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MB Trading Futures - Introduction

  • #1,181
  • Sep 29, 2007 7:21am Sep 29, 2007 7:21am
Quoting jleblang
Hey Guys ~

Only live users will be able to trade on Omega for now, but the Demos should work in November sometime.
Hi Justin & Everyone,

Will clients of MB Trading FX be allowed to use Omega Platform or is it
exclusive to clients introduced by EFX?

Why is EFX waiting for NFA approval if the parent company "MB Trading
Futures Inc." is already an NFA member ?
Keep It Simple, Mr. H
  • #1,182
  • Sep 29, 2007 10:01am Sep 29, 2007 10:01am
I've just read this thread from start to finish - my questions have been answered 5....6..7...make that 20 times (lol I feel for you Justin and I find it funny how you've gone back found your previous answer and re-posted - good work).

I'm well aware that multi-currency accounts are on the cards (As has been stated 20 times already ) - but please, can I re-iterate what a few people have already said: make this a priority, please.

I'd love for my first ever live FX trade to be on EFX's platform whereby my account is denominated in AUD

(been demo'ing for months and will continue to until such time methinks).

Cheers.
  • #1,183
  • Sep 29, 2007 10:24am Sep 29, 2007 10:24am
I agree, USD accounts are a no go for me. First you get shafted by the absurd banks retail exchangerates (2-ways), then i get USDs that hit new lows every day. A hedge is not viable either with these swaprates, i would loose 3.45% p. a. (in terms of EURs), on top of being denied the interest on account-funds - means id be down 7-8% per year. Add to that a loss of 1-2% that goes to the transfering banks - and you loose >10% for just haveing an account there. OTOH, if they had EUR accounts, i would only loose the interest on the funds, some 4% p.a. (nice to have what they call a "free" platform, isn't it), but 4% is somewhat more sane than whats the situation now..
  • #1,184
  • Sep 29, 2007 11:38am Sep 29, 2007 11:38am
Quoting jleblang
Hey Guys ~

As most of you probably know, we sent out an e-mail yesterday that explained our current roll-out process of our 24 hour support, our website, and Omega. The response was overwhelming, with several hundred requests to be in the first group of Omega users yesterday alone. We currently have an update on some of this. The local phone company has now set a date of October 12th for our new phone setup which will allow us to go 24 hours with proper support tools. Assume a few days to get used to the new phones, and if the NFA has approved our site by then, we’ll be going to round the clock support sometime in the week following that. We can’t move the first people to Omega until the website is fully up and approved and until we have been able to go 24 hours with support personnel, which is simply a matter of getting the new phone system and lines installed. That means that we’re probably looking at somewhere around the 23rd that the first people will hear from us about running Omega. I will continue to update the situation here as needed. Per the e-mail yesterday, we are moving 40 people at a time to Omega for 3 or 4 waves, probably allowing a week or two for each wave to give us feedback. We’d like to thank everyone for their extraordinary interest in this product, and you will hear from us as we get to you in the list. We took everyone’s e-mail in order, and that is the order that we will be using, no exceptions. Please don’t contact us to ask which group of 40 you might be in. Obviously, it is a busy time here. Also, as a final note, if you have been waiting for Omega to open an account, you might want to start the ball rolling now. We’re already seeing the number of applications surge a bit, and as we get closer to making the product available to everyone, we do expect that to expand. Only live users will be able to trade on Omega for now, but the Demos should work in November sometime.
currently you only allow one computer to access trading platform at a time. does the new trading platform allow me to access the platform on two different computers at the same time?

if i move to the new platform, can i still use the old platform to trade?
  • #1,185
  • Sep 29, 2007 2:45pm Sep 29, 2007 2:45pm
Quoting RisingSun
It's UDS only at the moment, mate. EUR sometime in future, per Justin.

RS
Thanks
  • #1,186
  • Sep 30, 2007 11:06am Sep 30, 2007 11:06am
Hi,

I have recently testing a demo on MBT but i think it is still relevant for me to put up this discussion on this EFX thread because these two brokers basically uses the same trading platform.

I quite like the simplicity of the trading platform which is straight forward during trade execution. However, after using it for some time I have the following queries here:

1) The bid/ask price they have on all the pair have pip spread even though they claims that they don't charge by pip spread.
2) Sometimes for pair like Cable the bid/ask price pip spread could be 3 pips wide! In fact, most of the time it is 2 pips wide. Under such a situation, when you sum up all the charges including the pip spread plus the commission the total is 4 pips wide (roundtrip)!!! If this is the case, I must as well join other broker like GFT which charges a flat 4 pips spread?
3) The volatility of price seem to be higher compare to other broker.


When come to trading Cable especially, I don't see any cheaper or advantages over other brokers. For the rest like EUR, CHF, JPY and CAD I realise that they sum up to be the same as other broker.

Can some one therefore justify and comments about my opinion here.

Thanks!
  • #1,187
  • Sep 30, 2007 12:02pm Sep 30, 2007 12:02pm
I'm not an EFX or MBT client, but these are my thoughts anyway:

Quoting yyc196
1) The bid/ask price they have on all the pair have pip spread even though they claims that they don't charge by pip spread.
Not really sure if I understand what you mean, the spread is always there, market makers take the spread as profit while ECNs don't, but the spread always exists.

Quoting yyc196
2) Sometimes for pair like Cable the bid/ask price pip spread could be 3 pips wide! In fact, most of the time it is 2 pips wide. Under such a situation, when you sum up all the charges including the pip spread plus the commission the total is 4 pips wide (roundtrip)!!! If this is the case, I must as well join other broker like GFT which charges a flat 4 pips spread?
It may be possible that you have a total of 4 pips spread on both brokers, so you may want to chose your broker based on other factors beside the spread. They (GFT and EFX) are completely different brokers, just because at some point they are both showing a 4 pips spread on cable it doesn't mean they are the same. GFT trades against you, EFX doesn't. That's the big difference.

