cpngtw
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I'm from US, new to FX although not new to stock market. Have studied FX a couple of months and tried a couple of demo accounts, including
Would like to try TradeStation but no demo available. Here is what I experienced:
MBTrading: I used MT4. ECN + low spread. However I experienced system down time around 5pm and 12am EST. Once, I had an active order and would like to close with market order, the system accepted the order but it was not executed. I closed the order window and tried to open to try again but with no success. Restart the platform didn't help. There must be some bugs on the server platform, not the client base. Only after about 1/2 days then I would be able to close the position! This makes me feel nervous with them.
Interactive Brokers: ECN. I have seen a lot of positive comments about this broker. But when I tried the demo, it's bad. Couldn't see any forex pair charts, it said "no permissions". I use chart heavily but their charts don't look good (in my opinion). I see someone recommend to use Sierra Chart with Interactive Brokers, but this does have some draw back (ie. holes for a day if not use in that day?), seems not something I really like. I tried MT4 with IB but it doesn't seem to work, although I tried it multiple times.
Forex.com: MM. Spread seems higher than MB Trading. Charts OK, not great. System looks OK to me, doesn't have everything I want. So far I'm still using it's demo to test. Heard lots of horrible things about this broker & Capital Gain. Is this true?
CFOSFX: charts look so horrible. I just say no to this broker.
CMS Forex: MM. Platform looks OK to me, haven't tested it much. VT Trader2 seems decent enough with some bells and whistles. Does anyone has good/bad experience with them?
TradeStation: they use Gain Capital for FX. I heard lots of good things about TradeStation platform, but not with Gain Capital.
Oanda: MM. Heard good and bad things about them. I applied for demo account and got response email with pass but never be able to login. Kind of discourage.
If I stick with US Brokers, I have narrow down my list to: TradeStation, Interactive Brokers, MB Trading & Oanda. So I have a few question to ask here:
1/ I like to stay with ECN, but MB Trading error (described above) kind of push this to the bottom of the list. The one ECN left from my list is Interactive Brokers. Do you have any recommendation about using this broker with MT4 or Sierra Chart, or maybe something else?
2/ Tradestation uses Gain Capital. I have heard about stop lost hunting, etc. from MM. But with TradeStation is an independent platform. does it provides some cushion with Gain Capital? I mean when I put in stop lost or profit target, does TradeStation has the option to keep it within the platform (not post it to the broker), then when the price hits the target, it would execute a market order? This may stop any stop lost hunting or the like.
3/ Oanda: couldn't try the demo. Is this worth it to compare to TradeStation/Gain Capital?
4/ If I would like to use a foreign broker (from Europe), then is there any complications with tax, fees, opening accout, transfer money back and forth, or other things?
I'd like to open a standard account with initial around 20K. My trading style is combination of mostly short term trades (intra day trades) using 30, 1 & 4 hour charts, and position trades that could span few days to weeks, depends on how the trade goes.
Thanks so much for your help.
cn.
- MB Trading
- Interactive Brokers
- Forex.com
- CFOSFX
- CMS Forex
Would like to try TradeStation but no demo available. Here is what I experienced:
MBTrading: I used MT4. ECN + low spread. However I experienced system down time around 5pm and 12am EST. Once, I had an active order and would like to close with market order, the system accepted the order but it was not executed. I closed the order window and tried to open to try again but with no success. Restart the platform didn't help. There must be some bugs on the server platform, not the client base. Only after about 1/2 days then I would be able to close the position! This makes me feel nervous with them.
Interactive Brokers: ECN. I have seen a lot of positive comments about this broker. But when I tried the demo, it's bad. Couldn't see any forex pair charts, it said "no permissions". I use chart heavily but their charts don't look good (in my opinion). I see someone recommend to use Sierra Chart with Interactive Brokers, but this does have some draw back (ie. holes for a day if not use in that day?), seems not something I really like. I tried MT4 with IB but it doesn't seem to work, although I tried it multiple times.
Forex.com: MM. Spread seems higher than MB Trading. Charts OK, not great. System looks OK to me, doesn't have everything I want. So far I'm still using it's demo to test. Heard lots of horrible things about this broker & Capital Gain. Is this true?
CFOSFX: charts look so horrible. I just say no to this broker.
CMS Forex: MM. Platform looks OK to me, haven't tested it much. VT Trader2 seems decent enough with some bells and whistles. Does anyone has good/bad experience with them?
TradeStation: they use Gain Capital for FX. I heard lots of good things about TradeStation platform, but not with Gain Capital.
Oanda: MM. Heard good and bad things about them. I applied for demo account and got response email with pass but never be able to login. Kind of discourage.
If I stick with US Brokers, I have narrow down my list to: TradeStation, Interactive Brokers, MB Trading & Oanda. So I have a few question to ask here:
1/ I like to stay with ECN, but MB Trading error (described above) kind of push this to the bottom of the list. The one ECN left from my list is Interactive Brokers. Do you have any recommendation about using this broker with MT4 or Sierra Chart, or maybe something else?
2/ Tradestation uses Gain Capital. I have heard about stop lost hunting, etc. from MM. But with TradeStation is an independent platform. does it provides some cushion with Gain Capital? I mean when I put in stop lost or profit target, does TradeStation has the option to keep it within the platform (not post it to the broker), then when the price hits the target, it would execute a market order? This may stop any stop lost hunting or the like.
3/ Oanda: couldn't try the demo. Is this worth it to compare to TradeStation/Gain Capital?
4/ If I would like to use a foreign broker (from Europe), then is there any complications with tax, fees, opening accout, transfer money back and forth, or other things?
I'd like to open a standard account with initial around 20K. My trading style is combination of mostly short term trades (intra day trades) using 30, 1 & 4 hour charts, and position trades that could span few days to weeks, depends on how the trade goes.
Thanks so much for your help.
cn.