I share your frustration. I also find it difficult yet not impossible to read the orderbook and open order windows. One reason why you have to cancel your trade once it is executed is that they are not a dealing desk like most brokers. Brokers keep your trade at hand and trade against you while ecn platforms send your trade out into the world of supply and demand and once it is executed they have no control in order to make changes. I am not sure about this but maybe someone else or Justin can clarify it. Oh by the way Justin if you are reading this post can you point out some of the shortcomings that EFX is presently working on improving?
this post tells you how to modify your open orders best
I have been taking notice on the comissions charged. For a 1 standard lot (100,000$) trade on EURUSD, the comission is 6.4 dollars at entry and another 6.4 on exit. That makes 13 bucks, plus 10 dollars due to the 1-pip spread = 23 bucks per standard lot.
That's not cheap at all. Trading with Oanda is cheaper. I didnt know you paid the comissions both at entry and at exit Besides, in the EFX website it states that the comission is 5 dollars per 100,000 lot, not 6.4 dollars.
Care to comment on this issue please?
I'm not with EFX Group, but, I could perhaps share my experiences with ECN's generally.
First, on the cost issue, it's $5 USD. If you're trading EURUSD, then EUR is the base currency and needs to be converted to USD. All currencies where USD is the base currency have $5 commissions. The rest you need to convert back to USD. Here's the math: http://www.efxgroup.com/commissions.html.
Second, yes, they are more expensive then OandA. I like OandA. But, they've made me quite nervous a couple times when their platform crashed in the middle of trading and I had no way of getting in or out of my trades. They also have a dealing desk, though, I think they have more pass through trades than the typical dealing desk.
I was recently with another ECN where I paid $20 round trip and 2 pip spreads. But, my execution was fantastic. I felt more comfortable placing trades knowing that my trades were anonymous, noone at the ECN was touching them, and that slips only occurred because most everyone else in the market was experiencing them, too. I gladly paid more to have better fills and better execution.
I think ECN's are great for trading intraday. If you have a daily strategy, though, where precise fills are secondary, then price might be important to you. However, try not to sacrifice execution in exchange for price if you're an intraday trader. For me, it just isn't worth it.
As far as EFX Group, I don't know if they're any good or not. I just wanted to provide some general comments though to help answer your questions.
I have been demoing your navigator and i must say i love the platform, and i like the execution. BUT,
Q1: how close is the demo execution to real execution?
Q2: Is there an option where we can automate the limit order price to currprice+-5pips for example?
I'm sorry so many of you have been experiencing problems with the webinar videos on our site. This was a temporary solution for not having our tutorials done. I suspect with in two weeks I should have them complete, which at that time you'll find them here.
[other post to come shortly in response to the concerns expressed about our platform]
Dear fxfei ~ <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o></o>
Iím sorry you are having difficulties with our platform, but I suggest in the future you please reach out for help, instead of being so quick to judge. <o></o>
I will now take the time to address your concerns. <o></o>
1. Changing Stops / Limits / Trailing Stops. <o></o>
I hope this helps. Again, I stress if you have problems or need assistance that you please contact us; we are always here to help.
Q2 Response. If you right click in the order entry screen and go to preferences, you can adjust all default settings. I hope this is what you are looking for.
I was about to open a live account with you guys until i saw Quebec, the Canadian province i reside in on the restricted list. Why is that?
a bit dissapointed...
It is true that for some countires and provinces we are restricted from opening accounts. Each country or province has its own rules and regulations and some are much more difficult to do business with then others. We continue to try and build the proper relationships and with time, I'm sure will be approved for Quebec, but I do not have a time frame on when this will happen.
I mean if I have zero order and I have an opened position eg, I short 10 lots of GBP/USD without any INITIAL TP or SL or trailing stop. After sometime later I would like to enter TP/SL/trailing stop level for the 10 lots but I cannot create any order by right clicking the GBP/USD position in "Positions" window. In MT4 all can be done with just 1-2 clicks.
And there is no LIVE CHAT feature too. Calling helpdesk from overseas will be too inconvenient.
If you're Long you select Sell.....if you're Short you select cover when placing your new order.
Correct me if I am wrong but are you saying that once your order has been executed that you can change the paramaters? i.e take profit , stop loss etc.
Please clarify this for all of us because I don't see you saying that.
Yes, this is correct. Please review post #107.
I think that clearly describes the process for changing existing stops / limits / trailing stops and TTO's.
Hope that this does not mean that at some point in the near future we will no longer be able to use quotetracker with efx? QT is a workable alternative.
Also for using qt with a live efx account does this allow us to use qt with 10 days of intraday data as opposed to 2 days of intraday data? (Yes I'm aware that I'll have to get the backfill intraday data from another source)
Also will there be more integration with other 3rd party software like amibroker? Also please do comment on whether there are any plans to provide historical data.
Me too I'm from Quebec. About 14 months ago I contacted EFX to open an account and Kenny Bauchman told me you were working on getting Canada off your restricted list but I see that only 2 Canadian Provinces are currently off the list, so I guess it really doesnít bode well for Quebec residents any time soon
BTW, itís really surprising when you look at EFXís list of restricted countries that <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" /><st1:State w:st="on">Quebec</st1:State> residents are considered on the same level as residents coming from countries like <st1:country-region w:st="on">Iraq</st1:country-region>, <st1:country-region w:st="on">Afghanistan</st1:country-region>, <st1:country-region w:st="on">Iran</st1:country-region> and <st1:country-region w:st="on"><st1lace w:st="on">North Korea </st1lace></st1:country-region> Actually when you take a closer look at your list, <st1:country-region w:st="on"><st1lace w:st="on">Canada</st1lace></st1:country-region> is the only country that really feels totally out of place on that list. (Itís also the only G7 country on the restricted list) I guess thatís the result of having some of the strongest investorsí protection laws in the world.
If I recall correctly, when Kenny e-mailed me back he told me that if I could use a mailing address from an accepted Country, it would be OK. Would the same technique work with an accepted <st1lace w:st="on"><st1laceName w:st="on">Canadian</st1laceName> <st1laceType w:st="on">Province</st1laceType></st1lace>? (i.e. me having a PO Box in <st1:State w:st="on"><st1lace w:st="on">Ontario</st1lace></st1:State>, etc)? If yes, would I have to actually reside there?
Perhaps I am not making myself clear or maybe I am a slow learner. I have read #107(several times) but in the past I have experienced the process differently. For example you mentioned to go to the OPEN ORDER to make changes but it has been my experience that once your order is executed that it disappears from the OPEN ORDER window and the executed trade now shows up in the ORDERBOOK window. Right now as I am writing this post, I have several STOP/TRAIL orders that have not been executed yet but when I right click on them in the OPEN ORDER window the only option is to cancel. The change order option is not available. Is this a different situation than the ones you are explaining in #107?
Thank you . I hope your time rewards you with many live accounts.
jleblang, could you please confirm about this lot size? thx
Quotetracker should always be available I imagine. I'm not sure about the live QT offer the 10 days of intraday data....I'll have to check on that one, unless someone on the board already knows the answer????
Compliance would say you must reside or be a resident of a country not on our restricted list to open an account with EFX Group or MBTF. PO Box is not considered an acceptable address for opening an account - sorry.
I will check with compliance though on the status of Quebec being removed from the restricted list......to be continued
© Forex Factory