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The PandaWarrior Chronicles
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The PandaWarrior Chronicles

  #291 (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
Thanks: 3,806 given, 2,826 received

PFGBEST has been someone I have been using on Demo and the demo servers SUCK! I was told the Live servers are much better....

I personally LOVE MT4, but I hate the order entry aspects. The platform is pretty sweet in my eyes, but needs some getting used to as it is very utilitarian.

Also, remember that 'bucket shops' will trade against you, but if you are doing long term trades and/or do not put in your stops/limits then you are fine. NO STOPS! haha...

Personally, my favorite forex brokers are IBFX (just bought by the evil TradeStation) so it could be ruined. If you are opening an account with more than 20K, then I would go with CITIFX if they approve you. Next in line would be Oanda but if you need NT, then Interactive Brokers, MB Trading and PFGBEST are the only one's I know of.

If you are swing or Position trading, then be careful on SWAPS, so CITIFX will probably be a better stop as well. Plus, since CITIFX is the only 'bank' that allows you to trade FX, then you will be able to avoid FIFO and Hedging restrictions etc..

FIFO is pretty much a moot issue with most MT4 capable brokers now anyways. But like Oanda has terrible swap rates and the swaps can kill you. I held a AUDUSD SHORT for about 2 months and it hurt....

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  #292 (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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I suggest highly getting somewhat comfortable with MT4.

Data goes back 20+ years on majors.

I couldn't get very far with PFGBEST or GAIN (forex.com) back in the day...

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  #293 (permalink)
Elite Member
In the heat
 
Futures Experience: None
Platform: NT
Favorite Futures: Energy
 
PandaWarrior's Avatar
 
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bluemele View Post
PFGBEST has been someone I have been using on Demo and the demo servers SUCK! I was told the Live servers are much better....

I personally LOVE MT4, but I hate the order entry aspects. The platform is pretty sweet in my eyes, but needs some getting used to as it is very utilitarian.

Also, remember that 'bucket shops' will trade against you, but if you are doing long term trades and/or do not put in your stops/limits then you are fine. NO STOPS! haha...

Personally, my favorite forex brokers are IBFX (just bought by the evil TradeStation) so it could be ruined. If you are opening an account with more than 20K, then I would go with CITIFX if they approve you. Next in line would be Oanda but if you need NT, then Interactive Brokers, MB Trading and PFGBEST are the only one's I know of.

If you are swing or Position trading, then be careful on SWAPS, so CITIFX will probably be a better stop as well. Plus, since CITIFX is the only 'bank' that allows you to trade FX, then you will be able to avoid FIFO and Hedging restrictions etc..

FIFO is pretty much a moot issue with most MT4 capable brokers now anyways. But like Oanda has terrible swap rates and the swaps can kill you. I held a AUDUSD SHORT for about 2 months and it hurt....

Since I know nothing of the forex intricacies, can you define the term "SWAPS" and why the FIFO issue is important and why using a "bank" makes the issue go away.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #294 (permalink)
Elite Member
In the heat
 
Futures Experience: None
Platform: NT
Favorite Futures: Energy
 
PandaWarrior's Avatar
 
Posts: 3,155 since Mar 2010
Thanks: 6,306 given, 13,250 received

Motive Wave

PFGBEST has several platforms, among them is this MotiveWave: Stocks, Futures, Options and Forex Trading/Analysis Platform this platform appears to have many of the features I would like in a trading platform but the one that stands out the most is native OSX compatibility. This just changed the dynamics of my trading world. If this platform is good and works well on my Mac, I may have the best of everything!

PFGBEST also supports Mac, who knew!

Looks like I will be engaged in a demo on my Mac for the next month.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris

Last edited by PandaWarrior; December 27th, 2011 at 12:13 AM.
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  #295 (permalink)
Elite Member
Honolulu, Hawaii
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: ATC/TT, AMP/Zen-Fire, AMP/CQG
Favorite Futures: TF
 
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Posts: 2,547 since Jun 2010
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PandaWarrior View Post
Since I know nothing of the forex intricacies, can you define the term "SWAPS" and why the FIFO issue is important and why using a "bank" makes the issue go away.

Here is a setup I just took with my brand new 250K DEMO account!

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My goal this year is to work towards building a solid long term (swing and position) type technique using FX. I am VERY familiar with FX through a year of diving deep into forexfactory.com and learning a lot along the way. I am a fan of several threads that I 'lurk' and have learned a lot from guys over there. However, the community just isn't the same as Big Mike's...

