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MB Trading Futures - Introduction

Quoting mmccormac
Ok, I believe you... You are right... Still that doesn't discount what I have seen with my own two eyes.


Now. Anyone that has access to true ECN via currennex (or any other platform), or even a lower end ECN retail platform I challenge you to run it side by side with EFX during news. Trade a few 10k lots with EFX/MBT and then a few standard lots with the other platform. Now use an autoclick software with your news feed to be sure that both are hit at the exact same time. Guess what. You'll get slipped FAR more on the EFX "ECN" processing system than with a standard ECN platform (Use protections when doing this).

It's just silly to suggest I work with a broker. Have I promoted any? Also, bigger is NOT always a better thing (REFCO FX).

Of course you didn't bother talking about the commission (close to $20 per RT per lot of GBP/USD- almost 2 extra pips in cost, or $200 per million (I pay $25 per million right now)), or your swap/rollover/IRD policy (No room for discussion here- It's very bad). Listen you may be ok for the smaller trader that doesn't hold positions... But your motto "execution redefined" is just silly... Especially if you trade during news time... Now I know that it's risky on other platforms as well and there is no free lunch but your execution is a joke compared to any broker with just "ok" liquidity on the currenex platform.

That's the reason I was testing you on your mini lot "STP". I thought it had been manilupated with the slippage you provide on those lot sizes during news in comparison to normal ECN fills.
Okay let’s wrap this up.

 

  1. We feel we have excellent execution in all types of markets as do the thousands of clients who trade with us. If our platform is not for you then it’s not for you, simple as that. If someone wants to run our platform next to another platform then by all means, feel free. We would love to take your results, dissect them, and if inefficiencies are found in our system, we would use them to only improve our software even more. I doubt you will find that other comparable platforms are giving you better execution on a consistent basis. We worked hard on, and take great pride in, our order routing algorithms.

  1. I asked if you worked for a broker only to determine your motives, because you claim to have a thorough comprehension of how all systems work and connect to the interbank market. This is typically something only a broker, who has sat in a room with programmers from the largest banks in the world, would completely understand.

  1. I’m not sure what you’re looking or reaching for by addressing commissions, but you’re right, that’s our commission when trading one full lot on the GBP (though you failed to mention they get filled with a one PIP spread). This is only one of our commission rates on one particular pair – here are some examples of our other rates:

EUR/USD $6.50 + 1 PIP spread
AUD/USD $3.80 + 1 PIP spread
USD/JPY $5.00 + 1 PIP spread

Additionally, you can place trades between the spread and get filled at 1/10th of a PIP.

 

  1. With regard to our Rollover rates; as I’ve stated before in a previous post: “I’ll be the first to admit were not the best for carry trades.” We had to give up something to give you all the things you say are impossible. No doubt our platform is for serious, active traders.

If there is anything further you feel you would like to discuss, please feel free to contact us.

Fine and dandy, Interactive Brokers does the same for $2 across all pairs tho, with simmilar spreads. Thats a whopping 5 times cheaper on cable, and more than 3 times cheaper on euro. That adds up to *ALOT* of $ over time. Id be willing to change over because EFX has a superior plattorm, even if i pay a bit more, but honestly, not THAT much more.

Maybe with a competitive commission-plan clients would come from alone, without such questionable "partners" as 4exmadeeasy, too. Im a bit gutted by that relationship to be honest, they are basically trying to lure newbies in, by selling their 5000$ signalsoftware, suggesting with their "product" FX will be easy and they earn millions in no time. And EFX takes profit of such methods.
"EUR/USD $6.50 + 1 PIP spread"

--> At best you're over 2pips after the commission on the EUR/USD $6.50 *2, and on GBP/USD if you get filled at the 2 pip spread it's over 4 pips after commission.

-->Also, these are not fixed spreads. I've seen them much higher




"Additionally, you can place trades between the spread and get filled at 1/10th of a PIP."

-->In theory it sounds ok. How many people get filled on a regular basis at 1/10th of a pip? Anyone?



  1. "With regard to our Rollover rates; as I’ve stated before in a previous post: “I’ll be the first to admit were not the best for carry trades.” We had to give up something to give you all the things you say are impossible. No doubt our platform is for serious, active traders. "

-->So you are after "serious active traders". Yes I understand why that benefits you but don't get that misunderstood with successful traders. You can't honestly say that the most "active" traders are the most successful. I think you should have phrased it "small active traders" since anyone trading real size would not even consider you an option.

current spread 1.9678 bid 1.9678 ask
Mr. FXChant, not trying to pick a fight here, but in a brokers-discussionboard it must be possible to express ones opinion. To some point i even agree with you, some people in this thread need to lay off their tinfoil-hats. They are a real stp/ecn broker as they claim, to think a firm who is that long in the business and has a clean regulation-record since like forever would lie upfront about this is laughable(for me, atleast).

