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Broker Recommendation PLEASE!

  • #21
  • May 14, 2007 3:26am May 14, 2007 3:26am
Quoting PipStar
There is a big deal being made out of trading with an ECN broker in almost every forum and it's seen as the next step up. I have looked into it and found it to be nothing of the kind. The kind of slippage you get with an ECN at times of volatility, you will not see with a retail broker. Why bother just to be able to trade inside the spread and get a tighter spread which you then give back several times over at news time. Hasn't the 250 pips slippage with ODL currenex now become legendary?
If you're not trading in the minute before and after major scheduled news I woudl recommend an ecn over any retail broker or fx futures
  • #22
  • May 14, 2007 8:02am May 14, 2007 8:02am
Quoting PipStar
There is a big deal being made out of trading with an ECN broker in almost every forum and it's seen as the next step up. I have looked into it and found it to be nothing of the kind. The kind of slippage you get with an ECN at times of volatility, you will not see with a retail broker. Why bother just to be able to trade inside the spread and get a tighter spread which you then give back several times over at news time. Hasn't the 250 pips slippage with ODL currenex now become legendary?
This slippage occurred when two orders were matched way off the market price, a scenario which is indeed made possible by an order matching system. However, a "soft limit" market entry would have prevented this from happening.
  • #23
  • May 14, 2007 8:09am May 14, 2007 8:09am
Quoting PipStar
There is a big deal being made out of trading with an ECN broker in almost every forum and it's seen as the next step up. I have looked into it and found it to be nothing of the kind. The kind of slippage you get with an ECN at times of volatility, you will not see with a retail broker. Why bother just to be able to trade inside the spread and get a tighter spread which you then give back several times over at news time. Hasn't the 250 pips slippage with ODL currenex now become legendary?
At the end of the day, I'm much happier trading in a real market, through a broker who matches my trade to another trader's rather than with a broker who takes the other side of my trade. In the ECN scenario, I have the security of anonimity with my adversary/counterparty. in the Market Maker scenario, my adversary/counterparty knows my account balance, the leverage I am using, where my stops are, what my price goal is, and so on. This surely puts me at a huge disadvantage compared with the ECN scenario.

Yes, the ECN route has its difficulties, but at least it's a real market, and I can therefore enjoy a level playing field with my adversary/counterparty.
  • #24
  • May 14, 2007 9:09am May 14, 2007 9:09am
Quoting Castlemain
However, a "soft limit" market entry would have prevented this from happening.
This isn't possible to do with all platforms, especially in a rapidly moving market leading up to a news event.
  • #25
  • May 14, 2007 12:14pm May 14, 2007 12:14pm
Quoting PipStar
There is a big deal being made out of trading with an ECN broker in almost every forum and it's seen as the next step up. I have looked into it and found it to be nothing of the kind. The kind of slippage you get with an ECN at times of volatility, you will not see with a retail broker. Why bother just to be able to trade inside the spread and get a tighter spread which you then give back several times over at news time. Hasn't the 250 pips slippage with ODL currenex now become legendary?
Major advantage is being able to get hit on the bid/offer, but I come to find most retail trader have a hard time understanding this concept because they have never seen it.

trading around volatility isn't the issue so much as trying to trade a low liquidity pair.

It funny how we go around and around about something that a MM (market maker) won't even allow to be done in the first place which is trade the spike.

It can be done on an ECN w/ the assumed risk all I have to say is hope your always the first person in.
  • #26
  • Edited 2:15pm May 14, 2007 12:22pm | Edited 2:15pm
Well, I can tell you who not to use, if you need clean data that will not change day to day .

GFT!!!
  • #27
  • Jan 7, 2009 10:28am Jan 7, 2009 10:28am
Quoting its2die4
Ok Thanks Salam will do........ How about AC Markets? Anyone familiar with them? they advertise no requotes guaruntee on their site where as no one else does.
I have been trading with ACM for close on 2 years now. Not sure if other brokers do or do not advertise no requotes on their site or not. Yes, so far the "no requotes" is correct and it is what would be expected if dealing with a proper STP broker. Remember that they will execute on your price if reached, if none of their LP reach the price, then you will not be executed. Crap you may say, but then you should also know that if you have placed a market order, ACM guarantee fills in all market conditions should it fail to reach.
  • #28
  • Jan 7, 2009 1:25pm Jan 7, 2009 1:25pm
Quoting James Oak
I have been trading with ACM for close on 2 years now. Not sure if other brokers do or do not advertise no requotes on their site or not. Yes, so far the "no requotes" is correct and it is what would be expected if dealing with a proper STP broker. Remember that they will execute on your price if reached, if none of their LP reach the price, then you will not be executed. Crap you may say, but then you should also know that if you have placed a market order, ACM guarantee fills in all market conditions should it fail to reach.

