MB Trading Futures - Introduction | Page 278 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Introduction and trading basics 27 replies

Introduction to Level 2 4 replies

VTTrader: How to Write Your Own VT Indicator Introduction. 0 replies

Interest Rates: An Introduction 0 replies

An introduction to spread betting 0 replies

Attachments: MB Trading Futures - Introduction
Exit Attachments

MB Trading Futures - Introduction

  • #5,541
  • Jul 16, 2010 12:14pm Jul 16, 2010 12:14pm
Quoting IndyTrader
Oh how cute, a new poster. Which broker do you work for? you decided today to create a brand new user on FF and bash on MB. Be honest, it's worth it.
I appreciate your reply but when I stated it seemed like you were making a kneejerk reaction with the implication that those who were experiencing problems were being untruthful I was referring to the comments that you made above.

Nothing more, nothing less.

Have a good weekend.
  • #5,542
  • Edited 12:52pm Jul 16, 2010 12:39pm | Edited 12:52pm
Quoting IndyTrader
VavraSF
Why should the broker have to pay for a problem that they had zero control over. The broker was fully able to accept and send my order.
One other thing. I did not ask M.B. Trading to compensate me. I'll write it off as a loss as they have served me above all of my expectations for over two years. Having said that I still believe that they should have offered to (w/o me requesting them to do so) for this reason: Justin replied to me that , "I’m sorry that you experienced the issue and I realize that the fact that only a few trades experienced this issue...". If only a few trades experienced the issue, unfortunatey one of those was yours truly, I think they should at least honor the Stop/Loss. With ony a few trades being effected I believe they could have done so without any hardships for themselves.



Quote
I have had a trade problem at MB where there was a trade server issue on their end and they compensated. And Justin has done a lot of work to explain how MT4 works on top of the MBT account layer. If you aren't using an EA, you should be using their regular platform and you probably wouldn't experience an issue.

[/quote]


I had a problem once with them when I first opened my account. I called the trade desk. They said they would look into and get back with me. I made myuself a sandwich and before I got back upstairs to my trading room the problem was allready resolved in my favor. Talk about great customer service!

By the way I do not use MT4, I use Navigator Pro platform.
  • #5,543
  • Jul 16, 2010 1:11pm Jul 16, 2010 1:11pm
Quoting IndyTrader
VavraSF (and Ilanr)-

I have no kneejerk reaction to anything. I have been trading for over ten years, not just FX. Two months ago, I had an options trade on. Stock moved up, I went to sell the option. The exchange was experiencing issues and no executions were happening for about an hour. This is an OPTIONS EXCHANGE were talking about here. By the time they were back up, the stock was back down and my gain was gone. Cost me about $1500 from where I wanted to sell it to where I got out. The exchange didn't pay that to me. The broker certainly...

I do not agree with a word of this. The account is with MB Trading not the banks they are connected to, the exchange or whatever. If I execute a trade with MB Trading, in which they charge a commission for, they better be dammed sure that they can close my order when I want it closed. They are the broker. They are responsible for trade execution- I don't care if one of their banks goes under as I'm trying to place a trade - route it to another bank then! This is 2010. They have a whole basket of banks. Calling in and trying to close a trade and have the broker tell you "Sorry nothing we can do" is a load of bullshit. A proper business would cover the customers order and deal with the problem internally.

This is also just what MBT is telling the customers. I have no doubt that they are telling the truth, but you are now telling me that "Sorry one of our banks had some problems, your loss" could be used for any screw ups they make and the customer would just have to eat it? Like I said - My account is with MBT - this is who I deal with. I do not have the power to deal with some bank which my order is getting routed to - that is their job. If there are problems with orders then they better damn well compensate for them, I don't care what GAIN or FXCM does.

Judging by the reaction of a number of people here, I am not alone when I think that was an example of horrible business. Sure by law they do not NEED to compensate for a loss like this, but I have found another broker who has and will and that is enough for me to close my account.

And the question that has been asked before - What if it margin called his account? "Sorry not our problem?" - Not with my hard earned dollars.