Quoting yyc196
3) The volatility of price seem to be higher compare to other broker.
I suppose that's because they are a real market place.

Quoting yyc196
When come to trading Cable especially, I don't see any cheaper or advantages over other brokers. For the rest like EUR, CHF, JPY and CAD I realise that they sum up to be the same as other broker.
Like I said before, even if you get the same costs compared to market makers, there's still a big difference between market makers and ECNs, the spread is not "everything".

"I say high, You say low, You say why, and I say I don't know..."
  • #1,188
  • Sep 30, 2007 1:36pm Sep 30, 2007 1:36pm
There also a big difference between an ECN spread and the market makers spread. The market makes usually have a fixed spread which is a problem.

They make profit out of the spread but when there is high volatibility the spread increase so if they don'T make any spread profit and that is why most of them will block order on high volatibility because their spread does not give them profit.

When you use Efxgroup you can see the effect of your order on the spread which is because the spread is not artificailly maintain by them.
  • #1,189
  • Oct 5, 2007 12:44am Oct 5, 2007 12:44am
I haven't seen a formal statement from MB / EFX on the now-approved NFA net cap increase. Any info is much appreciated.
  • #1,190
  • Oct 5, 2007 2:27pm Oct 5, 2007 2:27pm
Quoting Pip Hunter E
I haven't seen a formal statement from MB / EFX on the now-approved NFA net cap increase. Any info is much appreciated.
The new numbers are available at the CFTC site, which are the reported numbers for all firms for the end of August (not September). MBTF reported $4.5 billion, so they are already almost showing what they need to show at the end of December, which is what they have stated repeatedly in phone calls, e-mails, and posts...that it wasn't going to be an issue.
FXChant Singing the World of Forex
  • #1,191
  • Oct 6, 2007 6:22am Oct 6, 2007 6:22am
Hi.

Is there any place where I can get explanation on the order types?
I'm especially interested to know what the limit order means, and is it the best way to get in only with the spread you wanted ( say 0 spread). Also, can I put Stoploss After I entered a trade? Thank you.
Money for nothin' and pips for free!
  • #1,192
  • Oct 6, 2007 11:04am Oct 6, 2007 11:04am
Quoting ltklev
Hi.

Is there any place where I can get explanation on the order types?
I'm especially interested to know what the limit order means, and is it the best way to get in only with the spread you wanted ( say 0 spread). Also, can I put Stoploss After I entered a trade? Thank you.
You can go to their website. Just click on "Education" and there's a list of various items, including order types.

Terry
  • #1,193
  • Oct 8, 2007 3:48am Oct 8, 2007 3:48am
Hi,
Can anyone tell me when are commissions applied to open trades? Is it 5 PM Eastern time like most other brokers or is it continuosly applied like at Oanda?

Thanks
  • #1,194
  • Oct 8, 2007 7:14am Oct 8, 2007 7:14am
Quoting bravester
Hi,
Can anyone tell me when are commissions applied to open trades? Is it 5 PM Eastern time like most other brokers or is it continuosly applied like at Oanda?

Thanks
It's continuously applied and you'll see it in your Open Positions area.

Terry
  • #1,195
  • Oct 8, 2007 10:10pm Oct 8, 2007 10:10pm
Quoting bravester
Hi,
Can anyone tell me when are commissions applied to open trades? Is it 5 PM Eastern time like most other brokers or is it continuosly applied like at Oanda?

Thanks
To clarify, it is on entry, and exit, of any position. You pay going in, then again going out.
  • #1,196
  • Oct 9, 2007 12:06am Oct 9, 2007 12:06am
Quoting Pip Hunter E
To clarify, it is on entry, and exit, of any position. You pay going in, then again going out.
Thanks bud, that's what i came to know as well.
  • #1,197
  • Oct 10, 2007 2:12pm Oct 10, 2007 2:12pm
Hey Guys ~

Just wanted to remind everyone I am hosting a webinar tonight covering the EFX Navigator.

If you would like to attend, please follow this link; https://www.gotomeeting.com/register/506739133

The webinar will begin at 8pm EST / 5pm PST.

Hope to see you there.
  • #1,198
  • Oct 10, 2007 4:29pm Oct 10, 2007 4:29pm
Quoting ltklev
Hi.

Is there any place where I can get explanation on the order types?
I'm especially interested to know what the limit order means, and is it the best way to get in only with the spread you wanted ( say 0 spread). Also, can I put Stoploss After I entered a trade? Thank you.
Best Navigator teaching aids are the MB Trading Webinar videos. These are first class quality and comprehensive:


http://www.mbtrading.com/fx/Webinars.asp
  • #1,199
  • Oct 11, 2007 5:19am Oct 11, 2007 5:19am
Anyone knows if its possible to use the Navigator software with proxy connection? I sent them a question by email, but didn't receive any replies.
  • #1,200
  • Oct 11, 2007 5:50am Oct 11, 2007 5:50am
Quoting thepunisher
Anyone knows if its possible to use the Navigator software with proxy connection? I sent them a question by email, but didn't receive any replies.
Hi, Navigator itself has no proxy settings, but you can use for example proxifier (http://www.proxifier.com/) to tunnel the traffic over your proxy... If this will work or not depends on the proxy type... I assume you are talking about a http proxy. Navigator uses raw TCP connections, so your http proxy needs to support HTTP CONNECT. cheers Robert
I'm not insane; my mother had me tested.
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