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Spreads poll

  • #21
  • May 18, 2008 8:12am May 18, 2008 8:12am
Quoting fxtrader42
I think your reply still makes sense for some US traders. I am curious though what kind of spreads are we seeing in the UK?

On IG Index (spreadbetting)
EUR/USD: 2 (spot), 12 (forward)
EUR/GBP: 2 (spot), 10 (forward)
GBP/USD: 3 (spot)
This is a prime example. It is rare that I don't get a fill, compared to another SB company (no names mentioned) where the EUR/USD spread is 1 pip and it is rare that you get a fill.

On Alpari.co.uk
EUR/USD: 2
EUR/GBP: 2
GBP/USD: 3
The market reveals who we really are...
  • #22
  • May 19, 2008 4:14pm May 19, 2008 4:14pm
Quoting fxtrader42
When I trade with db I am generally doing no less than 5M per trade and no more than 10M per trade.

I do about 1-2 yards a day on a monthly basis.
Impressive numbers. So at 5M - 10M per trade, and 1-2 yards a day, you're doing between ~50 - 150 round turns daily? What's your average hold time and TP?

Coming from a fraction of your volume, I guess I'll count my blessings that HS will even give me the time of day, let alone a $20/M flat rate for FXi.. I'm still debating how to handle the lack of stop orders (use offsetting stops on IB, etc). Suggestions?

With regards to the summer volatility, I would generally tend to agree, except for the contagion of last July-August. That was easily the highest summertime volatility we've seen since the '97 Asian crisis. Several high flier carry pairs making thousand pip moves in a matter of hours. Watching the dwindling VIX and declining ATRs since March, I think many traders are looking forward to summer in hopes of a return of volatility..
  • #23
  • May 20, 2008 12:44pm May 20, 2008 12:44pm
Quoting Trader KGB
Impressive numbers. So at 5M - 10M per trade, and 1-2 yards a day, you're doing between ~50 - 150 round turns daily? What's your average hold time and TP?
There are 9 of us that trade through one pooled account - 3 per shift, each trader deals with a certain number of pairs. I generally trade less compared to all of the other traders as I am much more of a positional trader. However, I have done up to 300 round turns in a day when I catch a trend just right. Our average hold time as a group can be as little as 30 secs to 1 year. There is a huge range. If I wasnt apart of the group it would probably be a lot less. Our max drawdown for a month was 1.5M and our largest month was 8M. (August 2007 short GBPJPY which we started doing in June) In 07 we made around 65M - largely becasuse of JPY. (also our best year)

Coming from a fraction of your volume, I guess I'll count my blessings that HS will even give me the time of day, let alone a $20/M flat rate for FXi.. I'm still debating how to handle the lack of stop orders (use offsetting stops on IB, etc). Suggestions? None of us use stops - there is always someone on the desk managing positions and I am really the only one who might hold positions for extended periods of time. My view for this market is sleep very little, make a lot of money in 10 years and retire. However, yes if you had two accounts with the same amount of money, you could put entries in to hedge your exposure. Not quite sure what else you can do without getting into options.

With regards to the summer volatility, I would generally tend to agree, except for the contagion of last July-August. That was easily the highest summertime volatility we've seen since the '97 Asian crisis. Several high flier carry pairs making thousand pip moves in a matter of hours. Watching the dwindling VIX and declining ATRs since March, I think many traders are looking forward to summer in hopes of a return of volatility..
I dont think we are going to see anything like last August. The real estate bubble was collapsing and therefore it started the surge on the JPY. I see nothing like that happening this summer but we will have to wait and see. Do you see anything on the horizon?
  • #24
  • May 21, 2008 8:34am May 21, 2008 8:34am
Quoting fxtrader42
I dont think we are going to see anything like last August. The real estate bubble was collapsing and therefore it started the surge on the JPY. I see nothing like that happening this summer but we will have to wait and see. Do you see anything on the horizon?
fxtrader,

Does most of your trading activity take place on the interbank spot market, or are options (vanilla and exotic) involved as well?

fxterrapin
  • #25
  • May 21, 2008 2:14pm May 21, 2008 2:14pm
INFORMATION ONLY:

GFT:

EURUSD: As low as 1, High as 3

GBPUSD: As low as 1, High as 3

USDJPY: As low as 1, High as 3

USDCAD: As low as 2, high as 5

GBPCHF: As low as 4, high as 8

GBPJPY: As low as 4, high as 8

EURJPY: As low as 2, high as 4

CHFJPY: As low as 2, high as 5
  • #26
  • May 21, 2008 2:47pm May 21, 2008 2:47pm
Quoting fxterrapin
fxtrader,

Does most of your trading activity take place on the interbank spot market, or are options (vanilla and exotic) involved as well?

fxterrapin
I do not a couple of the guys trade NDF's
  • #27
  • May 21, 2008 2:51pm May 21, 2008 2:51pm
Quoting Nick Stadel
INFORMATION ONLY:

GFT:

EURUSD: As low as 1, High as 3

GBPUSD: As low as 1, High as 3

USDJPY: As low as 1, High as 3

USDCAD: As low as 2, high as 5

GBPCHF: As low as 4, high as 8

GBPJPY: As low as 4, high as 8

EURJPY: As low as 2, high as 4

CHFJPY: As low as 2, high as 5
I would love to see a screen shot of your platform showing some of these spreads... from someone who actually trades there and I would also like to hear about the execution on those spreads. Thanks for the info though.
  • #28
  • May 21, 2008 3:12pm May 21, 2008 3:12pm
Are you saying that you do not see those spreads?

