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scalping - commissions and lower spread vs spread all included 5 replies

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0 spread, 0 commision - getting tired of all this..

Quoting fxtrader42
Lava,

I dont think you are going to get many replies from those that use this because I doubt many would sign up with them. There are two types of brokers in this market. The first type charges their clients just the difference between the bid and the ask. The other brokers charge the spread and the difference between the bid and the ask. Generally these brokers have lower spreads and tend to be cheaper then brokers who just charge the bid and ask spread. For example: lets say Broker 1 charges just the spread between the bid and the ask. Lets say their spread for EUR/USD is 2 pips. Lets say you enter a position of 1M. Your cost for the trade going in is $200. Now lets say you place the same trade with Broker 2 who charges spread and commission of $20 per M. Lets say the spread fluctuates between .5 to 1 pip for EURUSD. Your cost for the trade going in would be between $50 to $100 plus the $20. If all things are equal meaning that both brokers give a similar charting package, quality execution, fair market pricing then why would you pay an extra $80? Making that same trade with FXExpress your cost going in would be $600. My question to you is why would you think about trading with FXExpress? It's like saying I bought a house for a million dollars from Broker A because he only charged me a $10,000 dollar commission instead of buying from Broker B because he charged me $20,000 even though he could have sold me the house for $950,000. Makes no sense right? So I ask again why would you want to pay more for the same asset?
good one
If I Go Broke Trying Then I Will die happy.
Iam using a broker who is offering o spread and commission but only on demo account.
Let's trade together.
If you had 50% of profitable trades, you would not be sitting on this forum. You would be sitting in your private jet on your way to your private island, accompanied by Heidu Klum. Your name would be Warren Buffet too

From my experience, any profitable trading system always has more loosing trades than profitable once, but the losses are small and profits are high.
Entering market is as difficult as it is.

I am not trying to proove that one way is better than another. I am trying to figure out why does Forex Club offer a traditional approach to forex trading AND a totaly new one. I am looking forward to hear comments from someone who actually tries express and thanks to all for this lively discussion.

Lava
Quoting FXBaby
Iam using a broker who is offering o spread and commission but only on demo account.

Dewd, you are lucky!
Quoting lavatrader
If you had 50% of profitable trades, you would not be sitting on this forum. You would be sitting in your private jet on your way to your private island, accompanied by Heidu Klum. Your name would be Warren Buffet too
Didn't know Buffet and Klum were getting it on.
It would be a step up from Seal!
Quoting lavatrader
If you had 50% of profitable trades,
And you won on average at least as much as you lost. Having a high percentage of winners is easy, having more winners while the average is the same that's what's hard. Win:loss - risk:reward
On the path to Enrichment.
Quoting Jurrasic
And you won on average at least as much as you lost. Having a high percentage of winners is easy, having more winners while the average is the same that's what's hard. Win:loss - risk:reward
I didnt even want to reply to him about that but I am glad someone wasted their time to explain the obvious.
Quoting fxtrader42
I didnt even want to reply to him about that but I am glad someone wasted their time to explain the obvious.
I think you are scalping the market, that's why your system has more profitable trades. Btw, even if I'm wrong I wish you luck and big numbers.Lava
Has anybody actually tried their system? Does it work as they say?
Quoting Limit Man
Has anybody actually tried their system? Does it work as they say?
Everything works fine for me (execution, commissions refunds e.t.c) I'm still using their demo in order to find an answers on a very question - is it really worth it. I'll come up with my answer a little later. I just want to do 50-70 trades, so we can calculate acctual savings
I just had a chat with one of FXClub's agents on their live chat feature. I am posting that chat without giving my name or his name. You can all decide for yourselves based on my conversation whether dealing with FXClub is for you or not. The only comment I am going to make is, the service I received was very good and the guy did his best to answer my questions. You decide for yourselves. I wish you all and FXClub all the best.

