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Problem with my broker regarding the news trading!

  • #61
  • Dec 20, 2006 5:42am Dec 20, 2006 5:42am
Typically, they either send the money back to you or transfer to another broker if you request this from them.

Quoting pujolshomerun
I have a question.


If Oanda or a broker closes a client's account, do they just close the account and give his money back, or do they take all of his money?
  • #62
  • Dec 20, 2006 8:02am Dec 20, 2006 8:02am
Quoting mananshah
hi,

thanks for sharing your view for currenex.. would you please let me know which is the best broker to hold currenex account with? which one you guys use for currenex.]


i look forward to hearing form you soon

thanks
you need to ask yourself whether you want what cnx offers. It is a bare bones platform that is suitable for professional intraday traders. If you dont mind managing the resulting fx exposure you'll get from trading diff pairs then you should at least try out a demo first. lodnon capital, odl, cantors, manfx all provide cnx at low leverage and reasonable brokerage rates.
  • #63
  • Dec 20, 2006 4:49pm Dec 20, 2006 4:49pm
The Know yourself Trader's Table

Find yourself to define what kind of Trader you are to choose the appropriate broker to trade

<TABLE class=mycssTable3><TBODY><TR class=mycssHeaderRow1><TD></TD><TD>Aggressive</TD><TD>Moderate</TD><TD>Conservative</TD></TR><TR class=mycssEvenRow1><TD class=mycssHeaderRow1>Broker Regulation</TD><TD>Very important</TD><TD>Very important</TD><TD>Very important</TD></TR><TR class=mycssOddRow1><TD class=mycssHeaderRow1>Trading Platform



</TD><TD>Robustness, efficiency, reliability & speed of execution</TD><TD>Efficiency & reliability</TD><TD>Efficiency</TD></TR><TR class=mycssEvenRow1><TD class=mycssHeaderRow1>Costs of Trading</TD><TD>Critical: Low spread & no commission</TD><TD>Important: Low spread</TD><TD>Important: Low spread</TD></TR><TR class=mycssOddRow1><TD class=mycssHeaderRow1>Dealing Size Boundaries</TD><TD>An important issue for volume used per trade at once</TD><TD>An important issue for volume used per trade at once</TD><TD>An important issue for volume used per trade at once</TD></TR><TR class=mycssEvenRow1><TD class=mycssHeaderRow1>User-Friendly Software</TD><TD>Critical: Speed of execution</TD><TD>Required</TD><TD>Required</TD></TR><TR class=mycssOddRow1><TD class=mycssHeaderRow1>Added Value Services</TD><TD>To be checked-out</TD><TD>An important issue</TD><TD>An important issue</TD></TR><TR class=mycssEvenRow1><TD class=mycssHeaderRow1>Customer Service</TD><TD>Very important</TD><TD>Very important</TD><TD>Very important</TD></TR><TR class=mycssOddRow1><TD class=mycssHeaderRow1>Leverage and margin call policy </TD><TD>Critical: Highest possible 200/400:1</TD><TD>Important: 100:1</TD><TD>Keeping trading low 50/25:1</TD></TR></TBODY></TABLE><!-- FI ENGINY FREETEXT -->
If I Go Broke Trying Then I Will die happy.
  • #64
  • Dec 22, 2006 5:38am Dec 22, 2006 5:38am
my broker does not raise the spread at news release. i dont know if they "get" on to you around trade times though. unfortunatly until Jan 10 i will not be able to do those trades. as far as lot size, there was a gentlemen in the eastern part of my state who put 500 lots on ones trade. plus the miniumal deposit is low. but several of you probably dont like it. its fxsol and so far i havent had a problem with with them. anyway hope you guys have a safe and happy christmas and new years.
  • #65
  • Dec 23, 2006 12:35pm Dec 23, 2006 12:35pm
Quoting pujolshomerun
I have a question.

If Oanda or a broker closes a client's account, do they just close the account and give his money back, or do they take all of his money?
I would assume all the money is returned. I don't think oanda follows the same procedures that paypal does

In regards to the spread, I've heard rumors that "O" broker may actually go as far as a 30pip spread on the NFP. Anyone else hear this?
  • #66
  • Dec 23, 2006 3:34pm Dec 23, 2006 3:34pm
Quoting forexCrAnIuM
I would assume all the money is returned. I don't think oanda follows the same procedures that paypal does

In regards to the spread, I've heard rumors that "O" broker may actually go as far as a 30pip spread on the NFP. Anyone else hear this?
you reallyu shoulndt try and trade nfp or any major news event with anything other than a professional ecn platform
  • #67
  • Dec 24, 2006 11:14am Dec 24, 2006 11:14am
I've been meaning to put an ECN platform on my Christmas wishlist. Any ideas?
  • #68
  • Dec 25, 2006 5:04am Dec 25, 2006 5:04am
Quoting forexCrAnIuM
I've been meaning to put an ECN platform on my Christmas wishlist. Any ideas?
If your trades are med/long term that dont require any orders getting filled during periods of high volatility then any of the mainstream ecns like ib or efx are fine. If you are trying to trade aroudn news (which I again must advise against unles you know exactly what you're doing) then there really is only one platform worth using whcih is cnx. Findinf a suitable prime broker is seperate problem altogether, while most are comparable wrt liquidty and comms, you shodl really stay away from the fxcm cnx platform
  • #69
  • Jan 9, 2007 9:28am Jan 9, 2007 9:28am
With the volatility in Dow and S&P minis as lousy as it’s been, I’ve wanted to expand into FX for some time now. So I opened mini accounts at the 3 big firms (FXCM, Forex.com, and GFT). I thought today’s NFP would be a real test to see what this market (and the broker fills) are really all about.