If you have in the last week or two can you please show me a screen shot??
  • #29
  • May 21, 2008 4:47pm May 21, 2008 4:47pm
Quoting Nick Stadel
Are you saying that you do not see those spreads?

If you have in the last week or two can you please show me a screen shot??
I think he was the one asking for a screenshot, nor was he claiming that the spreads you listed were inaccurate. He simply wanted confirmation from a live trader of both the spreads and, more importantly, the execution. Not a tall order given the state of the current offerings in this industry, yes?
  • #30
  • May 21, 2008 6:12pm May 21, 2008 6:12pm
I agree, I will make sure to post them asap ( I am at a pc that I dont have a program to do so with)
  • #31
  • May 21, 2008 8:38pm May 21, 2008 8:38pm
Quoting Nick Stadel
I agree, I will make sure to post them asap ( I am at a pc that I dont have a program to do so with)
Nick you work for GFT so therefore you do not trade there... i want to see the spreads from a live trader and hear about your execution from a live trader. I do however appreciate your post about the spreads.
  • #32
  • May 21, 2008 9:09pm May 21, 2008 9:09pm
Ikon Royal has pretty good spreads and execution. They are floating and not fixed. Trade mostly EUR/USD and it's usually bewteen 1 & 2 pips.
  • #33
  • May 21, 2008 9:18pm May 21, 2008 9:18pm
Quoting Nick Stadel
Are you saying that you do not see those spreads??
You rarely see these low spreads on the GFT platform (although I have seen it at times). I think that it is just a marketing exercise.
  • #34
  • May 22, 2008 7:46am May 22, 2008 7:46am
Quoting fxtrader42
Nick you work for GFT so therefore you do not trade there... i want to see the spreads from a live trader and hear about your execution from a live trader. I do however appreciate your post about the spreads.
You are absolutely right, however the demo that I use is also a "live" demo, all brokers use them, so it is the live system, however not real money.

I do work there and it is not my intention to solicit business here, just simply provide information. If you would like to see the new spreads just let me know and I can help you, or call us and anyone can help out.

Quoting PipStar
You rarely see these low spreads on the GFT platform (although I have seen it at times). I think that it is just a marketing exercise.
The spreads have just recently been released and made public within this month, if you are not seeing them frequently lower please let me know.
  • #35
  • May 22, 2008 7:58am May 22, 2008 7:58am
This was taken around 8:50am this morning

http://img187.imageshack.us/img187/4905/spreadsds4.jpg
  • #36
  • May 22, 2008 8:03am May 22, 2008 8:03am
Quote
I do work there and it is not my intention to solicit business here, just simply provide information.

Ultimately, I fail to see the difference.
  • #37
  • May 22, 2008 9:04am May 22, 2008 9:04am
I am sorry that you see it that way, I will no longer post regarding the spreads.
  • #38
  • May 22, 2008 11:15am May 22, 2008 11:15am
Quoting fxtrader42
They are somewhat conservative... for FXi. However, they are pretty much dead on to what I see on a regular basis from db. When I trade with db I am generally doing no less than 5M per trade and no more than 10M per trade. If I trade with fxi it is usually 500K to 2M. With FXi I rarely pay as much as I do with db but and that is why i trade with them. However, fxi charges an extra $5.

I have worked with db for about 10 years now and yes my rate is volume based. I do about 1-2 yards a day on a monthly basis. My contract is $15/M for 20 yards a month and $10/M for 50 yards a month. If I do less than 20 yards a month I pay $18/M.
Ok I gotta ask .. whats a "yard per month" ?
  • #39
  • May 22, 2008 9:00pm May 22, 2008 9:00pm
Quoting Nick Stadel
INFORMATION ONLY:

GFT:

EURUSD: As low as 1, High as 3

GBPUSD: As low as 1, High as 3

USDJPY: As low as 1, High as 3

USDCAD: As low as 2, high as 5

GBPCHF: As low as 4, high as 8

GBPJPY: As low as 4, high as 8

EURJPY: As low as 2, high as 4

CHFJPY: As low as 2, high as 5
It is strange that you say in a post above that you will no longer post about spreads. The snapshot of GFT spreads that you posted is nothing like the advertised spreads. I cant see EUR or GBP or JPY at 1 pip spread.
  • #40
  • May 22, 2008 9:19pm May 22, 2008 9:19pm
Quoting nqtraderman
Ok I gotta ask .. whats a "yard per month" ?
A yard is 1 billion units of currency. Traders typically use "yard" in place of "billion," this is to ensure that the counter-party will not misunderstand billion for million or even trillion.
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