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MB Trading Futures - Introduction

  • #2,181
  • Jun 25, 2008 9:40pm Jun 25, 2008 9:40pm
Quoting jleblang
Hi shodd ~

This is possible, but it will require that you either enter the TTO separately from the initial order, or that you later cancel and replace the TTO with one that is only 1/2 the size.

For instance;

You could go long 20 lots EUR at 1.0000 at market and then after the order was filled, add a stand alone TTO for 10 lots, thus accomplishing your goal.

Or, as stated above, enter the trade with the TTO and cancel and replace it at a later time.
Justin,

MB doesnt allow hedging right? Just curious I dont hedge but it doesnt sound like it would be possible by the way your orders work...
  • #2,182
  • Jun 25, 2008 10:24pm Jun 25, 2008 10:24pm
Quoting fxtrader42
Justin,

MB doesnt allow hedging right? Just curious I dont hedge but it doesnt sound like it would be possible by the way your orders work...
Correct - you would have to have a second account linked to the first and switch between the two, placing orders the opposite direction.

**You would only need to login once, but each account would need to be funded separately.
  • #2,183
  • Jun 25, 2008 11:04pm Jun 25, 2008 11:04pm
Quoting jleblang
Correct - you would have to have a second account linked to the first and switch between the two, placing orders the opposite direction.

**You would only need to login once, but each account would need to be funded separately.
Do you actually have traders that do that?
  • #2,184
  • Jun 25, 2008 11:22pm Jun 25, 2008 11:22pm
I have a Forex Account at MBT and wanted to trade Futures (Oil, Gold, etc).

I was informed to go through the website, open an account and select "Already a Client", enter my username, account name and four letter ID.

But upon doing so, website complains that I have an invalid account number or 4-letter ID in spite of the fact that these are correct. What gives?

Someone told me I should open another account. Doing this, I would split my funds into 2 accounts making it not easy to manage.

Can anyone shed light on this?

Thanks!
  • #2,185
  • Jun 25, 2008 11:24pm Jun 25, 2008 11:24pm
Quoting fxtrader42
Do you actually have traders that do that?
Yes, many.
  • #2,186
  • Jun 25, 2008 11:33pm Jun 25, 2008 11:33pm
that is absolutely amazing
  • #2,187
  • Jun 26, 2008 2:10am Jun 26, 2008 2:10am
Quoting jleblang
Hi shodd ~

This is possible, but it will require that you either enter the TTO separately from the initial order, or that you later cancel and replace the TTO with one that is only 1/2 the size.

For instance;

You could go long 20 lots EUR at 1.0000 at market and then after the order was filled, add a stand alone TTO for 10 lots, thus accomplishing your goal.

Or, as stated above, enter the trade with the TTO and cancel and replace it at a later time.
Thanks for the prompt reply Justin. Any thoughts about incorporating said functionality into the default TTO?
Leonardo Follower
  • #2,188
  • Jun 26, 2008 9:21am Jun 26, 2008 9:21am
Quoting shodd
Thanks for the prompt reply Justin. Any thoughts about incorporating said functionality into the default TTO?
Not sure if that will be added anytime soon. Looking at other scenarios, its possible to enter this a few different ways:

Say the current market price was above 1.0000, but you still wanted to go long. You would place a Buy Limit + TTO for 10 lots to go long when price reaches 1.0000 and then enter a second Buy Limit (alone) or Limit + TTO with unrealistic TTO prices so it won't come into to play.

Another example:

Say the current market price is below 1.0000 and you want to go long if the price gets there. Place a Buy Stop + TTO for 10 lots with 1.0000 as your stop price (entry price) and then your TTO. Enter a second trade Buy Stop + TTO for 10 lots with 1.0000 as your stop price (entry price) and then for the TTO portion, set unrealistic prices so it won't come into play.

That should cover Market Orders, Stop Orders & Limit Orders.
  • #2,189
  • Jun 26, 2008 9:46am Jun 26, 2008 9:46am
Hi Justin,

I have been with MB trading FX for about a year now. OSO and OCO orders would really make life a lot easier. Any thought being given to this?

Sorry if this has been asked before.
  • #2,190
  • Jun 26, 2008 10:04am Jun 26, 2008 10:04am
Quoting jcorp
Hi Justin,

I have been with MB trading FX for about a year now. OSO and OCO orders would really make life a lot easier. Any thought being given to this?

Sorry if this has been asked before.

Please look at their order type they have a similar order. The TTO (Threshold Triggered Order)

http://www.mbtrading.com/fx/orderTypes.asp
  • #2,191
  • Jun 26, 2008 12:50pm Jun 26, 2008 12:50pm
Dear Forex Factory Friends,

I am leaving town tomorrow, June 27th and will be gone the entire following week and will not be available to reply to messages. Of course, if you need immediate assistance, please dial 866.558.3342 or visit www.mbtrading.com for more contact options.

