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MB Trading Futures - Introduction

  • #301
  • Jan 9, 2007 3:54pm Jan 9, 2007 3:54pm
<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o>EFX Navigator Free Training Webinar!</o>
<o></o>
<o></o><o>Thursday January 11th, 2007</o>
<o></o>
<o></o><o>Start Time: 8pm EST</o>
<o></o>
<o></o><o>Finish Time: 9pm EST</o>
<o></o>
<o></o><o>This webinar will cover;</o>

  1. <o>Basic Order Entry - placing market orders, adding stops and limits</o>
  2. <o>Personal Preferences and default settings - one click execution, automatic stops and targets, etc. </o>
  3. <o>Layout customization - a layout built for your trading needs only. </o>

<o>To sign up now, please click here;</o>
<o></o>
<o>https://www.gotomeeting.com/register/839932029</o>
<o></o>

<o>I hope to see everyone there. </o>

  • #302
  • Jan 9, 2007 8:57pm Jan 9, 2007 8:57pm
Quoting bugscoe
A roundtrip trade on the EUR/USD will cost you about $12.90 for a standard lot - approx 1.3 pips. Add the 1 pip spread your dealing with about a 2.3 pip spread on this pair.
And For Cable, it is 1.9353 (or market rate) x USD 5 per side x 2 = 19.35 per standard lot ..and this is excluding spread on platform.

Go figure..
CCI decipherer
  • #303
  • Jan 10, 2007 2:01am Jan 10, 2007 2:01am
Quoting profdr
demo account is not important.Real account is important.İs there any news trader who uses efx in important news times.
Demo account is an important way to test news fundamentals.
  • #304
  • Jan 10, 2007 2:02am Jan 10, 2007 2:02am
Quoting sogt725
And For Cable, it is 1.9353 (or market rate) x USD 5 per side x 2 = 19.35 per standard lot ..and this is excluding spread on platform.

Go figure..
a little high, but what do you expect from a non dealing desk broker. can't have it both ways.
If I Go Broke Trying Then I Will die happy.
  • #305
  • Jan 10, 2007 3:03am Jan 10, 2007 3:03am
Quoting Moe
a little high, but what do you expect from a non dealing desk broker. can't have it both ways.
you can place orders inside the spread sometimes eliminating it completly
  • #306
  • Jan 10, 2007 11:29am Jan 10, 2007 11:29am
Quoting 59fender
you can place orders inside the spread sometimes eliminating it completly
I just wanted to touch on this comment for a second.

In fact, a high-percentage of our trades from traders are limit orders that execute between the spread. For example, if the GBPUSD is 1.9328 by 1.9329, many of our customers place limit orders to buy and sell either at the bid and offer, or even between. You can post trades down to a tenth of a pip on our platform. By default, the platform will execute a customer order against a customer order first, so if you place an order to sell the GBPUSD at 1.9329 given the quote that I just mentioned, unless other customers are ahead of you selling at that price, you will be filled on the first customer buy order that hits that price (market or otherwise). Most of our traders use a stop or market order to enter a trade, but a limit order to get out, so at least on one side of the trade, they aren’t dealing with the spread. Obviously, there is a cost for this sort of execution, and over time, that cost will go down.

In addition, when you have a fixed spread, deal desk platform, you are paying the spread BOTH WAYS, which is something that I’m always amazed that people don’t understand. If the GBPUSD on a fixed spread platform is showing as 1.9325 by 1.9330 and I want to buy, I pay 1.9330, wasting 5 pips. Now, let’s say that two hours later, the price is 1.9350 by 1.9355. Again, if I have to sell at 1.9350, that is waste money as there are plenty of transactions occurring in the real market at a higher price.

So, the “apples to apples” way to view the cost of trading would be this. On a deal desk with a 5-pip spread on the GBPUSD, you are paying 10 pips round-trip. On our platform, where the GBPUSD spread is fairly consistently 1 pip, even if you buy at the offer and later sell at the bid and count those 2 pips as being “wasted,” that plus the commission costs less than 4 pips. And as I said, most people aren’t paying the spread both ways. Even if you compare to one of the deal desks with a 4-pip spread, we’re still better, and you don’t have the games of a deal desk manipulating quotes against you.
  • #307
  • Jan 10, 2007 5:01pm Jan 10, 2007 5:01pm
When will your charting package be ready?

Are my funds safe with you? How so?
  • #308
  • Jan 11, 2007 4:30am Jan 11, 2007 4:30am
Hi Justin,

The efx trading platform is the worst in the industry, very difficult to use, to place a stop and limit, and even to close the trades is very poor. Can the platform be modified so it works similar to MT4.
thanks,
Trader
  • #309
  • Jan 11, 2007 8:40am Jan 11, 2007 8:40am
Quoting traderandreas
Hi Justin,

The efx trading platform is the worst in the industry, very difficult to use, to place a stop and limit, and even to close the trades is very poor. Can the platform be modified so it works similar to MT4.
thanks,
Trader
I don't know what platforms you've been using, but I find the EFX Navigator very good. It takes a little getting used to, but it works better than some others.

