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FOREX trading.
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FOREX trading.

  #11 (permalink)
Senior Member
Fullerton, CA
 
Futures Experience: Intermediate
Platform: NT
Favorite Futures: Futures
 
Tundi's Avatar
 
Posts: 201 since Dec 2010
Thanks: 33 given, 98 received

I understand MB is a reputable broker and ECN (doesn't take opposite side of trades).

I think Dukascopy requires a $50K deposit.

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  #12 (permalink)
Big game hunter
NY
 
Futures Experience: Advanced
Platform: Esignal, MBT navigator
Favorite Futures: Currencies
 
Posts: 2,526 since Jun 2009
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Slack View Post
Oanda; was my first broker, is the largest marker maker and takes the other side of retail trades as outlined in their contract. So, does this make them a bucket shop?

A market maker is a dealer and takes the other side to hedge their risk . By definition a bucketshop would ignore your order and throw the order slip in a trash bucket . What does make Oanda a bucketshop is the instability inherent to their platform that denies you access to making orders online . Frequently FXtrade freezes up or drops off completely during news events but if you trade news with them youll be rewarded with a spread of possibly 10 or more pips anyway .

An ECN is a broker that puts your order on the open market exposed to many banks and you pay them a commission for their troubles . They therefore dont take the other side of your trade because they dont have a vested interest .

I trade every day with MB trading , an ECN , and get treated real well as far as execution and service is concerned . I swing trade , use limit orders to enter and market to exit and receive positive slippage frequently (on entries). I pay about $1.25 RT for a $10,000 lot and MB also kicks a little back if you use a marketable limit order .

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  #13 (permalink)
Elite Member
CA
 
Futures Experience: Beginner
Platform: MT4, Ninja Trader
Favorite Futures: EUR/USD
 
Posts: 495 since Oct 2009
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Eric j View Post
A market maker is a dealer and takes the other side to hedge their risk . By definition a bucketshop would ignore your order and throw the order slip in a trash bucket . What does make Oanda a bucketshop is the instability inherent to their platform that denies you access to making orders online . Frequently FXtrade freezes up or drops off completely during news events but if you trade news with them youll be rewarded with a spread of possibly 10 or more pips anyway .

An ECN is a broker that puts your order on the open market exposed to many banks and you pay them a commission for their troubles . They therefore dont take the other side of your trade because they dont have a vested interest .

I trade every day with MB trading , an ECN , and get treated real well as far as execution and service is concerned . I swing trade , use limit orders to enter and market to exit and receive positive slippage frequently (on entries). I pay about $1.25 RT for a $10,000 lot and MB also kicks a little back if you use a marketable limit order .

Thanks for the information on MB Trading. I'm going to be opening my live Forex account soon and I was leaning toward them since they are an ECN.

I understand that even with ECN there is a spread (I don't think there is a market that doesn't have a difference between the bid / ask). So you need to look at total cost of spread plus commission. I've not seen any numbers better than MB Trading for total cost, assuming their spread is factual.

Andrew

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  #14 (permalink)
Elite Member
Honolulu, Hawaii
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: ATC/TT, AMP/Zen-Fire, AMP/CQG
Favorite Futures: TF
 
bluemele's Avatar
 
Posts: 2,547 since Jun 2010
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Oanda hedges 100% of their trades I believe. So, they are not like others in that regard.

Check NFA for actions against brokers. If you are not a us citizen then I suggest a AUS or UK registered broker.

Good luck!

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  #15 (permalink)
Elite Member
Honolulu, Hawaii
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: ATC/TT, AMP/Zen-Fire, AMP/CQG
Favorite Futures: TF
 
bluemele's Avatar
 
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One more thing. Due to fluctuations, my indicators look nothing like the same when I use them on a forex data feed. Just FYI. Different monkey entirely with indi's, but price action is also slightly different.

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  #16 (permalink)
Elite Member
Amsterdam
 
Futures Experience: Advanced
Platform: NinjaTrader
Favorite Futures: FGBL, NQ
 
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Slack View Post
Oanda; was my first broker, is the largest marker maker and takes the other side of retail trades as outlined in their contract. So, does this make them a bucket shop?

