NexusFi: Find Your Edge


Home Menu

 





Best Forex broker for news trading?


Discussion in Brokers

Updated
      Top Posters
    1. looks_one Jamicon with 5 posts (1 thanks)
    2. looks_two FXVIP with 4 posts (3 thanks)
    3. looks_3 kami with 2 posts (1 thanks)
    4. looks_4 Poocher with 2 posts (2 thanks)
      Best Posters
    1. looks_one vegasfoster with 1 thanks per post
    2. looks_two Poocher with 1 thanks per post
    3. looks_3 Beljevina with 1 thanks per post
    4. looks_4 FXVIP with 0.8 thanks per post
    1. trending_up 14,071 views
    2. thumb_up 10 thanks given
    3. group 5 followers
    1. forum 16 posts
    2. attach_file 0 attachments




 
Search this Thread

Best Forex broker for news trading?

  #1 (permalink)
Jamicon
Visby, Sweden
 
Posts: 5 since Apr 2011
Thanks Given: 6
Thanks Received: 1

Hi everyone!

I have recently started news trading, and i'm looking for the best broker out there for this. They will probably need to be ECN or STP. Preferably in the NY area for lowest possible latency (i currently rent a VPS there, so i will have 1-3 ms to most brokers on the east coast). But maybe a broker abroad will work too, i still don't know exactly how fast you need to be.
Today i use FXCM and MT4 with an EA that bypass the graphical interface, but seldom gets filled due to high slippage (i send the order within 5 ms or so after the news been released). So i don't think they are fast enough, at least not with MT4.

Is anyone doing this successfully and can help me out with one or more brokers to use? I've been looking at Dukascopy (no MT4 yet and abroad), Alpari UK (abroad, and no ECN MT4?), FXDD (abroad? ECN?).

I greatly appreciate any help since it seems extremely hard to find a really fast and reliable broker for news trading (and i can't create a live account with all of them to try them out). People are doing this with good profits so there must be a few out there!

Best regards,
/Jamicon

Reply With Quote

Can you help answer these questions
from other members on NexusFi?
ZombieSqueeze
Platforms and Indicators
NexusFi Journal Challenge - April 2024
Feedback and Announcements
My NT8 Volume Profile Split by Asian/Euro/Open
NinjaTrader
Request for MACD with option to use different MAs for fa …
NinjaTrader
 
Best Threads (Most Thanked)
in the last 7 days on NexusFi
Retail Trading As An Industry
67 thanks
Battlestations: Show us your trading desks!
48 thanks
NexusFi site changelog and issues/problem reporting
47 thanks
GFIs1 1 DAX trade per day journal
32 thanks
What percentage per day is possible? [Poll]
31 thanks

  #3 (permalink)
 vegasfoster 
las vegas
 
Experience: Intermediate
Platform: Sierra Chart
Broker: Velocity/IB
Trading: 6E
Posts: 1,145 since Feb 2010
Thanks Given: 304
Thanks Received: 844


I believe you can use MT4 with MB Trading, which I have heard good things about. I use Interactive Brokers, which I recommend for currency trading because they have deep liquidity and relatively low commissions, but no MT4 on IB. I think your results will improve with a true ECN. That said, I don't trade news, but if you are placing limit orders, then I believe you will have difficulty filling and market orders will also almost always result in good slippage regardless of the ECN.

Reply With Quote
The following user says Thank You to vegasfoster for this post:
  #4 (permalink)
 
Poocher's Avatar
 Poocher 
Los Angeles
 
Experience: Beginner
Platform: SC, MT,
Broker: Forex
Trading: Forex
Posts: 302 since Jun 2009
Thanks Given: 362
Thanks Received: 109

Jamicon,


FXDD has a Currenex platform called Powertrader that has exceptional execution. Vastly superior to MB Trading for news trading and I use both.


Contact Michael Turck:

Michael Turck
Sales and Support
Institutional Platforms

7 World Trade Center, 32nd Floor
New York, NY 10007

T: 212.791.3933
F: 212.937.3845
[email protected]
https://www.fxdd.com/

Reply With Quote
The following 2 users say Thank You to Poocher for this post:
  #5 (permalink)
Jamicon
Visby, Sweden
 
Posts: 5 since Apr 2011
Thanks Given: 6
Thanks Received: 1

Thanks for your input guys!

I will take a closer look at IB and definitely contact Michael to learn more about Powertrader.

Poocher, are you doing good with your news trading? Are you using SNW or BTN?

Reply With Quote
  #6 (permalink)
 
Poocher's Avatar
 Poocher 
Los Angeles
 
Experience: Beginner
Platform: SC, MT,
Broker: Forex
Trading: Forex
Posts: 302 since Jun 2009
Thanks Given: 362
Thanks Received: 109

I'm not really a news trader like some are.

I was just emphasizing that the FXDD Currenex spread and execution are reasonable during news and could be utilized by someone who trades news movement.

If price movement isn't really wild and I get set ups I trade news price movement using Powertrader but wouldn't using MB Trading.

Reply With Quote
  #7 (permalink)
 
kami's Avatar
 kami 
kuala lumpur, Malaysia
 
Experience: Intermediate
Platform: Python
Broker: Oanda,IB,Lmax
Trading: FOREX
Posts: 31 since Mar 2011
Thanks Given: 13
Thanks Received: 10

absolutely Dukascopy as first choice .. lowest spread ever seen even during news ..

but not mbt, fxcm ,fxdd,fxopen ...

second choice fxpro .. reasonable spread ..

Reply With Quote
  #8 (permalink)
Jamicon
Visby, Sweden
 
Posts: 5 since Apr 2011
Thanks Given: 6
Thanks Received: 1

Thanks Poocher!

Kami, thanks for your input. Have you tried all those brokers in live news trading situations yourself? Dukascopy is way over in Switzerland so the latency will be a factor, but maybe still worth it?
And you don't believe in FXDD at all?

MT4 seems useless anyway, another day without getting filled due to high spread. If it doesn't work with FXCM, the only MT4-ECN broker as far as i know, i doubt it works at all.
Or actually, i have a question here:
The ECN part just enables faster fills, but the spread still can be high, right? So no matter how fast they fill, if the spread is too high, i will never get to the point of actually making the trade? So you need both a low spread and a fast execution, have i understood it correct then?

Reply With Quote
  #9 (permalink)
 
kami's Avatar
 kami 
kuala lumpur, Malaysia
 
Experience: Intermediate
Platform: Python
Broker: Oanda,IB,Lmax
Trading: FOREX
Posts: 31 since Mar 2011
Thanks Given: 13
Thanks Received: 10


Jamicon View Post
Thanks Poocher!

Kami, thanks for your input. Have you tried all those brokers in live news trading situations yourself? Dukascopy is way over in Switzerland so the latency will be a factor, but maybe still worth it?
And you don't believe in FXDD at all?

MT4 seems useless anyway, another day without getting filled due to high spread. If it doesn't work with FXCM, the only MT4-ECN broker as far as i know, i doubt it works at all.
Or actually, i have a question here:
The ECN part just enables faster fills, but the spread still can be high, right? So no matter how fast they fill, if the spread is too high, i will never get to the point of actually making the trade? So you need both a low spread and a fast execution, have i understood it correct then?

Hi Jamicon,

i have bad experience with FXDD 3 years ago .. maybe bad luck to me ... wont put my money again with them... a lots of complaint .. so be careful ... i dont know if they have improved and paid the lawsuit pls refer here MORGAN BUSINESS TRIAL GROUP FILES CLASS ACTION LAWSUIT AGAINST FXDD - International Business Times

with dukacopy the spread is consistent and reasonable to me for any other broker .. there is no slippage (u can control it ..just download the demo to experience)

u can compare live broker spread here fxintel.com and mt4spread.com .. i used to compare broker spread some time ago with dukascopy.

dukascopy currently is the best from my opinion and i'm more than willing someone to show me if my surveyed is wrong ...

plus u will get 40% rebate from commission u pay them ...

Reply With Quote
The following user says Thank You to kami for this post:
  #10 (permalink)
 
Beljevina's Avatar
 Beljevina 
Toronto, Canada
 
Experience: Advanced
Platform: NinjaTrader, SierraCharts
Broker: Amp/CQG, IB
Trading: CL, GC, 6E, ES, RTY, EURUSD, GBPJPY, AUDUSD
Posts: 352 since Sep 2010


MT4 gets a bad rap largely because of the way brokers choose to abuse it.

I currently trade in the Citibank liquidity pool through a private/membership MT4 implementation and it is pretty much a flawless implementation. Citibank remains in the top 5 LPs. Their CitiFX-Pro retail offering should be as good, although I think they may have a 5-figure deposit starting point. Spreads do widen on news and I have been filled 5-10 pips away, but that is the 5-seconds before and after the news; after that, it's usually very precise and instantaneous fills.

Follow me on Twitter Reply With Quote





Last Updated on May 3, 2011


© 2024 NexusFi™, s.a., All Rights Reserved.
Av Ricardo J. Alfaro, Century Tower, Panama City, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada)
All information is for educational use only and is not investment advice. There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
About Us - Contact Us - Site Rules, Acceptable Use, and Terms and Conditions - Privacy Policy - Downloads - Top
no new posts