I straddled EUR/USD with 15 tick stop entries on either side of the market. Of course EUR/USD gapped straight down from .85 to about .30 in the first minute. Forex.com filled my 70 Stop order at my rate of 1.3070 at around 8:32:25, FXCM was next at 1.3308 at 8:32:30, and GFT was last at 1.3050 at 8:34:50. The forex.com fill was better than I expected and GFT’s fill was OK, but could somebody tell me how the hell FXCM is 50 - 60 points below the other two? Especially since it took over 2 minutes for the market to get down to .08? 80 points slippage on an 80 point move?!?!

Am I missing something? Glad I traded only 1 mini contract on this experiment. So much for FXCM’s ‘non-dealing desk’ BS – in my opinion, that whole thing is a total sham. No bank would have filled their clients at .08.

-voltrader
  • #70
  • Edited 10:41am Jan 9, 2007 10:14am | Edited 10:41am
The more an more advantage people take the worse it going to get for a normal (fair) style of trading…

Its funny people are crying about the spread now… I got news for you there not even close to currenex or hotspotfxi during the new and sooner or later Oanda just to make them about the same…
<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o></o>

During the news they bounce around form 0 to 60 to 20.. It moving so fast most people wouldn't even think twice about putting a mkt order cause you have no idea what your going to get..

<o></o>
I’m going to tell ya it not going to work on Currenex or HotspotFXi with a min trade 500,000 I don’t think most of you can affort 20 ot 50 pip slippage on that many lots

<o></o>
What happens when Oanda start to hold there spread wider for let say 1 to 5min that going to hurt people that are trying to fade the price ect….

<o></o>
I think people need to think about trading reasonable before they really effect the rest of the fx community.

<o></o>
That why all you guys think GAIN and FXCM suck. But the real reason is because they have already been ran threw all this about two or three years ago. So what next you going to wait for the next broker to open up shop….

<o></o>
Learn to trade!
  • #71
  • Jan 9, 2007 11:26am Jan 9, 2007 11:26am
Quoting OwenT
and btw fxmasterjedi, I was just Ironic because if jon is right that means that I can simply stop trading...and I dont want to do that. I still hope I can find a broker that fits my system of trading even if I'm not always filled or if I got some slippage problems.
mate don't know if you would call this a system... I think i have hear a better name for this: technical arbitrazh

since it has only been around for a few months don't get to up set when it comes to an end on the retail side...
  • #72
  • Jan 9, 2007 2:45pm Jan 9, 2007 2:45pm
Quoting turbokaos
mate don't know if you would call this a system... I think i have hear a better name for this: technical arbitrazh

since it has only been around for a few months don't get to up set when it comes to an end on the retail side...
I don't think data trading is arbritrage at all. You have to interpret the data, take a position and assume the risk. This is the same as any other fundemental trading, just at warp speed. It is not like the price is already in the greater market and we are taking advantage of a broker that is technically behind. We are taking a position before the greater market has even reacted - we are taking a chance based on our expected reaction to the number. We are buying based on our strategy and someone is selling it to us.
There will always be a battle to react first to breaking news in trading. Those guys on the exchange floor aren't yelling and waving their arms all day because there is no hurry. There are technical opportunities and fundemental opportunities and those who see them first and get in the market get paid the best. One of my favorite sayings (sorry, I do not know who to credit) "Bulls get paid, Bears get paid and Pigs get slaughtered. Now that sums it up.....................
Profit is where readiness meets Opportunity
  • #73
  • Jan 9, 2007 3:17pm Jan 9, 2007 3:17pm
Quoting turbokaos
mate don't know if you would call this a system... I think i have hear a better name for this: technical arbitrazh

since it has only been around for a few months don't get to up set when it comes to an end on the retail side...
There sure are a lot of haters in this thread.

Yeah, I'd hate too if I were on the opposite end of my trades!

Ahhhh heck no he didn't!!!
Mr. Trend
  • #74
  • Jan 9, 2007 5:39pm Jan 9, 2007 5:39pm
I have never seen Oandas spread more than 15 on GBP for the NFP or any other report... and no more then 30 secs to one minute...

I say if you really got to trade the news, you all just have to find a way to deal with it... look at Felix,, ( you know who ) just trading the news... and missing lots and lots of good pips !!!