Please wait for a site operator to respond.
All operators are currently assisting others. Thanks for your patience. An operator will be with you shortly.
You are now chatting with '*****'
FXClub: Welcome to Forex Club. How can I help you?
*****: can you tell me how your margin policy works
FXClub: A margin call occurs, when your account falls below the minimum requirements for trading. At Forex Club our margin requirement is 1% of USD value of each positions. Monitoring of margin requirement is conducted after SWAP operation. If there is a margin call for your account you will be contacted by us, and we will help you take action to satisfy your margin.
*****: Thanks. ***** if I buy 1 mini lot of EURUSD my margin requirement is 100 USD?
FXClub: It is one percent for any position that cannot be covered.
FXClub: So is it $100 on a position it would .10 cents if the position requires a margin call
*****: I am not following you can you give me more details or an example please.
FXClub: Sure, for example if you have a position that falls into margin, and lets say you have placed $10 on this position and it falls into margin call it would be 1% of the position so it would be one cent.
*****: Okay I understand that but my question is more geared to my initial margin and how it is calculated. For example if I do a mini lot which is 10,000 per base contract. That means if I buy EURUSD I am buying 10,000 EUR. 1% of that would be 100 EUR since EUR is the base currency. Is my initial margin 100 dollars or is it $100 * 1.5732, which would be 157.32 USD?
FXClub: It would only be $100.00
*****: Thanks. Can you tell me more about the difference between your classicfx platform and your expressfx platform?
FXClub: Classic FX is either RUMUS 2 and IDSystem which is a spread based platform, but, Express FX does not have spreads,but, it is commission based platform.
*****: Okay what are the spreads on ClassicFX and what is the commission for ExpressFX?
FXClub: The commission on Express FX is 60 cents per 1,000 units traded, which is incured with our leverage. I can give you a link for the classic FX spreads because there are too many pairs for me to list to you, would you like the link for the spread?
*****: yes please
FXClub: Please hold one moment sir
FXClub: SPREADS
*****: Are there any minimums for ClassisFX or ExpressFX?
FXClub: The minimum to open an account is $10.00
*****: and it doesnt matter which platform you use
FXClub: No it does not sir.
*****: Thanks. After looking at your spreads ExpressFX is only cheaper if I am trading pairs that have a spread of 7 pips or higher...considering the commission for ExpressFX is the same as 6 pips.
*****: That is correct right?
FXClub: Well, depending on the currency pair, yes.
*****: For any trades where I do not make money on FXExpress the commission is given back to me right?
FXClub: Correct
*****: Okay, if that is true then how do you guys make money on trades where I lose?
FXClub: In express FX?
*****: yes sir
FXClub: We don't
FXClub: We only get paid if you as a client make a profit
*****: So my trades go straight through to a bank?
*****: hello ***** are you still there?
FXClub: That is more of a dealing question I work in the New Accounts department I do not want to give you false information
*****: Well you have a dealing desk right?
FXClub: We have a desk where clients who are not near a PC can call and make trades if they would like, I really do not know if you would consider that a dealing desk.
*****: Okay, I assume there is someone I can contact that can answer these questions?
FXClub: Correct
*****: Also, I pulled up a demo for the FXExpress and I see that you only have 11 pairs on that platform is that correct?
FXClub: That is correct
*****: So technically there is no advantage to using FXExpress since the only pairs listed have a spread of 6 pips or less on the ClassicFX platform. Correct.
FXClub: There is no spreads on express FX
*****: That is not completely true. Instead of the spread being the cost of doing business there is a commission for the cost of doing business. The commission is the same as 6 pip spread correct?
FXClub: But, the commission is only taken on positive trades.
FXClub: So negative trades we do not make commission
FXClub: Therefore we do not profit
*****: But I still lose money regardless and that is what I dont understand. If I lose money someone has to make money and you are telling me you have no idea who makes money when I lose money... correct?
FXClub: Sir, I just know about the commission, basic about the platform, if you have a question regarding something about an indicator I can help you. But if you loose money on a trade, it goes to us.
*****: Okay that helps a lot. That also means if I make money you guys lose money right?
FXClub: I believe so
FXClub: *****, you still there sir?
*****: yes
FXClub: Is there anything else I can try to help you with?
*****: Okay this helps answer my previous questions. You guys do have a dealing desk, my trades dont go to a bank, they go to FXClub and this means FXClub is the counterparty to all of my trades. That also means that your statement "we only make money when our clients make money" is not true. Is that correct?
FXClub: do not know
*****: *****, I am not trying to be hard on you, I am just trying to get the correct information.
*****: Well you just told me that you guys make money when I lose money, so that means your company makes money even when I dont make money right?
FXClub: Sir, I do not want to give you false infromation, there is a gentleman ***** who could help you better than I can regarding these questions he will be back by one o'clock EST I believe he can help you better than I can.
*****: Okay and how do I contact him?
FXClub: He will be in chat in about one hour.
*****: So if I try the live chat at 1:30 EST I should be able to get a hold of Peter?
FXClub: Yes.
*****: Great... well thank you very much for your time ***** and I hope you have a great day.
FXClub: Thank you.
If I Go Broke Trying Then I Will die happy.
Quoting fxtrader42
I just had a chat with one of FXClub's agents on their live chat feature. I am posting that chat without giving my name or his name. You can all decide for yourselves based on my conversation whether dealing with FXClub is for you or not. The only comment I am going to make is, the service I received was very good and the guy did his best to answer my questions. You decide for yourselves. I wish you all and FXClub all the best.

