Currency trading (Aug 14th > 18th)

I didn't know anyone here used IB?

I know JonnyT swore by it but no-one here really mentions it... I think Oanda is the broker of choice except maybe 'martin brown'...?

Could you not get in then DC?
 
Hi guys, Im with Oanda and got filled fine. However, everyone tells me IB is the dogs proverbials. Im currently demoing the mb and hotspot platforms. Anyone here tried currenex or any other ECN's?
 
zuke said:
Hi guys, Im with Oanda and got filled fine. However, everyone tells me IB is the dogs proverbials. Im currently demoing the mb and hotspot platforms. Anyone here tried currenex or any other ECN's?
Click to expand...

I've been looking into them all and couldn't stand the hotspot platform, far too big and chunky. Currenex and other decent ECN platforms are based more at those with alot of money or wholesale.

I'll dig out the links to some others but after speaking to the likes of gammajammer and other wholesale and retail traders, the general consencus is that even these great ECNs have their problems.

What do you think of those you've tried Zuke?
 
zuke said:
Hi guys, Im with Oanda and got filled fine. However, everyone tells me IB is the dogs proverbials. Im currently demoing the mb and hotspot platforms. Anyone here tried currenex or any other ECN's?
Click to expand...

At Oanda spread widened to more than 20 pips on GBP. How was your fill?
I stayed on the sidelines for most of the move but entered on that slight retracement after the news.
Congrats wasp for sticking to your plan.
 
overall worse. With capitalspreads you know it is delayed fills, price has expired etc. My profit orders were not being triggered when it got there and even went past it.. When it reversed they would definately hit my stop! I decided to take them on one of those events when it dawned on me something was not right. It took 3months to give me my profit back! Lots more.

With capitalspreads you get your reward almost immediately basically the same day.
There is no benefit of the ECN because you cannot "in reality" buy bid unless the price gets there.

Basically it is a limit order that becomes a market order when it gets there. This is totally different from trading in stocks where I could put my order in between orders and make handsome profits.

It will be nice to see what all those who say they have ECN on forex claim to allow you to do and test it. I have had enough of dodgy brokers.


Some brokers are in a haste to take money but don't want to give it back.

Also remember that demo is not live :)
 
Do you normally find IB to be good? (fills, speed, slippage etc...)?
 
wasp said:
Do you normally find IB to be good? (fills, speed, slippage etc...)?
Click to expand...

on average yes but that is using limit orders. Market order is not a good Idea as you will get very bad fills.
 
Hmmm...

IB is coming close to be knocked of my shortlist at the moment but 20 pip slippage on Oanda doesn't sound overly tempting neither!
 
I rarely use market orders and tend to be in a position before any large moves
 
Here's my update on the OandA vs IB fills for today:

Trading 1:30 news
Buy order at 1.8935
OandA fill 35!
IB fill 40

Note that there is an advantage to using IB if you want to get out quickly as their spread was back at 2 pips very quickly whereas OandA kept their spread horrendously wide for some time.

As usual this was pure paper trading
 
anyone used OANDA and/or IB on demo and moved to live and seen a difference?
 
Priceman said:
Just in from work chaps any pips left for me today then ?!
Click to expand...

Just in from work!

This is work, quit your job, its only gonna get in your way... :cheesy:
 
wasp said:
Can you and if so, how, do you decifer a target when working from these patterns?
Click to expand...

Hi Wasp,

Once I am convinced with the pattern I initiate the longs (in this case), I usually don't time the entry at the low but with confidence in my bias I accumulate as many lots as my r/r allows. Once the pattern triggers i.e yesterday midday-ish, I plan the 1st exit, usually at the high of the pattern. As I menioned in my previous post one has to be very patient with this pattern i.e the falling wedge.
Now I move to price action and round numbers, a case of maximising profit and buying pullbacks ( the longs this morning), my target is calculated by joining the two higher highs of the previous days 14th and 15th....this gives me a target of 1.9019, I round that off to 1.9010 and then add and trail. My next target is c9070 and I use 50 pips targets from there on if she decides to trend which I do; the wedge acting as my swing/reversal level.
Similarly for usd/chf and usd/jpy, patterns off bigger time frames run the longest but require a lot of patience and apathy on the trader's part. My favourite pattern's are wedges/ triangles/h&s and reverse h&s.
 
You ain't kiddin there mate. I really am considering taking unpaid leave or a break to see if I could do this, it's going very well although only £1 a pip at mo to get confidence. Good success rate though with my all new disciplined system !!

Looks like I missed a shed load of action again ! I always try to steer clear of news though as it bites me too often on the quick reverse if I can't get in quickly enough on the move !

You guys done ok then today ?
 
smbtnt said:
Hi Wasp,

Once I am convinced with the pattern I initiate the longs (in this case), I usually don't time the entry at the low but with confidence in my bias I accumulate as many lots as my r/r allows. Once the pattern triggers i.e yesterday midday-ish, I plan the 1st exit, usually at the high of the pattern. As I menioned in my previous post one has to be very patient with this pattern i.e the falling wedge.
Now I move to price action and round numbers, a case of maximising profit and buying pullbacks ( the longs this morning), my target is calculated by joining the two higher highs of the previous days 14th and 15th....this gives me a target of 1.9019, I round that off to 1.9010 and then add and trail. My next target is c9070 and I use 50 pips targets from there on if she decides to trend which I do; the wedge acting as my swing/reversal level.
Similarly for usd/chf and usd/jpy, patterns off bigger time frames run the longest but require a lot of patience and apathy on the trader's part. My favourite pattern's are wedges/ triangles/h&s and reverse h&s.
Click to expand...


Cheers,

I can see how you say you need patience and apathy. Whenever I've looked at these setups I always manage to screw it up or need large stops as I judge them all wrong...

Intersting though how you work things from when it is confirmed, will have to look into that further later on. They appear often enough and I'm sure with knowing how to define them may make it easier, for me at least, to get in at better opportunities.
 
Priceman said:
You ain't kiddin there mate. I really am considering taking unpaid leave or a break to see if I could do this, it's going very well although only £1 a pip at mo to get confidence. Good success rate though with my all new disciplined system !!

Looks like I missed a shed load of action again ! I always try to steer clear of news though as it bites me too often on the quick reverse if I can't get in quickly enough on the move !

You guys done ok then today ?
Click to expand...

Not too bad today although made a mistake early on. Try and grab a few days (paid) leave here and there when you can, no point doing yourself out of pay if you can help it.
 
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