Im looking for a broker that uses MT4 and has 2 pip fixed spreads on eur/gbp. So far iv only been able to find Alpari UK but im a US citizen and can open an account. Anybody have any suggestions?
- #10
- Edited 1:38am Dec 31, 2008 12:53am | Edited 1:38am
- | Joined Aug 2007 | Status: Say what ? | 1,888 Posts
Toshi, which broker do you use for Currenex? PM me if you dont want to share with the forum.
Happy New Year !!
No problem to share what and when I can.
I'm recently going thru ADMD for cnx. They take 25K accounts nowadays.
Used to be something like 75 or 100 grand to get in. Guess they get hungry too.
Next month I'm told, they're supposed to change registration status from Affiliate to FCM status.
They have a "currenex lite" pkg that's not really currenex and some other platforms as well
and the feeds vary. Conditions seem to get better further up the food chain.
Pay trade commissions and you'll get authentic dealing prices.
Also, I've been testing out FXDD's currenex and they do something similar by offering
one platform that you can take serious and another "psuedo-currenex" feed which
I can't realisticly see as being true-ECN since it trades as low as 10K lots. How could that be ?
However, they're still getting their ducks in a row for NFA status. Work in progress, I guess.
I still see all of these various "ECN-style" currenex-type solutions as once-removed from the true interbank.
If I didn't want flexibility to go smaller when conditions dictate and could trade the kind of size required,
I'd want something straight from the bank that would match up to a reuters feed or something comparable.
I don't have the bux for that level of dealing, so I make do with what's available.
Besides spot FX, my solution has been euro and yen futures with an FCM
and then I don't worry what a forex broker is holding in his orderbook.
I can get executed on as much as can stand without so much as a screen flicker.
Scalping 10 lots with day margins is like a million or so in trade size and
for me personally that's way plenty big enough at $12.50 a tick times ten.
It used to make me crap my pants when a stop was hit, even for 5 or 10 ticks.
I've learned to live with it and try to treat it with respect. It's still quite an experience.
So, currenex is cool to trade spot, but at heart, I'm still a DOM scalping futures kinda dude.
But check out ADM. Demo was quirky sometimes, but live is smooth overall.
The 0.1 size = 100K (1/10 of a million) and executes in a flash (no delays).
I hope that ForexMan93 found a E/G broker without having to move offshore.
- #13
- Dec 31, 2008 4:48am Dec 31, 2008 4:48am
- Joined Jan 2008 | Status: Inertial Member | 2,297 Posts
Thanks for bringing up the subject. Don't know if it provides any real insight, but my perspective is one of
knowing that I'm only a participant and my trades don't affect the market, so I don't let the market affect me.
To bad I can only give out one vouch.
I'm currently using a Futures Feed with NinjaTrader which
offers Level II, Dynamic SuperDOM and Static SuperDOM.
How much DOM does a person need?
And whats the differnce between Level II and DOM?
Hey Guy,
Happy New Year !!
No problem to share what and when I can.
But check out ADM. Demo was quirky sometimes, but live is smooth overall.
The 0.1 size = 100K (1/10 of a million) and executes in a flash (no delays).
All the best.
- #16
- Jan 1, 2009 5:00am Jan 1, 2009 5:00am
- | Joined Aug 2007 | Status: Say what ? | 1,888 Posts
Also, Banks are now taking 10K orders and have been for the last couple of years now.
I was surprised to when I found this out as well. Prime brokers hate it though due to CLS fees and matching small trades.
I honestly didn't think brokers could pass 10K trades to a bank without aggregating these amounts somehow,
although, I'd heard it was becoming common to see 50K lotsize accepted by larger banks w/straight-thru processing.
Learn something new everyday. Thanks for the info.
I trade via Currenex with another CMS, who's pricing is tighter than what ADM offers.
If you like I can show you a comparison screen shot.
- #17
- Edited 6:36am Jan 1, 2009 6:12am | Edited 6:36am
- | Joined Aug 2007 | Status: Say what ? | 1,888 Posts
Thanks to YOU! I could read on forever.
To bad I can only give out one vouch.
I'm currently using a Futures Feed with NinjaTrader which
offers Level II, Dynamic SuperDOM and Static SuperDOM.
How much DOM does a person need?
Level II and DOM?
.NinjaTrader. I know this program a little bit.
A few months ago I rented the software for 3 months @ $180USD and hooked it up
to a Chicago broker who cleared thru Velocity Futures. Don't wish to mention the IB by name because
I later found them to be less than acceptable, but the commisions were extremely low, like $4 or less R/T.
We get what we pay for.
Back to NinjaTrader (sometimes called "NT", which gets confused with "MT"):
NinjaScript is something I've tried to learn, but just like MetaLanguage, it has a learning curve and its own quirks.
I like Ninja's tick and 1 second charting capabilities as well, which are missing in MetaTrader4 native release.
It's a pain in the ass to get MT4 to save ticks and display and update them thru a script or indicator.
Ninja has this all built in and unlike Tradestation, the software can be used without charge in simulation mode.
About the DOM, Ninja SuperDOMs show the volume at different price points
just like licensed DOM products (those companies who pay a fee to offer DOM in their software).
This thing I find aggravating in NinjaTrader is, due to the enforcement of an existing patent,
when you go to mouse over the price ladder where you could join the bid or offer at a price point,
the volumes become hidden. Move the mouse away and they show up again.
Drove me nuts because I watch Bid/Offer volumes and anything that restricts an easy visual glance
at a number as dynamic as volumes would be less of an advantage.
Tradestation, who clears their Futures thru RJ Obrien, pays the royalty on the DOM patent and
the volume numbers don't pop in and out when you mouse over. If it weren't for one too many
platform glitches that turned out to be costly execution-wise, I'd probably still use them more often.
I keep the account open and trade a few trades per month to get the platform fee waived.
On the Static DOM, the rows don't move and the inside Bid/Ask climb up and down the ladder.
On the Dynamic SuperDOM, the current inside Bid/Ask stays still while the price rows move up and down.
Level II is important because, depending on the instrument traded, it shows more information about market depth.
Going several levels deep, you can see those bids and offers in the orderbook and even a TIME collumn,
so you know how fresh the order is/was or how long ago the last trade took place in less liquid mkts.
When trading stocks, Level II is very handy. MB Trading offers a Level II for their Forex Order Book.
They have "bots" (as in robots) that will at times add,deplete and replace volume automaticly so sometimes
you're trading against a computer program. I learned this first hand, not from something somebody told me.
So, Level II is important in that it shows much of the same info as a DOM, plus a few other bits of data.
Here's a screenie of Ninja's DOM comparison (from the Guide). They're really both alot alike.
Difference is just how price levels are displayed. One moves the other stays fixed.