If you're talking about EFX Pro, then that's a different story. I don't like the Pro at all.

Of course, it's a matter of preference, isn't it?
  • #310
  • Jan 11, 2007 10:05am Jan 11, 2007 10:05am
Quoting nd1377
When will your charting package be ready?

Are my funds safe with you? How so?
Hi nd1377 ~

We did recently release this charting software; http://efx.tradesecuring.com/Misc/EFX.asp. Have you had a chace to take a look at it? Our free charting should be out in the coming months.

With regards to Saftey of Funds:

MBTF/EFX is insured with a Fidelity Bond 14 from a member company of American International Group, Inc (AIG), which protects the assets of MBTF against loss resulting from fraudulent acts committed by the management of employees of MBTF. In the unlikely case from various types of fraud, theft, or embezzlement the Bond offers the protection up to $1,000,000 per occurrence.

Another feature of the fidelity bond is the 'Forgery or Alteration Agreement' covers loss resulting from forgery of a signature or alteration involving most types of negotiable instruments. Also, losses resulting from written instructions directed towards the insured that have been altered, or bear a false signature, are covered.

However, please be noted that the bond does not insure against risk exposure on market loss.

From an accounting and operating standpoint, customer’s non-margined Forex funds and MB Trading Futures, Inc.’s (“MBTF”) operating funds are separately maintained. MBTF maintains a separate account at Wells Fargo Bank, a federally insured bank, for the exclusive benefit of customers in which Forex funds that are not used to satisfy margin or trading requirements will be deposited for safekeeping. Forex funds that are held in the separate account will not be used in the day-to-day operations of MBTF. While Forex funds are separated from MBTF’s operating funds, they are not segregated as defined under CFTC regulations.

Wells Fargo is a diversified financial services company that provides banking and other consumer related services to more than 23 million customers through 6,200 stores, the internet and other distribution channels across North America and elsewhere internationally. As of June 30, 2006, Wells Fargo had total assets of $500 billion and a stock market valuation of $113 billion.
  • #311
  • Jan 12, 2007 11:27am Jan 12, 2007 11:27am
For everyone who attended last night's webinar, thank you. We had a great turn out!

Have a great weekend everyone.

Sincerely,
  • #312
  • Jan 12, 2007 2:25pm Jan 12, 2007 2:25pm
I've just started to demo EFX. For people that have been using this platform, if they can tell me how things have been going and also, compared to other brokers who are making money off the spread, has doing trades through EFX been more cost effective?


Thanks for your input...
  • #313
  • Jan 13, 2007 1:54am Jan 13, 2007 1:54am
Quoting jleblang
I just wanted to touch on this comment for a second.

In fact, a high-percentage of our trades from traders are limit orders that execute between the spread. For example, if the GBPUSD is 1.9328 by 1.9329, many of our customers place limit orders to buy and sell either at the bid and offer, or even between. You can post trades down to a tenth of a pip on our platform. By default, the platform will execute a customer order against a customer order first, so if you place an order to sell the GBPUSD at 1.9329 given the quote that I just mentioned, unless other customers are ahead of you selling at that price, you will be filled on the first customer buy order that hits that price (market or otherwise). Most of our traders use a stop or market order to enter a trade, but a limit order to get out, so at least on one side of the trade, they aren’t dealing with the spread. Obviously, there is a cost for this sort of execution, and over time, that cost will go down.

In addition, when you have a fixed spread, deal desk platform, you are paying the spread BOTH WAYS, which is something that I’m always amazed that people don’t understand. If the GBPUSD on a fixed spread platform is showing as 1.9325 by 1.9330 and I want to buy, I pay 1.9330, wasting 5 pips. Now, let’s say that two hours later, the price is 1.9350 by 1.9355. Again, if I have to sell at 1.9350, that is waste money as there are plenty of transactions occurring in the real market at a higher price.

So, the “apples to apples” way to view the cost of trading would be this. On a deal desk with a 5-pip spread on the GBPUSD, you are paying 10 pips round-trip. On our platform, where the GBPUSD spread is fairly consistently 1 pip, even if you buy at the offer and later sell at the bid and count those 2 pips as being “wasted,” that plus the commission costs less than 4 pips. And as I said, most people aren’t paying the spread both ways. Even if you compare to one of the deal desks with a 4-pip spread, we’re still better, and you don’t have the games of a deal desk manipulating quotes against you.
Of course Justin would put his argument in a way such that 5-pip spread will be 10 or whatever current spreads will be doubled. That is written in a way to protect pre-clients & clients continued interest in using EFX for as long as possible.
Just do a simple test. Buy any currency pair say 1.1785 and sell immediately, in the Asian session( quiet, doesn't move much) the loss in your account is the spread represented. If its -50.00 for a 100k lot, then its 5 pip spread, not -10pip LOSS as hideously claimed.

