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I trade Forex on the daily chart, and have an account with Oanda. Unfortunately, their platform, fxTrade, is absolute garbage and I am currently using ThinkorSwim's platform with a papertrading account for my charting purposes.
I am a new trader, so I am just practicing for now with a small account. However, within this year I would like to move over to a better charting solution such as Sierra Chart (which I tried with a demo account for trading futures, and really like it). I also need a broker that allows me to work with Sierra Chart. A problem I face with using fxTrade and TOS is that TOS doesn't correctly display the bars based on Oanda's spreads.
Does anyone have any recommendations regarding forex brokers to use with Sierra Chart? I was thinking along the lines of InteractiveBrokers or FXCM, but I'm not sure what to do.
Thanks for the help and feedback.
Can you help answer these questions from other members on NexusFi?
Are there any issues with delayed data from IB? I think such issues would be only relevant to people trading on much lower time frames, anyway.
Never heard of this platform before. I think I'd like to stick with SC, and also switch to a cheaper broker than Oanda. Oanda's spreads are OK, but IB and FXCM are cheaper, especially if my goal is to gradually trade larger and larger.
I keep seeing these advertisements for unfiltered data.....
Isn't the whole point of filtering the data to ensure that a rogue/erroneous data point won't ruin your day? If you have a stop in place and a bad piece of data comes in, that exceeds …
And do research in the Brokers and Data Feeds section, it has been covered countless times.
My recommendation goes for Interactive Brokers as well. But if you're trading micros on say an account under $1k, then FXCM should be fine. I know lots of people like the datafeed with FXCM on Sierra for visualization, even if they don't actually use it to execute trades (puting their trades through different platforms and brokers, but still having the FXCM/Sierra combination feed up)
I think I will move to IB soon, when I am ready to open a larger account. My goal right now is to turn my $400 into $800. Then I will open a larger account with IB and use Sierra Chart for my charting and execution.
Just wanted to let you know I'm trying out MotiveWave (14 day free trial, with my live account).
Thanks for letting me know about this platform. I did some thinking, and realized that this probably has all I need... and it's just a one time payment of $295 for their lifetime license for the Trade Edition. Plus, I can connect to FXCM/IB later on when I make the broker switch. It pays for itself within 1 year when you compare it to monthly payments for Sierra, depending on what package you get.
The one drawback is that only the first year of support/updates are included with a lifetime license purchase. After that, it's $79 per year (for the Trade Edition). That's not too bad, though... averages out to less than $$6.60 per month, which is a great price, I think.
I'm not very happy anymore with Oanda + MotiveWave. Oanda's API doesn't give MotiveWave the flexibility to display 5 daily bars per week... as absurd as that sounds, I confirmed with MotiveWave support that the API only allows them to use 6 daily bars per week. They also confirmed that IB and FXCM do not have that problem; their API allows them to use 5 daily bars per week. Also, no phone support - only email. I find that a bit worrisome.
I think I will stick with Oanda Fxtrade and TOS for now, and move to IB + Sierra Chart later on.
