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MB Trading Futures - Introduction

  • #4,421
  • Dec 11, 2009 8:29am Dec 11, 2009 8:29am
What is swap rate and how it affects your profits and margin?
I am just about to sign a forex trading account. Can I really make money? I have only $100 to invest? suggest me a site?

Quoting redpine
MB lowered their commissions this weekend which is nice, but I noticed that my swap rate increased by 5 times also. They can't explain why and just cry they are victims of the banks. A quick survey of other brokers puts them at 3 to 5 times the swap rate. What is going on? A new way to rip us off?
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  • #4,422
  • Dec 11, 2009 8:39am Dec 11, 2009 8:39am
Is it a joke or you are actually serious? Every broker I know of has a website and on those websites they provide detailed answers to these kinds of questions.

Quoting james_smart
What is mini account and minimum deposit needed for it?
How other brokers are offering free commission and free brokerage?
How the above brokers are getting money from their customers?
What is your minimum payout request and when do you pay after receiving request from trading member?
What is meta trader?
Do you accept paypal?
  • #4,423
  • Dec 11, 2009 8:41am Dec 11, 2009 8:41am
Quoting james_smart
What is mini account and minimum deposit needed for it?
How other brokers are offering free commission and free brokerage?
How the above brokers are getting money from their customers?
What is your minimum payout request and when do you pay after receiving request from trading member?
What is meta trader?
Do you accept paypal?
James-

I'm not sure that this is the proper forum for these questions if you are new to trading. You can find lengthy discussions about all of this on various boards and on MB Trading's website.

Short version:

MB Trading is an ECN and doesn't have separate mini or regular accounts. No one really should in FOREX. Minimum account with MB is $400. Brokers that don't charge commissions are deal desks and they trade against you and make their money that way. MetaTrader is the most popular FOREX software around. The other two questions I guess I need to leave to Justin, but I don't think they take Paypal.
  • #4,424
  • Dec 11, 2009 9:12am Dec 11, 2009 9:12am
Quoting redpine
Last week with EUR/CHF I paid about $1.56 to hold 100,000 in this currency. Now it's arond $7.
wow that is a lot.
  • #4,425
  • Dec 11, 2009 9:56am Dec 11, 2009 9:56am
Quoting pa18
Justin,

I recently asked MBT support why China accounts does not have the new commission rates. Here is what I got back from you guys:

"Hello and good day. The reason why the new low commissions does not apply to China accounts is because the regulatory requirements and that it cost us more to do business in China then it does for US accounts. I hope this answers your question."

The I asked this to them:

"Can I ask what regulatory requirements and between which parties?

It makes no sense to me, I open a MBT account and my funds go into...
It has to do with our costs to do business over there. I really can’t get into it beyond that.
  • #4,426
  • Dec 11, 2009 10:04am Dec 11, 2009 10:04am
Quoting redpine
MB lowered their commissions this weekend which is nice, but I noticed that my swap rate increased by 5 times also. They can't explain why and just cry they are victims of the banks. A quick survey of other brokers puts them at 3 to 5 times the swap rate. What is going on? A new way to rip us off?
redpine,

We have not touched our rollover rates, they are the exact same rates as they were prior to reducing the commissions. All broker swap comparisons we've done and that have been done independently, don't support your claim of 3 to 5 times higher than other brokers. However, depending on what day you held your trade, the rates might calculate different.

Industry practice is if a trade is executed on Tuesday, then Thursday would be considered the value date. An exception occurs if a position is opened and held overnight on Wednesday. The normal value date for Wednesday would be Friday at 5:00 PM ET, however, since the market closes at 5:00 PM ET the value date is extended to the following Monday. Positions that are held overnight on Wednesdays will earn or incur an extra two days of interest (due to the weekend). You'll find this true will most or all brokers.
  • #4,427
  • Dec 11, 2009 10:05am Dec 11, 2009 10:05am
Quoting yesbee1
Hi Justin
Any chance you would offer historical data on Ninja Trader platform? Thanks.
I've been told that once Ninja releases a new version, the historical data will be included.
  • #4,428
  • Dec 11, 2009 10:29am Dec 11, 2009 10:29am
Quoting redpine
if you'd like to look at my account you can see that overnight swap on 41,000 ec was .64. Now I'm getting hit with around $3 over night for the same trade. This all started last week. Check the facts! Your rep at the trade desk can't explain it either.

If it is in fact as he says $9 overnight that makes u the most expensive broker around.
Okay, then please email me your acct# or username to [email protected] and I'll gladly pull it up and research.
  • #4,429
  • Dec 11, 2009 10:29am Dec 11, 2009 10:29am
Quoting redpine
if you'd like to look at my account you can see that overnight swap on 41,000 ec was .64. Now I'm getting hit with around $3 over night for the same trade. This all started last week. Check the facts! Your rep at the trade desk can't explain it either.

