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Tradestation or TS Support(MCFX)

  • #1
  • First Post: Edited 9:51pm Mar 24, 2008 9:49pm | Edited 9:51pm
  •  dyos
  • | Joined Jul 2007 | Status: Automating forex strategies daily | 48 Posts
All,

I currently use Tradestation as my charting software. I use Oanda as my broker because of their tight spread on EUR/USD of .9 pips. I'm looking to automate a strategy but it is not feasible using Tradestation. Reason being is their commissions equal 3 pips round trip plus spreads through Gain capital. I'm considering cancelling my Tradestation account at $99/month and going to TS Support or MCFX which looks almost identical to Tradestation. They even support easylanguage. They also support FXCM which has tighter spreads than Gain. However, they don't appear to be as tight as Oanda. Another benefit is I wouldn't have to pay the monthly fee as long as I used their broker.

I spoke with the FXCM rep tonight and he indicated another option was strategy runner. I'm just curious if anyone has been in this position and what direction you all went. I look forward to any recommendations.

On one last note my perfect setup would be an easylanguage compatible charting software automated through Oanda as the broker. Perhaps this already exists somehow.
  • #2
  • Mar 24, 2008 10:39pm Mar 24, 2008 10:39pm
I made the opposite move--from MCFX toTradeStation. The commission is actually about three dollars on a standard lot and .30 on a mini-lot. I trade enough volume to get the platform for free. Of course there's no way around the spreads.

I found a little bit of downtime on MCFX--usually at the Sunday open. It's basically a watered down clone of TradeStation. But aside from the occasional glitch on the Sunday open, it was a pretty good charting package and supports systems that were written for TradeStation.

If you like FXCM and can get MCFX for free then it would probably be a logical move.
  • #3
  • Mar 24, 2008 11:03pm Mar 24, 2008 11:03pm
If you open a Gain demo and run it alongside TradeStation, you'll notice that TS is adding 0.5 pip to Gain's spreads (0.3 on eurusd, everything else 0.5). How they can do this while still charging a commission is beyond me, but it is fraud in my book and a blatant ripoff of their clients.

AmiBroker is a nice alternative platform and interfaces with several FX brokers. I'm not familiar with MCFX unfortunately.
  • #4
  • Mar 24, 2008 11:25pm Mar 24, 2008 11:25pm
  •  dyos
  • | Joined Jul 2007 | Status: Automating forex strategies daily | 48 Posts
I'm definately looking to automate my strategies and I've already invested a significant amount of time learning easy language. I would rather not have to learn more code. I guess depending on how you trade Tradestation could not be that bad. However if you are using volume and scalping the market it is impossible with Tradestation.
  • #5
  • Mar 24, 2008 11:53pm Mar 24, 2008 11:53pm
  •  dyos
  • | Joined Jul 2007 | Status: Automating forex strategies daily | 48 Posts
Quoting billflet
I made the opposite move--from MCFX toTradeStation. The commission is actually about three dollars on a standard lot and .30 on a mini-lot. I trade enough volume to get the platform for free. Of course there's no way around the spreads.

I found a little bit of downtime on MCFX--usually at the Sunday open. It's basically a watered down clone of TradeStation. But aside from the occasional glitch on the Sunday open, it was a pretty good charting package and supports systems that were written for TradeStation.

If you like FXCM and can get MCFX for free then it would probably be a logical move.
Bill,

I'm curious if you can tell me what the pro's/con's are to Tradestation and MCFX? Or did you list them all in your last post? It sounds like they are almost identical in your opinion.
  • #6
  • Mar 25, 2008 1:27am Mar 25, 2008 1:27am
A few of the problems I had with MCFX were the chart loading time, billing, and the Sunday open glitch.
They've come out with an updated version in the past month or so that reportedly got rid of the slow chart loading time.
I was on autobilling but one day I couldn't log on, then I got an email saying my account had been closed. They just stopped billing me and closed the account. I think they had some sort of problem with credit card security, which I'm sure has been resolved. I never had problems with being over-billed.
I haven't used them in a few months, but you might send Hanover a PM and ask him. I believe he still has an account with MCFX and could tell you if they've corrected the few little problems.
All in all they are a pretty good alternative to TradeStation if you are only using them for charting. They are easy language compatible. I was actually using the MCFX charting package and making my trades with Oanda. I still have a small Oanda account for scalping.
I don't know what FXCM's account requirement is to qualify for free MCFX, but it might be worth it to open an FXCM account and do a little volume with them and still do a good share of your trades with Oanda.
  • #7
  • Mar 25, 2008 1:33am Mar 25, 2008 1:33am
  •  dyos
  • | Joined Jul 2007 | Status: Automating forex strategies daily | 48 Posts
Quoting billflet
A few of the problems I had with MCFX were the chart loading time, billing, and the Sunday open glitch.
They've come out with an updated version in the past month or so that reportedly got rid of the slow chart loading time.
I was on autobilling but one day I couldn't log on, then I got an email saying my account had been closed. They just stopped billing me and closed the account. I think they had some sort of problem with credit card security, which I'm sure has been resolved. I never had problems with being over-billed.
I haven't used them in a few months, but you might send Hanover a PM and ask him. I believe he still has an account with MCFX and could tell you if they've corrected the few little problems.
All in all they are a pretty good alternative to TradeStation if you are only using them for charting. They are easy language compatible. I was actually using the MCFX charting package and making my trades with Oanda. I still have a small Oanda account for scalping.
I don't know what FXCM's account requirement is to qualify for free MCFX, but it might be worth it to open an FXCM account and do a little volume with them and still do a good share of your trades with Oanda.
Were you automating the Oanda trades or were you just charting using MCFX and then manually making the trades via Oanda?
  • #8
  • Mar 25, 2008 1:55am Mar 25, 2008 1:55am
Manually trading at Oanda.
  • #9
  • Last Post: Mar 26, 2008 11:17pm Mar 26, 2008 11:17pm
  •  dyos
  • | Joined Jul 2007 | Status: Automating forex strategies daily | 48 Posts
I just want to give this post one more chance before it dies. Does anyone have a system in which they mechanically place trades through Oanda?
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