Benny Dorm
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Has anyone tried FuturesBetting? They say they have DMA but are based in Gibraltar which worries me a tad.
wasp
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http://www.trade2win.com/boards/forex-brokers/28189-t2w-guide-fx-brokers.html
If you use this thread it keeps everything in the same place and updates constantly rather than going over the same thing again and again and again......
If you use this thread it keeps everything in the same place and updates constantly rather than going over the same thing again and again and again......
I looked at the thread you recommended. But I feel I would need some input on hotspot fx. I tried their platform, which left a very good impression, with instantaneous fills, execution, and tight spreads. But as with all brokers, the problems usually appear after a while.
Gammajammer: here is one specific thing, which concern me most. I sent this email to hotspot fx, but their answer might not be true. You maybe know the answer to the question in the email/ or whether my thinking is right? :
Hi, im thinking about opening an account with hotspot fx.
However, i just want to assure if my trading style is ok.
In the website you say that you are counterparty to all trades.
And i know from some friends that hotspot takes the other side of the trade initially before hedging it with a bank or matching the order against another customer's position. When i read the paperwork it says that if Hot Spot has its own positions on the other side they don't need to hedge it at all. So there is a desk although it is not like most other non ECN broker's that don't offset your position and just trade against you directly all the time. And since the price you see is the price all other gets, i know that hotspot fx don't manipulate quotes or stop hunt.
So if I scalp, you might not have the time to take the other side(like many other brokers with dealing desks), and therefore hotspot fx maybe lose money. Though you cant manipulate quotes or stophund, i would guess that the only choice would be to kick me out if I'm trading scalping too fast?
Wasp: I will post in the sticky thread after this discussion between me and gammajammer has ended.
Hi, im thinking about opening an account with hotspot fx.
However, i just want to assure if my trading style is ok.
In the website you say that you are counterparty to all trades.
And i know from some friends that hotspot takes the other side of the trade initially before hedging it with a bank or matching the order against another customer's position. When i read the paperwork it says that if Hot Spot has its own positions on the other side they don't need to hedge it at all. So there is a desk although it is not like most other non ECN broker's that don't offset your position and just trade against you directly all the time. And since the price you see is the price all other gets, i know that hotspot fx don't manipulate quotes or stop hunt.
So if I scalp, you might not have the time to take the other side(like many other brokers with dealing desks), and therefore hotspot fx maybe lose money. Though you cant manipulate quotes or stophund, i would guess that the only choice would be to kick me out if I'm trading scalping too fast?
Wasp: I will post in the sticky thread after this discussion between me and gammajammer has ended.
mp6140
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MP -- Very little differences, except one !
while i use a european broker and an american ECN for trading, its for completely different reasons and what they can offer me.
for a while I have enjoyed EFX and use them muchly, but point out that Hotspot's entry fee is $7500 and EFX with the same spreads and speed of execution, is only $250.
with ANY ECN, you cannot hedge as you can with a MT4 "broker", but by opening TWO accounts with EFX or MB, you can do that.
so it comes down to account size in basic reality --- if you have the entry fee for Hotspot, go ahead although EFX and MB's level 2 is miles ahead of what Hotspot offers !
On the issue of "scalping", which is actually a mis-used term in this day and age, as it went the way of the "SOES Bandits" back in the late '90's, any ECN allows (and because they receive a commission on each trade) and encourages short term "flipping" and daytrading.
EFX and MB definitely DO NOT engage in any way in your trade -- its you vs the market, and thats the whole enchilada !
just my opinion
mp
while i use a european broker and an american ECN for trading, its for completely different reasons and what they can offer me.
for a while I have enjoyed EFX and use them muchly, but point out that Hotspot's entry fee is $7500 and EFX with the same spreads and speed of execution, is only $250.
with ANY ECN, you cannot hedge as you can with a MT4 "broker", but by opening TWO accounts with EFX or MB, you can do that.
so it comes down to account size in basic reality --- if you have the entry fee for Hotspot, go ahead although EFX and MB's level 2 is miles ahead of what Hotspot offers !
On the issue of "scalping", which is actually a mis-used term in this day and age, as it went the way of the "SOES Bandits" back in the late '90's, any ECN allows (and because they receive a commission on each trade) and encourages short term "flipping" and daytrading.
EFX and MB definitely DO NOT engage in any way in your trade -- its you vs the market, and thats the whole enchilada !
just my opinion
mp
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Whats the best forex broker to use in the uk ?
