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Help-I Need A New Broker

  • #21
  • Nov 30, 2007 9:45am Nov 30, 2007 9:45am
Quoting NewstraderFX
I'm sick of my broker so I want to make a change. Any help would be appreciated. I'm not opening an account with any brokers outside the U.S. and only with CFA members.

How about FXCM? I don't try to scalp or do any news bracketing or any BS like that. I just want to know that a "horror story" won't occur-like a day after a good trade they decide to wipe out my profit. Don't need charts either, because I use a North Finance demo.

I'm not worried about a little slippage either. I just want to know that my account is safe. Any ideas?
You can probably tell where I'm from, due to the avatar, but I would definitely consider UK brokers.
My rationale is that no UK brokers would take my funds.I'm classed as too poor, too inexperienced, too this, too that, too the other.
So I looked at the USA based outfits and was able to open accounts like they were going out of fashion.
This leads me to believe that the UK operations are probably less "bucket shoppy" than their US counterparts.
  • #22
  • Nov 30, 2007 1:16pm Nov 30, 2007 1:16pm
Quoting NewstraderFX
If only I could understand what the hell they're talking about. And they don't have a demo with live prices either.
And let me add no commission. I think paying commission is total insanity.

All the dealers have the same prices anyway. I buy at 1.4000 and I look to sell at 1.4025. Both the commission and the non-commission dealer have 1.4025. I close with the non-comm broker at 25. I close at the comm broker at 25 AND I pay comm. What is the sense of that? The comm broker isn't giving me a better price.

This whole thing about the benefits of tighter variable spreads completely mystify's me. The ECN's CLAIM to have tighter spreads, but the price you PAY and the price you CLOSE at is all the same between the dealers. In other words-what do I care if the ask is 3 or 4 or 5 pips away-when i'm closing my long position at the bid?
Your logic is bizarre. How you can trade and not understand the benefits of narrow spreads is what mystifies me.
  • #23
  • Nov 30, 2007 1:54pm Nov 30, 2007 1:54pm
Quoting NewstraderFX
The ECN's CLAIM to have tighter spreads, but the price you PAY and the price you CLOSE at is all the same between the dealers.


Prices are most definitely NOT the same between dealers, not even close.

I will second the recommendation of InteractiveBrokers. There is simply no competition with them at the retail level.
  • #24
  • Nov 30, 2007 1:54pm Nov 30, 2007 1:54pm
narrow spread + commission = wide spread/cost
  • #25
  • Nov 30, 2007 1:56pm Nov 30, 2007 1:56pm
Quoting notouch
Your logic is bizarre. How you can trade and not understand the benefits of narrow spreads is what mystifies me.
Very simple:

Broker A is a variable spread, commission broker and has a 3 pip spread. Broker B is a fixed spread non-commission broker and has 6, but BOTH BROKERS HAVE THE SAME ASKING PRICE. I go long. It looks like it costs me more to enter the trade, but what happens if the trade goes up?

When I go to sell, BOTH brokers will have the SAME BID PRICE. With Broker A, I have to pay a commission when i close. With Broker B, I don't. At that point, what do I care if Broker A's ASK is 2 pips higher then the BID and Broker B's ASK is 6? I'm closing at the BID, which is the SAME for both Brokers.

What if I would have gone short with Broker A, who's bid is 3 pips above broker B? They would have widened the spread to the SAME BID PRICE as the fixed spread broker (or narrowed the ASK on the close). Either way, the ASK will be the same for both brokers when i close.

I see it happen all the time because MB doesn't have charts so I look at North Finance for the charts.
  • #26
  • Nov 30, 2007 2:00pm Nov 30, 2007 2:00pm
Quoting bugscoe
narrow spread + commission = wide spread/cost
It isn't. When I close a long trade, both brokers will have the same bid. Why pay a commission there?
  • #27
  • Nov 30, 2007 2:04pm Nov 30, 2007 2:04pm
I guess you lost me? How can a 3 pip spread broker and a 6 pip spread broker have the same bid and ask?
  • #28
  • Nov 30, 2007 2:12pm Nov 30, 2007 2:12pm
Quoting bugscoe
narrow spread + commission = wide spread/cost
Your math is off. $2 per $100k at IB = 0.2 pip in commissions. Which is cheaper, a 1 pip spread with 0.2 pip commission, or a 3 pip spread?


