Using JForex to monitor and verify your trades

The T3 Integration Bridge allows traders to trade in either MetaTrader 4 or JForex. But, as Shuang Wu argues, there is a case to be made to have both platforms open when you trade as a way of monitoring and verifying your trades.

When using the T3 Integration Bridge, why should you have JForex open while you are trading with MetaTrader 4? In this article, we will look at some of the different characteristics of both platforms and offer you a few tips how to use JForex to help monitor your account when using MT4.

T3 Integration Bridge connects MetaTrader 4 to your Dukascopy Bank trading account seamlessly. However it is important to keep in mind that whenever you trade with MetaTrader 4, the trade is not actually happening within MT4 but instead is on the JForex platform. So even if you use MT4 for all of your trading, we suggest that you also have the JForex platform open to monitor and verify your trades. Why? The main reason is that the MT4 and JForex platforms display trades in fundamentally different ways.

Differences between MT4 and JForex

MetaTrader 4 is an order-based platform and JForex is a position-based platform. (To learn the difference between MT4 and JForex, watch the video tutorial from our previous blog post.) But this means that whenever you open two "buy" trades on the same currency pair, MT4 will register them as two trades, while on JForex you will see one only. 

For example, if you have opened the following trades on MetaTrader 4:

BUY 1.0 lot EUR/USD 1.2950

BUY 1.0 lot EUR/USD 1.2960

The trades will appear on JForex as:

BUY 2.0 lot EUR/USD 1.2955

Furthermore, they show different trades when you hedge (that is, opening two opposite positions with the same size). On MT4, hedged trades will be shown as two orders, and on the contrary, on JForex there won’t be any trade shown, since the trades even out the position. (You can learn more from our previous newsletter on How to avoid extra commissions when hedging in MetaTrader 4.)

Keep JForex open

In an upcoming version of the T3 Integration Bridge, you will be able to log in to a web-based  live view which will give a visualization of all of your trades, position and order based. However, for now when using the T3 Integration Bridge, we suggest you have JForex open when you trade with our MetaTrader 4 platform. MetaTrader 4 is used as an analyzing tool for technical analysis or as a “forcing bed” for running your EAs. Having JForex open will help you monitor your account more efficiently and help you avoid potential mistakes because of the feature difference between two systems.

Shuang Wu is a member of the Fair Trading Technology marketing team, who is also an active member of the forex trading community.