Turbokaos.... sorry to disagree with you... but FXCM just sucks..., I don't know other borkers... so I can't speak.. but FXCM is a special case and I will be there to speak out everytime the topic comes up... they are simply big business out to make big bucks. I do not think they care one bit about their customers... period... it shows from top to bottom... and they certainly don't want anyone to make a profit. Yes, I know they are a business, they need to make their money... fair enough. But they suck you in from the start and spit you just as fast... Oanda does not advertise much... word of mouth gets them lots of good customers.... when I changed to Oanda.. I could just feel the difference... maybe just because with Oanda I no longer felt ANYTHING... I was just free to trade as I wished !!! Sorry again Turbo !!!
  • #75
  • Jan 9, 2007 5:55pm Jan 9, 2007 5:55pm
Quoting voltrader
With the volatility in Dow and S&P minis as lousy as it’s been, I’ve wanted to expand into FX for some time now. So I opened mini accounts at the 3 big firms (FXCM, Forex.com, and GFT). I thought today’s NFP would be a real test to see what this market (and the broker fills) are really all about.

I straddled EUR/USD with 15 tick stop entries on either side of the market. Of course EUR/USD gapped straight down from .85 to about .30 in the first minute. Forex.com filled my 70 Stop order at my rate of 1.3070 at around 8:32:25, FXCM was next at 1.3308 at 8:32:30, and GFT was last at 1.3050 at 8:34:50. The forex.com fill was better than I expected and GFT’s fill was OK, but could somebody tell me how the hell FXCM is 50 - 60 points below the other two? Especially since it took over 2 minutes for the market to get down to .08? 80 points slippage on an 80 point move?!?!

Am I missing something? Glad I traded only 1 mini contract on this experiment. So much for FXCM’s ‘non-dealing desk’ BS – in my opinion, that whole thing is a total sham. No bank would have filled their clients at .08.

-voltrader

I can see that this is your first post but if you had done a search on this forum on the brokers you mentioned, you would not have bothered trading the news with either FXCM or GFT.

I have posted my experience with FXCM non dealing desk before and it IS a dealing desk repackaged to look like something that it is not. They will fill you at top or bottom of spike and you will lose. If you ever get a better fill, you may not be able to close until price get you in the red.
GFT is also bad for news trading. Refer to Burgerking's experience with this broker also posted on this forum.
  • #76
  • Jan 11, 2007 9:45am Jan 11, 2007 9:45am
Pipstar –
Yeah, I have read some of the other reviews, but since I am new to forex I wanted to do my own research. Based on my own experience, I think I’ll keep trading with forex.com for now.
  • #77
  • Jan 11, 2007 8:11pm Jan 11, 2007 8:11pm
Quoting turbokaos
Its funny people are crying about the spread now… I got news for you there not even close to currenex or hotspotfxi during the new and sooner or later Oanda just to make them about the same…
<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o></o>

During the news they bounce around form 0 to 60 to 20.. It moving so fast most people wouldn't even think twice about putting a mkt order cause you have no idea what your going to get..

<o></o>
I’m going to tell ya it not going to work on Currenex or HotspotFXi with a min trade 500,000 I don’t think most of you can affort 20 ot 50 pip slippage on that many lots

<o></o>
What happens when Oanda start to hold there spread wider for let say 1 to 5min that going to hurt people that are trying to fade the price ect….

<o></o>
I think people need to think about trading reasonable before they really effect the rest of the fx community.

<o></o>
That why all you guys think GAIN and FXCM suck. But the real reason is because they have already been ran threw all this about two or three years ago. So what next you going to wait for the next broker to open up shop….

<o></o>
Learn to trade!
bravo!!!
Relax and be happy.
  • #78
  • Jan 14, 2007 5:22am Jan 14, 2007 5:22am
Quoting fxmasterjedi
Yes sir.

My broker just added a new clearing bank (liquidity) this week and my spreads dropped as a result. I am trading the Gbp/Usd with a 1 pip spread right now.
Could you please pm me with your brokers details

Thanks
  • #79
  • Jan 14, 2007 10:38am Jan 14, 2007 10:38am
Quoting Tiki Trader
I have never seen Oandas spread more than 15 on GBP for the NFP or any other report... and no more then 30 secs to one minute...
Oanda spread on the NFP has risen. It was 20 pips on the pound during the last NFP. Other then that its usually 10 pips on the euro and 15 on the pound. The 30 pip spread is just a rumor.
  • #80
  • Last Post: Jan 23, 2007 3:21pm Jan 23, 2007 3:21pm
Hi everybody,

I was wondering: If you try to cut costs by using an ECN with lower spread, but use charts that may be off by 1 or 2 pips, then you don't know whether your limit order got in at the exact level or not. Wouldn't this error defeat the purpose of trying to save a couple of pips by going with ECNs, who don't have charting with their own feed?

(I'm basing this on the assumption that most of them don't- I've seen only EFXgroup offer a deal with intellicharts, but you still have to pay, and ODL securities offers charting, but I'm not sure if it's with their Currenex platform- please clarify if you know).

Example: Limit sell order for GBP/USD at 1.9825:



Since the chart doesn't represent the actual feed coming from the ECN, the real key level could've been at 1.9827, so you would've wasted 2 pips, even if you saved 2 pips by not using a retail platform, right?

Maybe I'm not thinking this through correctly. I would appreciate comments. Does anyone know any ECNs (esp. currenex) who provide their own charting? (If it's important)
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