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ECN Brokers

  • #1
  • First Post: Feb 14, 2007 8:04am Feb 14, 2007 8:04am
I'm having trouble finding out how to place stop losses with an ECN Broker, InteractiveBrokers. Does anyone have any idea on how to place stop losses? Does anyone have an ECN broker? Thanks
  • #2
  • Feb 14, 2007 9:22am Feb 14, 2007 9:22am
Quoting yungdannyboy
I'm having trouble finding out how to place stop losses with an ECN Broker, InteractiveBrokers. Does anyone have any idea on how to place stop losses? Does anyone have an ECN broker? Thanks
I'm not sure about IB but on Hotspotfxi and Lava you can only bid and offer and currenex just added stops only a few months ago.
  • #3
  • Feb 15, 2007 2:06pm Feb 15, 2007 2:06pm
Right click on bid or ask price to generate order line.
My orders default to Limit order.
Right click on Limit and choose from Limit; Market; Stop; Stop limit or Trail.
Before you use the platform you should read the user guide. It is a large document as there is a lot of flexability. But I can not imagine driving something like this without reading the instructions.
Use the demo to get used to it.
  • #4
  • Oct 25, 2010 10:09pm Oct 25, 2010 10:09pm
Further to this discussion, which ECN brokers will allow you to place automatic SL when you place an order (be it Market or Limit Order)?

I have been reviewing quite a few ECN brokers lately and it does not appear to be a standard feature per se. Makes me wonder if this is not possible due to some limitation on ECN itself (be it Currenex, Hotspot, EBS, etc.)

Maybe different ECN's have different capabilities when it comes to SL?

It would be good to hear an opinion from someone more versed in ECN trading.
  • #5
  • Oct 27, 2010 5:51am Oct 27, 2010 5:51am
I'm still trying to work out how brokers can claim to be an ECN if they take trade sizes that the banks cant process, or has the definition of an ECN changed since I last looked? Brokers who accept trades less than one standard lot (100,000) may well be STP and as such you get basically the same setup, if not better in some instances, but they are not ECN.
  • #6
  • Oct 27, 2010 6:00am Oct 27, 2010 6:00am
Quoting Steph
I'm still trying to work out how brokers can claim to be an ECN if they take trade sizes that the banks cant process, or has the definition of an ECN changed since I last looked? Brokers who accept trades less than one standard lot (100,000) may well be STP and as such you get basically the same setup, if not better in some instances, but they are not ECN.
MB trading are an ECN and let you trade smaller amounts but they will charge a fee as well as spread but the spreads are pretty small. They are not suitable for me personally as the leverage is not great and their MT4 is not very good but they might suit some people
  • #7
  • Oct 27, 2010 6:08am Oct 27, 2010 6:08am
Quoting jointhepips
MB trading are an ECN and let you trade smaller amounts but they will charge a fee as well as spread but the spreads are pretty small. They are not suitable for me personally as the leverage is not great and their MT4 is not very good but they might suit some people
What bank are they passing mini lots to? Pikey Bank, Inc.? Sorry, but to me an ECN is someone that facilitates your trades being executed on an order book.

I don't currently trade with an ECN. I don't want tp be restricted to certain order sizes. Flexibility is a useful tool.
  • #8
  • Oct 27, 2010 6:08am Oct 27, 2010 6:08am
Quoting Steph
I'm still trying to work out how brokers can claim to be an ECN if they take trade sizes that the banks cant process, or has the definition of an ECN changed since I last looked? Brokers who accept trades less than one standard lot (100,000) may well be STP and as such you get basically the same setup, if not better in some instances, but they are not ECN.
Hi,
I have been advised to use a real ECN. However I am sorry but still can't really get it. it will be very helpful if anyone is willing to explain here how does the ECN work and what would a trader benefit using it. Maybe someone would be kind enough to share their knowledge and experience. If you guys find it appropriate may be you could give some indication for further reading and research or maybe few ECN names.

Thank you
  • #9
  • Oct 27, 2010 6:14am Oct 27, 2010 6:14am
Quoting Karol
Hi,...
An ECN is an Electronic Communications Network, so a broker can essentially claim that anything is an ECN, however an ECN is usually defined as a broker that allows your trades to be executed through a bank or institution. The advantage is much like a true STP broker - you do not have to worry about dodgy fills, stop hunting etc, but of course there are 'negatives'.