Also looking for someone with a very tight spread, no comission etc
)
Also looking for broker that would additionally be easy to setup with an auto trading robot.
I am thinking of starting to trade fx through a proper online broker.
So far I have only been placing rolling bets on capital spreads.
Any info appreciated
Thnx
S
x
Also looking for someone with a very tight spread, no comission etc
)Also looking for broker that would additionally be easy to setup with an auto trading robot.
I am thinking of starting to trade fx through a proper online broker.
So far I have only been placing rolling bets on capital spreads.
Any info appreciated
Thnx
S
x
At an ecn broker they charge commission... Why are you going to start to trade with a bot. they all lose on a live feed. Very few are good. Do your self a favor and just keep your money. And if you are really serious about making money in the forex: the right way, find someone to trade it for you(that is good). "They" say 95% of self traders lose; its more like 98% lose and 2% consistantly make money every month.
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mp6140
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MP -- little things you DONT know about ECN's
==========================================================================
while what you say about self traders is "almost" true, the original question was essentially, "which one is best ?"
the "almost" part is the use of the word "traders", because by the time you can actually call yourself a "trader" you will usually have enough experience and information to actually trade profitably --- the level of profit being up to you and who you are. What ACTUALLY happens is that 95 - 98% of NEWBS fall by the wayside, having blown their accounts, BEFORE they become good enough to trade competently and survive !
presently, by a "smidge", IB is to be considered "best" of the ECN's available, with the lowest commissions, BUT THE POOREST SERVICE ASSISTANCE(some call it "pathetic") and a rather unusual form of accounting and settling trades that one must get used to (3 day settlement) --- not to say they are a problem, but they differ slightly from the other ECN's (direct access brokers) as well as differ from "spread betters" by a whole lot !
I will put forward, as i have posted before, that with all the things said about spread betters, and especially considering the tax angles, free charts and trading platform, what you pay in the spread is more competitive with direct access than you can really imagine ---- i would venture to say, in the macro examination, you are actually WAY AHEAD with a spread better !
this may bring forth some conversation or not, but I would not be so quick to jump into direct access (if youre a daytrader like me, you can easily pay 3 - 400 pounds a day in commissions --- with a spread better, since the spread is built in, you never actually see or feel the charges.
AND of late, the spread is getting wider and the commissions higher on direct access, which is bringing the playing fields closer together.
another thing to remember about direct access is that it is UP TO THE OTHER TRADERS as to whether or not to close your trade at YOUR PRICE --- they can pass right by you if they down like the price or have NO SHARES to buy or sell to you at that price !
its NOT all WINE AND ROSES WITH AN ECN, and there are some very nice spread betters out there (here in the USA what you call spread betters, we call "brokers", and brokers handle the overwhelming majority of the forex market to this day ! (unfortunately for us here, we are taxed on winnings, although allowed to write off our losses against winnings, at least !)
once you know how your "broker" behaves, you simply trade around what they may throw up in your face. Ive been doing it rather well for many years, and have no problems with them at all !
i had a previous post on page one --- it describes more of the differences between sb's and ECN's.
DONT ALWAYS BE SO READY TO LEAVE THE NEST -- sometimes its warmer and more comfortable than you think !
enjoy and trade well
mp
==========================================================================
while what you say about self traders is "almost" true, the original question was essentially, "which one is best ?"
the "almost" part is the use of the word "traders", because by the time you can actually call yourself a "trader" you will usually have enough experience and information to actually trade profitably --- the level of profit being up to you and who you are. What ACTUALLY happens is that 95 - 98% of NEWBS fall by the wayside, having blown their accounts, BEFORE they become good enough to trade competently and survive !
presently, by a "smidge", IB is to be considered "best" of the ECN's available, with the lowest commissions, BUT THE POOREST SERVICE ASSISTANCE(some call it "pathetic") and a rather unusual form of accounting and settling trades that one must get used to (3 day settlement) --- not to say they are a problem, but they differ slightly from the other ECN's (direct access brokers) as well as differ from "spread betters" by a whole lot !
I will put forward, as i have posted before, that with all the things said about spread betters, and especially considering the tax angles, free charts and trading platform, what you pay in the spread is more competitive with direct access than you can really imagine ---- i would venture to say, in the macro examination, you are actually WAY AHEAD with a spread better !
this may bring forth some conversation or not, but I would not be so quick to jump into direct access (if youre a daytrader like me, you can easily pay 3 - 400 pounds a day in commissions --- with a spread better, since the spread is built in, you never actually see or feel the charges.