Their commissions are *VERY* expensive compared to the competition, theres just no way working around that(compared to other multibank-platforms).

To be fair, i want to mention a positive aspect of them: if you want to talk to them about a problem, you can do so immediatly and you get someone competent and helpful on the phone/chat nearly immediatly. Anyone who has gone through IB-support hell appreciates that.
And to add something constructive, here is a tick-chart from todays nfp-release. At the little dots execution is possible (read: not guaranteed). Red is a bid-quotation green is a ask-quotation. There are some nasty 20-pip gaps in it, but this is to be expected. Good example why i never trade news.

source: esignals efx/mbt feed
Attached Image
Quoting shrike
Mr. FXChant, not trying to pick a fight here, but in a brokers-discussionboard it must be possible to express ones opinion. To some point i even agree with you, some people in this thread need to lay off their tinfoil-hats. They are a real stp/ecn broker as they claim, to think a firm who is that long in the business and has a clean regulation-record since like forever would lie upfront about this is laughable(for me, atleast).

Their commissions are *VERY* expensive compared to the competition, theres just no way working around that(compared to other multibank-platforms).

To be fair, i want to mention a positive aspect of them: if you want to talk to them about a problem, you can do so immediatly and you get someone competent and helpful on the phone/chat nearly immediatly. Anyone who has gone through IB-support hell appreciates that.
I agree with most of what you've said, although I don't find the commissions to be nearly as expensive as many, but that's to be expected. Everyone wants everything cheaper. Like you said, they have great customer service, while someone like IB clearly does not. IB has always been that way, and guess what? You get what you pay for. I can also tell you right now that IB has far less liquidity from what I have seen (yes, I traded on there too) than EFX, even though they have a similar concept of execution and cheaper commissions.

Let me give you an example. I rarely trade news, but sometimes, I use the EFX platform's stop-limit orders with a trailing stop to catch a news move. So, ahead of the non-farm data this morning, I had orders (I use relatively small size for stuff like this because it is risky but fun) in the system to buy the GBPUSD right ahead of the data. It was trading around 1.9685. I placed orders to buy stop 1.9694 with a limit 1.9696. That means that if it goes up on the news, at 1.9694 my order is triggered and tries to fill me at 1.9694, 1.9695, and 1.9696. If it can't get it there and it shoots higher, I get nothing. It then places a tight (8-pip) trailing stop. I repeat this order at 1.9695 with a 1.9697 stop and two more. So I have four orders in the system. I also did the same thing on the short side below where it was trading.

Now, the data came in weak and the GBPUSD spiked up. I GOT FILLED at 1.9694, 1.9695, 1.9696, and 1.9697 in that spike that shot to 1.9740. I got filled at my stop prices that triggered the orders, didn't even need the limits to control the topside, and the trailing stops worked perfectly and I made about 22 pips inside of a minute without having to touch the orders.

Now, again, sometimes I don't get filled, and this is high-risk stuff so I do it for smaller size just to "play." But the point is that you can't get that sort of execution with that much control over your destiny anywhere else on a regular basis, so whatever the commissions are, they are. I made 22 pips and it cost me just over 2 pips. Big deal.

Anyway, my original post was simply because I'm tired of people bashing all of these platforms that never talk about how they trade to demonstrate that they even do. It gets old.
FXChant Singing the World of Forex
FXChant,

I am not trying to say you shouldn't use them... This thread has become a highlight of only the EFX stong points and I wanted to point out some reasons they don't work for me and some of the other things to consider.

If you have a six figure account there are some Prime Broker options available to you that would be much more fair. Now the only reason for that last post I made was Justin said they were after "serious active traders" and I had to point out that most "serious" traders are not in and out so often like he was suggesting.

If you are ok with the cost and don't hold trades long term (if you do you're crazy trading with them) then that's fine.

Again:

GBP/USD- Commission is $200 per million RT.

Swap- Waaay out of line (But as Justin pointed out they did that so they could get banks to take the smaller sized orders)


I do think they fill a gap within the market for the smaller traders but once you have size there are safer places to keep your money (bank guarantee)that will offer much better trading conditions.

Just my opinon though. Good Luck.
if you have more than 250k, DO NOT USE retail broker anymore. you can deal directly with investment bank?
Want to learn about all the features of the Navigator? Then please join us tomorrow night for a free webinar!

