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Interactive Brokers vs FXCM for UK
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Created: by TangoMykeCharlie Attachments:0

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Interactive Brokers vs FXCM for UK

  #11 (permalink)
Elite Member
Luxembourg, Luxembourg
 
Futures Experience: Advanced
Platform: TWS
Broker/Data: Interactive Brokers
Favorite Futures: Stocks
 
Posts: 491 since May 2012
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TangoMykeCharlie View Post
1. It would be a lot of additional coding work for me to correctly allocate any PnL to the appropriate strategies.

I was thinking about this item a little overnight and I am not sure how not being able to maintain open orders would make assigning P&L that much more difficult. The only way I can really see is if FXCM gives each trade a unique identifier, in which case the closing out of positions can create problems if you rely on their identifier.

However, you could pretty easily work around this by keeping track of your own PnL. Since individual trades still trigger in the market, you know at which price they trigger and by keeping track of your trades and positions you can correctly assign PnL to various strategies.

Using you GBPJPY example from before, let me explain the mechanics:
  1. With the initial short, strategy A sells 10k GBPJPY at X. You would just need to keep track of the position and can calculate PnL at any time by looking at the market prices.
  2. With system B initiating a long of 10k GBPJPY at Y, you would keep track of the position separately from system A. Even though your portfolio is now flat, you still have a position in each system.
  3. End of the day, system B exits its trade at Z. At this point, you will be short again with your portfolio level short being initiated at Z. However, the total gain / loss in the portfolio will be the same as the total for both systems and system A was "short" for the entire period while system B already realised a gain/loss on its trade.

If you wish to stay with FXCM, this is probably the way to go. Not sure what their coding language looks like, and also not sure how you planned on assigning the open trades to different strategies, so this may be more work. Perhaps this is helpful to you.

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  #12 (permalink)
 Vendor: www.fxcm.com 
New York
 
Futures Experience: Intermediate
Platform: Strategy Trader
 
Jason Rogers's Avatar
 
Posts: 164 since Aug 2010
Thanks: 122 given, 153 received


TangoMykeCharlie View Post
I am familiar with FXCM however they do not offer some functionality that I desire - the capability to hold concurrent Long and Short positions in the same instrument.

Hi TMC,

This functionality is available with FXCM's Trading Station platform or MT4. Another alternative is to have multiple FXCM accounts for long and short positions if you wish to use the NinjaTrader platform.

If you have questions about our services at FXCM please send me a Private Message.
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  #13 (permalink)
Elite Member
London England
 
Futures Experience: Beginner
Platform: NinjaTrader 7+8
Favorite Futures: Forex
 
Posts: 5 since Dec 2015
Thanks: 3 given, 2 received



Jason Rogers View Post
Hi TMC,

This functionality is available with FXCM's Trading Station platform or MT4. Another alternative is to have multiple FXCM accounts for long and short positions if you wish to use the NinjaTrader platform.

Thanks Jason, multiple accounts sounds like the best solution for me at the moment. I'll get in touch with the FXCM Admin team.

tmc

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  #14 (permalink)
Market Wizard
Switzerland
 
Futures Experience: Intermediate
Platform: Investor/RT
Broker/Data: IB / DTN
Favorite Futures: Futures
 
Posts: 4,129 since Feb 2012
Thanks: 3,780 given, 7,657 received
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TangoMykeCharlie View Post
Thanks Jason, multiple accounts sounds like the best solution for me at the moment. I'll get in touch with the FXCM Admin team.

tmc

Just to let you know: IB does not allow several accounts for one person.
Some fx brokers are offering this opportunity already for a long time.
Just profit then.

GFIs1

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