Is it possible to do away with online brokers | Forex Factory

Options

Permalinks
Print Thread

Similar Threads

How do brokers get away with ripping off traders? 15 replies

How does privacy work in online brokers? 4 replies

Is it possible to profitably trade with MT4 brokers? 35 replies

Which brokers offer best online Phil EX's World Currency Option Trading? 1 reply

Question about online brokers 3 replies

Is it possible to do away with online brokers

  • #1
  • First Post: Mar 9, 2007 10:27am Mar 9, 2007 10:27am
Hi guys!
I'll need some ideas and advise on this. Since there are so many negative aspects about the online brokers we use, is it possible to avoid them. For instance, Is it possible to sign up with a data feed service from a reliable company or exchange, and use that with a trading platform?
Thanks
  • #2
  • Mar 9, 2007 10:31am Mar 9, 2007 10:31am
Trade Forex Futures
  • #3
  • Mar 9, 2007 11:45am Mar 9, 2007 11:45am
Quoting smjones
Trade Forex Futures
Thanks. I really don't have an idea how the back end of trading forex futures works but i can sure do some home work on that. However, i know the concepts of trading futures, so i don't think i'll have a problem on that.

So from your response, i'm assuming that the forex market is not directly accessible, unless you go through a broker?
  • #4
  • Edited 12:27pm Mar 9, 2007 12:14pm | Edited 12:27pm
Quoting oladipoaina
Thanks. I really don't have an idea how the back end of trading forex futures works but i can sure do some home work on that. However, i know the concepts of trading futures, so i don't think i'll have a problem on that.

So from your response, i'm assuming that the forex market is not directly accessible, unless you go through a broker?
Well not exactly... You could use a ECN broker or you could go to Currenex, If you have a large enough account... But it sounded like you were interested in centralized pricing. That is where the futures comes in as they are regulated and centralized.
  • #5
  • Mar 9, 2007 1:24pm Mar 9, 2007 1:24pm
Quoting smjones
Trade Forex Futures

Hi Scott - Do you trade forex futures? Just something that interests me - there must be some serious downsides otherwise everyone would be doing it..
  • #6
  • Mar 9, 2007 2:02pm Mar 9, 2007 2:02pm
The downsides are start-up costs, to be honest.

You have to be more capitalized to trade futures. There are some other downsides too, like premiums. They can quickly eat into your trade, as you have to normally overcome interest charges (depending on which side you get into).

Other than that, they're just another market to get into.

Quoting forexprincess
Hi Scott - Do you trade forex futures? Just something that interests me - there must be some serious downsides otherwise everyone would be doing it..
  • #7
  • Mar 9, 2007 2:12pm Mar 9, 2007 2:12pm
In addition to that, futures are more complicated in nature than forex, but are not necessarily complex
  • #8
  • Mar 9, 2007 2:22pm Mar 9, 2007 2:22pm
Quoting smjones
Well not exactly... You could use a ECN broker or you could go to Currenex, If you have a large enough account... But it sounded like you were interested in centralized pricing. That is where the futures comes in as they are regulated and centralized.
I've checked out the sites and they seem pretty good. I'm just trying to avoid the unnecessary risk by using a bad broker. I've read reviews about a lot of brokers and it's making me paranoid. I don't want to see myself using a broker that requotes, changes spreads or that doesn't execute trades that are small in amount with the expense of huge clients they have, and trades against its clients. I'm sure you are also aware about all these.

So that's the more reason i'm trying to use the other alternative of signing up for a data feed services from an exchange and using it with an independent software like vantage point.
thanks
  • #9
  • Mar 9, 2007 2:29pm Mar 9, 2007 2:29pm
Quoting forexprincess
Hi Scott - Do you trade forex futures? Just something that interests me - there must be some serious downsides otherwise everyone would be doing it..
What mrmikal said... I say Ditto... LOL.. I snooze I lose... sorry, did not see this sooner...
  • #10
  • Mar 9, 2007 2:42pm Mar 9, 2007 2:42pm
Quoting oladipoaina
I don't want to see myself using a broker that requotes, changes spreads or that doesn't execute trades that are small in amount with the expense of huge clients they have, and trades against its clients.
Lol, your in the wrong business brother. Unless your going to ante up >$1mio for a seat on an exchange you will be using a broker regardless what market you trade in. Brokers in all markets give execution priority to large accounts and they almost all run prop desks that use your order information against you. Further, even on exchanges variable spreads are the norm. Maybe they don't get as wide as Oanda, but there is no such thing as a fixed spread.

Look for the best of what IS, not what you think there SHOULD be.
  • #11
  • Mar 9, 2007 2:57pm Mar 9, 2007 2:57pm
Quoting Darkstar
Lol, your in the wrong business brother. Unless your going to ante up >$1mio for a seat on an exchange you will be using a broker regardless what market you trade in. Brokers in all markets give execution priority to large accounts and they almost all run prop desks that use your order information against you. Further, even on exchanges variable spreads are the norm. Maybe they don't get as wide as Oanda, but there is no such thing as a fixed spread.

Look for the best of what IS, not what you think there SHOULD be.
Yeah, i completely agree with you, and i currently trade with Forex.com but i'm planning to move to DBFX or FxSol, cos they have better charting. But i've read negative stuff about FxSol and FXCM, and DBFX uses FXCM. So i was just wondering what you guys think about these brokers.
thanks
  • #12
  • Mar 9, 2007 4:10pm Mar 9, 2007 4:10pm
Quoting oladipoaina
Hi guys!
I'll need some ideas and advise on this. Since there are so many negative aspects about the online brokers we use, is it possible to avoid them. For instance, Is it possible to sign up with a data feed service from a reliable company or exchange, and use that with a trading platform?
Thanks
Yes you can open an account direct w/ a bank AKA (Prime Broker)

or 2nd best option open an account w/ a 2nd teir prime broker
  • #13
  • Mar 9, 2007 4:37pm Mar 9, 2007 4:37pm
Quoting oladipoaina
Hi guys!
I'll need some ideas and advise on this. Since there are so many negative aspects about the online brokers we use, is it possible to avoid them. For instance, Is it possible to sign up with a data feed service from a reliable company or exchange, and use that with a trading platform?
Thanks

Trade with a bank, it would be your best bet. Second too buying/leasing a seat with the CME....they do have them for sale or lease. If you do not want to trade ''online'' , you'd have to trade on the floor of an exchange.

Only thoughts that come to my mind at this moment.
Proper Prior Planning Prevents Piss Poor Performance
  • #14
  • Mar 9, 2007 8:43pm Mar 9, 2007 8:43pm
Thanks guys, for your responses. So which brokers do you guys use?
  • #15
  • Last Post: Mar 11, 2007 10:43am Mar 11, 2007 10:43am
I got a response back from them after emailing them from this forum, and I'm not a client yet. Check out jleblang's threads and intros.
enjoy
0 traders viewing now