MB Trading Futures - Introduction

Quoting 20pips

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Hi Justin,

Do you have a link of a previous webinar about Remote Trader? I did not catch it the first time.

Thanks

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Quoting jleblang

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Hi cryten-

I was given this post from our VP in regard to the issue of foreign currency deposits.

“The process of accepting foreign deposits took a turn that was unexpected in December. We made all of the arrangements easily with our primary bank to accept foreign deposits, which required that an additional deposit be held with them. To expedite the process, we were allowing wired funds only, no foreign checks, as part of the risk of foreign deposits is that other countries allow funds to clear for trading the minute that the check arrives, and that can obviously put us at risk if the funds don’t ultimately clear. So we were ready to go.

From a programming perspective, it is actually quite simple to allow Navigator to become based in another currency. That part is quite easy, and the trading would function properly.

We ran into a different issue. At the end of the day, you have PnL and commissions that have to be paid to us. Let’s say that your account is GBP-based. While the system can obviously convert the commission rate at the time of the transaction to equate to your standard account commissions (let’s call it $5 per $100,000 US, which is the basic commission for retail customers), we don’t actually receive that in USD until we convert. It is not feasible to convert on a constant basis throughout the day, and yet, the exchange rate will fluctuate by the point of settlement. That means that between the time that the trade is run and the time that we would choose to convert the currency back and forth, it might not be $5 per $100,000 (could be higher, could be lower, but it becomes a variable). At the same time, PnL has to end up in customer accounts based on transactions that occurred at the bank level through us in USD. Again, based on the change in the exchange rate, this puts MB at substantial potential risk and leaves a lot of uncertainty. Obviously, when anything becomes variable in business, even if it could fall into your favor potentially on any given day, it has to be analyzed differently.

Since coming to this realization, we are having various discussions with parties to see what we can do, and we will make an ultimate decision once we have explored all options thoroughly and believe that we have the best solution, most importantly for our global customer base. Obviously, we will then let the public know. I will not give an ETA on this process. We pride ourselves on doing what we say that we can do, and this one definitely caught us off-guard just as we thought we were ready to go. For that, we definitely apologize.

Chris”

That’s all I can give you guys on this one for now.

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Quoting charlinks

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why not just charge 5 units for 100,000 transaction in whatever currency there is (GBP, EUR, etc.). Is it impossible for you to collect your commission in GBP or EUR? you will have to have an account in that currency anyways.

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Quoting 29340

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morning justin,

do you guys plan on adding a simple "stop and reverse" current position to the software in the future?

many thanks in advance,

29340

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Quoting 20pips

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Hi 29340,

They said (during webinar) they would, among other improvements.

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Quoting Pip Hunter E

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Because everyone from the U.K. will want an account denominated in USD since the pound is worth twice the USD. . I can't blame them, but I'd think they would want to work it out in order to bring in U.K. clients. But what do I know.

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Quoting shrike

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Looks like Ninjatrader Beta finally works with IB and MB. Its quite nice, comes at a price tho. Trading from charts, automatic brackets, auto-trading, multiple broker and data-vendor connections, etc.etc.
I find the automated exit strategies for discretionary trades esp. interesting.

P.s.: its free for simulated trading.

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Quoting phil90

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Efxgroup and Mbtrading use the same server, the same technology and everything. The only difference is the people of Efxgroup are probably not the same people than Mbtrading. Efxgroup is more like a Forex branch of Mbtrading or Introductory broker-like part of Mbtrading. Efxgroup also offer different services which are their development and not available trough Mbtrading. Their new platform is the perfect example. The new platform will still use most of the same technology except for what would be particular to Efxgroup Remote trader.

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Quoting phy

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Well, the "Remote Trader" is finally accessible to general users via the www.efxgroup.com home page...

edit: ok, maybe "customers" is the word instead of users... thank you Poocher

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