Yes, but which broker would you recommend for a very small account ? The advantage with Oanda is that you can trade as small size as you like & they are/were well-capitalised (haven't checked them out carefully for some years).

Anyway, once you can afford an account with Interactive Brokers or similar (not many at their level as far as I can see), you are trading in a far preferable environment (IB tip : if you need customer service, call during the European morning when you will be routed to the Swiss desk : excellent, friendly service & and noticeably better than the US desk).

The only negative I can think of for IB is that they bank with Citigroup, less than ideal when the US economy finally joins Atlantis at the bottom of the deep blue sea... (a discussion for another thread maybe..) !

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  #17 (permalink)
Big game hunter
NY
 
Futures Experience: Advanced
Platform: Esignal, MBT navigator
Favorite Futures: Currencies
 
Posts: 2,526 since Jun 2009
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AR01 View Post
Thanks for the information on MB Trading. I'm going to be opening my live Forex account soon and I was leaning toward them since they are an ECN.

I understand that even with ECN there is a spread (I don't think there is a market that doesn't have a difference between the bid / ask). So you need to look at total cost of spread plus commission. I've not seen any numbers better than MB Trading for total cost, assuming their spread is factual.

Andrew

As far as what you pay , as a fee to trade , the spread doesnt factor into the equation and without a spread theres no market since everyone would be in agreement . The commission you pay to MB is $2.95 each side per $100k you trade , no additional fees and they pay you for using limit orders as an incentive . The spread is not a variable to your commissions but it is in regards to your order being picked up in the market . MB is an intermediary between you and the banks that provide liquidity for them .


Last edited by Eric j; February 17th, 2011 at 04:34 AM. Reason: added "per side"
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  #18 (permalink)
Trading for Fun
California
 
Futures Experience: Intermediate
Platform: MT4 / TSII / Oanda
Broker/Data: dbfx, ibfx
Favorite Futures: fx
 
Posts: 61 since Apr 2010
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jtrade View Post
Yes, but which broker would you recommend for a very small account ? The advantage with Oanda is that you can trade as small size as you like & they are/were well-capitalised (haven't checked them out carefully for some years).

The only real problem I have w / Oanda is their pos java platform. Going on this many years w / constant freezes / lockups is inexcusable.

I only have personal experience w / two other brokers, and only one of them offers micro accounts: IBFX. I have nothing bad to say about them... wouldn't hesitate to refund my account if my current broker became uncompetitive.


jtrade View Post
Anyway, once you can afford an account with Interactive Brokers or similar (not many at their level as far as I can see), you are trading in a far preferable environment (IB tip : if you need customer service, call during the European morning when you will be routed to the Swiss desk : excellent, friendly service & and noticeably better than the US desk).

The only negative I can think of for IB is that they bank with Citigroup, less than ideal when the US economy finally joins Atlantis at the bottom of the deep blue sea... (a discussion for another thread maybe..) !

I've heard good things about IB. They are definitely on short list if I ever learn how to trade properly.

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  #19 (permalink)
Elite Member
CA
 
Futures Experience: Beginner
Platform: MT4, Ninja Trader
Favorite Futures: EUR/USD
 
Posts: 495 since Oct 2009
Thanks: 400 given, 625 received


Eric j View Post
As far as what you pay , as a fee to trade , the spread doesnt factor into the equation and without a spread theres no market since everyone would be in agreement . The commission you pay to MB is $2.95 each side per $100k you trade , no additional fees and they pay you for using limit orders as an incentive . The spread is not a variable to your commissions but it is in regards to your order being picked up in the market . MB is an intermediary between you and the banks that provide liquidity for them .

Agree. My point was that the spread is a cost of doing business so it does come into play for overall profitability. Assuming the cost structure for commissions is the same you want the tightest spread because you are in profit sooner with your trade.

Andrew

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  #20 (permalink)
Elite Member
Houston,Tx
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: Mirus Futures/Zen-Fire
Favorite Futures: TF
 
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jtrade View Post
The only negative I can think of for IB is that they bank with Citigroup, less than ideal when the US economy finally joins Atlantis at the bottom of the deep blue sea... (a discussion for another thread maybe..) !

What do you have against scuba diving ...

I'm just a simple man trading a simple plan.

My daddy always said, "Every day above ground is a good day!"
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