NexusFi: Find Your Edge


Home Menu

 





IB and Forex


Discussion in Sierra Chart

Updated
      Top Posters
    1. looks_one Grantx with 12 posts (7 thanks)
    2. looks_two rassi with 5 posts (4 thanks)
    3. looks_3 mrad with 4 posts (5 thanks)
    4. looks_4 choke35 with 4 posts (3 thanks)
      Best Posters
    1. looks_one mrad with 1.3 thanks per post
    2. looks_two rassi with 0.8 thanks per post
    3. looks_3 choke35 with 0.8 thanks per post
    4. looks_4 Grantx with 0.6 thanks per post
    1. trending_up 6,552 views
    2. thumb_up 19 thanks given
    3. group 3 followers
    1. forum 24 posts
    2. attach_file 10 attachments




 
Search this Thread

IB and Forex

  #11 (permalink)
 
rassi's Avatar
 rassi 
the congo
 
Experience: Advanced
Platform: North sea oil rig
Trading: Cl
Posts: 927 since Jun 2009
Thanks Given: 1,563
Thanks Received: 1,199


Grantx View Post
Good forex brokers do exist.

FXCM and Oanda are examples of good brokers. They both comply with FCA regulations here in the UK:

https://register.fca.org.uk/s/



They have stringent daily measures in order to remain compliant with the FCA. I was told (I have not verified) that they have to submit full financial details daily on their cash position, and the position of customers. If they miss one they get a warning, if they miss a second one they are fined. They have to remain cash positive in excess of the sum of all customers positions. Something to that effect.



They are also convenient to trade:

1. The platform makes it easy for me. If I want to trade at 」10 per pip on EURJPY then it can can be as low as 0.2 spread! That means my trade would have cost me 」2! Thats cheaper than futures.

2. I dont care where my order is routed to. As long as my data is accurate and trade execution is reliable.

3. My funds here in the UK are protected.

4. No platform fees. No data fees. Easy to scale in and out of trades.



Forex vs futures. Both have advantages and disadvantages.



Personally I would avoid those two brokers. If you don稚 need spreadbet I would go with Lmax, excellent broker.



Sent using the NexusFi mobile app

Visit my NexusFi Trade Journal Reply With Quote
Thanked by:

Can you help answer these questions
from other members on NexusFi?
Better Renko Gaps
The Elite Circle
Exit Strategy
NinjaTrader
New Micros: Ultra 10-Year & Ultra T-Bond -- Live Now
Treasury Notes and Bonds
NT7 Indicator Script Troubleshooting - Camarilla Pivots
NinjaTrader
Futures True Range Report
The Elite Circle
 
  #12 (permalink)
 Grantx 
Reading UK
Legendary no drama Llama
 
Experience: None
Posts: 1,787 since Oct 2016
Thanks Given: 2,826
Thanks Received: 5,058


rassi View Post
Personally I would avoid those two brokers. If you don稚 need spreadbet I would go with Lmax, excellent broker.



Sent using the nexusfi.com mobile app

Im missing something obvious because that cant be 12 spread on Gold. This is from the Lmax website.


Visit my NexusFi Trade Journal Started this thread Reply With Quote
  #13 (permalink)
 Grantx 
Reading UK
Legendary no drama Llama
 
Experience: None
Posts: 1,787 since Oct 2016
Thanks Given: 2,826
Thanks Received: 5,058


Chat with Lmax regarding that spread:

Hannah : Welcome to LMAX Exchange, how can I help today?
Me : Hi, I just want to check your spread on XAUUSD
Me : your website says 10. Seems too low. What am I missing
Hannah : let me check for you
Hannah : thats the difference
Hannah : the prices are shown under bid or ask
Me : yes I know. That matches with your bid ask
Me : so If I entered at 」10 per pip what spread would I pay?
Hannah : are you doing spread betting?
Me : no
Hannah : spread is variable
Hannah : commission is on top of spread
Me : ah. So if your website says 10, how much will I actually pay for the trade?
Hannah : are you on our lmax website?
Hannah : as our spreads are variable
Me : yes
Me : Yes I know you have said that already. Right now it says 10 for XAUUSD. If I enter a trade right now that it what I will pay?
Hannah : if you entered the trade you will need to pay commission
Me : How much?
Hannah : 0.00250% of notional trade value
Me : Ok. Can you give me an example? Im not sure what you mean by that.
Hannah : so for 1 million dollars traded it will be 50 USD per round trip
Me : Ok thanks. If I enter my trade at 」10 per pip - what will my round trip commission be?
Hannah : you need to specify an instrument
Me : XAUUSD
Hannah : $3.18 one way
Me : Ok. So with 10 spread my round trip fees for XAUUSD would be $16.36?
Me : Theres nothing else?
Hannah : 6.36 yes
Hannah : no
Me : Sounds good, thanks for your help
Hannah : no worries

Visit my NexusFi Trade Journal Started this thread Reply With Quote
Thanked by:
  #14 (permalink)
 mrad 
Utrecht, The Netherlands
 
Experience: Intermediate
Platform: Sierra Chart
Broker: AMP
Trading: NQ, RTY
Posts: 9 since Dec 2010
Thanks Given: 14
Thanks Received: 13

I can confirm LMAX is an excellent broker. Sierra Charts LMAX DTC connection is rock solid (with the SC LMAX DTC connection you also avoid the $300 FIX fee when trading less than $100m notional value per month). When opening an LMAX account through fxmtf.com, which is an introducing broker to LMAX, the standard commission rate is 0.00200% (at least this was the case back in 2013 when I opened my LMAX account).

