IBFX Problem / New Broker Question

Hey guys,

I opened a micro with IBFX a few weeks back. To be frank, I wasn't doing all that great anyway :-) But, my account was wiped out on Monday due to a glitch that I can only assume was on their side. I was unable to connect to IBFX for a period of about 20 minutes, during which time my short GBP/JPY trade went horribly awry... which is why I was just about to hedge it before I went down (hadn't set a stop loss at this point). During this time I had internet access to other sites no problem.

The main issue was that I run at work alot on my PDA/cell device. Had I been home I would have made a phone call. Unfortunatly, I couldn't do so. So, in all fairness there were mistakes made on my part: hadn't yet set stop loss, and trading where I can't readily use a phone. But, I'm just sharing some first hand connection problem experience. Not a HUGE financial deal since it was a $500 account and I was prepared to lose it if it came down to it, but kind of a pain anyway.

So... that issue was enough for me to want another broker when I go in for my full $5,000 account after some more practice time. I am demoing with MIG Investments, and I have done a demo with them before. I really enjoy their spreads, their snappy Metatrader news feed tidbits, and their selection of pairs to trade. Unfortunatly I have only been able to locate *one* feedback about MIG on the net from someone who says they trade and have made withdraws no problem. I'm just curious if anyone else around here has any feedback on them?

Thanks guys! And while I'm posting... I appreciate all the great stuff on this forum that has helped me out along the way. I'm still not 100% ready to go live with a good bit of cash... but you guys have really helped me to get close to that point (I'm great at demoing, but live still hurts me... need to get the psych part down).

The psychology is the most important bit, and it's slippery stuff because you have to discover and deal with your subconscious drivers, which, by definition, you don't know about!

Then comes your technique, which needs to be as simple as possible and reliable.

Then comes your broker and datafeed, which needs to be reliable and reasonably straight (or at least straight enough for you to work within). That's why we're going to be doing a datafeed and charts that come from a common source and a reputable broker. I've had that uncomfortable experience recently when the charts were about 30 pips off the brokerage figures, and it was freaky. I don't know about MIG.

Hello,

Sorry that I don't know anything about MIG but I just want to comment on the money management u had.

If going offline for 20min is enough to wipe out your account, you "DEFINITELY" need to change your money management plan before you are going live with $5000. Imagine that you need to go to the toilet or shower and then come back with account totally wipe out. Although the broker connection is important, you need to make sure that you can survive with all conditions.

(I went for holiday for 3 months last year and left EA run on interbankfx. As I found out the computer actually had twice 2 weeks without connections - may be due to interbankfx and may be due to my ISP. Even there was a 270PIPs loss during that time, I still end up with profit for that 3 months. Therefore, I think you need to get your money management sort out before you find a better broker.)

Hope this helps.

I've been looking for one to use if ever I get enough cash to fund a mini. These seem OK from the comments, BUT, read all the posts.
http://www.forexfactory.com/forexfor...&highlight=MIG

Peter

Puppy,

I agree, my trade was not the best in regards to risk management. Had I set up my hedge position sooner or dropped out entirely I would not have had a problem. Unfortunatly I had waited until a time where it was my last hope to set a hedge position, unfortunatly that is the moment I lost my connection.

And to complete my story the pair fell to a point which would have landed me soundly in profit shortly after my incident :-) Lesson being... either drop out earlier or set up a hedge position earlier to be safe.

- Jacob

Peter,

I had noticed the part about the lack of account segregation before. That is a concern for me... but how many brokers actually DO seperate the funds? I know IBFX does, but as I said, I really don't like their service much anymore.

One of the posts indicates that Swiss law is extremely protective... so perhaps that would be a reason not to worry so much about it? I would like to find out much more information before going in with them.

they prohibit hedging . end of story