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Market Makers & ECN’s, Is the grass greener?

  • #201
  • Sep 28, 2009 1:13am Sep 28, 2009 1:13am
Hello...

I have found the move from Market maker to Dukascopy a dream come true.

No bouncing back on order closes...tight spreads....bid and ask entrys,stops and limits.Its worth it...give it a demo.

G
  • #202
  • Sep 28, 2009 2:37am Sep 28, 2009 2:37am
which brokers are true ECN brokers? and which ones are the real deal, in order to be trusted?

I've seen some reviews on brokers and on how people can't even get to withdraw their money back and it scares me.

So I'd appreciate if someone can recommend a good broker and transparent broker in an ECN environment...

thank you
  • #203
  • Oct 5, 2009 1:22pm Oct 5, 2009 1:22pm
Nice thread. Thanks guys.

I have traded live with several brokers forex.com, mig, alpari, fxdd including a market maker (supposedly) fxopen.


The market maker account is the only account i seem to make consistent pips. Even though it took over 2 weeks to complete the first withdrawal for the most part no problems.

As for the others I get traded against at least 85-90% of the time.
The demo accounts gave me 1000% returns..lol while the live accounts drained my margin. I cant blame it completely on the brokers since position size plays a HUGE part in profits with FOREX.

So thanks for the info I will keep reading and learning.
  • #204
  • Oct 19, 2009 12:59pm Oct 19, 2009 12:59pm
Well I prefer ECN brokers, u can do scalping , and the rates are better
even though scalping is not my thing so much, big money comes from longer trades. I found this very nice broker, who has metatrader and is ECN it s called FXopen u should check it, I closed some very nice positions since I started shorting the usd.
let me know...

Quoting ycomp
would anyone care to comment if they think retail brokers in general are more likely to go under than ECNs?

I guess there is no definite answer, but any observations could be helpful.
  • #205
  • Oct 20, 2009 9:53am Oct 20, 2009 9:53am
Great article. It finally made a guy as dumb as me realize what all this ECN mess is finally about!
  • #206
  • Oct 22, 2009 2:02pm Oct 22, 2009 2:02pm
ECN all the way. MB trading is who I'm with and they have been awesome so far. Tough to find negative reviews on them.
Cap
  • #207
  • Nov 9, 2009 2:56am Nov 9, 2009 2:56am
which one is better MBtrading or Alpari UK??
  • #208
  • Nov 10, 2009 8:17am Nov 10, 2009 8:17am
hey,
fxopen offers ECN trading too, not market maker
Quoting kingrex
Nice thread. Thanks guys.

I have traded live with several brokers forex.com, mig, alpari, fxdd including a market maker (supposedly) fxopen.


The market maker account is the only account i seem to make consistent pips. Even though it took over 2 weeks to complete the first withdrawal for the most part no problems.

As for the others I get traded against at least 85-90% of the time.
The demo accounts gave me 1000% returns..lol while the live accounts drained my margin. I cant blame it completely on the brokers since position size plays a HUGE...
  • #209
  • Nov 13, 2009 2:39pm Nov 13, 2009 2:39pm
I'm debating between Interactive Brokers who i feel safe with. I'm also looking at a Currenex broker, but unsure of a financially safe one.
  • #210
  • Nov 27, 2009 6:01am Nov 27, 2009 6:01am
Quoting FXopportunist
When I wrote the initial post, I did the leg work. It was a combo of research, interviews and experience.
Excellent article FXopportunist - thanks for sharing!!! It should be a 'must read' for anyone new to FX.
  • #211
  • Dec 19, 2009 8:37pm Dec 19, 2009 8:37pm
Quoting FXopportunist
I am not a meta trader guy. So, I can't comment on that. I like charting systems like e-sig that have multiple customizable data sources.
Hi,

Thank you for a very informative thread.

In your opinion and experience, which broker(s) do YOU prefer? I keep hearing horror stories about some blatantly shameless malpractices.

By the way people, check out Forex Peace Army about broker rating from users before you make your decision...it can save you a lot.

Thank you.

Dmitry
  • #212
  • Jan 28, 2010 1:05am Jan 28, 2010 1:05am
Quoting hazelj80
I have posted this on other boards and this seems to be the best known info other than what has been posted here already between ECN's and market makers. this was written to me by a guy on youtube:

"After Listening to my Tips on Trading Videos, many people want to know how to choose a fare Forex Boker, and whether or not it is possible to trade successfully with a Market Maker who will offer them higher leverage than Electronic Commerce network (ECN) Brokers. Let me elaborate on the matter.

Yes, it is possible to trade successfully in the...

