chrisbliss
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I like it too, but Im to afraid to use it
Best Thread Which Online Forex Broker Is Best?
Yea Ive been hitting 600+ profit the last 3 days. ( I'm taking risks that I shouldn't and to scared to do with real money) but still I get the ins and outs and want to start doing market openings at least. I am not really sure how much I am willing to put in. Im going to look into ninja if its that great I might get it.
How do I make sure virtual dealer is "off" lol.
How do I make sure virtual dealer is "off" lol.
chrisbliss
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you never know if the virtual dealer plugin is off,
because it ofcource only run on your brokers side,
but if your MT4 start to freeze suddenly and you get requotes
and other messages like "trade context busy"
when you are trying to exit trades,
or if your trades are executed extreamly slow,
anything over 1 sec is considered slow,
then you should seriously start to suspect he is using the plugin,
because it ofcource only run on your brokers side,
but if your MT4 start to freeze suddenly and you get requotes
and other messages like "trade context busy"
when you are trying to exit trades,
or if your trades are executed extreamly slow,
anything over 1 sec is considered slow,
then you should seriously start to suspect he is using the plugin,
Jason Rogers
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Hi chris,
FXCM uses No Dealing Desk (NDD) forex execution and therefore is not a market maker. Every trade is executed back to back with one of multiple banks or financial institutions, and FXCM is compensated by a pip mark-up added to the spread. This essentially acts as a commission. We also have a video put together which explains how NDD works:
FXCM is STP not ECN. STP to there system then they trade you position to bank. Slight miss guiding Forex clients, yes there is No Dealing Desk as its automated your trade is accepted then they trade to banks. This week I saw EUR/USD go to Zero Spread on ECN feed, when spreads narrow that far STP brokers do not pass it on to clients it just adds to brokers profits. Plus FXCM spreads are the widest on Forex.
You can get an ECN broker and tighter spreads and still be cheaper than FXCM.
In short get an ECN broker
Blaiserboy
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I have never experienced all these weird things..... I guess I did not notice.
I just look to make profits and live with whatever the problems are.
I can suggest that we learn to trade, find a broker with good customer service and go at it.
Some brokers , like FXCM try to provide a lot of extras for their clients, others provide little and have poor customer service.
My experience with Oanda has been quick execution, I have never checked to see if they are trading against me, I actually can't be bothered as I have learned to make a profit using whatever method I use.
My robots do well on Oanda metatrader, I actually have no complaints.
Problems seem to arise when we are not getting the profits that we want. and we look externally when actually we should be examining our approach to the trade entries and exits.
I just look to make profits and live with whatever the problems are.
I can suggest that we learn to trade, find a broker with good customer service and go at it.
Some brokers , like FXCM try to provide a lot of extras for their clients, others provide little and have poor customer service.
My experience with Oanda has been quick execution, I have never checked to see if they are trading against me, I actually can't be bothered as I have learned to make a profit using whatever method I use.
My robots do well on Oanda metatrader, I actually have no complaints.
Problems seem to arise when we are not getting the profits that we want. and we look externally when actually we should be examining our approach to the trade entries and exits.
chrisbliss
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Thanks, I have been looking at FXCM
but I really don't like the wide spreads,
seems extreamly expensive,
and I am not on the clear about FXCM is a MM or not,
I know they used to be one before,
and the fact that FXCM deals with microlots complicates that question further.
however, I do like the platform and all the education material.
and that they are the largest broker in the world is nice
maybe in the future.
Easy way to use all there resources is to open a LIVE account and not trade it. You then get access to all there proprietary stuff.
B
Black Swan
Agree with most if not all of that, love someone to explain how a broker, or even an SB firm, is going to (consistently) trade against me when I take a swing trade with a target of 200 pips+ and a stop circa 100..Perhaps, I'll get a bad fill of 100 pips, or I won't be able to close it for profit for a few seconds, heh, I might just leave it come back an hour later and take more profit..