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Hi Justin:

Quick question on order entry. If I have 1 lot open short, and want to execute a stop and reverse, can I place 2 STOP + TTO orders, so that one stop will close out the short and the other will open a new long, or will this create a problem with the closed lot's "TTO" portion staying open? Right now, I'm using 2 orders to accomplish this, 1 STOP MARKET and 1 STOP+TTO. Just wondering if it could be streamlined a bit.

All the best,

Michael
Michael fxgorilla
I should agree with mccormac. The commission they charge is way too much. I mean for a standard lot of GBP/USD pair it is almost $20 in addition to the 2 pips (mostly) spread. It comes to almost 4 pips. They say sometimes you can get filled when the ask and bid price are the same but it never happened to me. Just when I order a buy or sell at market price when I see the ask and bid are the same, the price changes and I get filled with two pips spread. This happens most of the time. I never was able to catch a price where the ask and bid are the same. I think oanda is way much better than EFX or MBT (I have accounts on both EFX and Oanda) evethough it is a market maker. If you are thinking of opening an account with EFX, think twice before doing so.
Quoting fxgorilla
Hi Justin:

Quick question on order entry. If I have 1 lot open short, and want to execute a stop and reverse, can I place 2 STOP + TTO orders, so that one stop will close out the short and the other will open a new long, or will this create a problem with the closed lot's "TTO" portion staying open? Right now, I'm using 2 orders to accomplish this, 1 STOP MARKET and 1 STOP+TTO. Just wondering if it could be streamlined a bit.

All the best,

Michael

Michael-

Let me make sure that I understand.

If you are short EURUSD at 1.3000 and you want a stop loss place where you would close and reverse, then here is what you do. Let’s say that place is 1.3020.

Place a stop market buy at 1.3020. Place another stop market buy at 1.3020, that reverses. Now, if you want that second piece (the reverse) to have a stop loss and a target, then for that piece you would enter a stop + TTO buy where your stop is 1.3020 and the TTO is your stop loss for the new long position on the downside and your target on the upside. If you don’t really want a target, make the upper trigger of the TTO 500 pips higher.

Is that what you were asking?
Yes, that is the way I've been doing it. My question was what I if I placed 2 stop + TTO orders at the SAR point. Would one of the stop + TTO's simply cancel out the open order when triggered, or would the TTO portion of that order still be left as an open TTO.

All the best,

Michael

Quoting jleblang
Michael-

Let me make sure that I understand.

If you are short EURUSD at 1.3000 and you want a stop loss place where you would close and reverse, then here is what you do. Let’s say that place is 1.3020.

Place a stop market buy at 1.3020. Place another stop market buy at 1.3020, that reverses. Now, if you want that second piece (the reverse) to have a stop loss and a target, then for that piece you would enter a stop + TTO buy where your stop is 1.3020 and the TTO is your stop loss for the new long position on the downside and your target on the upside. If you don’t really want a target, make the upper trigger of the TTO 500 pips higher.

Is that what you were asking?
Michael fxgorilla
Quoting fxgorilla
Yes, that is the way I've been doing it. My question was what I if I placed 2 stop + TTO orders at the SAR point. Would one of the stop + TTO's simply cancel out the open order when triggered, or would the TTO portion of that order still be left as an open TTO.

All the best,

Michael
The TTO would still be left open.

So, just a Stop Market order for your STOP LOSS & then a Stop + TTO for the buy to go long.

Call me if you want to discuss this further; 877-212-1112. ([email protected])

Regards,
Hey Justin, How can I check my summary or account history in MBT navigator. where should I click thanks.
{Promotion Removed}
Quoting forexpert310
Hey Justin, How can I check my summary or account history in MBT navigator. where should I click thanks.
Hello ~

For live accounts goto; https://www.mbtrading.com/fx/secure/login.aspx.

Or from the Navigator;

1. Left click on Navigate.
2. Left click on Support.
3. Choose 'Reports' and login.

If you have any questions or need further assistance, please do not hesitate to ask.

Regards,
hi justin,

is it correct that everytime i sent an order even tho it is not triggered i have to pay commissions?

im checking my back office and i found that the order that ive made that isnt been triggered but i have to pay for the commission...
Quoting hanz
hi justin,

is it correct that everytime i sent an order even tho it is not triggered i have to pay commissions?

im checking my back office and i found that the order that ive made that isnt been triggered but i have to pay for the commission...
I know Justin will answer, and I want to know this also.
I'm not sure I have experienced this yet, but i will be watching, and I need to know.
Stan
Quoting hanz
hi justin,

is it correct that everytime i sent an order even tho it is not triggered i have to pay commissions?

im checking my back office and i found that the order that ive made that isnt been triggered but i have to pay for the commission...
Hi,

This is absolutely INCORRECT. You only pay commissions when your pending order goes live.

If you feel differently, please contact us with the details. (877) 212-1112 or [email protected]
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