AND of late, the spread is getting wider and the commissions higher on direct access, which is bringing the playing fields closer together.
another thing to remember about direct access is that it is UP TO THE OTHER TRADERS as to whether or not to close your trade at YOUR PRICE --- they can pass right by you if they down like the price or have NO SHARES to buy or sell to you at that price !
its NOT all WINE AND ROSES WITH AN ECN, and there are some very nice spread betters out there (here in the USA what you call spread betters, we call "brokers", and brokers handle the overwhelming majority of the forex market to this day ! (unfortunately for us here, we are taxed on winnings, although allowed to write off our losses against winnings, at least !)
once you know how your "broker" behaves, you simply trade around what they may throw up in your face. Ive been doing it rather well for many years, and have no problems with them at all !
i had a previous post on page one --- it describes more of the differences between sb's and ECN's.
DONT ALWAYS BE SO READY TO LEAVE THE NEST -- sometimes its warmer and more comfortable than you think !
enjoy and trade well
mp
Last edited:
mp6140
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Whats the best forex broker to use in the uk ?
Also looking for someone with a very tight spread, no comission etc
the normal suspects -- MB, IB, EFX, HOTSPOT
Also looking for broker that would additionally be easy to setup with an auto trading robot.
MB definitely moving in that direction with coders to help you translate from metatrader language to "their" platform language !
I am thinking of starting to trade fx through a proper online broker.
So far I have only been placing rolling bets on capital spreads.
Any info appreciated
Bots work until they dont --- with the bots available to us "normal" folk, there are inherent limitations to what they can do --- some of the really expensive ones approach artificial intelligence (but at this point in technology, only APPROACH it !) and can "adjust" to market conditions somewhat, but most are simply moving average crossover alerts that automatically place a trade when that happens.
the biggest problem with auto trading presently is that, while moving average crossovers DO WORK, they enter late and exit late, leaving an awful lot of money on the table ---- its always a problem because if you use very fast moving averages, they tend to get "whipped" around by the market, and if to slow, theyre useless.
there are "other" types of signals from auto traders that tend to work also, but this is not the site devoted to them and i dislike them all -- so if interested in bots, go over to forex factory or "forex-TSD", both of which are mostly devoted to auto trading.
i have no attachment to either of those sites, and being a manual trader, do not even go there much anymore, but they are the biggest for auto trading ![/QUOTE]
mp
I work at a brokerage firm and see that they will lose over time.
TheRumpledOne
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I trade with EFX Group.
They are an ECN. THERE IS NO FIXED SPREAD IN FOREX. Tell them THE RUMPLED ONE sent you.
You can google and find out what I really think about "FIXED SPREAD BANDITS".
I'll leave it at that so I don't get banned.
How do I avoid the spread?
I explained this to someone yesterday in an IM.
With EFX you pay a commission rather than having a "FIXED SPREAD".
It's "apples and oranges" so don't try to compare. "THE MATRIX HAS YOU" and you need to "FREE YOUR MIND" to understand what I am about to explain.
Let's say the current bid/ask is 1.5010 x 1.5015
The current spread is 5 pips.
You want to SHORT.
You SHORT at 1.5010.
You set a TP at 1.5005.
Bid/Ask becomes 1.5005 x 1.5009 and the current spread is 4 pips.
At EFX, you will get filled if the bid is 1.5005 and someone TAKES your offer.
Bid/Ask is now 1.5004 x 1.5009 and YOU HAVE YOUR PROFIT.
Note: the ASK never reached 1.5005. THIS IS IMPORTANT!
If you entered this order at a FIXED SPREAD BANDIT, whoops I mean broker, your order is STILL OPEN!!
The bid/ask must become 1.5000 x 1.5005 and your order HITS the Ask.
DO YOU GET IT?
If not, then read this over and over and over again until the LIGHT BULB goes off!!
The day I found out about EFX is the day I opened an account there and stopped trading with FIXED SPREAD BROKERS.
The simplest thing to do is to load up a demo account at EFX Group and see it with your own eyes.
When you place your TP Bid offer at 1.5005, your bid is displayed on Level II.
The point is with EFX your offer gets hit.
With FIXED SPREAD BROKERS you have to wait to hit their offer.
Maybe this might help:
First:
1.5010 x 1.5015
and price drops...
