Level 2 FX quotes HELP

[MajorDutch]

Hi

This is my first post! I am trying to find the right broker/trading platform set up. The type of trades I want to make are those that are normally opened and closed within a minute, I want to make 20 pips per day consistently. I have £5000 deposit to start with. I have taken a look at using Metatrader 4 via Alpari which seems a good option for trading FX.

My main query is that when I used to trade stock I want to see the level 2 quotes as I could see all the bids in the market. I have run the Metatrader demo via Alpari but I dont believe it has the facility to see Level 2 quotes.

Am I being stupid here? is there a system out there where we can see the level 2 quotes for FX trading. I have seen some posts on Metatrader 5 where this functionality is in place.:innocent:

All help appreciated.

 

[gamma]

What exactly do you mean by level 2 in forex?

 

[MajorDutch]

I basically meant orders which are in the system but havn't been filled. So with stocks you can see the orders in the system on the buy and sell side, presumably people are entering orders for FX.

 

[gamma]

Fx is an otc market!
You will not see buy and sell orders

 

[donaldduke]

Hi

This is my first post! I am trying to find the right broker/trading platform set up. The type of trades I want to make are those that are normally opened and closed within a minute, I want to make 20 pips per day consistently. I have £5000 deposit to start with. I have taken a look at using Metatrader 4 via Alpari which seems a good option for trading FX.

My main query is that when I used to trade stock I want to see the level 2 quotes as I could see all the bids in the market. I have run the Metatrader demo via Alpari but I dont believe it has the facility to see Level 2 quotes.

Am I being stupid here? is there a system out there where we can see the level 2 quotes for FX trading. I have seen some posts on Metatrader 5 where this functionality is in place.:innocent:

All help appreciated.

I dont trade spot fx myself but my broker, interactivebrokers.co.uk provide an FX ECN (called Idealpro) which consolidates the bid/ask quotes from a few FX market making banks. The marketdepth is typically 3 or 4 levels deep and and sometimes can be used to predict short term market moves. You can see the size displayed by each market maker but not their names as they like to remain anonymous.

 

[MajorDutch]

now thats what I am talking about. will take a look at interactive brokers. I notice the spread is very tight on the picture you attached. There is only 0.5 pips between the top bid and ask quotes. do you trade using this quote system on interactive brokers?

 

[futurevl]

Hello Sh5467,

I would advise you trade on a platform called Currenex ECN. You have the level 2 on this platform as its a true connection to the interbank. I am baiscally scalping for 2-7 pips to there at times my position is closed in less than 3 seconds. You want to get off the MT4 if you plan to be a successful scalper. All broker's MT4 platform can be manipulated regardless if they say its true ECN or not. Once you start to have a profitable streak for several months, you will notice that you will get many off quotes, and timed out. Several brokers offer the Currenex.

Here is a youtube video on the Currenex: YouTube - Currenex ECN Forex platform-latest upgrade- 9-2-09

 

[MajorDutch]

Hi Futurevl

thanks for the advice I will check it out.

Simon