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LMAX = revolution?!?

  • #41
  • Dec 21, 2010 6:19pm Dec 21, 2010 6:19pm
Quoting Bleek
You're more concerned about how a platform looks than how it performs? If that's the case you need to re-access why you trade!

How it looks is irrelevant, it's fully functional and quick to use, I actually like the uncluttered no bull shit look.

Thank you for your suggestion, but I don't need to re-access anything.
I also usually don't assume anything that I don't know about other people, so I can avoid looking stupid by pretending to understand everything about a person only from a couple of sentences.
  • #42
  • Edited 11:44pm Dec 21, 2010 11:08pm | Edited 11:44pm
There are a few things I don't quite understand about LMAX..
Isn't this kinda liker Poker?? I mean LMAX is like Pokerstars basically gains commision (BTW how much per trade??) and the traders are the players and they take money from each other..
I just don't understand how this can work, I mean if this is supposed to be a "trader vs trader" then in theory they need 50 buyers and 50 sellers out of 100 for it to work no??
EDIT: Also, is scalping allowed in this type of trading?? I guess it is since it doesn't compromise the broker, but still it doesn't hurt to ask
  • #43
  • Dec 22, 2010 11:06am Dec 22, 2010 11:06am
Quoting PrymeTyme
yea

but consider.. that not LMAX those provide the spreads .. but the traders do
so if everyone is trading EU and GBP .. u got tight spreads there ...

more traders mean tighter spreads ...


cheerz..
Theoretically yes, more traders means more liquidity and thus tighter spreads.

In this case,however, retail traders on LMAX themselves will never be able to provide the liquidity needed to achieve spreads in the range of 2-3 pips, imho.

LMAX would really have to have a HUGE number of customers for trading directly among retail traders to work.


I'll be checking their spreads in the next few months, now is a bad time of the year to make reasonable judgments.
  • #44
  • Dec 22, 2010 12:10pm Dec 22, 2010 12:10pm
Quoting perroloco
There are a few things I don't quite understand about LMAX..
Isn't this kinda liker Poker?? I mean LMAX is like Pokerstars basically gains commision (BTW how much per trade??) and the traders are the players and they take money from each other..
I just don't understand how this can work, I mean if this is supposed to be a "trader vs trader" then in theory they need 50 buyers and 50 sellers out of 100 for it to work no??
EDIT: Also, is scalping allowed in this type of trading?? I guess it is since it doesn't compromise the broker, but...
Commission free for the first 30 days and then it's $0.25 per $10,000 notional trade thereafter. So in reality pretty affordable and competitive.

As for how it works, the three banks that back the system provide the extra liquidity to keep the market moving, I'd say you're right and at this stage most trades will get passed through to the wider bank market.

Scalping works a treat, execution is fast, I've been scalping Cable all week with excellent success.

So far I'm a fan of the platform, fast, simple and effective.
"I made all my money by selling too soon"
  • #45
  • Edited 7:32pm Dec 22, 2010 3:45pm | Edited 7:32pm
Sounds very good for me, think I will chose this as my broker
EDIT: Bites me, they (LMAX) rejected my application:

"Regretfully we have been unable to approve your application on this occasion. This is because the financial details (e.g. Annual Income, Monthly disposable income, Approximate trading resources) supplied in your application do not meet our minimum requirements for trading CFDs on margin.
Should your circumstances change, or you believe there may have been an error on your application form, we would be delighted to hear from you, and hope that in the future you will be able to enjoy the full benefits of CFD and FX trading with LMAX Trader."


I didnīt lie in the application, I am in University so I donīt have much cash but have some good $1,000 free cash I would like to use in FOREX, and this seemed like a very nice broker.. :/
  • #46
  • Jan 3, 2011 4:58pm Jan 3, 2011 4:58pm
Been with LMAX virtually from the start.

Execution lightning fast.
Very helpful staff who listen to clients' concerns and wishes.
Spreads generally tight.

Charts pretty lousy.
No stop orders.
Platform down for 1/2 an hour from 10.00-10.30pm UK time when stops are not in operation (!)

Overall 7.5 out of 10 from me.

I think they will get better and better as time goes on but its anybody's guess really. Liked the interview with Osmond. I don't think its on their website and, frankly, it should be.
  • #47
  • Jan 3, 2011 6:15pm Jan 3, 2011 6:15pm
Does the platform have one-click dealing ?
  • #48
  • Jan 4, 2011 7:31am Jan 4, 2011 7:31am
Quoting perroloco
Sounds very good for me, think I will chose this as my broker
EDIT: Bites me, they (LMAX) rejected my application:

Regretfully we have been unable to...
Remember this is currently for UK residents only.
"I made all my money by selling too soon"
  • #49
  • Edited 7:55am Jan 4, 2011 7:40am | Edited 7:55am
Quoting 4FXsake
Been with LMAX virtually from the start.

Execution lightning fast.
Very helpful staff who listen to clients' concerns and wishes.
Spreads generally tight.