Please wait for a site operator to respond.
All operators are currently assisting others. Thanks for your patience. An operator will be with you shortly.
You are now chatting with '*****'
FXClub: Welcome to Forex Club. How can I help you?
*****: can you tell me how your margin policy works
FXClub: A margin call occurs, when your account falls below the minimum requirements for trading. At Forex Club our margin requirement is 1% of USD value of each positions. Monitoring of margin requirement is conducted after SWAP operation. If there is a margin call for your account you will be contacted by us, and we will help you take action to satisfy your margin.
*****: Thanks. ***** if I buy 1 mini lot of EURUSD my margin requirement is 100 USD?
FXClub: It is one percent for any position that cannot be covered.
FXClub: So is it $100 on a position it would .10 cents if the position requires a margin call
*****: I am not following you can you give me more details or an example please.
FXClub: Sure, for example if you have a position that falls into margin, and lets say you have placed $10 on this position and it falls into margin call it would be 1% of the position so it would be one cent.
*****: Okay I understand that but my question is more geared to my initial margin and how it is calculated. For example if I do a mini lot which is 10,000 per base contract. That means if I buy EURUSD I am buying 10,000 EUR. 1% of that would be 100 EUR since EUR is the base currency. Is my initial margin 100 dollars or is it $100 * 1.5732, which would be 157.32 USD?
FXClub: It would only be $100.00
*****: Thanks. Can you tell me more about the difference between your classicfx platform and your expressfx platform?
FXClub: Classic FX is either RUMUS 2 and IDSystem which is a spread based platform, but, Express FX does not have spreads,but, it is commission based platform.
*****: Okay what are the spreads on ClassicFX and what is the commission for ExpressFX?
FXClub: The commission on Express FX is 60 cents per 1,000 units traded, which is incured with our leverage. I can give you a link for the classic FX spreads because there are too many pairs for me to list to you, would you like the link for the spread?
*****: yes please
FXClub: Please hold one moment sir
FXClub: SPREADS
*****: Are there any minimums for ClassisFX or ExpressFX?
FXClub: The minimum to open an account is $10.00
*****: and it doesnt matter which platform you use
FXClub: No it does not sir.
*****: Thanks. After looking at your spreads ExpressFX is only cheaper if I am trading pairs that have a spread of 7 pips or higher...considering the commission for ExpressFX is the same as 6 pips.
*****: That is correct right?
FXClub: Well, depending on the currency pair, yes.
*****: For any trades where I do not make money on FXExpress the commission is given back to me right?
FXClub: Correct
*****: Okay, if that is true then how do you guys make money on trades where I lose?
FXClub: In express FX?
*****: yes sir
FXClub: We don't
FXClub: We only get paid if you as a client make a profit
*****: So my trades go straight through to a bank?
*****: hello ***** are you still there?
FXClub: That is more of a dealing question I work in the New Accounts department I do not want to give you false information
*****: Well you have a dealing desk right?
FXClub: We have a desk where clients who are not near a PC can call and make trades if they would like, I really do not know if you would consider that a dealing desk.
*****: Okay, I assume there is someone I can contact that can answer these questions?
FXClub: Correct
*****: Also, I pulled up a demo for the FXExpress and I see that you only have 11 pairs on that platform is that correct?
FXClub: That is correct
*****: So technically there is no advantage to using FXExpress since the only pairs listed have a spread of 6 pips or less on the ClassicFX platform. Correct.
FXClub: There is no spreads on express FX