Well this post answered several questions I had regarding broker choice. Since stop-hunting has to exist with maker maker brokers because they profit from the trader's loss, I thought that I was going to be able to out smart a market making broker by placing an open order w/o a s/l or t/p and running two EA's, one for max profit and one for max loss. But if the market maker broker is providing the platform and therefore controling it, then that must mean they'd be able to see my EA's and still be able to counter trade me. It seems that ECN is the only way to go. I see a lot about MB Trading. Does anyone have any experience withdrawing money from these guys? How fast do they wire your money back after your withdraw request? Also, do they provide a 'blind bridge", as the article suggests, in the form of a neutral trading platform? I'm an MT4 guy, which was downloaded from another broker and I wonder if I could use my existing MT4 with MB Trading? Thank you all in advance for your time and suggestions.
  • #213
  • Mar 6, 2010 2:51am Mar 6, 2010 2:51am
Quoting UncagedEagle
Well this post answered several questions I had regarding broker choice....
it it not entirely correct to brand market makers as sharks that stop hunt. you have to remember that they would lose business if they were unfairly manipulating the market. They make their money off the spread and i have heard that they dont even pass small time traders into the market, they take the other side themselves or it is passed to other orders internally. i have seen too many people over the years brand them sharks when the problem actually is their choice of stop placement. a bad stop placement would find you in a losing trade regardless of your broker. extremely successful traders on this forum also have accounts with market makers and if you think about that it should hit home that, the problems are more than likely trading errors than manipulation targeting stops. One thing i am sure of is that some of them do get you on spread whereby they advertise a 2 pip spread but take a little more than they should and blame it on slippage.
  • #214
  • Mar 30, 2010 12:49am Mar 30, 2010 12:49am
If you open an account under an introducing broker, does this mean that people without an introducing broker will be able to get lower spreads more easily?
The greatest force on earth is compound interest.
  • #215
  • Mar 31, 2010 10:09am Mar 31, 2010 10:09am
Quoting sebastionay
If you open an account under an introducing broker, does this mean that people without an introducing broker will be able to get lower spreads more easily?
No, it doesn't. Usually everyone gets the same spreads, no matter if you are under an IB or not.
  • #216
  • May 8, 2010 9:28am May 8, 2010 9:28am
Quoting Bollocks
it it not entirely correct to brand market makers as sharks that stop hunt. you have to remember that they would lose business if they were unfairly manipulating the market. They make their money off the spread and i have heard that they dont even pass small time traders into the market, they take the other side themselves or it is passed to other orders internally.
Exactly.

Bucket shops with Deal Desks can actually work VERY well for experienced traders. I use one for the above reasons with great success, in fact in many cases it's a safer environment for the disciplined trader especially in 'normal' trading hours outside of high volatility news releases.

Of course there will be a little bit of stop running from time-to-time, a few shifts either way to take out clients either side, whipsaw, but that's the game.

If you worry about stop running, don't place one, keep your finger on the trigger instead - simple.
"I made all my money by selling too soon"
  • #217
  • May 15, 2010 8:10am May 15, 2010 8:10am
IMO I think if your trading news and intra day type methods make you a little more picky to what type of broker you need. If your a longer medium term trader your not up against this type of fight.
  • #218
  • May 16, 2010 3:53am May 16, 2010 3:53am
the fight is usually as a result of people not trading correctly and blaming the broker. sure there are terrible brokers out there. but the level of quality is measurable by their customer service levels and uptime. other aspects such as slippage happens at all brokers and is usually due to volatile markets or low liquidity. another regular complaint is stop hunting, there is no such thing from a brokers standpoint. this is a result of bad trading or volatile markets. brokers would lose business if they hunted stops.

in conclusion, judge a broker by their quality and not your mistakes. make sure you read the fine print because some of them try setup their own rule set which they are legally allowed since you signed their agreement documents. i remember reading somewhere that Game (sells pc games) jokingly changed their agreement for online purchases. the said in the agreement, by agreeing to this we own your soul. they had a couple of hundred people sell their souls unknowingly. this should make you think.... read the fine print.
  • #219
  • May 17, 2010 4:50am May 17, 2010 4:50am
Quoting Bollocks
another regular complaint is stop hunting, there is no such thing from a brokers standpoint. this is a result of bad trading or volatile markets. brokers would lose business if they hunted stops.

No ? LOL

I buy at EUR/USD at 1.2300 , stop is at 1.2290

Since my broker is taking the other side of my trade, he will pocket my loss as profit when he runs my stop.

Conclusion : you don't have a clue
  • #220
  • May 17, 2010 4:59am May 17, 2010 4:59am
I think it's naive to think stop hunting doesn't happen.
"I made all my money by selling too soon"
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