Charts pretty lousy.
No stop orders.
Platform down for 1/2 an hour from 10.00-10.30pm UK time when stops are not in operation (!)

Overall 7.5 out of 10 from me.

I think they will get better and better as time goes on but its anybody's guess really. Liked the interview with Osmond. I don't think its on their website and, frankly, it should be.
I spoke to them about stop orders and it's something they're looking to implement.

I also suggested they allow alarms to be set, audible and sms/email based. At the minute I've been using another one of my platforms for alarms and LMAX for market orders. I don't tend to sit in front of my trading platforms for more than an hour at the start of the day, I like to rummage around the house or nip in to town for a coffee and 'fresh air' so alarms would be beneficial for my lifestyle i.e. I don't want/like being stuck in front of a screen all day!

Agree with you on all parts really, that interview is good and should definitely be on their website, it does appear to be sincere and not just the usual sales spiel. With time we shall see.

As for the spread; they seem fairly consistent during London hours of around 1.2-2.0 pips currently. 1.7 seems to be a common spread (the mean).


edit: I got filled at a spread of 0.7 pips, so I can go lower than 1 pip.
"I made all my money by selling too soon"
  • #50
  • Jan 4, 2011 9:45am Jan 4, 2011 9:45am
Quoting Traderlarry
Does the platform have one-click dealing ?

Only if you open the Trade ticket not the Quick ticket.
  • #51
  • Jan 4, 2011 11:29am Jan 4, 2011 11:29am
Quoting 4FXsake
Only if you open the Trade ticket not the Quick ticket.
As per the attachment, if you have the ticket open each order is executed by one click i.e. clicking buy or sell. No confirmation (yes/no/cancel) is required.

So in that respect it's one click and immediate.
Attached Image
"I made all my money by selling too soon"
  • #52
  • Jan 4, 2011 12:33pm Jan 4, 2011 12:33pm
Quoting Bleek

So in that respect it's one click and immediate.
Great, that's what I need.

I hope to soon find the time to scalp the heck out of the Euro full time with LMAX...given that during the first month there are no comissions !
  • #53
  • Jan 4, 2011 5:41pm Jan 4, 2011 5:41pm
Bleek,

Are you only trading 50 contracts?
  • #54
  • Jan 4, 2011 7:40pm Jan 4, 2011 7:40pm
Quoting 4FXsake
Bleek,

Are you only trading 50 contracts?
50 is my typical trade size and has been for many months now, I tried 100 at one stage but even for me that's a bit mad, I'm sure if I tried trading that kind of money I'd end up shooting myself...

I use a tiered risk system i.e. fixed risk in '$' and not a floating percentage of capital/balance.

That brings me on to one point I don't like about LMAX, it doesn't remember how many contracts I trade or what my last stop and target was, I'd there to be a tick box that could 'remember' those for me or at least set them as default.
"I made all my money by selling too soon"
  • #55
  • Jan 5, 2011 3:00am Jan 5, 2011 3:00am
Any thoughts on Oanda? I've been demo-ing for a while. Charts are hopeless but the platform is good it seems. No segregated accounts though.
  • #56
  • Jan 6, 2011 2:18pm Jan 6, 2011 2:18pm
Quoting 4FXsake
Any thoughts on Oanda? I've been demo-ing for a while. Charts are hopeless but the platform is good it seems. No segregated accounts though.
Well I'm not one of these traders that complains about stop hunting and 'cheating' from their broker be they a bucket, ECN or other. I have four prices feeds, GFT, Alpari, Oanda and LMAX - so +/-1 pip, they all run pretty much in parallel.

Oanda appear reasonable to me, I initially thought it was a little style over substance but the spreads seem consistently good, never had any connectivity issues with the platform and fills seem much of a muchness i.e. as quick as any other.

I'll be honest I don't use Oanda heavily, it's one of two platforms I use as a backup and/or for hedging.
"I made all my money by selling too soon"
  • #57
  • Jan 7, 2011 5:17am Jan 7, 2011 5:17am
Just found your thread!

Very interesting and thanks for posting last reply.
  • #58
  • Jan 7, 2011 6:30pm Jan 7, 2011 6:30pm
Quoting Bleek
Remember this is currently for UK residents only.

Only UK residents accepted as customers ?
  • #59
  • Jan 8, 2011 7:28am Jan 8, 2011 7:28am
Quoting Cocoflanel
Only UK residents accepted as customers ?
No, people from most of the EU can sign up, but accounts are available only in GBP for now.
  • #60
  • Jan 11, 2011 3:46am Jan 11, 2011 3:46am
As an update, I've experienced some slip today, 0.5 points on a stop and just shy of 2 points on an entry - the entry was a market so it's always a risk that the price will move quicker than your 'click' can travel over the wires.

The platform is going to offer stop-buy and stop-sell orders soon (so I'm told) which should eliminate my requirement for market orders.
"I made all my money by selling too soon"
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