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dishonest brokers
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dishonest brokers

  #1 (permalink)
Elite Member
los angeles
 
Futures Experience: Beginner
Platform: NT7
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Posts: 49 since Mar 2015
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dishonest brokers

I used the search feature to locate any threads on dishonest brokers...it came up with nothing... that seems a bit odd for such an important topic. Where would I look for threads on dishonest brokers?

wonton

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  #2 (permalink)
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  #3 (permalink)
Market Wizard
Switzerland
 
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wontonsoup View Post
Where would I look for threads on dishonest brokers?

wonton

Hi @wontonsoup

Go to https://futures.io/brokers-data-feeds/
and read the threads about brokers carefully.
You could do an advanced search in this folder to find your special broker you
would like to see more information about.

GFIs1

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  #4 (permalink)
Elite Member
los angeles
 
Futures Experience: Beginner
Platform: NT7
Favorite Futures: Self
 
Posts: 49 since Mar 2015
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all FXs are bucket shops

Please explain how to go through an exchange. I thought that when you use a broker that claims to use an exchange one is getting accurate exchange data. Am I entirely wrong here? When I use Ninja Trader's brokerage (Dorman) is this a bucket shop? How to directly access an exchange...please explain more...

Oh and thank you for your response.

Maybe Big Mike could put in his two cents.

wonton


Last edited by wontonsoup; June 15th, 2015 at 08:59 PM. Reason: grammer
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  #5 (permalink)
Elite Member
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Response to "broke"

Sorry your posts were killed by an administrator. Since your opinion may have had some actual value and it would be me the receipient who would be assessing your point of view as junk or not. Please email me at anchorite@socal.rr.com and tell me why you feel all FX are bucket shops. i may not agree with you but I would like your opinion and why.

wontonsoup

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  #6 (permalink)
Elite Member
Amsterdam, The Netherlands
 
Futures Experience: Intermediate
Platform: Sierra, IRT, ToS, Ninja
Broker/Data: Stage 5
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bob7123's Avatar
 
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FX

Why are they bucket shops?

For starters, in a recent futures.io (formerly BMT) webinar Gary Norden, an very experienced trader explains how and why they do it: https://www.youtube.com/watch?v=Rl_hMZZqZ74

Short story they are taking the other side of your trade, and can change the spread you see at will.

For a level playing field, try the E-micro futures contract on the CME. There are many brokers who will let you trade this; their commissions are the same whether you win or lose. The M6E is really the only one with enough liquidity, but at least this way you can lose your money fair and square.

They are nice and small, you can test out live trades without losing your shirt. Also you will learn the details of trading futures, after a while you may get bold enough to step up to bigger ones.

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  #7 (permalink)
Trading for Fun
Kalispell montana
 
Futures Experience: Beginner
Platform: ninjatrader
Favorite Futures: es
 
Posts: 158 since Jan 2015
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bob7123 View Post
Why are they bucket shops?

For starters, in a recent futures.io (formerly BMT) webinar Gary Norden, an very experienced trader explains how and why they do it: https://www.youtube.com/watch?v=Rl_hMZZqZ74

Short story they are taking the other side of your trade, and can change the spread you see at will.

For a level playing field, try the E-micro futures contract on the CME. There are many brokers who will let you trade this; their commissions are the same whether you win or lose. The M6E is really the only one with enough liquidity, but at least this way you can lose your money fair and square.

They are nice and small, you can test out live trades without losing your shirt. Also you will learn the details of trading futures, after a while you may get bold enough to step up to bigger ones.

M6E have nowhere the liquidity as the ES. Do you feel M6E still has enough liquidity so as not to create too much slippage?

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  #8 (permalink)
Elite Member
Amsterdam, The Netherlands
 
Futures Experience: Intermediate
Platform: Sierra, IRT, ToS, Ninja
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sledmt View Post
M6E have nowhere the liquidity as the ES. Do you feel M6E still has enough liquidity so as not to create too much slippage?

Sorry I didn't see this earlier. If you want a tighter contract, just use 6E, which is 10 times the size. But that brings up the whole issue of how contracts are too big for most beginners. (And why they flock into the open arms of FX shops.)

Short answer M6E has more than enough liquidity to meet your needs. It will have a wider margin as well as higher commission per delta, but that's a small price to pay for not wanting to go out and hang yourself.

You might want to see what the user FT71 has to say about it.

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  #9 (permalink)
Trading for Fun
Kalispell montana
 
Futures Experience: Beginner
Platform: ninjatrader
Favorite Futures: es
 
Posts: 158 since Jan 2015
Thanks: 157 given, 23 received


bob7123 View Post
Sorry I didn't see this earlier. If you want a tighter contract, just use 6E, which is 10 times the size. But that brings up the whole issue of how contracts are too big for most beginners. (And why they flock into the open arms of FX shops.)

Short answer M6E has more than enough liquidity to meet your needs. It will have a wider margin as well as higher commission per delta, but that's a small price to pay for not wanting to go out and hang yourself.

You might want to see what the user FT71 has to say about it.

thanks

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  #10 (permalink)
Elite Member
Amsterdam, The Netherlands
 
Futures Experience: Intermediate
Platform: Sierra, IRT, ToS, Ninja
Broker/Data: Stage 5
Favorite Futures: NQ
 
bob7123's Avatar
 
Posts: 588 since Oct 2011
Thanks: 109 given, 1,909 received



sledmt View Post
thanks

To clarify, I meant to say a wider spread, usually 2 ticks instead of 1, not wider margin.

Also, I seem to be alone on this, most people say look at the buy/sell pressure on 6E when trading M6E, but I look directly at M6E. 6E is used widely for hedging, so the buy/sell pressure is often backwards, e.g. there will be a lot of sell pressure in a rising market.

M6E is mostly just small guys, so in an up market it will have more buy pressure.

Good luck!
-Bob

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