Best Regards,
  • #2,192
  • Jun 26, 2008 1:01pm Jun 26, 2008 1:01pm
Quoting jleblang
Dear Forex Factory Friends,

I am leaving town tomorrow, June 27th and will be gone the entire following week and will not be available to reply to messages. Of course, if you need immediate assistance, please dial 866.558.3342 or visit www.mbtrading.com for more contact options.

Best Regards,
I am sure Phil would be happy to phil in for you.
  • #2,193
  • Jun 26, 2008 2:04pm Jun 26, 2008 2:04pm
Quoting fxtrader42
I am sure Phil would be happy to phil in for you.

LoL if you are talking about me. The only stuff I know is what is written on this forum or on their website. PEople keep asking always the same thing and they don'T try to find the information by themselves.
  • #2,194
  • Jun 26, 2008 2:29pm Jun 26, 2008 2:29pm
Quoting fxtrader42
I am sure Phil would be happy to phil in for you.
lol - he does do a good job. Phil its all yours while I'm gone.
  • #2,195
  • Jun 26, 2008 5:17pm Jun 26, 2008 5:17pm
Quoting phil90
Please look at their order type they have a similar order. The TTO (Threshold Triggered Order)

http://www.mbtrading.com/fx/orderTypes.asp
Thanks Phil,

I use the TTO all the time, and I could very well be wrong on this, but there is no OCO or cancel provision. TTO only allows for TP or SL and you need to be constantly watching the market. When the TP is triggered, the SL is still valid, and the opposite if the SL is hit first. I trade daily charts and have had both TP and SL hit overnight effectively reversing my position and leaving me without protection.

For instance.....When the TP is triggered on half my position, I want the SL on the balance set to break even and the original SL cancelled. OCO for the original SL and OSO for the new SL. I realise that I need 2 positions open to do this, but I do not see how the TTO can accomplish it. I trade futures this way using a DOM with another broker.

Just wondering if MB's platform will eventually allow OSO or OCO orders. Not complaining....I think MB is the best FX broker out there.

Jim
  • #2,196
  • Jun 26, 2008 5:39pm Jun 26, 2008 5:39pm
Thanks for the reply Justin. Looks like I'll be doing a lot of trial and error on my demo account to get the best fit for me.
Leonardo Follower
  • #2,197
  • Jun 26, 2008 5:47pm Jun 26, 2008 5:47pm
Ok I understand what you are looking for. AS far as I know the OCO will not do that. IT would be great feature to add to the platform. At least have something to trigger a break even this way if you are not in front of the screen you will not lose everything. IF I understand OSO right , once the order triggered other orders will input by the system. Yes that would be great order type. There might be a way of doing so by putting 2 orders as you just said. We would have to try.

See I am not that good with MBT. I was interested in opening an account with them and I read lots of information just to find out that I could not open an account with them. The confusion came from the information I read on EFX website in regard to account restriction and on the website it says that I can open an account but on MBT website I found out that it was telling me the opposite. I contacted MBT and they infomed me that I can't. I was disapointed but who knows, maybe the restriction will change. Right now I don't really know where to go due to this restriction. I don't really want to put too much money in a trading account as I never did trade live.
So I will answer questions if I can but I don't get direct information from them or cannot request new features for the platform or whatever. You would have to ask Justin.

If I can help no problem I will be there.

Justin ,

Enjoy your time out of the office
  • #2,198
  • Jun 27, 2008 3:53am Jun 27, 2008 3:53am
hey mate how do i set a stop loss and take profit?
  • #2,199
  • Jun 28, 2008 2:32pm Jun 28, 2008 2:32pm
you can do that simple .... by TTO open your screen go to "fxboard" then click with RIGHT button you will see 2 choses "template" and "preferences" choose template and from the list choose TTO.Then you have to be in a trade let say you are in long position then in this TTO template you have to make sure that you set parameters for "SHORT" you has to choose SHORT and then you just set your stop loss and take profit ..... and then give submit .... and if you want to change again stop loss and take profit .... you just close TTO position and then do this again with new take profit and stop loss you want ..... i hope this help this is the easiest way to tell you how to do it . happy trading
  • #2,200
  • Jun 30, 2008 5:28am Jun 30, 2008 5:28am
I just closed few trades (mb) and I have to say that mb is absolutely creepy when you leave a opened position more than one day.

It's doesn't matter if you are long or short, you always are going to pay interest . It's not the pair, you always pay.

I like mb for daytrading but I will not leave any opened position, .. not any more.
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