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ODL is Closing US operations

  • #21
  • Jan 16, 2009 1:37pm Jan 16, 2009 1:37pm
it's just a matter of time, if we don't do it to ourselves first, the us regulatory group (read ANY agency that can, will) put the screws to us via thier good friends in the banking system to completely control EVERY ficking thing that there is. This country is finished EXCEPT for those who run everything to begin with. They finally screwed it up so bad, they eliminated the middle class altogether so nothing left but 'obvious' class structure. It's like having a good run only to have a gun put to your head. WE NEED to role back the clocks to the sixties and throw the bastards OUT!
FxTender
  • #22
  • Jan 16, 2009 1:39pm Jan 16, 2009 1:39pm
funny about the Meta4 platform...only available to those at FXCM with accounts OVER $2500! ?????????????
FxTender
  • #23
  • Jan 16, 2009 7:17pm Jan 16, 2009 7:17pm
Quoting R Richards
Folks
Be carefull with ODL on the MT4 platform. MT4 with them is only available for micro, and mini accounts, and neither have any form of support. If you need to call to exit a trade, you have no where to call. Minimum $5000.00 for mini account.

Did you mean FXCM? I have been with ODL for six months and none what you wrote applies to them.
  • #24
  • Jan 17, 2009 10:01am Jan 17, 2009 10:01am
Sorry about that, i did mean FXCM. I don't have the email from them anymore that i got before they implemented the MT4 platform, but it stated that there was to be no support. Maybe this has changed, but i doubt it. I do know that on my micro account there is no support as well. I did make the mistake of including the micro account into the MT4 platform, it is not available for MT4, only their OE platform. I will say that the no support kept me from opening an account on the MT4 platform with them.
  • #25
  • Jan 17, 2009 1:58pm Jan 17, 2009 1:58pm
Quoting R Richards
Sorry about that, i did mean FXCM. I don't have the email from them anymore that i got before they implemented the MT4 platform, but it stated that there was to be no support. Maybe this has changed, but i doubt it. I do know that on my micro account there is no support as well. I did make the mistake of including the micro account into the MT4 platform, it is not available for MT4, only their OE platform. I will say that the no support kept me from opening an account on the MT4 platform with them.
The accounts are being switched over next week. I'll do a few small trades with them and see how it goes. I'll post here next week on what happens.

Thanks everyone.

G.
  • #26
  • Jan 18, 2009 3:15pm Jan 18, 2009 3:15pm
I called FXCM last week about their MT4 platform. The woman said they recomend that the MT4 platform ONLY be used for EA's (automated trading). All manual trading shoud be done on their other platform. Also, MT4 is NOT available for demo trading through them either. They also have variable spreads, higher than ODL. These are some negatives, there are some posatives: No dealing desk, so they are not counter trading to you. They have several free signal indicators, and research areas. Accesable only with a live account. It will be interesting to see these.
Pips are like cabbage, the green ones are the tastiest!
  • #27
  • Jan 19, 2009 8:56am Jan 19, 2009 8:56am
Might FXDD BE A BETTER CHOICE ? I am with IB BBFX and these two are all they offer as alternatives to ODL

Thanks
  • #28
  • Jan 19, 2009 2:06pm Jan 19, 2009 2:06pm
FXCM also uses an extra digit with their quotes so if you use any custom indicators or EA's that are not formatted for an extra digit you'll have to edit all of them. Not to mention that reading that extra digit is confusing...
  • #29
  • Jan 20, 2009 5:21pm Jan 20, 2009 5:21pm
I just received another email from FXCM. Yes, they do use 5 digit quotes. I am ok with this, but some might not like it. They are also setting my leverage to 200:1. I'll have to call them to change it to 100:1, which is what I normally trade. I guess I could just cut all my order sizes in half, but I would rather keep it consistent.

Does anyone have any experience with their typical spreds on EU, GU, and EJ?

Edit: They also do not use micro lots. My MM uses microlot increments, ie. 1.23, 1.25, etc. and ODL supported this.



G.
  • #30
  • Jan 20, 2009 5:38pm Jan 20, 2009 5:38pm
Quoting geojams
I just received another email from FXCM. Yes, they do use 5 digit quotes. I am ok with this, but some might not like it. They are also setting my leverage to 200:1. I'll have to call them to change it to 100:1, which is what I normally trade. I guess I could just cut all my order sizes in half, but I would rather keep it consistent.

Does anyone have any experience with their typical spreds on EU, GU, and EJ?

Edit: They also do not use micro lots. My MM uses microlot increments, ie. 1.23, 1.25, etc. and ODL supported this.




G.

Why do you need to change your leverage? Just trade it like it is 100:1. They are just saying in effect that you have a larger credit limit. you do not have to use it. If you trade a percent of your equity, 200:1 will not be any different than 100:1
  • #31
  • Jan 20, 2009 5:43pm Jan 20, 2009 5:43pm
I believe that these firms are leaving due to the onerous level of regulation that has been put on the industry; that is not to say that regulation is bad but "over regulation" is bad especially when the same regulatory bodies let giant ponzi scheme happen right under their noses.

Anyway I think we will all find that soon they will only be 2 or three left in the USA while they flourish in other parts of the world.

I am currently holding an account with Advanced Markets and they have been good to this point. I will see how things progress. They have a STP model and claim 3-5ms latency......we shall see.

