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Forex broker advice from experienced trader
Started:August 9th, 2013 (09:38 PM) by GaryD Views / Replies:1,416 / 10
Last Reply:August 20th, 2013 (12:20 PM) Attachments:2

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Forex broker advice from experienced trader

Old August 20th, 2013, 12:20 PM   #11 (permalink)
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west palm beach florida usa
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MrYou View Post
I don't consider myself experienced, but ....

Most important info I read a while back when considering a Spot Forex broker is to consider one who is an EXN (the term used in the U.S.) or ECN (the term used outside the U.S.).

Quick definition:

"ECN can best be described as a bridge linking smaller market participants with tier-1 liquidity providers through a FOREX ECN Broker."

Any broker who is not an EXN is probably going to have higher commissions or wider spreads or potentially sketchy practices with your fills. You'll definitely want to watch the spread like a hawk for any "abnormal activity".

I tried FXCM+NT around the beginning of the year but there were issues with historical data speed, but (according to the release notes) the latest NT may have (or may not have) resolved those issues.

I've been using MBTradings demo service (MBT is an EXN) with NinjaTrader since the beginning of the year and will probably go with them. Unfortunately Sierra Chart doesn't appear to currently support MBT even though there is some customer demand and developer support for it.

I was with MB Trading for about 3 years (I stopped using them about 2 1/2 years ago ). Their spreads and commissions were ok, but I had several problems with order execution. I would enter the euro/usd sometimes, and this wasn't even when it was a volatile moment, with a market order. The order would often show up as pending and would just hang there..sometimes for over 30 seconds to a minute...and it wouldn't let me cancel either. This caused me to have some terrible fills. Once i was in a trade for close to 5 lots and it started to go against me. No matter how many times I tried to exit the trade, the order kept rejecting. I had plenty of margin, so it wasn't any fault of mine. I found myself down close to 100 ticks and I frantically called their trade desk. They said some servers were out or something. Finally i got out, but had a huge loss. I tried to get them to reimburse me, but they refused. They only waived my commission on that one disasterous trade.
Again, this was a couple of years ago and it may have never happened again to anyone. But between the bad fills and that big loss because of their technical issue, I decided to stop using them. I'm not badmouthing them..just sharing my experience.

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