The misinformation on this thread, peddled by non traders who have been threatening to trade for years, tickles me. Particularly the "I'm finally going to open an account with Dukas with a grand..Oops...bit of my margin gone there in one lot..er..where's their helpline?" The way folk hurl around bits of folklore terminology such as NDD/ECN without really understanding the terms is shocking, mind you they recommend a new SB firm who trades with MT4 dealer 'plug in' before researching how it actually works..
Fact, sound FX traders will find ways/methods to make money using any platform, from any broker.
B
Black Swan
What "wide spreads"? Roughly 2 pip for the Euro..why not open with Worldspreads if you want zero spread..go on, knock yourself out..
Seriously, how is a 2 pip spread going to affect your trading if the fills are instant, hardly and slippage, stops and limits get hit within a pip or two..? As a newbie you should be doing nothing other than swing trading FX off a 2-4hr set up..
What "wide spreads"? Roughly 2 pip for the Euro..why not open with Worldspreads if you want zero spread..go on, knock yourself out..
Seriously, how is a 2 pip spread going to affect your trading if the fills are instant, hardly and slippage, stops and limits get hit within a pip or two..? As a newbie you should be doing nothing other than swing trading FX off a 2-4hr set up..
BlackSwan. FXCM doesn't have a client services that you can call by phone and i've seen their prices myself, which are shockingly bad at certain times of the day. You can argue that, if you're swing trading it makes no difference whatsoever, but there must be times where you miss your target or entry by a tick or half a tick. The thing is, you may not think that makes a lick of difference, but my mate swing trades an automated system for a living and spreads can take huge chunks out of the profitability of his systems. I know so many clients who lose half a tick a trade on average and are just beaten by the spreads.
chrisbliss
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What "wide spreads"? Roughly 2 pip for the Euro..why not open with Worldspreads if you want zero spread..go on, knock yourself out..
Seriously, how is a 2 pip spread going to affect your trading if the fills are instant, hardly and slippage, stops and limits get hit within a pip or two..? As a newbie you should be doing nothing other than swing trading FX off a 2-4hr set up..
I don't want to downtalk FXCM but
if you think 2 pips on EUR/USD is good then you haven't seen much,
2 pips is HUGE!!! it's about the highest in the buissiness.
allmost all other brokers offer a lot better spread on EUR/USD
for example, my current broker is between 0.3 to 0.8 pip spread on the same pair.
if I loose 2 pips every trade I make opposed to 1 pip at other brokers
that will allow me to loose 50% less,
and add to that I make minimum 50+ trades every day as I am a scalper,
thats 100 pips each day, 2000 pips month!
so yes! it does affect the trades
and it's also hard to scalp when you are so much behind on every trade
You shouldn't be worrying too much about spreads until you're any good, come on, if 2 pips either way ruins you then you're probably trying to scalp fx on a 1 minute chart which is a ****'s game, if you don't like spreads then go ECN or futures so you can make the spread, and some brokers are even offering rebates too
B
Black Swan
I'll go through your nonsense bit by bit;
Firstly I've seen them all, tried most,
You are not getting 0.3 spread on the Euro and you won't as a retail punter, don't attempt tp blow smoke up my ar5e.
If you're making 50 FX trades a day then you're a gambling, newbie, know nothing prick,
You are not a scalper.
B
Black Swan
Only time the spreads spread wider is at the usual times of day..good firm fxcm..in fact they're excellent. Not sure what platform you're looking at but to describe their spreads as shockingly bad is bizarre.
Can't speak for your mate or your *clients*, but wtf would anyone care about a 1 pip difference if they're swinging FX using a 100 pip stop and 200+ targets? Want tighter spreads off fxcm? then active trader with FXCM gives 0.3 - 0.5 on the Euro, most on this thread won't have the account size to take advantage of that though..
rc450
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B
Black Swan
I'm interesed though; why WOULDN'T you trade ECN forex rather than retail, sure it's 'only' half a pip, but it still counts, why wouldn't ye?LOL, yep that always kills it for me..
