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High Volume & Big Size
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High Volume & Big Size

  #1 (permalink)
Trading Apprentice
Geneva Switzerland
 
Futures Experience: Advanced
Platform: JForex
Favorite Futures: EUR/USD
 
Posts: 1 since Apr 2015
Thanks: 0 given, 0 received

High Volume & Big Size

Hi,

I'm looking for some advice...

I'm currently trading spot forex with Dukascopy. I'm daytrading. My position size is between 30 and 50 millions per trade on EURUSD. I'm taking on average 3-4 positions per day. I'm doing on average 3 billions per month.

I'm trading with Dukascopy for about 5 years now and I've noticed a lot of changes these last 6 months. Their platform is becoming more and more unstable. Their executions are becoming slower and slower. And their slippage is just UNACCEPTABLE. They are advertising that they can execute on EURUSD an order between 100 and 200 millions with one click almost instantly and with almost no slippage. A BIG LIE!!!

I'm trading on average 30M to 50M per trade and the execution of my order is just a joke. It takes almost 5 seconds to be executed and the slippage is just ridiculous (more than 10-15 pips) even though it shows on the depth of market from their "market place" liquidity of 200 millions. It seems to me that they simply became a MARKET MAKER. Yes they are an ECN but they also are a bank now and so they can be the other side of your trade.

I've never worked for any financial institution (bank, hedge fund, etc...) and so I don't have any knowledge about what to do to trade large orders.
I'm sure that I have to change my broker but I have no idea where to go!!!

Does anybody know a GOOD broker that fits my trading? Do I have to go to some sort of "institutional" broker?

Any advice would be much appreciated!!!

Thank you.

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  #2 (permalink)
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  #3 (permalink)
Elite Member
wa/ usa
 
Futures Experience: Intermediate
Platform: schwab, metatrader, OEC,T4,TDameritrade
Favorite Futures: CL ES 6C 6E
 
Posts: 254 since Oct 2012
Thanks: 197 given, 438 received


Why not trade Forex thru futures-more transparent

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  #4 (permalink)
 Vendor: www.traderwerks.com 
Taipei Taiwan
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: Optimus
Favorite Futures: TW
 
Posts: 693 since Jun 2009
Thanks: 440 given, 440 received

Forex Liquidity

Forex Liquidity has been drying up recently. You may want to take a look at Reuters matching ( I have never used them )

Math. A gateway drug to reality.
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  #5 (permalink)
Elite Member
Bangkok, Thailand
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Ninja Trader Brokerage/Continuum
Favorite Futures: ES
 
fido's Avatar
 
Posts: 44 since Nov 2010
Thanks: 170 given, 43 received

With that kind of size you might want to take a look at something like Baxter FX.

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  #6 (permalink)
Trading Apprentice
Seoul South Korea
 
Futures Experience: Beginner
Platform: NinjaTrader
Favorite Futures: ES
 
Posts: 14 since Jun 2014
Thanks: 0 given, 5 received

You should either trade FX futures or use a reliable broker like Interactive Brokers which allows FX trading.

But trading 30 million to 50 million a pop in EURUSD shouldn't be that much of a problem.

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  #7 (permalink)
Trading for Fun
Boston, MA
 
Futures Experience: Intermediate
Platform: Sierra Chart
Broker/Data: Interactive Brokers, AMP/CQG
Favorite Futures: N225M (Osaka), ES
 
Posts: 165 since Dec 2014
Thanks: 60 given, 112 received

First of all, you have some balls to day trade such a large position size on an unregulated exchange.

Second of all, depending on your trading hours and your trading method/strategy, you can solve your problem by switching to liquid futures like the ES. If you want to go with 6E, you might be limited by your size because 50 million units of EUR/USD on the spot market is equivalent to 400 contracts of 6E. I don't believe the 6E is liquid enough to handle such a large order, even during peak liquidity. But in any case, you may want to seriously reconsider the instrument you are trading.


Last edited by mangolassi; September 3rd, 2015 at 10:05 PM.
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  #8 (permalink)
Elite Member
Sydney, Australia
 
Futures Experience: Intermediate
Platform: Sierra Chart, IRESS
Broker/Data: IB, IQFeed
Favorite Futures: ES, SPI, ASX stocks, options
 
Posts: 399 since Jun 2015
Thanks: 169 given, 446 received


mangolassi View Post
First of all, you have some balls to day trade such a large position size on an unregulated exchange.

Second of all, depending on your trading hours and your trading method/strategy, you can solve your problem by switching to liquid futures like the ES. If you want to go with 6E, you might be limited by your size because 50 million units of EUR/USD on the spot market is equivalent to 400 contracts of 6E. I don't believe the 6E is liquid enough to handle such a large order, even during peak liquidity. But in any case, you may want to seriously reconsider the instrument you are trading.

Unregulated doesn't mean anything, banks do it all day every day through ECN, it's the broker's liquidity pool that's the issue. Unregulated is only an issue if it's a bucket and no bucket is gonna take that size (and Dukas is obviously not a bucket).

Changing to ES doesn't make sense either, EURUSD FX volumes are a hell of a lot larger than ES and his edge is obviously in FX.

OP, for a guy your size you are classified as an insto so you should talk directly to any bank and plug right in to their liquidity. You don't need to go to a retail broker.

Just noticed this is from April, why was it dredged up? No less by a bad answer.

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  #9 (permalink)
Trading for Fun
Singapore
 
Futures Experience: Intermediate
Platform: Ninjatrader, MarketDelta
Broker/Data: CQG
Favorite Futures: Currency Futures, Forex
 
Posts: 61 since Apr 2015
Thanks: 15 given, 8 received


jasonmomoa View Post
Hi,

I'm looking for some advice...

I'm currently trading spot forex with Dukascopy. I'm daytrading. My position size is between 30 and 50 millions per trade on EURUSD. I'm taking on average 3-4 positions per day. I'm doing on average 3 billions per month.

I'm trading with Dukascopy for about 5 years now and I've noticed a lot of changes these last 6 months. Their platform is becoming more and more unstable. Their executions are becoming slower and slower. And their slippage is just UNACCEPTABLE. They are advertising that they can execute on EURUSD an order between 100 and 200 millions with one click almost instantly and with almost no slippage. A BIG LIE!!!

I'm trading on average 30M to 50M per trade and the execution of my order is just a joke. It takes almost 5 seconds to be executed and the slippage is just ridiculous (more than 10-15 pips) even though it shows on the depth of market from their "market place" liquidity of 200 millions. It seems to me that they simply became a MARKET MAKER. Yes they are an ECN but they also are a bank now and so they can be the other side of your trade.

I've never worked for any financial institution (bank, hedge fund, etc...) and so I don't have any knowledge about what to do to trade large orders.
I'm sure that I have to change my broker but I have no idea where to go!!!

Does anybody know a GOOD broker that fits my trading? Do I have to go to some sort of "institutional" broker?

Any advice would be much appreciated!!!

Thank you.


rather than looking for so called ECN broker, it's better look for FIXED spread broker ( the spread will be fixed no matter what's the market condition, so they won't be any slippage) . Cheers

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