Peace.
Cap
  • #5,544
  • Jul 16, 2010 4:18pm Jul 16, 2010 4:18pm
Quoting The Captain
If I execute a trade with MB Trading, in which they charge a commission for, they better be dammed sure that they can close my order when I want it closed. They are the broker. They are responsible for trade execution- I don't care if one of their banks goes under as I'm trying to place a trade - route it to another bank then! This is 2010.
Greate post! If my order goes one route to some bank and this bank has failure then the order shouldn't be opened - there should be transation, confirmation of opened order before I see position in Navigator or MT4. Come on! This is the rule of every computer system since 80s!
http://en.wikipedia.org/wiki/ACID

MBT, please do not focus on new things like Web Navigator, new features etc. if there is some problem with core logic in system and transactions. Instead spend some time to correct this. I like lots of aspects in MBT, but if it's true that when the bank have failure and this is noticed after some period of time and cause some trades to be in unkown state, then it's just a gamble not a serious, responsible broker.
  • #5,545
  • Jul 16, 2010 5:02pm Jul 16, 2010 5:02pm
Simple solution for the above problem : HAVE A BACK-UP BROKER !
  • #5,546
  • Edited 1:14am Jul 17, 2010 1:02am | Edited 1:14am
Quoting Cocoflanel
Simple solution for the above problem : HAVE A BACK-UP BROKER !
Hmmm...I have traded stocks for over 25 years and I never had the need for a backup broker.

Trade E-Dow Mini futures for about three and I have never had the need for a backup broker.

You missed the point!

I understand if the platform is having problems it is a good idea to have a backup but the problem was not due to the platform.
If you feel that a certain Broker is so unreliable why open an account with them in the first place? This is the 21'st century after all. If your original Broker proves to be unreliable and then you switch to your backup Broker, should you then get a backup for your backup?

When does it end?

I am done with issue, the week is over, I am looking towards next week and this incompetance is behind me. I have nothing more to say about it after this post unless a direct question is thrown my way.

I am still with M.B. Trading. ( which aint saying much about the others ) I think they are the best regardless of what happened the other night.
  • #5,547
  • Jul 17, 2010 2:13am Jul 17, 2010 2:13am
Quoting IndyTrader
VavraSF (and Ilanr)-

I have no kneejerk reaction to anything. I have been trading for over ten years, not just FX.
--- snip ---
Be responsible folks. I know it isn't the cool thing to do in this world right now, but give it a try.
IndyTrader, now you are saying things that one can agree or disagree with, but at least you are not accusing anyone of working for another broker.

I don't agree with your defense of MBT - The Captain and others have already said what I think before: you pay for a service and you either get it or not, you don't have any way of knowing what was the reason for that and whether it was or wasn't under the broker's control.

Moreover, Justin does say that in cases where a malfunction happens due to factors under MBT control, they should compensate. In my experience, this it doesn't happen.

IndyTrader, thank you for suggesting to me to be responsible. It sounds like a good idea and I'll certainly give it a try.

Meanwhile, this was what I did in my irresponsible way. I opened an a/c with MBT (my third broker in five years) a year ago as I thought they were the best for me at that time. I was happy with them until all this crap started. Meanwhile, I was doing my research on other brokers, so I was able to move to the one which I currently consider the best for my needs. And trust me, I haven't stopped collecting data on brokers, and now I already have the next one in mind with which I'm going to open an additional a/c to move to in case my current broker stops satisfying me. And if I get convinced that MBT has returned to their previous level of performance - they will see me again among their clients' ranks.

The purpose of my posts is not psychologocal ventilation or blaming anyone for the losses. These forums exist in order for prospective clients of a broker to hear different experiences and decide, whether this specific broker is the best choice. Currently, MBT MT4 platform certainly isn't the worst choice, but there are a couple of others with more stable MT4 solutions for STP trading.
sans peur et sans reproche
  • #5,548
  • Edited 8:20am Jul 17, 2010 5:24am | Edited 8:20am
Quoting VavraSF
Hmmm...I have traded stocks for over 25 years and I never had the need for a backup broker.

Trade E-Dow Mini futures for about three and I have never had the need for a backup broker.

