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MB Trading Futures - Introduction

  • #341
  • Jan 18, 2007 8:24am Jan 18, 2007 8:24am
Quoting audionut
MB Trading has told me if they go bankrupt, Forex funds are not PREFERRED creditors (like stocks, options, bond traders).. so the preferred creditors get paid first, if there is any money left over then the Forex people..
This statement is true. If MBTF were to go bankrupt, all funds would be paid to creditors first, then monies left over would be distributed to the clients. The same goes with any Forex Brokerage.
  • #342
  • Jan 18, 2007 8:52am Jan 18, 2007 8:52am
Quoting jleblang
This statement is true. If MBTF were to go bankrupt, all funds would be paid to creditors first, then monies left over would be distributed to the clients. The same goes with any Forex Brokerage.
Don't worry they won't go bankrupt. Take a look at their Swap/Rollover/IRD policy.
  • #343
  • Jan 18, 2007 9:01am Jan 18, 2007 9:01am
Quoting jleblang
This statement is true. If MBTF were to go bankrupt, all funds would be paid to creditors first, then monies left over would be distributed to the clients. The same goes with any Forex Brokerage.

If you are trading a small account then an option (complete security of funds) is to trade these contracts on the Globex (CME futures). The spread cost and commission is lower and you get the full IRD (swap). Daytraders get around 133:1 on margin, and the pairs move exactly the same as in the spot market.

If you are a carry trader then futures wouldn't be the best due to contract expiration (contracts last 6 months). Also the futures are closed from 6-7pm ET, but other than that 23hrs a day and same trading days as the spot market.
  • #344
  • Jan 18, 2007 9:42am Jan 18, 2007 9:42am
Quoting mmccormac
Don't worry they won't go bankrupt. Take a look at their Swap/Rollover/IRD policy.
COULD BE WORST FXSOL CHARGES BOTH WAYS SOMETIMES
If I Go Broke Trying Then I Will die happy.
  • #345
  • Jan 19, 2007 12:47am Jan 19, 2007 12:47am
Quoting Moe
COULD BE WORST FXSOL CHARGES BOTH WAYS SOMETIMES

I agree it could be worse. I don't think EFX is a bad broker at all (Very good compared to all the bucket shops out there)... My only point was avoid them like the plague if you are a carry trader or if you are holding positions longer term. Anyway they can charge you both ways as well depending on what you are trading (See NZD/USD with them).
  • #346
  • Jan 19, 2007 1:24am Jan 19, 2007 1:24am
Quoting jleblang
This statement is true. If MBTF were to go bankrupt, all funds would be paid to creditors first, then monies left over would be distributed to the clients. The same goes with any Forex Brokerage.
oh dont go bankrupt,i thought your a trader urself justin...
  • #347
  • Jan 19, 2007 1:27am Jan 19, 2007 1:27am
Quoting sogt725
Like I said before in my last post, majority of clients trade the major pairs. Unless u see a strong intraday trend in the non-majors, u'd see RELATIVELY high spreads in the non-majors, a sign that many are not interested in it ATM.
i got a 1 spread for gbpjpy yesterday...

that explains everything
  • #348
  • Jan 19, 2007 1:45am Jan 19, 2007 1:45am
Hello,
From 2:10 to 2:15 EST this morning I tried to put on some short orders on the GBP/USD. I tried 4 limit orders and 1 market order. The response was, "Order Rejected for reason: Quote unavailable". What is the reason for this? The market order should have went through even if that quote is not available, right? The order was for a price that the quotes passed over both ways. Why did my order get passed over?
  • #349
  • Jan 19, 2007 2:10am Jan 19, 2007 2:10am
I have looked at EFX Group downloaded their platform, but no way will there charting software work for me. So if anyone knows if there platform will work for MetaTrader would like to know.
  • #350
  • Edited 4:49am Jan 19, 2007 2:17am | Edited 4:49am
Quoting nd1377
Hello,
From 2:10 to 2:15 EST this morning I tried to put on some short orders on the GBP/USD. I tried 4 limit orders and 1 market order. The response was, "Order Rejected for reason: Quote unavailable". What is the reason for this? The market order should have went through even if that quote is not available, right? The order was for a price that the quotes passed over both ways. Why did my order get passed over?
Same here on demo account.

