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Any experience with LMAX for FOREX trading?
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Any experience with LMAX for FOREX trading?

  #21 (permalink)
 Vendor: tradingcode.net 
The Netherlands
 
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Platform: MultiCharts, TradingView
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Jura's Avatar
 
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Thanks for sharing your view FibFisherman.


fibfisherman View Post
I found their demo to be pretty worthless for anything other than a very quick test of Multicharts automated bracket orders, etc for the following reasons:

- Orders simply fill without price going anywhere near your order
- the data is not a true reflection of the live data and includes bad data with huge spikes etc
- if you try to trade for a few days in demo it logs you out you after an undisclosed period before allowing further logins to the demo environment

So, that is disappointing in that the demo is not useful for getting a taste of live trading or if you want to practice trading with no risk for an extended period.

Does the bad data you're referring to also include empty time periods where no price fluctuations happened?

----
Could someone with a funded LMAX account look up the EURUSD chart for today?

My demo account chart looks like this:

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It would be great if someone can confirm whether or not this behaviour also happens with real accounts. I'm seriously considering them as a broker, but if their live charts/liquidity also look like this, I can better look for something else.

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  #22 (permalink)
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Hi @Jura,

I have a funded account.
Below what I see with historical backfill (I was not watching live).

Nicolas

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  #23 (permalink)
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Nicolas11 View Post
I have a funded account.
Below what I see with historical backfill (I was not watching live).

Thanks Nicolas! If I reload the chart this morning in MultiCharts (i.e. historical backfill), the gap is still there so it's a problem only on their demo server. Good to know.

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  #24 (permalink)
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Futures Experience: Intermediate
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Broker/Data: LMAX, Infinity Futures
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Hi @Jura,

This is what I mean by the demo being worthless and no this is not a reflection of live data.

Cheers,

FF

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  #25 (permalink)
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fibfisherman View Post
This is what I mean by the demo being worthless and no this is not a reflection of live data.

Indeed, not very useful to test things on.

--

MultiCharts users that trade with LMAX: MultiCharts is considering to remove the limitation that one can only trade full lots through MC (while LMAX web-trader supports fractional lots) (to my understanding). That was mentioned in this forum thread on the MC forum.

I've already added my 'vote' for this - perhaps this might also be something you'd like to see implemented.

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  #26 (permalink)
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Information for Sierra Chart users...

LMAX does not intend to do what is necessary so that LMAX could be a broker accessible from SC "in a near future".
Source: e-mail exchange with them.

Nicolas


Last edited by Nicolas11; August 23rd, 2012 at 06:24 PM.
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  #27 (permalink)
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Jura View Post
Indeed, not very useful to test things on.

--

MultiCharts users that trade with LMAX: MultiCharts is considering to remove the limitation that one can only trade full lots through MC (while LMAX web-trader supports fractional lots) (to my understanding). That was mentioned in this forum thread on the MC forum.

I've already added my 'vote' for this - perhaps this might also be something you'd like to see implemented.

Definitely adding my vote for this. I would also really like to see some advanced trade management added to the LMAX Web Trader interface as that way stops are kept on LMAX servers whereas Multicharts stops are just simulated stops that won't work if you lose your connection.

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  #28 (permalink)
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Note: Please discard this post -- it's based on a miscommunication with LMAX. See this post for the correct information.

---------------------------


I was further exploring and looking into LMAX, and I found this quite disappointing (for my situation, needs & wishes):


Me
Do you charge inactivity fees or limit the access to real-time data if a certain quota is not met? (Even if this is for a prolonged period of time)


LMAX
We do charge inactivity fees for API users if the requirements are not met. You can find terms and conditions at the bottom of this page - Accounts Comparison | LMAX Account Comparison | LMAX Exchange.

From that url:

Quoting 
Classic accounts: Free API access and API support for 1 month after opening a live account. Thereafter, you will be subject to an inactivity fee** each month unless the following thresholds are met:

Java/.NET Minimums:
Deposited funds of $5,000 or other currency equivalents, AND
Trade a minimum of 250 contracts per month
FIX Protocol Minimums:
Deposited funds of $10,000 or other currency equivalents, AND
Trade a minimum of 1,000 contracts per month

** Inactivity fees per month:
Java and .Net - $60
FIX - $300

I totally understand that data is not free, but as mentioned previously in this thread, their demo data is 'rubbish' and the demo spreads and liquidity are not reflective of real conditions. This kind of forces you to open an account with them just to see their real data, backfill, and real-time spreads.

I was pretty impressed by them, but now they look like 'just another forex broker'.


Last edited by Jura; August 31st, 2012 at 05:05 AM. Reason: New information
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  #29 (permalink)
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Thanks Jura.

Since I do not trade FOREX any more, I will close my account as soon as possible.

I would say that I am bit angry.
Not against the fact that they charge. Business is business.
But against the fact that this is not clearly explained.

I mean...

1. When I contracted with them, I have carefully checked this point in the contract ("Customer Agreement"). It is written:

Quoting 
13.9 We reserve the right to levy a reasonable charge to reflect our costs in making real time prices available to you on your Account if you repeatedly access your Account over an extended period without placing any Orders and executing trades on the Account. Please see Trading Manual for further details.

This implied that the fee was charged only if some one was "repeatedly accessing" the account (for instance to retrieve data). So I thought that I could keep my account "dormant" (no trade but also no data).

2. However, the extract of the Web site you have found clearly says that there is a minimum of transactions to be done per month.

3. Moreover, this information is "hidden" on the Web site on a page about comparison of the types of accounts. And not immediately visible, since we have to click on another link to have access to information invisible otherwise.

A big thank you for having highlighted this issue.

Nicolas


Last edited by Nicolas11; August 30th, 2012 at 03:51 PM.
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  #30 (permalink)
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Note: Please discard this post -- it's based on a miscommunication with LMAX. See this post for the correct information.

---------------------------




Nicolas11 View Post
I would say that I am bit angry.
Not against the fact that they charge. Business is business.
But against the fact that this is not clearly explained.

That's true. It's still not very clear to me (I've requested a clarification from them), because $60 monthly with (relatively) high volume requirements for "just" retail MultiCharts users seems somewhat excessive to me. None of their competitors charge such a thing for API connectivity.


Nicolas11 View Post
1. When I contracted with them, I have carefully checked this point in the contract ("Customer Agreement"). It is written:


Quoting 
13.9 We reserve the right to levy a reasonable charge to reflect our costs in making real time prices available to you on your Account if you repeatedly access your Account over an extended period without placing any Orders and executing trades on the Account. Please see Trading Manual for further details.

This implied that the fee was charged only if some one was "repeatedly accessing" the account (for instance to retrieve data). So I thought that I could keep my account "dormant" (no trade but also no data).

If I look at their trading manual (pdf), I can't find it. Chapter 6 of their trading manual is organised as follows:
6. Commissions and charges
6.1 Commission
6.2 Financing charge
6.3 Fee and commission sharing arrangements
If one searches the pdf for 'API' -> 0 hits, 'inactivity' -> 0 hits, 'fee' -> 7 hits, none related to inactivity or data access.

But perhaps this is based on a miscommunication. I'll post their clarification here as soon as I receive it.


Last edited by Jura; August 31st, 2012 at 05:06 AM. Reason: New information
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