Quoting bugscoe
I guess you lost me? How can a 3 pip spread broker and a 6 pip spread broker have the same bid and ask?
Yeah this threw me off as well.
  • #29
  • Nov 30, 2007 2:22pm Nov 30, 2007 2:22pm
[quote=Trader KGB;1739754]Your math is off. $2 per $100k at IB = 0.2 pip in commissions. Which is cheaper, a 1 pip spread with 0.2 pip commission, or a 3 pip spread?

I find a .9 spread with no commission still beats your 1.2 total. Seems my math is still working. Of course this stuff will vary with pairs and whatnot...
  • #30
  • Nov 30, 2007 2:41pm Nov 30, 2007 2:41pm
Quoting bugscoe
I find a .9 spread with no commission still beats your 1.2 total. Seems my math is still working. Of course this stuff will vary with pairs and whatnot...
Yes, Oanda's spread on EUR/USD is good. IB's spread is as low as 0.5 pip wide on that pair. I often put a limit to buy on the bid and wait for a seller to fill my order, thus effectively 0 spread + 0.2 commission. Just another side benefit of an ECN environment.

Oanda's spreads are getting better all the time, especially on the exotics. No point in debating Oanda vs IB, they are both great brokers.
  • #31
  • Nov 30, 2007 2:49pm Nov 30, 2007 2:49pm
Quoting Trader KGB
No point in debating Oanda vs IB, they are both great brokers.
Actually, I take that back. Jacking the spreads on all of the majors to 10 pips wide at 3:45 EST? Wow! Completely unacceptable.
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  • #32
  • Nov 30, 2007 3:31pm Nov 30, 2007 3:31pm
What's unacceptable is someone still wanting to trade at 3:45pm on a Friday.

Time to leave the station and pour a cold one!
  • #33
  • Nov 30, 2007 3:41pm Nov 30, 2007 3:41pm
Quoting bugscoe
What's unacceptable is someone still wanting to trade at 3:45pm on a Friday.

Time to leave the station and pour a cold one!
I agree whole heartedly on that, but nonetheless, interbank is open until 5PM. And if you think the last hour is quiet (and it usually is), check out 8/3/07. The yen crosses took a beating between 4-5pm on that dreadful Friday..
  • #34
  • Nov 30, 2007 3:50pm Nov 30, 2007 3:50pm
Right now I have a Long on G/J that I want to close. MB is only gonna give me 69 and it's 71 bid on NF AND I have to pay comm!!!
  • #35
  • Nov 30, 2007 8:02pm Nov 30, 2007 8:02pm
Quoting smjones
Interactive Brokers is one of the best. Never seen anything like that there.
i agree. stop searching. stop wasting time. IB i think should be the ONLY forex broker that you should deal with.

of course if u can't meet 5k, then u should try luck with Oanda or even NorthFinance(if u are bold enough).
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  • #36
  • Nov 30, 2007 8:28pm Nov 30, 2007 8:28pm
Quoting Trader KGB
Actually, I take that back. Jacking the spreads on all of the majors to 10 pips wide at 3:45 EST? Wow! Completely unacceptable.
okay im gonna add this one to my signature as well under Pipboy.
{Promotion Removed}
  • #37
  • Nov 30, 2007 10:15pm Nov 30, 2007 10:15pm
Quoting Trader KGB
Your math is off. $2 per $100k at IB = 0.2 pip in commissions. Which is cheaper, a 1 pip spread with 0.2 pip commission, or a 3 pip spread?



Yeah this threw me off as well.
Got me scratching my head too.
  • #38
  • Dec 1, 2007 6:45am Dec 1, 2007 6:45am
i've had a good experience with GFT. i have'nt experienced any slippage and can always get great customer service over the phone. they're located in MI. btw, what do you mean bt the broker wiped out your profit?


Quoting NewstraderFX
I'm sick of my broker so I want to make a change. Any help would be appreciated. I'm not opening an account with any brokers outside the U.S. and only with CFA members.

How about FXCM? I don't try to scalp or do any news bracketing or any BS like that. I just want to know that a "horror story" won't occur-like a day after a good trade they decide to wipe out my profit. Don't need charts either, because I use a North Finance demo.

I'm not worried about a little slippage either. I just want to know that my account is safe. Any ideas?
  • #39
  • Dec 3, 2007 7:02am Dec 3, 2007 7:02am
I would go with MGforex or FXsol, two of the best!!
  • #40
  • Dec 3, 2007 7:17am Dec 3, 2007 7:17am
odl, interbankfx, fxsol.
If I Go Broke Trying Then I Will die happy.
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