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Switching brokers and i really need your help please.

  • #1
  • First Post: Jan 22, 2008 2:10pm Jan 22, 2008 2:10pm
I have been with IBFX for the last 3 years and honestly here lately I’m getting sick of there I don’t care about our clients opinion attitude… so now I have decided to move my money elsewhere.

I am a news trader so I need a broker with fast execution and little to no slippage, I would like low stable spreads (I understand a little spread widen but not the 10-20 spike spread that IBFX does) if the price I have to pay to use my auto click means paying 5 to 15% commission with no spread then so be it, I do place about 3-4 trades a day without news so I’m not all about news, I need the broker to allow (or have) some kind of Manage Take Profit software and allow my open positions to be closed a little at a time if needed.

I don’t know if this helps in getting a better broker but my initial deposit will be 5-10 thousand.

I would not rate IBFX as a scam but they are sure as heck getting close… who ever they teamed up with in this last year is going to run IBFX into the ground within the next 5 years. I get re-quoted getting into and now getting OUT OF my trades! And now they are widening there spreads even more on non news events.

Im sick of it and I just really need your guys help in finding a broker. this is my only income.
  • #2
  • Jan 22, 2008 2:53pm Jan 22, 2008 2:53pm
Quoting bassfisher
I have been with IBFX for the last 3 years and honestly here lately I’m getting sick of there I don’t care about our clients opinion attitude… so now I have decided to move my money elsewhere.

I am a news trader so I need a broker with fast execution and little to no slippage, I would like low stable spreads (I understand a little spread widen but not the 10-20 spike spread that IBFX does) if the price I have to pay to use my auto click means paying 5 to 15% commission with no spread then so be it, I do place about 3-4 trades a day without news so I’m not all about news, I need the broker to allow (or have) some kind of Manage Take Profit software and allow my open positions to be closed a little at a time if needed.

I don’t know if this helps in getting a better broker but my initial deposit will be 5-10 thousand.

I would not rate IBFX as a scam but they are sure as heck getting close… who ever they teamed up with in this last year is going to run IBFX into the ground within the next 5 years. I get re-quoted getting into and now getting OUT OF my trades! And now they are widening there spreads even more on non news events.

Im sick of it and I just really need your guys help in finding a broker. this is my only income.
I have sent you a PM, but more importantly, for everyone on the board, it's important to realize that if you are trading the news, you DO NOT want a deal desk watching your trades.

Dealing firms are not fond of news traders, and they will pick up on your strategy and chase your trades. In some cases, I have seen news traders open an account, place three trades before the news, make $30,000 and never get filled again.

If you are going to trade the news, my advice is to place your eggs in more than one basket, ECN baskets in particular.
  • #3
  • Feb 5, 2008 4:55am Feb 5, 2008 4:55am
consider Alpari in NY, they will accept new accounts in February

Quoting bassfisher
I have been with IBFX for the last 3 years and honestly here lately I’m getting sick of there I don’t care about our clients opinion attitude… so now I have decided to move my money elsewhere.

I am a news trader so I need a broker with fast execution and little to no slippage, I would like low stable spreads (I understand a little spread widen but not the 10-20 spike spread that IBFX does) if the price I have to pay to use my auto click means paying 5 to 15% commission with no spread then so be it, I do place about 3-4 trades a day without news so I’m not all about news, I need the broker to allow (or have) some kind of Manage Take Profit software and allow my open positions to be closed a little at a time if needed.

I don’t know if this helps in getting a better broker but my initial deposit will be 5-10 thousand.

I would not rate IBFX as a scam but they are sure as heck getting close… who ever they teamed up with in this last year is going to run IBFX into the ground within the next 5 years. I get re-quoted getting into and now getting OUT OF my trades! And now they are widening there spreads even more on non news events.

Im sick of it and I just really need your guys help in finding a broker. this is my only income.
  • #4
  • Feb 6, 2008 10:22am Feb 6, 2008 10:22am
For news trading will need:
an ECN
fast execution
1 click trading

Try hotspotfx.But if you´re not ok the answer is: futures at CME-real,transparent market
UFO
  • #5
  • Feb 6, 2008 10:29am Feb 6, 2008 10:29am
Sorry
CME-Chicago Mercantile Exchange
it´s not a br0ker
  • #6
  • Feb 6, 2008 10:32am Feb 6, 2008 10:32am
InteractiveBrokers - ECN with interbank spreads, and they offer CME futures too.
  • #7
  • Feb 6, 2008 12:40pm Feb 6, 2008 12:40pm
Quoting bassfisher
I have been with IBFX for the last 3 years and honestly here lately I’m getting sick of there I don’t care about our clients opinion attitude… so now I have decided to move my money elsewhere.

