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More on interbankfx . . .

  • #21
  • Mar 8, 2005 8:24pm Mar 8, 2005 8:24pm
  •  Trader#0000
  • | Status: Unregistered Trader
Is anyone using Interbank fx to trade Beaus new system right now? The number of pips do not match the profit posted. Im up 588 pips but its showing a profit of only $4150.
  • #22
  • Mar 9, 2005 7:23am Mar 9, 2005 7:23am
InterbankFX's rollover interest is pretty steep. You have to deduct that. Plus 1 pip does not equal one dollar on many currency pairs. I found similar numbers when I demo'd with them.
"You can't have everything... where would you put it?"
  • #23
  • Mar 9, 2005 10:29am Mar 9, 2005 10:29am
But surely the rollover interest that you earn is commensurate with what you pay when you are positioned the other way round, no?
  • #24
  • Mar 10, 2005 1:11am Mar 10, 2005 1:11am
Quoting blueshirt
Something fishy about it since a multiple bank fed model such as they are promoting should yield a varied spread which sometimes would show 1,2 or 3 pips in EUR for example depending on the movement of the different price feeds. For them to have a multiple feed with a fixed 3 pip spread doesn't make sense. With 3 pips and the 1 pip on the round turn they charge it is no better than what you can get elsewhere. It is unfortunate since it is a better model than the market making type (FXCM and the lot)
I think the Interbank model is the best, but it can be found elsewhere. I trade with Hotspot on their retail platform and you genuinely get spreads ranging from 1-3 pips in the majors and they only charge $6 per round turn as opposed to the $10 that IB is charging, so even when the spread is 3 (and it is normally 2 in eur and jpy) you are saving nearly half.
I do like the fact that you can trade odd lots with IB, but maybe if enough people ask, Hotspot will add the capability. My point is you can do better than the spreads IB is showing and still enjoy the benefits of the ECN type model.
Bear in mind that you can also split the spread with IB, e.g. if Euro is 29/31 you can bid at 30, and it will be displayed to all IB customers and the banks that are making a market.
  • #25
  • Mar 10, 2005 5:00am Mar 10, 2005 5:00am
Quoting stevek
Bear in mind that you can also split the spread with IB, e.g. if Euro is 29/31 you can bid at 30, and it will be displayed to all IB customers and the banks that are making a market.
Yes I understand that. I have the same functionality at Hotspot.
  • #26
  • Mar 10, 2005 2:08pm Mar 10, 2005 2:08pm
Our latest script -- "SomaEagle" -- is a joint effort from people like Amir,
GaryH, Soma, and myself. What we all have in common is we're MoneyTec
members.

We're now pretty familiar with the bugs in MetaTrader backtesting, and have
been trying to come up with a script that doesn't expose itself much to the
misleading backtest bugs, so that you SHOULD get something similar in
real trading as you do in backtesting.

If you backtest this script (you can get it at my forum) with InterbankFX on
a daily chart, this what you should be seeing:

Soma Eagle Backtest 10 March 2005

Note: you may have to save this to your hard drive before you can open the zip
file and view the files inside.

Can you believe it? Pretty stunning, I know.

Now, the question is: does the XO indicator really get us into the same
trades, close them, and reenter the way the record shows?

We KNOW we can reliably close our trades around 23:00, as long as our
Internet connection is up. This is solid.

We KNOW the script gets us into trades. Most of us have seen that.

This script uses NO STOPS and NO LIMITS and NO TRAILING STOPS.
The fact that any open trade is closed at 23:00 is some safeguard.
Also, the XO indicator is supposed to close trades on "flips". I haven't seen
this phenomenon in forward-testing, yet. I only started demo-trading this
script today.

Stay tuned.
Bob/autofx
  • #27
  • Apr 19, 2005 1:57pm Apr 19, 2005 1:57pm
UPDATE:

SomaEagle morphed into scripts called BorkoEagle, SimpleEagle and PivotEagle.

The original Soma used a combination of indicators that was prone to jitter.

The newer scripts mentioned above do not suffer from that problem, and
have been forward-tested by several traders over the last couple of months.
Bob/autofx
  • #28
  • Mar 28, 2006 3:03pm Mar 28, 2006 3:03pm
We've come a long way since the "Eagle" days. We have a whole new trading strategy. It's non-predictive and is essentially a "refuse-to-lose" approach, which I never used to believe in. But boy do I now!
Bob/autofx
  • #29
  • Mar 28, 2006 4:20pm Mar 28, 2006 4:20pm
Please do us all a favor. The next time you comfirm with Interbank on something copy the live help session and paste it here so we can all read it. I copy and save all chat sessions I have with any FX broker I use and I currently use three. Copining the chat sessions will help you in any dispute you have with your FX brokers

RonT
  • #30
  • Mar 28, 2006 4:29pm Mar 28, 2006 4:29pm
Here is an copied chat session from 3/28/06 at 12:15pm HST

Client Support: one moment please
you: can you tell me what a round turn is? and do you charge for this?
http://server.iad.liveperson.net/hcp...o/chatinfo.gifPlease wait while I transfer the chat to 'Customer Support'.
http://server.iad.liveperson.net/hcp...o/chatinfo.gifYou are now chatting with 'Customer Support'
Customer Support: Hello this is Kirchy, how can I help?
you: can you tell me what a round turn is? and do you charge for this?
Customer Support: the turn around on opening an account?
you: is there another kind
Customer Support: The time frames are 24 to 48 hours and there is no charge toi set up an account.
you: I read this in a forum and I am checking it out
you: buried in their fine print states they will take an ADDITIONAL 1 pip on every round turn - - - so actually that is 4 pip spreads, right ?
you: I could not find it myself so I am asking this way
Customer Support: no for the spread it is listed on are web site on the main page. with the eru uds it is a 2 pip spread
you: so there is no extra charge in anyway?
Customer Support: there are no extra charges in any way
you: thank you
  • #31
  • Last Post: Mar 28, 2006 7:31pm Mar 28, 2006 7:31pm
Quoting sarbot
Yes, that really is chickens__t that fxcm's dealer desk hunts the stops of their own clients. There outa be a CTFC rule against that practice plain & simple.
You can't, that's just part of the dealer's way of doing business. I know it sucks, but since your dealing on their platform, their rules, they seek the maximum profit from all the stops out there, and probably some program calculates all the client's stops and momentary stops everybody out so they they will have to get back in (and pay another spread) to the dealer
Profitsee - Knowing the future is not enough.
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