IB for Forex?

[ilia king]

But then I couldn't say it was Automatic Trading - could I!

 

[Trader333]

ilia,

I place all my orders through TWS and I find it fine for trading but of course it is not automatic trading which very few people actually do.


Paul

 

[ilia king]

Would anyone know where I could get a lot of data of the EUR/USD for Tradestation or Metastock?

 

[roberk]

I use tradestation 20001 with IB ffed using hyperserver plugin :Excellent
Also use Wealthlab with IB feed via Medved QT: even better.

 

[juanbyte]

What is the ticker symbol for the EUR/USD on IB anyone?

 

[One Eyed Shark]

EUR

 

[juanbyte]

Thanx OES

 

[ilia king]

Does anyone recomend anything else than Ib like Oanda. Do people find the Forex datafeed in Ib reliable.

Cheers

 

[JonnyT]

IBs feed through the TWS is extremely reliable in my experience.

The futures market is a fair market that is regulated.

Forex is essesntially non regulated and manipulated as they make there own market and quotes rather like a SB company.

If you are going to trade the EUR/USD then I cannot see any reason not to do so via the futures market.

JonnyT

 

[ilia king]

Thanks Jonny - will do

 

[dolton]

"Forex is essesntially non regulated and manipulated as they make there own market and quotes rather like a SB company."


JT quotes above is bang on the mark...............thats it....Forex are bookies same as the rest of them.......



[IMHO]

 

[ilia king]

Do different brokers and banks sell EURs at different prices, because had a look at barclays and then fxcm and they had different prices, simultaneously

 

[roberk]

Do different brokers and banks sell EURs at different prices, because had a look at barclays and then fxcm and they had different prices, simultaneously

Did you understand the point byJohnny.
The forex bucket shops are their own broker - they make profits on the spread.
If you are concerned about this and instead want an honest, regulated market that brokers can't play games with, then currency futures (Globex) will suit you better.

 

[ilia king]

Oh, Ok. Its beginning to make sense, where could I get an account that allows me to trade currency futures (GLobex) does IB have a Globex account

 

[roberk]

Yes, I use IB, they are very good, but give lousy service on the phone.
The one problem with using globex is that the contract size is large: $125,000 for one. So you need to know what you are doing.
At least with forex you get $10,000 mini-contracts which is nice for beginners.
IB will expect you to have substantial income or assets before they allow you to open an account.

 

[ilia king]

Couldn't really put that much money in the account - considering one third would be invisible! That's huge - I would have to stick with forex for a mini-contract

 

[oatman]

IB require a minimum of US$2000 to open an Active Trader account.
Not that I recommend trading with the minimum.

 

[roberk]

illa,
futures trade on margin, so with about $2500 you can trade 1 contract of $125,000 (check Ib site fior the exact figures). If you have $10,000 you can trade 4 x $125,000 contracts.

Today I've been tracking Eur: in the last hour it went from 1.2074 to 1.2118 , about 40 ticks. That equates to $500/contract that you could have made (or lost). On a $10,000 account you could be up $2000, just in the last hour.
Funny how it never works that way though. :cheesy:

 

[ilia king]

Sorry for any confusion but I am not an advanced forex trader. So could someone explain to me what is Globex, how you trade in it, where can you trade it, who else trades it. And are forex futures, just futures based on forex.

Thanks for any comments.

 

[JonnyT]

Globex is an electronic futures exchange provided by CME

It trades futures such as ES (S&P500 emini), NQ (Nasdaq 100 emini) and EUR the USD/EUD future.

You can trade these products through any online Futures broker worth bothering with.

All futures are there own market so Globex basically makes deals based on supply and demand. There is a strong correlation to the underlying FX rates.

JonnyT