The main one for me is that you have no guarantee of liquidity, which can result in slower execution of slippage in a very quiet market. This all depends on how many lots you are trading. I prefer to go for a no dealing desk broker. I don't even care if the broker was to profit from my losses, as long as there is no underhand tactics. After all, it is just like a day at the races.
  • #10
  • Nov 4, 2010 11:17am Nov 4, 2010 11:17am
Quoting Steph
I'm still trying to work out how brokers can claim to be an ECN if they take trade sizes that the banks cant process, or has the definition of an ECN changed since I last looked? Brokers who accept trades less than one standard lot (100,000) may well be STP and as such you get basically the same setup, if not better in some instances, but they are not ECN.
Hi Steph, I wonder are you saying that the size of the orders will determine whether the ECN is true one. Or are you saying that depends on who are the quote providers.
Do you mean by order book a record of all orders for buy and sell. So when you place a market order you would be executed on different prices.
  • #11
  • Nov 11, 2010 6:37am Nov 11, 2010 6:37am
hello,

First of all i think is important to say what exactly is an ECN ?

I see the ECN as an order book where all market participants are placing orders and if the prices match then the trade is done.

Is similar like stock trading ... so is something like a mini-market in the big market.

So, in order to say that an ECN is true then i should see an order book with orders placed by others and to have to possibilty to choose when to trade and with who...

I'll study further this kind of trading and come up with new impressions.

All the best.
  • #12
  • Nov 12, 2010 5:55am Nov 12, 2010 5:55am
Hello,

I need some help (and I think that this question applies to this thread or should I say that I hope so):

I've just opened an account at an ECN broker (deltastock.com) and they have what they call 'Level II' or 'L2'. In addition (I think) a trader is able to select from a number of liquidity providers via their ECN. What I don't understand is what IS 'Level II' or 'L2' and what am I seeing when I'm looking at 'Level II' or 'L2'? What I'm saying is: how does this benefit me as a new trader? I hope I'm asking my question correctly and that it makes sense.
  • #13
  • Nov 12, 2010 2:47pm Nov 12, 2010 2:47pm
>>how does this benefit me as a new trader?

my first broker ever was an ECN (i think).
Afther that i went for a cheaper, 0.5 spread broker.
AWFUL! It had a lousy STP:
- 4 decimals on price
- asks for Requote once every 10 orders
- takes exacly 12 seconds from "buy" to actually place order

those are few of the differences
  • #14
  • Nov 13, 2010 3:07am Nov 13, 2010 3:07am
Quoting prezd
>>how does this benefit me as a new trader?

my first broker ever was an ECN (i think).
Afther that i went for a cheaper, 0.5 spread broker.
AWFUL! It had a lousy STP:
- 4 decimals on price
- asks for Requote once every 10 orders
- takes exacly 12 seconds from "buy" to actually place order

those are few of the differences
which ECN is that?
  • #15
  • Nov 13, 2010 4:05am Nov 13, 2010 4:05am
ECN is thrown around a lot as a sales pitch more than anything else. There's always something fishy going on behind the scenes to a certain extent which you will know if you read their fine print. Best thing is to do your homework and find a broker who has a very high quality reputation ECN or not and then move forward.
  • #16
  • Nov 13, 2010 3:01pm Nov 13, 2010 3:01pm
Quoting fxking
which ECN is that?
wait... i forgot.
There are different kinds of accounts, on most brokers.
these i am using have standard account (haven't test it) and interbank account,
that is the real thing.

They must have some comparison chart and description of accounts, perhaps even specify if it is ECN or STP, requotes, supervised dealing or direct dealing, no dealing desk.

Usually most brokers don't offer you much for small money, under 2-5000$
  • #17
  • Nov 13, 2010 5:52pm Nov 13, 2010 5:52pm
does this mean that non-ECN brokers will go out of business? everyone seems to be talking about ECN and STP and NDD, so are there no advantages at all with a fixed spread or dealing desk broker?
  • #18
  • Nov 14, 2010 4:29am Nov 14, 2010 4:29am
You still can make money with a decent MM .
  • #19
  • Last Post: Nov 18, 2010 11:02am Nov 18, 2010 11:02am
Quoting klrman
ECN is thrown around a lot as a sales pitch more than anything else. There's always something fishy going on behind the scenes to a certain extent which you will know if you read their fine print. Best thing is to do your homework and find a broker who has a very high quality reputation ECN or not and then move forward.
Hi Klrman,
Thanks for this comment. Please be more specific if that's ok . What homework do you suggest , What do you mean by fishy and what to look for. And where do you get information for the ECN broker's reputation. Am sorry if you find the questions naive. But if you can answer will be real help. Thanks
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