Edited 12:47 GMT. Demo account is back up. I noticed that after placing an order for 1 lot ($10000) the commission is 2.97. Has it been raised or is this a mistake?
  • #351
  • Jan 19, 2007 5:31am Jan 19, 2007 5:31am
Justin has already stated earlier in this thread that they don't work with MetaTrader because MetaTrader is set up for dealing desks.

Since EFX is a non-dealing desk broker, they can't use MetaTrader.

Quoting qiktrader850
I have looked at EFX Group downloaded their platform, but no way will there charting software work for me. So if anyone knows if there platform will work for MetaTrader would like to know.
  • #352
  • Jan 19, 2007 6:13am Jan 19, 2007 6:13am
Quoting ssotiro
Same here on demo account.

Edited 12:47 GMT. Demo account is back up. I noticed that after placing an order for 1 lot ($10000) the commission is 2.97. Has it been raised or is this a mistake?

I still can't get mine to work. This is the first time it has happened. It keeps telling me, "Order rejected for reason: Quote unavailable". Justin, are you out there?
  • #353
  • Jan 19, 2007 6:28am Jan 19, 2007 6:28am
Quote unavailable sounds like your platform is offline. Do you see 3 green lights at the bottom? How about re-starting the app? It's a connection issue and not an order issue.
  • #354
  • Jan 19, 2007 6:53am Jan 19, 2007 6:53am
Quoting hanz
i got a 1 spread for gbpjpy yesterday...

that explains everything
Nope it doesn't. Since JPY int rate was at stake, that was the carry trade factor. Next week, the spreads will increase...due to less participation as per price differential momentum.
CCI decipherer
  • #355
  • Jan 19, 2007 8:17am Jan 19, 2007 8:17am
Quoting hanz
oh dont go bankrupt,i thought your a trader urself justin...
I don't think we're planning on going bankrupt.....and yes I am a trader myself.
  • #356
  • Edited 8:50am Jan 19, 2007 8:24am | Edited 8:50am
Hey Guys -

{11:23am EST January 19th, 2007}

Currently we're experiencing problems with the demos at this time; we are looking into the problem, and will advise when the system is 100% again.

I appreciate everyone’s patience and understanding in the matter.

Regards,
  • #357
  • Jan 19, 2007 12:04pm Jan 19, 2007 12:04pm
Quoting audionut
MB Trading has told me if they go bankrupt, Forex funds are not PREFERRED creditors (like stocks, options, bond traders).. so the preferred creditors get paid first, if there is any money left over then the Forex people..
so our funds will be use to pay off mb trading creditiors so this gives them free will at overspending knowing that they have customers funds to pay off there debt.
If I Go Broke Trying Then I Will die happy.
  • #358
  • Jan 19, 2007 12:16pm Jan 19, 2007 12:16pm
Quoting Moe
so our funds will be use to pay off mb trading creditiors so this gives them free will at overspending knowing that they have customers funds to pay off there debt.
As has been discussed many times in the past, we do not comingle client funds with our own, unlike most other forex brokers which do. From a net capital perspective, we cannot spend more than we have and then use customer funds to pay for us. That is the point of a net capital requirement and a non-comingling policy. What you were told is that if a dramatic market event were to be so extreme that it placed MB customers so far underwater that our net capital didn’t cover the problem, then customer funds are not protected. MB has been in business for over a decade with no problems, as have many other stock and forex firms. Our policy is better than most firms because of the strict comingling policy, but any firm that goes under beyond their own net capital due to a market move is in the same situation in regard to client funds.
  • #359
  • Jan 22, 2007 12:33pm Jan 22, 2007 12:33pm
Justin,

Will EFX ever provide back data for testing purposes?

Thanks - Kyran
  • #360
  • Edited Jan 23, 2007 8:08am Jan 22, 2007 12:35pm | Edited Jan 23, 2007 8:08am
Justin I have one question, I tried to open an account with EFX, but my country (Croatia) is on restricted countries list. Was that list updated lately? In a 2010 we will become a part of the EU, so I dont see what is the problem, I never had any problems with other brokers from US.
Thnx
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