1.5009 x 1.5014
1.5008 x 1.5013
1.5007 x 1.5013
1.5006 x 1.5012
1.5006 x 1.5011
1.5005 x 1.5011 You may get hit
1.5005 x 1.5010 You may get hit
1.5004 x 1.5009 YOU COVERED 5 PIP GROSS PROFIT
AND LET'S CONTINUE
1.5003 x 1.5008
1.5002 x 1.5007
1.5001 x 1.5006
1.5000 x 1.5005 YOUR FIXED SPREAD BROKER FILLS YOUR ORDER.
Does that make it clearer??
What about the commission cost?
The commission varies depending on the pair trading.
It is $.50 per 10k minilot on USDJPY. So if I gross 2 pips, I am making money.
From the EFX site:
Commission Rates
Fixed spreads are a way for FCMs to markup or markdown the best bid or offer. FCMs do this to hide their fee into the price of the currency pair instead of displaying their best quote. Common sense tells you that no one works for free, so when you see an FCM claim they have “no commission”, that should be a red flag. So how are they getting paid? Its simple: they are making money with the built-in markup/markdown in the spread.
Our FCM, MB Trading Futures, has nothing to hide. They offer tighter spreads with no markups/markdowns and openly display a low commission rate.
Commissions are based on total dollar amount traded: $5 per $100,000 traded.
Remember, tell EFX that THE RUMPLED ONE sent you.
They are an ECN. THERE IS NO FIXED SPREAD IN FOREX. Tell them THE RUMPLED ONE sent you.
You can google and find out what I really think about "FIXED SPREAD BANDITS".
I'll leave it at that so I don't get banned.
How do I avoid the spread?
I explained this to someone yesterday in an IM.
With EFX you pay a commission rather than having a "FIXED SPREAD".
It's "apples and oranges" so don't try to compare. "THE MATRIX HAS YOU" and you need to "FREE YOUR MIND" to understand what I am about to explain.
Let's say the current bid/ask is 1.5010 x 1.5015
The current spread is 5 pips.
You want to SHORT.
You SHORT at 1.5010.
You set a TP at 1.5005.
Bid/Ask becomes 1.5005 x 1.5009 and the current spread is 4 pips.
At EFX, you will get filled if the bid is 1.5005 and someone TAKES your offer.
Bid/Ask is now 1.5004 x 1.5009 and YOU HAVE YOUR PROFIT.
Note: the ASK never reached 1.5005. THIS IS IMPORTANT!
If you entered this order at a FIXED SPREAD BANDIT, whoops I mean broker, your order is STILL OPEN!!
The bid/ask must become 1.5000 x 1.5005 and your order HITS the Ask.
DO YOU GET IT?
If not, then read this over and over and over again until the LIGHT BULB goes off!!
The day I found out about EFX is the day I opened an account there and stopped trading with FIXED SPREAD BROKERS.
The simplest thing to do is to load up a demo account at EFX Group and see it with your own eyes.
When you place your TP Bid offer at 1.5005, your bid is displayed on Level II.
The point is with EFX your offer gets hit.
With FIXED SPREAD BROKERS you have to wait to hit their offer.
Maybe this might help:
First:
1.5010 x 1.5015
and price drops...
1.5009 x 1.5014
1.5008 x 1.5013
1.5007 x 1.5013
1.5006 x 1.5012
1.5006 x 1.5011
1.5005 x 1.5011 You may get hit
1.5005 x 1.5010 You may get hit
1.5004 x 1.5009 YOU COVERED 5 PIP GROSS PROFIT
AND LET'S CONTINUE
1.5003 x 1.5008
1.5002 x 1.5007
1.5001 x 1.5006
1.5000 x 1.5005 YOUR FIXED SPREAD BROKER FILLS YOUR ORDER.
Does that make it clearer??
What about the commission cost?
The commission varies depending on the pair trading.
It is $.50 per 10k minilot on USDJPY. So if I gross 2 pips, I am making money.
From the EFX site:
Commission Rates
Fixed spreads are a way for FCMs to markup or markdown the best bid or offer. FCMs do this to hide their fee into the price of the currency pair instead of displaying their best quote. Common sense tells you that no one works for free, so when you see an FCM claim they have “no commission”, that should be a red flag. So how are they getting paid? Its simple: they are making money with the built-in markup/markdown in the spread.
Our FCM, MB Trading Futures, has nothing to hide. They offer tighter spreads with no markups/markdowns and openly display a low commission rate.
Commissions are based on total dollar amount traded: $5 per $100,000 traded.
Remember, tell EFX that THE RUMPLED ONE sent you.