Majority of prices on the chart are based on bid prices. So, when selling gbpusd @ 1.9547 for example, u're hitting the bid side. When u buy to square off the position u're buying the ask side , say 1.9520. a profit of net 27 pips. Why do I say net? Coz I didn't buy @ bid. If I mention buy@bid ,my gross profit would be 27 pips + spread of current broker.

I leave it to you to determine the true cost. I get 2 pip spread for Euro & Cable; no commision involved. And this is for a relatively small accounts >$1k. But I can't list the name of the broker here. And its not a Metatrader broker.
CCI decipherer
  • #314
  • Jan 13, 2007 6:05pm Jan 13, 2007 6:05pm
Justin has execution gotten better during news, i use market orders during news, i always get a good fill with my current broker but am looking at ndd brokers at the moment.
If I Go Broke Trying Then I Will die happy.
  • #315
  • Jan 13, 2007 7:38pm Jan 13, 2007 7:38pm
Quoting Moe
a little high, but what do you expect from a non dealing desk broker. can't have it both ways.
I think it is ALOT high.
Profit is where readiness meets Opportunity
  • #316
  • Jan 14, 2007 12:54pm Jan 14, 2007 12:54pm
It is about time ... we can trade with a Broker where the management seems to care about us. I will continue to read the information on this thread and compare all angles. IMO
  • #317
  • Jan 14, 2007 1:23pm Jan 14, 2007 1:23pm
Hey Justin,

I read the rules which should be uswd for news trading (soft limit order). what about closing the position. i would like to use a trailing stop but does it work?

for example: i enter the market at 1.2500. it goes up to 1.2550. my trailing stop is 10 pips. the market falls to 1.2530 so my stop (at 1.2540) was executed. but which price do i really get? is it better to work with tp?


sorry for my bad english, my german is much better ;-)

thanks a lot
  • #318
  • Jan 15, 2007 2:25am Jan 15, 2007 2:25am
Quoting sogt725
Of course Justin would put his argument in a way such that 5-pip spread will be 10 or whatever current spreads will be doubled. That is written in a way to protect pre-clients & clients continued interest in using EFX for as long as possible.
Just do a simple test. Buy any currency pair say 1.1785 and sell immediately, in the Asian session( quiet, doesn't move much) the loss in your account is the spread represented. If its -50.00 for a 100k lot, then its 5 pip spread, not -10pip LOSS as hideously claimed.

Majority of prices on the chart are based on bid prices. So, when selling gbpusd @ 1.9547 for example, u're hitting the bid side. When u buy to square off the position u're buying the ask side , say 1.9520. a profit of net 27 pips. Why do I say net? Coz I didn't buy @ bid. If I mention buy@bid ,my gross profit would be 27 pips + spread of current broker.

I leave it to you to determine the true cost. I get 2 pip spread for Euro & Cable; no commision involved. And this is for a relatively small accounts >$1k. But I can't list the name of the broker here. And its not a Metatrader broker.
Is there anyway you can IM the information about the broker that you are talking about, if possible.

Thanks-
“Control, control, you must learn control!” - Yoda
  • #319
  • Jan 15, 2007 10:38am Jan 15, 2007 10:38am
Does your broker allow you to buy and sell at the ask? This is the point you're missing here.

Quoting sogt725
Of course Justin would put his argument in a way such that 5-pip spread will be 10 or whatever current spreads will be doubled. That is written in a way to protect pre-clients & clients continued interest in using EFX for as long as possible.
Just do a simple test. Buy any currency pair say 1.1785 and sell immediately, in the Asian session( quiet, doesn't move much) the loss in your account is the spread represented. If its -50.00 for a 100k lot, then its 5 pip spread, not -10pip LOSS as hideously claimed.

Majority of prices on the chart are based on bid prices. So, when selling gbpusd @ 1.9547 for example, u're hitting the bid side. When u buy to square off the position u're buying the ask side , say 1.9520. a profit of net 27 pips. Why do I say net? Coz I didn't buy @ bid. If I mention buy@bid ,my gross profit would be 27 pips + spread of current broker.

I leave it to you to determine the true cost. I get 2 pip spread for Euro & Cable; no commision involved. And this is for a relatively small accounts >$1k. But I can't list the name of the broker here. And its not a Metatrader broker.
  • #320
  • Jan 15, 2007 11:45am Jan 15, 2007 11:45am
Does your broker allow you to buy and sell at the ask? This is the point you're missing here.
--
This would only be greatly beneficial on the non-major pairs as the EFX spreads + commission is cheaper than fixed spreds of majority of retail brokers.

I ask, how many of you trade the non-majors majority of the time?

Currency pairs with base currency such as AUD,NZD,CAD is cheaper than USD, EUR & GBP; therefore commission multiplier will be less.

Even if GBPUSD has 0 spread, (not all of the time),
u pay [base currency rate x commission charged] is nearly identical to a low fixed spread.
Perhaps a full time trader that uses EFX platform can roughly tabulate % of time the variable spreads their favourite tradable pair is in a given day or a 5-day week, or avg 1-month's results, whether in Asian, European and American sessions.
CCI decipherer
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