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MB Trading Futures - Introduction

  • #101
  • Nov 16, 2006 4:57am Nov 16, 2006 4:57am
FXFEI,


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?

Thank You
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  • #102
  • Nov 16, 2006 6:01am Nov 16, 2006 6:01am
Quoting fxfei
The EFX navigator demo is one the worst platform I encountered. It is not user friendly, eg we are unable to create new TP level, SL level or trailing stop directly from the opened position. For other platform, usually we just need to right click the opened position and we can modify all the trailing stop/tp level/sl level accordingly. Sometimes the quote is disconnected while the trading panel still active, we have to close the whole platform and reopen again. Other platform we just need a single click we can reconnect the platform.

this post tells you how to modify your open orders best

http://www.forexfactory.com/forexfor...0&postcount=36
  • #103
  • Nov 16, 2006 6:40am Nov 16, 2006 6:40am
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?
  • #104
  • Nov 16, 2006 7:18am Nov 16, 2006 7:18am
WTB,

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.

Regards,

stockwet

Quoting WTB
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?
  • #105
  • Nov 16, 2006 7:45am Nov 16, 2006 7:45am
Hi Justin,

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?

Thanks

Sma
  • #106
  • Nov 16, 2006 9:42am Nov 16, 2006 9:42am
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.

http://efxgroup.com/tutorials.html

[other post to come shortly in response to the concerns expressed about our platform]
  • #107
  • Edited 10:20am Nov 16, 2006 10:08am | Edited 10:20am
Dear fxfei ~ <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o></o>

I’m 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>

  1. Stop Loss - can be changed OR cancelled by RIGHT CLICKING on the order in the ‘Open Orders’ window and selecting Change or Cancel. This only applies to individual SL, not part of the TTO. <o></o>
  2. Limits - can be changed OR cancelled by RIGHT CLICKING on the order in the ‘Open Orders’ window and selecting Change or Cancel. This only applies to individual Limits, not part of the TTO.<o></o>
  3. Trailing Stops - can be changed OR cancelled by RIGHT CLICKING on the order in the ‘Open Orders’ window and selecting Change or Cancel.
  4. TTO - must be cancelled and replaced.

<o></o>
2. Restarting the system without logging off and logging back in.

  1. Notice on the EFX Navigator Tool Bar 3 green lights? If at anytime you've been discounted or need to restart, DOUBLE CLICK on those 3 green lights and the system will come back on.
  2. Reminder - Regular scheduled maintenance occurs each night at 12:00 AM EST. At this time the platform will disconnect for 5 minutes. All orders will remain live and stable, but the trader will be unable to make changes or place orders during this 5 minutes. (I've been with EFX Group 3 years, only once has this affected someone)

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.

Don't forget about our webinar tonight. http://efxgroup.com/events.php

Sincerely,

<o></o>

Attached Image
  • #108
  • Nov 16, 2006 10:19am Nov 16, 2006 10:19am
Quoting Sma
Hi Justin,

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?

Thanks

Sma
Q1 Response. While the bank quotes are identical on both the Demo and Live platforms, our ECN technology allows customers to place their own limits orders into the system and display them for other customers. Obviously, “demo” orders cannot interact with a live market, so the ECN trades from customer to customer work from demo clients to demo clients and from live clients to live clients, but demo orders do not display in the live market. Issues in our demo environment are not a reflection of our live platform.

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.

Thank you,
  • #109
  • Nov 16, 2006 10:24am Nov 16, 2006 10:24am
HI Justin,

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...

Sma
  • #110
  • Nov 16, 2006 10:40am Nov 16, 2006 10:40am
Quoting Sma
HI Justin,

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...

Sma
Hi Sma ~

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.
  • #111
  • Nov 16, 2006 11:53am Nov 16, 2006 11:53am
Quoting jleblang
Dear fxfei ~ <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o></o>

I’m 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>
<o></o>
2. Restarting the system without logging off and logging back in.
.....
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.

Don't forget about our webinar tonight. http://efxgroup.com/events.php

Sincerely,

<o></o>

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.
  • #112
  • Nov 16, 2006 11:57am Nov 16, 2006 11:57am
Quoting fxfei
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 differrent TP/SL/trailing stop level for the 10 lots (eg first lot have TP of 10, second lot have TP of 20 ) but I cannot create any order by right clicking the GBP/USD position in "Positions" window.

And there is no LIVE CHAT feature too. Calling helpdesk from overseas will be too inconvenient.
If you have an open position and would like to add a stop / limit or trailing stop all you have to do is go place a Stop Market / Limit or Trailing stop from the order entry screen.

If you're Long you select Sell.....if you're Short you select cover when placing your new order.
  • #113
  • Nov 16, 2006 3:05pm Nov 16, 2006 3:05pm
Justin,


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.

Thank You.
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  • #114
  • Nov 16, 2006 3:11pm Nov 16, 2006 3:11pm
Quoting 4rex
Justin,


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.

Thank You.
Hi 4rex ~

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.

Thank you,
  • #115
  • Nov 16, 2006 7:15pm Nov 16, 2006 7:15pm
Quoting jleblang
Quotetracker only works with live accounts. We no longer have the link up as we will be releasing our own charting solution along with a few new options for clients.
Hi Justin,

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.

Thanks
  • #116
  • Nov 16, 2006 7:31pm Nov 16, 2006 7:31pm
Quoting jleblang
Hi Sma ~

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.
Hi Justin,

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 doesn’t bode well for Quebec residents any time soon

BTW, it’s really surprising when you look at EFX’s 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. (It’s also the only G7 country on the restricted list) I guess that’s the result of having some of the strongest investors’ 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?

Regards,

Chuck
  • #117
  • Nov 16, 2006 8:36pm Nov 16, 2006 8:36pm
Hello Justin,


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.
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  • #118
  • Nov 16, 2006 10:33pm Nov 16, 2006 10:33pm
Quoting jleblang
Hi bAASHARM ~

Yes, EFX does offer fractional lots. You may also place lots lower than 1 mini. For example .5 would equal 1/2 a mini lot or 5000 in currency units.

We pay and charge interest depending on what side of the trade you are on and which currency pair. For more information please visit http://efxgroup.com/rollover-premium-rates.html.

Thank you,
but this is what i see from the efx FAQ page:

Quote
Q. What is the Minimum trade size?

The minimum trade size is 1 lot (1 lot = 10K)


jleblang, could you please confirm about this lot size? thx
  • #119
  • Nov 17, 2006 12:22am Nov 17, 2006 12:22am
Quoting zmanc
Hi Justin,

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.

Thanks
zmanc -

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????
  • #120
  • Nov 17, 2006 12:26am Nov 17, 2006 12:26am
Quoting chuck5803
Hi Justin,

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 doesn’t bode well for Quebec residents any time soon

BTW, it’s really surprising when you look at EFX’s 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. (It’s also the only G7 country on the restricted list) I guess that’s the result of having some of the strongest investors’ 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?

Regards,

Chuck

chuck5803

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
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