I will keep the community posted.
  • #32
  • Edited 10:13pm Jan 20, 2009 6:28pm | Edited 10:13pm
Quoting thatwasme
Why do you need to change your leverage? Just trade it like it is 100:1. They are just saying in effect that you have a larger credit limit. you do not have to use it. If you trade a percent of your equity, 200:1 will not be any different than 100:1
I know. but I am arnal about it and I don't want to have to think about my position size. With 100:1 I know instantly, but with 200:1 there's an extra step. It's just me and my little bit o' OCD.
  • #33
  • Jan 20, 2009 10:13pm Jan 20, 2009 10:13pm
Quoting geojams
I know. bu I am arnal about it and I don't want to have to think about my position size. With 100:1 I know instantly, but with 200:1 there's an extra step. It's just me and my little bit o' OCD.
I was driving home from work tonight and it occurred to me that while it is generally true that you can just change your position size to match what you want your risk to be, it is not ALWAYS true.

For instance, let's say you want to risk 3% on a trade. You have a $10,000 account and your system calls for a 100 pip SL. So you make a .30 lot trade and it goes against you 100 pips, so you lose $300 at 100:1 leverage. The same trade at 200:1 would require a .15 lot trade. This is where we run into the snag. FXCM does not allow micro lot increments so you can't do .15 lots. You can do .10 or .20. You can either over leverage your account and risk 4% on .20 lots or under leverage at 2% with .10 lots. But that is not what your system calls for. It calls for .15 lots.

I know this is a special case, but I just wanted to point one reason why someone would want a specific amount of leverage with their broker and not just take the default.

Of course my prefered solution would be to use a broker that allows micro lot increments at 100:1 leverage.
  • #34
  • Edited 10:48pm Jan 20, 2009 10:27pm | Edited 10:48pm
Quoting geojams
I was driving home from work tonight and it occurred to me that while it is generally true that you can just change your position size to match what you want your risk to be, it is not ALWAYS true.

For instance, let's say you want to risk 3% on a trade....
I do not think this is correct.

If I want to risk 3% on a 10k account and have a 100 pip stop with $10 per pip as in your example.

the formula is Lots = AccountBalance * RiskPercent / StopPips / Pipvalue

So, In your example, 10,000 * 0.03 / 100 / 10 = 0.30 lots
It does not matter if you have 100:1 500:1 400:1 or 200:1 leverage. the lots size is still .30

The only difference is if you have a large enough margin to afford the trade. Leverage does not dictate lot size if your trade is based on Percent of account balance.

To use another analogy, If I have a Master Card with a credit limit of $5000 and I also have Visa card with a credit limit of $10,000. If I go to the gas station and fill my tank with gas with my master card and it costs $100. I only owe $100 I have $4900 Credit (margin) still available. If I then go and fill my wife's car with my Visa card and it also costs $100, I owe $100 on my Visa, and I have $9900.00 credit (margin) available for other purchases (trades).

The Master Card is like 100:1 leverage and the Visa Card is like 200:1 leverage, however, I still only have used $100 on either card. The only difference is how much is left available.
  • #35
  • Jan 20, 2009 10:51pm Jan 20, 2009 10:51pm
Quoting thatwasme
I do not think this is correct.

If I want to risk 3% on a 10k account and have a 100 pip stop with $10 per pip as in your example.

the formula is Lots = AccountBalance * RiskPercent / StopPips / Pipvalue

So, In your example, 10,000 * 0.03 / 100 / 10 = 0.30 lots

.
I see now. I had it backwards. I was thinking 200:1 controlled 200,000 with 1,000 and it is really scontrolling 100,000 with $500. That makes sense now.
  • #36
  • Jan 20, 2009 10:55pm Jan 20, 2009 10:55pm
Quoting geojams
I see now. I had it backwards. I was thinking 200:1 controlled 200,000 with 1,000 and it is really scontrolling 100,000 with $500. That makes sense now.
Yes, that is correct. They are actually saying you are more credit worthy with the 200:1 leverage, but that certainly does not mean you have to spend all that extra margin. Which it sounds like you wouldn't anyway, with your conservative Money management. You can just continue doing what you did before and be fine.
  • #37
  • Jan 20, 2009 11:00pm Jan 20, 2009 11:00pm
Quoting thatwasme
Yes, that is correct. They are actually saying you are more credit worthy with the 200:1 leverage, but that certainly does not mean you have to spend all that extra margin. Which it sounds like you wouldn't anyway, with your conservative Money management. You can just continue doing what you did before and be fine.
I guess both are correct, but the point is I don't have to front $1000 to do 1.0 lots, I can just front $500. The MM is the same no matter what.

Cool. Thanks for clearing that up.

I'm going to play with it on demo for a week to make sure everything is green and then it's time to start some live trading. I've been doing mostly demo trading for long enough.
  • #38
  • Jan 26, 2009 11:15am Jan 26, 2009 11:15am
Why after the press anouncement on ODL closing shop in the US is this website still showing their advertising banner on the left, the one with the picture of New York and the mention of the NFA? Are they not just sales reps for FXCM now?
  • #39
  • Jan 26, 2009 11:19am Jan 26, 2009 11:19am
http://ffox.forexfactory.com/www/ima...00_black_2.gif

There, see!
  • #40
  • Jan 26, 2009 11:29am Jan 26, 2009 11:29am
It is probably just human error. The advertiser hasn't taken down the banner ad yet.

I just called FXCM. They have not setup my account yet and have no ETA on when it will be available. Luckily I have another Forex account with Thinkorswim with some money in it. Also, I will probably end up using my as yet unfunded IBFX account as my main account and just keep a small amount of cash in FXCM. So far they have not instilled a great deal of confidence in me that they are on the ball.
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