I have seen some reviews about ACMarkets and they seem to have a requote problem. I have an account with Tradeview Forex and their execution is excellent. I have had some requotes but the spread has never changed like in FXCM.
  • #29
  • Jan 7, 2009 2:17pm Jan 7, 2009 2:17pm
Hi, I use Interactive Brokers. Good overall: small spread, powerfull workstation and good support. On the other hand, statements tend to be hard to understand at first. Have been with them for a couple of years and recommend them.
  • #30
  • Jan 7, 2009 4:01pm Jan 7, 2009 4:01pm
I'm trading for 8 years, if you want to make money, do not trade the news,
look only to the market to give you dirrection.
I recomend Alpari, I use to trade with many brokers on the market.
ACM facing criminal court right now for margin and price manipulations, stay away from them.
  • #31
  • Jan 7, 2009 7:22pm Jan 7, 2009 7:22pm
Quoting forexfg
I'm trading for 8 years, if you want to make money, do not trade the news,
look only to the market to give you dirrection.
I recomend Alpari, I use to trade with many brokers on the market.
ACM facing criminal court right now for margin and price manipulations, stay away from them.
Alpari suck ass.

They screwed up my deposit and credited me the wrong amount. And at the moment I have been trying to place a pending order for the last hour but I keep getting "connection error" crap.

Absolute shit !
  • #32
  • Jan 9, 2009 11:39am Jan 9, 2009 11:39am
You can get a requote or a change in your order setup for many reasons and that would depend on market’s behavior, internet connections and many reasons more. But when you get a requote with a change on the spread that’s just cruel. I think we must call for a specific spread no matter if it’s tight or not.
  • #33
  • Mar 25, 2009 8:41am Mar 25, 2009 8:41am
Quoting its2die4
Hi All,

I've been trying to trade the news releases recently and I have had some of the worst experience in my life! I have tried FXCM and although they advertise no dealing and no requotes they rejected all my orders! Then I tried Royalfx and they would either requote at a bad price or put me in at max deviation on my MT4 platform i.e., bad fill! I have also used CMS with varing similar results. Please recommend a Broker that will get me filled! PLEASE!

Thanks
Keith
Based on my experience.
FXCLUB will be the best place to trade new releases.

Cheers
  • #34
  • Mar 25, 2009 8:49am Mar 25, 2009 8:49am
I would like to hear feedback from traders that use TradeStation. Thank you.
  • #35
  • Mar 26, 2009 7:33am Mar 26, 2009 7:33am
TRADESTATION....1 1/2 stars
dealing desk is a bunch of wise-ass scumbags.
you'll also get no help from their customer service.
they will also try to short you on the rollover rates.
overall, an unpleasent experience.
  • #36
  • Mar 30, 2009 11:05am Mar 30, 2009 11:05am
Quoting willf
Alpari suck ass.

They screwed up my deposit and credited me the wrong amount. And at the moment I have been trying to place a pending order for the last hour but I keep getting "connection error" crap.

Absolute shit !
I haven't had any major problems with them. Deposited money OK, withdrew money OK and the platform seems to perform reasonably. Their helpdesk is quite responsive too, both via email and phone. However, I don't trade major news releases so can't comment on that.
  • #37
  • Mar 30, 2009 4:13pm Mar 30, 2009 4:13pm
was just talking to a new trader about this. I like FXDD. I post here and there about them. They are just solid. They have tons of free training, go to http://forex.fxdd.com No other gives this much info for free. Its a full message board. I love it.
  • #38
  • Mar 31, 2009 5:25am Mar 31, 2009 5:25am
Well my recommendations are Saxobank and Oanda.
there are some other brokers as well which I have traded earlier like Ibfx and Avafx.
To simplify the problem I selected some points which you must keep in mind while selecting a good broker
Comparing FX trading brokers
Average offered
Minimum deposit required
Amount/type of commissions charged
Spreads for major currencies
Availability of mini Forex accounts
Availability and quality of demo currency trading account
Number of currency pairs offered
Try demo accounts
See the demerits of the broker as well...

Well all you need to select a broker which suits your trading style
For an example I always look for scalping and not all the brokers
Allow to use scalping strategies so I chose a broker which allows me to scalp...
  • #39
  • Apr 1, 2009 12:03am Apr 1, 2009 12:03am
[FONT='Verdana','sans-serif']WSD offers
No commissions on market orders.
• no commissions on limit or stop orders.
• zero slippage, i.e. stops are guaranteed.

I also like that they are not just electronic but also phone access.[/font]
  • #40
  • Apr 1, 2009 2:05pm Apr 1, 2009 2:05pm
I've traded with fxSOL & FXCM in past with mixed results and now FXDD. I love these guys and can't say enough about them. I use MT4 and it seems to work very well. I love that they are one of the bigger brokers, are with the NFA, meet the cap requirments and then some and I like that people know who they are. Sometimes going for small and different isn't really the best idea.
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