Reply With Quote
  #15 (permalink)
 Grantx 
Reading UK
Legendary no drama Llama
 
Experience: None
Posts: 1,787 since Oct 2016
Thanks Given: 2,826
Thanks Received: 5,058


mrad View Post
I can confirm LMAX is an excellent broker. Sierra Charts LMAX DTC connection is rock solid (with the SC LMAX DTC connection you also avoid the $300 FIX fee when trading less than $100m notional value per month). When opening an LMAX account through fxmtf.com, which is an introducing broker to LMAX, the standard commission rate is 0.00200% (at least this was the case back in 2013 when I opened my LMAX account).

Thanks for your input.

Never heard of a FIX fee, what is FIX and why would I pay for it?
What does 'Last look' mean? Ive seen that on the website but never heard of it.
What do you think of LMAX rollover rates? I read that they are horrendously expensive?
Is there anything else I should be aware of before signing up with LMAX?

Many thanks.

Visit my NexusFi Trade Journal Started this thread Reply With Quote
  #16 (permalink)
 mrad 
Utrecht, The Netherlands
 
Experience: Intermediate
Platform: Sierra Chart
Broker: AMP
Trading: NQ, RTY
Posts: 9 since Dec 2010
Thanks Given: 14
Thanks Received: 13

LMAX normally charges a fee when using their fix connection and trading less than $100m notional value a month. But Sierra Charts has an alternative fix connection: LMAX - DTC. This is the one you want to use and where are no monthly fix connection fees from LMAX (see SC website for further explanation and instructions).

'Last look' means that if a trader wants to trade at the quoted bid or ask price, the liquidity provider is able to reject the trade last minute. This used to be common practice with a lot of retail forex brokers in the past. This is obviously NOT what you want. LMAX says that this is not possible with them and I haven't noticed it yet. Order execution is instantaneous and at the bid or ask price that was quoted (and sometimes even better).

I have never really looked at the rollover rates (I suppose you mean overnight financing terms), because I exclusively trade intraday.

The only other fee that I am aware of is a monthly inactivity fee of $50 after 6 months of inactivity.

Reply With Quote
Thanked by:
  #17 (permalink)
 Grantx 
Reading UK
Legendary no drama Llama
 
Experience: None
Posts: 1,787 since Oct 2016
Thanks Given: 2,826
Thanks Received: 5,058

Great explanation. Thank you.
I have applied for a live account so lets see how this all pans out. If i can stick to a single platform to trade forex and futures from then happy days.
Cheers.

Visit my NexusFi Trade Journal Started this thread Reply With Quote
Thanked by:
  #18 (permalink)
 Grantx 
Reading UK
Legendary no drama Llama
 
Experience: None
Posts: 1,787 since Oct 2016
Thanks Given: 2,826
Thanks Received: 5,058

@mrad or @rassi

Im checking out the settings for my live account and hoping that one of you can help me here.

Sierra is configured as follows for Gold spot:
Tick value = $ 0.05
Tick size= 0.05

But the instrument information from LMAX:
Tick value = $ 0.10
Tick size= 0.01


So lets say gold moves +100 pips : 1276.00 - 1277.00.
According to the LMAX that would be a $10 change in price on 1 contract.
But, according to the Sierra that would be a $1 change in price on 1 contract.

What am I doing wrong?

Visit my NexusFi Trade Journal Started this thread Reply With Quote
  #19 (permalink)
 
rassi's Avatar
 rassi 
the congo
 
Experience: Advanced
Platform: North sea oil rig
Trading: Cl
Posts: 927 since Jun 2009
Thanks Given: 1,563
Thanks Received: 1,199


Grantx View Post
@mrad or @rassi

Im checking out the settings for my live account and hoping that one of you can help me here.

Sierra is configured as follows for Gold spot:
Tick value = $ 0.05
Tick size= 0.05

But the instrument information from LMAX:
Tick value = $ 0.10
Tick size= 0.01


So lets say gold moves +100 pips : 1276.00 - 1277.00.
According to the LMAX that would be a $10 change in price on 1 contract.
But, according to the Sierra that would be a $1 change in price on 1 contract.

What am I doing wrong?



Hhhmmm, this is something to do with the instruments settings in Sierra. I saw you posted about these before? I知 not a Sierra expert I知 afraid, maybe their tech support can help?

In my experience lmax tick values are normal hence it moves like the wind!


Sent using the NexusFi mobile app

Visit my NexusFi Trade Journal Reply With Quote
Thanked by:
  #20 (permalink)
 
rassi's Avatar
 rassi 
the congo
 
Experience: Advanced
Platform: North sea oil rig
Trading: Cl
Posts: 927 since Jun 2009
Thanks Given: 1,563
Thanks Received: 1,199


Also I know this might sound like I知 teaching you to suck eggs....but...worth checking these settings across the board. Often the cfd/forex lot sizes are miles apart. You might have to tailor each market in Sierra so it matches up with Lmax.


Sent using the NexusFi mobile app

Visit my NexusFi Trade Journal Reply With Quote




Last Updated on October 31, 2017


© 2024 NexusFi™, s.a., All Rights Reserved.
Av Ricardo J. Alfaro, Century Tower, Panama City, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada)
All information is for educational use only and is not investment advice. There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
About Us - Contact Us - Site Rules, Acceptable Use, and Terms and Conditions - Privacy Policy - Downloads - Top
no new posts