*****: That is not completely true. Instead of the spread being the cost of doing business there is a commission for the cost of doing business. The commission is the same as 6 pip spread correct?
FXClub: But, the commission is only taken on positive trades.
FXClub: So negative trades we do not make commission
FXClub: Therefore we do not profit
*****: But I still lose money regardless and that is what I dont understand. If I lose money someone has to make money and you are telling me you have no idea who makes money when I lose money... correct?
FXClub: Sir, I just know about the commission, basic about the platform, if you have a question regarding something about an indicator I can help you. But if you loose money on a trade, it goes to us.
*****: Okay that helps a lot. That also means if I make money you guys lose money right?
FXClub: I believe so
FXClub: *****, you still there sir?
*****: yes
FXClub: Is there anything else I can try to help you with?
*****: Okay this helps answer my previous questions. You guys do have a dealing desk, my trades dont go to a bank, they go to FXClub and this means FXClub is the counterparty to all of my trades. That also means that your statement "we only make money when our clients make money" is not true. Is that correct?
FXClub: do not know
*****: *****, I am not trying to be hard on you, I am just trying to get the correct information.
*****: Well you just told me that you guys make money when I lose money, so that means your company makes money even when I dont make money right?
FXClub: Sir, I do not want to give you false infromation, there is a gentleman ***** who could help you better than I can regarding these questions he will be back by one o'clock EST I believe he can help you better than I can.
*****: Okay and how do I contact him?
FXClub: He will be in chat in about one hour.
*****: So if I try the live chat at 1:30 EST I should be able to get a hold of Peter?
FXClub: Yes.
*****: Great... well thank you very much for your time ***** and I hope you have a great day.
FXClub: Thank you.
So what's the point? What are you trying to say? i think you are trying to bark at a wrong tree. it's like asking a dude at a BP gas station how much money does BP make and how much oil they use to make a gallon of gas. score man, way to go.
I dont think your analogy works here at all... but I will leave that up for others to decide. I am wondering why does my post upset you so much?
  • Post #56
  • Quote
  • Edited 4:49pm Apr 18, 2008 4:35pm | Edited 4:49pm
Quoting fxtrader42
I dont think your analogy works here at all... but I will leave that up for others to decide. I am wondering why does my post upset you so much?

I am not upset by no means, but I’ve been around the block and seen many different forums and can tell what this post is made for. We all adults here and to presume the idea that you are just a person who wants to deliver the fair look at some company and leave decision up to the people is old trick in the book. Some things just don’t add up. Trying to play on possible sales rep mistake, to me is a bit low. I am an old school and in my world this type of “GOODWILL” always had other intentions and for the most part opposite. With respect to all FF members
lava
Okay, well then what is my post "made for"? I do not believe my post offered an opinion what so ever...
Quoting fxtrader42
Okay, well then what is my post "made for"? I do not believe my post offered an opinion what so ever...
I’ve assume that you’ve made this post for us to make up our minds regarding this company. I’ve just stated my opinion regarding your post. Looking back at this thread I noticed that you had other posts where you have stated your opinions very clearly.

Anyway, you wrote your post for whatever reasons you might have.
You right, people will make up their mind
Go Red Socks
Quote
*FXClub: *That is more of a dealing question I work in the New Accounts department I do not want to give you false information

This was epic
Fxtrader42,

........... Ur a legend. That convo with the gentleman from Fxexpress was great! Way to get him talking!

hehe

LG
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