You missed the point!
Having a back-up broker is one of the first things a professional forex trader told me to have.(he even has 3 platforms/brokers)


Sooner or later your futures broker will have downtime (every broker has some downtime) when you want to get out > professional traders try to reduce risk of having a loss due to such issues >My point is that you would not be here discussing,complaining if you had a back-up broker
  • #5,549
  • Jul 17, 2010 1:33pm Jul 17, 2010 1:33pm
Quoting fido
Hi Justin,

I'm looking for a broker where I can use Ninja Trader for forex trading. Is that possible with MBTrading?
Hi Fido,

Seem you can use Ninja trader but you need then to use Navigator plateform that allow you to interface with ninja. Grab a demo I saw it & works fine. But currently I like more MT4.

Regards
13
Brokers are angels
  • #5,550
  • Jul 18, 2010 6:42am Jul 18, 2010 6:42am
Thank you for the reply,

I already use MT4 with another broker but I have some strategies for Ninja Trader that I want to take live. I like the MT4 platform too but it does have some limitations.

  • #5,551
  • Jul 18, 2010 1:33pm Jul 18, 2010 1:33pm
Quoting Cocoflanel
Simple solution for the above problem : HAVE A BACK-UP BROKER !
Thats no solution. According to JLeBlang they didnt know if the trade got executed or not until a few hours after the fact. So you cant hedge it since you dont know your position, or you might even rack up 2x the losses if you are unlucky.

Besides, adjusting that fill hours after the fact would be clearly against NFA rules. In order for MBT to adjust an order, it is neccessary to give written notification to the customer within 15 minutes. According to the NFA Q&A about rule 2-43 it doesnt even matter if the liquidity provider informs MBT about a malfunction 20 minutes after order submission, it would still be illegal. See:

http://www.nfa.futures.org/news/news...ArticleID=2273

and

http://www.nfa.futures.org/nfa-faqs/...e-2-43-QA.HTML

So any fill after 15 minutes must stand, no matter what (except of its adjusted in the customers favour).

Another thought: what if you had opend an offsetting position (i understand, even if you couldn't close that individual position because it was 'stuck', you could have still opened new positions, right?). In that case, MBT would have immediately been in violation of the FIFO rule.

Im unsure MB's approach in this case is NFA compliant. Its certainly against the spirit of the new regulation, which essentialy is that if you got a fill, after 15 mins you got it, everything else is the brokers problem.
  • #5,552
  • Jul 18, 2010 8:16pm Jul 18, 2010 8:16pm
Justin,

Any plans to allow traders to cancel pending orders on weekends using the MT4 platform? Seems like it should be pretty easy to implement...

Thanks.
  • #5,553
  • Jul 18, 2010 9:59pm Jul 18, 2010 9:59pm
The comment has no sense.If the stuck trades is reasonable,what is the difference between the MBT(called ecn) and the MMs?Even if the MBT manipulate the trades,and these can be explained as the big bank who provide the liquidity has got some problems.

Quoting IndyTrader
VavraSF (and Ilanr)-

I have no kneejerk reaction to anything. I have been trading for over ten years, not just FX. Two months ago, I had an options trade on. Stock moved up, I went to sell the option. The exchange was experiencing issues and no executions were happening for about an hour. This is an OPTIONS EXCHANGE were talking about here. By the time they were back up, the stock was back down and my gain was gone. Cost me about $1500 from where I wanted to sell it to where I got out. The exchange didn't pay that to me. The broker certainly didn't...
  • #5,554
  • Jul 19, 2010 3:57pm Jul 19, 2010 3:57pm
Quoting therefor
The comment has no sense.If the stuck trades is reasonable,what is the difference between the MBT(called ecn) and the MMs?Even if the MBT manipulate the trades,and these can be explained as the big bank who provide the liquidity has got some problems.
I'm shocked you don't see sense. Well 15 minutes is too long (I understand that US StockMarket is technologically behind all other major stockmarket, maybe for person broker it's ok, but not for computer system), it should be 1 minutes. If someone is not able to response in 15 minutes whether order is accepted then it's unreliable source and should be discarded. I'm paying for the service and I require high quality - it's not a charity, it's business.
  • #5,555
  • Jul 19, 2010 4:05pm Jul 19, 2010 4:05pm
Quoting InfinitySL
Justin,

Any plans to allow traders to cancel pending orders on weekends using the MT4 platform? Seems like it should be pretty easy to implement...

