. You can read more how to do this
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FIX API Brokers with small initial deposit requrements: