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help explaining Dukascopy failed fills
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Created: by kashbg Attachments:0

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help explaining Dukascopy failed fills

  #21 (permalink)
Elite Member
Zagreb Croatia
 
Futures Experience: None
Platform: EBS
Favorite Futures: e6
 
Rikers11's Avatar
 
Posts: 29 since Aug 2012
Thanks: 12 given, 16 received


kashbg View Post
Thanks for reply,
Would you mind pointing a good one, accourding to your experience or knowledge?

depends on your deposit and volume

but approximately in this order:

LMAX and asociated IBs - for pure retail (imo, very good entry for retail player, but little high on commission )
Integral FX Inside
FXAll
Hotspot FXi's ECN
ICAP/EBS Prime - for pure institutional
Reuters Dealing 3000

brokers/ prime brokers that are good and will give you a good deal on those platforms:
LCG, vcapfx.com, FCStone

you can also try marex spectron but I haven't personally tried them so the advice is to test them all by yourself and see where you get the best liquidity and fills depending on your strategy

As for EBS you can get access through Rabobank FX division for 500k (maybe it is less now, I've been told they give access now with 250k deposit); or JPMorgan (their fills are not that good imo); I didn't try Reuters ever since I don't trade their pairs they are more for GBP crosses and such (LCG uses JPM for it's prime broker/bank for interbank credit and order routing fwiw)

commission varies (depends on monthly turnover) but you can get below 10/mil no problem if you have decent vol, usually somewhere in the 15 to 20/mil range if not...

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  #22 (permalink)
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London
 
Futures Experience: Intermediate
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Favorite Futures: GBP/USD EUR/USD
 
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Thanks: 33 given, 21 received


Rikers11 View Post
depends on your deposit and volume

but approximately in this order:

LMAX and asociated IBs - for pure retail (imo, very good entry for retail player, but little high on commission )
Integral FX Inside
FXAll
Hotspot FXi's ECN
ICAP/EBS Prime - for pure institutional
Reuters Dealing 3000

brokers/ prime brokers that are good and will give you a good deal on those platforms:
LCG, vcapfx.com, FCStone

you can also try marex spectron but I haven't personally tried them so the advice is to test them all by yourself and see where you get the best liquidity and fills depending on your strategy

As for EBS you can get access through Rabobank FX division for 500k (maybe it is less now, I've been told they give access now with 250k deposit); or JPMorgan (their fills are not that good imo); I didn't try Reuters ever since I don't trade their pairs they are more for GBP crosses and such (LCG uses JPM for it's prime broker/bank for interbank credit and order routing fwiw)

commission varies (depends on monthly turnover) but you can get below 10/mil no problem if you have decent vol, usually somewhere in the 15 to 20/mil range if not...

Thanks very much for that info. I checked LMAX, it seems their bid offer spread on EUR/USD is .00001 , which is amazing, much better than Duka.
Thanks,

"The only thing to do when a man is wrong is to be right by ceasing to be wrong." - Edwin Lefevre -
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  #23 (permalink)
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kashbg View Post
Thanks very much for that info. I checked LMAX, it seems their bid offer spread on EUR/USD is .00001 , which is amazing, much better than Duka.
Thanks,

np

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  #24 (permalink)
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Futures Experience: Intermediate
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Favorite Futures: GBP/USD EUR/USD
 
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Thanks: 33 given, 21 received

Just an update.
I have just opened a live account with LMAX. My first impression is that they are faster with execution and their Bids and Offers are much tighter. At the worst times their quotes in GBP/USD are tighter at least 0.00004 on both sides, that automatically make up a tick. I am running the Dukas Platform in parallel and sometimes I see a better bid or offer by as much as a tick. Their commissions are better too and you can negotiate if you are volume trader.

Something that surprised me. I went online and filled up an account opening form, as soon as I clicked send, an email conformation came up approved. I opened the platform with their live prices even though I had no money deposited yet. The money deposit was instant since I live in UK and they are a UK based company. Overall from the beginning to the end it took 5 min and I was trading, before I even knew who would be my account manager. Not sure if it was meant to happen that way.

Anyway, so far I am really pleased with LMAX.
Some of the positive differences I was pleased with were:
1. When you have an open position and you offset by the same amount your position gets automatically closed. With Dukas you still had to go merge positions of opposite side.
2. If you offer in the market, your offer is visible to the other participants and they would not quote higher offer than yours and still keep your order as working until their bid hits your offer. This was happening all the time with Dukascopy.
3. As for stability, it is still early to make a judgment but so far, a few days, it has been pretty sharp.

"The only thing to do when a man is wrong is to be right by ceasing to be wrong." - Edwin Lefevre -

Last edited by kashbg; January 8th, 2013 at 08:59 PM.
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  #25 (permalink)
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cologne, europe
 
Futures Experience: Intermediate
Platform: jforex, ninjatrader, t4-trader
Broker/Data: dukascopy, ninjatrader/cqg
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Rikers11, could you please explain more on what you mentioned about bad fills. Is this your own experience and at what market conditions and sizes did it happen?

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  #26 (permalink)
Trading Apprentice
liverpool
 
Futures Experience: Intermediate
Platform: jForex
Favorite Futures: Cable
 
Posts: 4 since Apr 2013
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kash I am currently using dukas and placing bid/offer orders to avoid the spread. It was working fine until recently I've been seeing price trade through my bids and not get filled?

I am considering moving to LMAX myself but I really like the jForex platform for charts/news/calendar. I also like the dukas sms notification features for orders/areas of interest.

What platform are you using with LMAX and does it offer anything similar?

Regards,


kashbg View Post
Just an update.
I have just opened a live account with LMAX. My first impression is that they are faster with execution and their Bids and Offers are much tighter. At the worst times their quotes in GBP/USD are tighter at least 0.00004 on both sides, that automatically make up a tick. I am running the Dukas Platform in parallel and sometimes I see a better bid or offer by as much as a tick. Their commissions are better too and you can negotiate if you are volume trader.

Something that surprised me. I went online and filled up an account opening form, as soon as I clicked send, an email conformation came up approved. I opened the platform with their live prices even though I had no money deposited yet. The money deposit was instant since I live in UK and they are a UK based company. Overall from the beginning to the end it took 5 min and I was trading, before I even knew who would be my account manager. Not sure if it was meant to happen that way.

Anyway, so far I am really pleased with LMAX.
Some of the positive differences I was pleased with were:
1. When you have an open position and you offset by the same amount your position gets automatically closed. With Dukas you still had to go merge positions of opposite side.
2. If you offer in the market, your offer is visible to the other participants and they would not quote higher offer than yours and still keep your order as working until their bid hits your offer. This was happening all the time with Dukascopy.
3. As for stability, it is still early to make a judgment but so far, a few days, it has been pretty sharp.


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  #27 (permalink)
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Platform: LMAX
Favorite Futures: GBP/USD EUR/USD
 
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Thanks: 33 given, 21 received


TranceTrader View Post
kash I am currently using dukas and placing bid/offer orders to avoid the spread. It was working fine until recently I've been seeing price trade through my bids and not get filled?

I am considering moving to LMAX myself but I really like the jForex platform for charts/news/calendar. I also like the dukas sms notification features for orders/areas of interest.

What platform are you using with LMAX and does it offer anything similar?

Regards,

When I trade, I do not use systems, trend lines or bands or any other fancy "do the job for me toys". I only use Market Profile to interpret the most current market mood which can change several times a day. I am saying the above because I never used any of what you described Dukas sms's or signals or else.

LMAX for me is so far the best broker I have ever been with. I do not know or can explain how but often I see Bid and Offer with 0 spread. That's right they are the same price. You see your ticket flashes with a yellow star indicating the above. It often last for a few seconds, enough to take advantage if you know what you want. Speed is extremely good. With Dukas I could see sometimes the lag till I receive the conformation of the fill, but with LMAX is just a different level, pretty much depending on your mouse click.

I use the web based LMAX platform, and I can say it does the job for me perfectly. I am not sure if it has SMS signal functions or other. It does have some charting but as I said I do not use it. You can download a demo and judge for yourself. Different traders like different setups.
My main priority is speed and margin between the Bid and Offer and stability. LMAX has all of that.

"The only thing to do when a man is wrong is to be right by ceasing to be wrong." - Edwin Lefevre -
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  #28 (permalink)
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liverpool
 
Futures Experience: Intermediate
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Favorite Futures: Cable
 
Posts: 4 since Apr 2013
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I on the other hand do use "fancy do the job for me" charts so unfortunately I need them

I've just signed up to LMAX, instant account approval and immediate deposit of funds. Looking good so far.

Regards,


kashbg View Post
When I trade, I do not use systems, trend lines or bands or any other fancy "do the job for me toys". I only use Market Profile to interpret the most current market mood which can change several times a day. I am saying the above because I never used any of what you described Dukas sms's or signals or else.

LMAX for me is so far the best broker I have ever been with. I do not know or can explain how but often I see Bid and Offer with 0 spread. That's right they are the same price. You see your ticket flashes with a yellow star indicating the above. It often last for a few seconds, enough to take advantage if you know what you want. Speed is extremely good. With Dukas I could see sometimes the lag till I receive the conformation of the fill, but with LMAX is just a different level, pretty much depending on your mouse click.

I use the web based LMAX platform, and I can say it does the job for me perfectly. I am not sure if it has SMS signal functions or other. It does have some charting but as I said I do not use it. You can download a demo and judge for yourself. Different traders like different setups.
My main priority is speed and margin between the Bid and Offer and stability. LMAX has all of that.


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  #29 (permalink)
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TranceTrader View Post
I on the other hand do use "fancy do the job for me" charts so unfortunately I need them

I've just signed up to LMAX, instant account approval and immediate deposit of funds. Looking good so far.

Regards,

Hey, Good Luck with LMAX
and sorry about the "fancy do the job for me" expression. I did not mean it to come out that way. When I read it back in your post I actually got the hump with myself. I have nothing against those using bar charts or similar with their corresponding studies. I am just not a great believer in systems that promise you to make money while you are having a beer with your mates and let you know to cash in by sending out SMS.
Cheers

"The only thing to do when a man is wrong is to be right by ceasing to be wrong." - Edwin Lefevre -
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  #30 (permalink)
Trading Apprentice
liverpool
 
Futures Experience: Intermediate
Platform: jForex
Favorite Futures: Cable
 
Posts: 4 since Apr 2013
Thanks: 0 given, 0 received


I can respect that.

I don't use any systems that promise anything. Everything about my strategy is my own and is derived from experience. I monitor areas of interest on the 1H/4H charts across 20 pairs including metals so the SMS notifications for areas I don't have pending orders already in prove useful.

Out of interest did you use an IB or straight to LMAX?

Regards,


kashbg View Post
Hey, Good Luck with LMAX
and sorry about the "fancy do the job for me" expression. I did not mean it to come out that way. When I read it back in your post I actually got the hump with myself. I have nothing against those using bar charts or similar with their corresponding studies. I am just not a great believer in systems that promise you to make money while you are having a beer with your mates and let you know to cash in by sending out SMS.
Cheers


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