Thanks.
InfinitySL,

Unfortunately, there are no plans for that. Because of the way that the banks that connect to us come up on Sunday (and shut down on Friday), our MT4 servers need to be off over the weekend.
  • #5,556
  • Jul 19, 2010 4:08pm Jul 19, 2010 4:08pm
Quoting therefor
The comment has no sense.If the stuck trades is reasonable,what is the difference between the MBT(called ecn) and the MMs?Even if the MBT manipulate the trades,and these can be explained as the big bank who provide the liquidity has got some problems.
Therefor,

No, Indy is actually correct. Remember that we are an STP/ECN platform (not just an ECN). What are the two?

STP = Straight Through Processing to banks
ECN = Electronic Communications Network for trading between customers

What we do is have an algorithmic trade server that analyzes both the banks that connect to us (via STP) and the customer orders that are sitting on the ECN and route trades as they come in to whichever is showing the best price at the split second that the order arrives.

If we can match you off on the ECN, then that is the fastest execution because it all occurs on the ECN servers with no response needed (i.e. if there is a customer selling 10 lots at 1.5000 and you want to buy anything up to ten, we just take them from him).

If we can’t match you off on the ECN, then your order is routed out to a bank. We don’t allow them to slip you, they either Fill or Kill (Kill means that they are no longer executing at that price when the order arrives). If they fill, then we get back a fill message and you are done. If they kill, then the trade server routes to a different bank to try again.

Remember, we aren’t filling anything. We aren’t a liquidity provider. Also, we aren’t JUST an ECN. We want to offer as much liquidity as possible from all sources.

Now, once you understand that, what happens if we don’t have anything on the ECN that can execute you and then we route your order to XYZ bank because they are showing the best price at the time, and then they have a problem on their end? I think IndyTrader’s post was quite good. His analogy to the exchanges is the proper analogy. Most of the major exchanges (NYSE, ASE, CBOE, CME) have experienced an outage in the last year, even if just for a few minutes. They don’t make good on our customer’s intentions (or any broker’s customers) when they go down.
  • #5,557
  • Jul 19, 2010 4:09pm Jul 19, 2010 4:09pm
Quoting fido
Hi Justin,

I'm looking for a broker where I can use Ninja Trader for forex trading. Is that possible with MBTrading?
fido,

Yes, MB Trading connects with NinjaTrader for FOREX.
  • #5,558
  • Jul 19, 2010 6:48pm Jul 19, 2010 6:48pm
Hello everyone,

Just join this conversation. And I want to express my satisfaction with MBTrading. I've been trade with them for almost 5 years now, trade forex and stock and from what I see they really deliver what they promise. Nice execution, fast withdrawal and safe environment. Great Broker and I'm glad I trade with them.
  • #5,559
  • Jul 20, 2010 9:51pm Jul 20, 2010 9:51pm
As far as I know,clients can choose brokers,they can withdraw their money from mb trading because there are too much problems whatever you say.So it depends on what you do.Except you dont care actually.

Both Quote and Order server connection lost And orders can not be confirmed but no err msg are very serious problems.



Quoting jleblang
Therefor,

No, Indy is actually correct. Remember that we are an STP/ECN platform (not just an ECN). What are the two?

STP = Straight Through Processing to banks
ECN = Electronic Communications Network for trading between customers

What we do is have an algorithmic trade server that analyzes both the banks that connect to us (via STP) and the customer orders that are sitting on the ECN and route trades as they come in to whichever is showing the best price at the split second that the order arrives.

If we can match you off on the ECN, then...
  • #5,560
  • Jul 21, 2010 2:36am Jul 21, 2010 2:36am
Hi Justin,

My long GU trade just got spiked (21/07). My long was 1:30pm 1.52863.

I had a hard stop place on the MT4 platform of 10 pips but the spike went so fast that I managed to close it minus 100 pips.

What is MBT policy on honoring stops?

Thanks and sincerely,
Pete
4 traders viewing now