Anyways, SWAP is the difference between what one country pays on on holding their currencies vs. the other pair. As you know, you buy GBPUSD, you are going LONG Pound, and short USD. So, you look at current swap rates and can deduce roughly what you SHOULD be getting.

Forex News @ Forex Factory (down on the bottom left)

GBP = .5% (buying)
USD < .25% (selling)

Difference of .25% technically, but is a lot more complicated because of the 'amounts' of currency you actually buy etc.
Swap Rates, Interest Rate swaps, FX Rates - Forex Trading Tools - Interbank FX

You will also see that most brokers 'jip' you of your swap and actually becomes a profit center for them. The funny thing is that bucket shops don't want you to ROBOT them to death (they will shut down your account), nor do they set things up conveniently for positive swaps (hurts position trading) so they really guide you into a sweet spot of not too much trading, but oh just right for them to burn-n-churn.

Remember this, your broker is WORKING AGAINST YOU. THEY ARE 100% WORKING AGAINST YOU AND DO NOT WISH THAT YOU MAKE A MILLION DOLLARS ON THEIR WATCH. They are competing with you on every single trade unless they can successfully hedge but even then they still want to make money off of you!

Per CitiFx, I don't know their swaps, but I imagine they are better as OANDA's are terrible for certain and that is why I am not currently considering them. I have had IBFX for 1.5 years and love them personally, but again they were just bought and no Ninja Trader...

Not that it would affect you, but if you ever read about the MT4 issues with forex.com and FXCM it will shock you to see how blatantly they toyed with their customers to take their money.

OH, and if you see down in the bottom window, you see my P&L on the trade. It turned a profitable trade into a loser.... Just from SWAP. This trade was an accident as I am in with 2% of my account, but I meant to do only 1% since it is counter-trend on the daily and weekly.

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  #296 (permalink)
Elite Member
Honolulu, Hawaii
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: ATC/TT, AMP/Zen-Fire, AMP/CQG
Favorite Futures: TF
 
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Posts: 2,547 since Jun 2010
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Oh, and my understanding as to why a 'bank' is better as they aren't under the Dodd/Frank bill that affects all CFTC's, IB's etc..

First in, First Out was to eliminate HFT and pushing prices down and somehow the only people that actually are stuck with this are RETAIL traders!!!

No Hedging started in 2010 (October) as well as 50:1 leverage limits for all US brokers. Somehow retail traders have caused the demise of the current financial situation and especially through FOREX! I think there was some hangover from when they broke (almost) the bank of England.. haha...

No country likes people playing with their currency until it works in there favor... Funny how that works.

Anyways, No Hedging sucks because some systems require it...

By being a bank, you just hold currency in one account and the opposite currency in another 'account'. They are not subject to the same Doodles and Franklin bills...

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  #297 (permalink)
Market Wizard
whitestone, new york
 
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is the liquidity good enough for safe trading?(forex)

 
  #298 (permalink)
Elite Member
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Futures Experience: Intermediate
Platform: NinjaTrader
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Posts: 2,547 since Jun 2010
Thanks: 3,806 given, 2,826 received


bobarian View Post
is the liquidity good enough for safe trading?(forex)

Some market maker/bucket shop brokers have guarantee's that fills are 'mandatory'.

Forex is by far the largest market in the world. So, liquidity is not a problem. However, you will get slippage and forex is not as competitive as futures when considering commissions if trading within normal RTH.

If you can trade well under daily, then in my opinion futures is much better (also for taxes). But, if you want to trade long term position or swing, Forex can be a great market. You can also swing/position trade futures as well, but in my opinion they move differently.

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  #299 (permalink)
Elite Member
In the heat
 
Futures Experience: None
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PandaWarrior's Avatar
 
Posts: 3,155 since Mar 2010
Thanks: 6,306 given, 13,250 received

Motive Wave

Here is my first workspace. Its just something I am playing around with trying to get it set up so it works more or less like my ninja workspace does.

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #300 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
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PandaWarrior View Post
Here is my first workspace. Its just something I am playing around with trying to get it set up so it works more or less like my ninja workspace does.

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).

Nice, if you have a chance maybe you will post in the below thread to give us your insight and feedback. I've heard some good things about the platform in the last few months.

https://futures.io/platforms-indicators/9138-www-motivewave-com-new-trading-platform.html

Mike

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