I am a news trader so I need a broker with fast execution and little to no slippage, I would like low stable spreads (I understand a little spread widen but not the 10-20 spike spread that IBFX does) if the price I have to pay to use my auto click means paying 5 to 15% commission with no spread then so be it, I do place about 3-4 trades a day without news so I’m not all about news, I need the broker to allow (or have) some kind of Manage Take Profit software and allow my open positions to be closed a little at a time if needed.

I don’t know if this helps in getting a better broker but my initial deposit will be 5-10 thousand.

I would not rate IBFX as a scam but they are sure as heck getting close… who ever they teamed up with in this last year is going to run IBFX into the ground within the next 5 years. I get re-quoted getting into and now getting OUT OF my trades! And now they are widening there spreads even more on non news events.

Im sick of it and I just really need your guys help in finding a broker. this is my only income.
Agree with all of above, but honestly it's a bit unrealistic to expect fast execution, no slippage and low spreads at news time. I mean, that's every news traders dream. Even the best ECN's can show some large spreads around the news, it's just a fact of life.

But I'll second the recommendation to stay away from bucket shops(EVERY MT4 broker for example). MB Trading and Hotspot are decent ECN's you could check out.

But I see another bit of unrealism in your post. I know you're not asking about this so forgive me for bringing it up, but you say your account is only $5-10K and trading is your only income?? That could be a recipe for disaster my friend. Might be tough to pay all your bills with what you would generate from a $10K account-you'd have to be VERY successful. Possible of course, but you're just not stacking the odds in your favor I don't think. I'd suggest having some other source of income for now at least, or trade with a bigger account.

Anyway, sorry for the unsolicited advice, but wanted to offer that for what it may be worth...

Best wishes
  • #8
  • Feb 7, 2008 8:38am Feb 7, 2008 8:38am
TC East, may I know what are the reasons why all MT4 brokers are buckets shops?

BostonForex, what do you mean by dealing desk chasing your trades?

If I don't trade the news, should I stay clear also of MT4 brokers?
  • #9
  • Feb 8, 2008 7:46am Feb 8, 2008 7:46am
Quoting Qwert
TC East, may I know what are the reasons why all MT4 brokers are buckets shops?

BostonForex, what do you mean by dealing desk chasing your trades?

If I don't trade the news, should I stay clear also of MT4 brokers?
Hi Qwert,

Not sure exactly why the buckets shops all seem to use MT4, but probably because it's easy to set up and use. They don't have to invent any software, provide their own charts, etc. Don't get me wrong, MT4 is great and that's actually what I use for my charting. But it's just an easily recognizable hallmark of a bucketshop broker when you see their platform is MT4; only reason I mentioned it. Another hallmark is "no commission." If that's the case, think about how they make money! It's pretty scary when you give that one some thought...

Some "bucketshops" are probably fine to trade with though, especially if you don't trade the news. But just be aware that there is a built-in conflict of interest with a bucket shop: in many cases they are taking the opposite side of your trade, so if you make money, they lose it and vice versa.

There are numerous forum posts out there of traders relating how they were making money at a bucketshop for a short time, then the broker either closed their account and kicked them out, put them on manual execution so they would leave on their own, or worst of all, refused to give them their profits from their trades, only being willing to return the original deposit amount. Bottom line is, they DO NOT want you to be successful, because every dollar you make is a dollar they lose. Obviously a major conflict of interest, and reason enough for me to stay away.

Anyway, that's probably more than you wanted to hear, but there you go Best wishes in your trading...
  • #10
  • Feb 8, 2008 8:44am Feb 8, 2008 8:44am
Thanks TC East!
  • #11
  • Feb 8, 2008 9:29am Feb 8, 2008 9:29am
ya, it might be worth avoiding retail brokers like IBFX for trading news spikes.. What about MBtrading?
  • #12
  • Last Post: Feb 9, 2008 11:16am Feb 9, 2008 11:16am
Quoting peterM
ya, it might be worth avoiding retail brokers like IBFX for trading news spikes.. What about MBtrading?
I don´t think they are fast enough for this kind of trading.
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