If it is in fact as he says $9 overnight that makes u the most expensive broker around.
Interesting. I haven't experienced any change in swaps with MB for six months.
  • #4,430
  • Dec 11, 2009 11:03am Dec 11, 2009 11:03am
Quoting redpine
Also, I mirror my trades at alpari. The same trade held for 1 week has $4 swap and MB has $22. I checked alpari this morning and the swap was $1.96 per standard lot. Your quote was $9 per standard lot.
Okay - well when you email me your account number we will take a look and post our findings on the boards here for everyone.
  • #4,431
  • Dec 11, 2009 12:09pm Dec 11, 2009 12:09pm
Quoting redpine
Also, I mirror my trades at alpari. The same trade held for 1 week has $4 swap and MB has $22. I checked alpari this morning and the swap was $1.96 per standard lot. Your quote was $9 per standard lot.
there's is secret MBT is the most expesive ECN out there including swap and comm. but they are a honset broker
  • #4,432
  • Dec 11, 2009 12:26pm Dec 11, 2009 12:26pm
Quoting BiggerPips
there's is secret MBT is the most expesive ECN out there including swap and comm. but they are a honset broker
BiggerPips,

I'm glad you think we are honest, but I'm confused as to why you think we are the most expensive, especially when referring to commissions? I would say we are very competitive when it comes to spreads and commissions. Could you give me an idea of who you are comparing us to?

BTW - are you aware we just lowered our commission per 100k traded to $2.95?
  • #4,433
  • Dec 11, 2009 5:01pm Dec 11, 2009 5:01pm
Quoting jleblang
BiggerPips,

I'm glad you think we are honest, but I'm confused as to why you think we are the most expensive, especially when referring to commissions? I would say we are very competitive when it comes to spreads and commissions. Could you give me an idea of who you are comparing us to?

BTW - are you aware we just lowered our commission per 100k traded to $2.95?
my mistake on your commission i see you guys are very competitive on that end , now your swap / rollover could be a little better, im sure that will improve over time.
  • #4,434
  • Dec 11, 2009 5:02pm Dec 11, 2009 5:02pm
Hi Justin,
Have a question about daily bars in MT4. I was told the the start and end time of the daily bars depend on the broker. Can you please let me know what the daily bar timings are for MB Trading? Thanks.
  • #4,435
  • Dec 12, 2009 7:17am Dec 12, 2009 7:17am
Quoting jleblang
Okay - well when you email me your account number we will take a look and post our findings on the boards here for everyone.
I found my mistake and have removed all post that made incorrect statements.

I will state, though that you have the highest swap of anyone I've found and need to find a better bank for your customers.

My problem is I'm using a mean revision strategy with small gains. With other brokers, I got 30 days for price to revert for a break even, with MB, I got 7 days. Kind of makes using this strategy and any long term strategy at MB questionable.

Dan
.
  • #4,436
  • Dec 12, 2009 7:24am Dec 12, 2009 7:24am
Quoting shrike
Help yourself:

http://fxtrade.oanda.com/tools/fxcal...lculator.shtml
If I read this right the rollover rate on EUR/CHF is .65% at Oanda. MB quotes 1.9% for the rollover rate which works out to about $9 per standard log.

Alpari

http://www.alpari-forex.com/en/calculator/

Dan
.
  • #4,437
  • Dec 12, 2009 1:47pm Dec 12, 2009 1:47pm
I've used several brokers and MB has been the best so far. Their recently lowered commissions kept me from switching to ATC (still worth a look though at $8 per 100k on any pair and $5k to open an account). MB is not as competitive if the base currency is other than USD.

Their recent implementation of MT4 still worries me and I'm not using it yet. There are still occasional gaps in price data which can be somewhat troublesome. Hopefully this will be corrected soon, although MB says MT4 is out of beta.

MB trading's Navigator software, while clunky, is very powerful if you learn how to use it. I use MT4 to chart and Navigator to trade. If my internet connection fails or my PC locks up, my stops and trailers are in place on their side and are unaffected. I'm still trying to sort out what MT4 will not handle if it goes offline? Anyone care to set me straight on this subject?

Another recent plus for MB Trading is the ability to withdraw/fund your account with ACH. Saves time on trips to deposit checks!

I think this broker is doing an overall good job in delivering solid service and features. The minuses are swaps are high swaps and perhaps that's next on their list? Opening an account is also a lengthy process (5 days to get my hedge account opened plus 2 phone calls). Lastly, their manual for Navigator is absolutely terrible! They should have an improved manual online that shows example trades and screenshots/video. If anyone has a good resource to learn the finer points of Navigator, please post here!

Overall, my experience with MB has been positive and I recommend them.
  • #4,438
  • Dec 12, 2009 2:26pm Dec 12, 2009 2:26pm
If it's not commission, it's rollover. If it's not rollover, it will be leverage and so on. Broker with 0 spread, 0 commission, positive rollover rates either for buy or sell doesn't and won't exist. Every business implies some costs. If you don't like them, do a research and choose other broker. There are plenty of them out there.
  • #4,439
  • Dec 13, 2009 5:47am Dec 13, 2009 5:47am
Quoting wannatradefx
If someone is going to open an account and file dumb complaints, shouldn't the broker know? End of story...
who are you to know the complaints are dumb?
  • #4,440
  • Dec 13, 2009 6:46am Dec 13, 2009 6:46am
Quoting jleblang
Industry practice is if a trade is executed on Tuesday, then Thursday would be considered the value date. An exception occurs if a position is opened and held overnight on Wednesday. The normal value date for Wednesday would be Friday at 5:00 PM ET, however, since the market closes at 5:00 PM ET the value date is extended to the following Monday. Positions that are held overnight on Wednesdays will earn or incur an extra two days of interest (due to the weekend). You'll find this true will most or all brokers.
Hi Justin, i am interested to read more about common industry practices of FX industry. Can you please give me a good link where i can start reading and investigating this issue?
Sorry for my english. English is not my native language
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