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MB Trading Futures - Introduction

  • #6,261
  • Jan 25, 2011 10:32am Jan 25, 2011 10:32am
i like it but whats the diffrence from my current broker, lets say the current price is 1.58518 and i place a but limit order at 1.57518 and my current broker fill me at 1.57508, this happens to me on 99% of my limit orders i allways get a better fill because price never trade at 1.57518, is it because you guys get the spread diffrence is why you paying out some money, and other words you fill me at 1.57518 but the true fill was at 1.57508, i ratter get a better fill then a rebate, please explain
  • #6,262
  • Jan 25, 2011 10:34am Jan 25, 2011 10:34am
Thanks Justin , any restrictions should be aware of ?
  • #6,263
  • Jan 25, 2011 10:35am Jan 25, 2011 10:35am
This is good news. Is there any way for us to see the orders sitting in the market at the different prices. Someone that posts on a thread I read says he trades with MB and sees the number of trades at different prices but not the type of order. Is this true and if so how do I get the info on mt4.
  • #6,264
  • Jan 25, 2011 10:41am Jan 25, 2011 10:41am
Quoting mdiz2
This is good news. Is there any way for us to see the orders sitting in the market at the different prices. Someone that posts on a thread I read says he trades with MB and sees the number of trades at different prices but not the type of order. Is this true and if so how do I get the info on mt4.
Mdiz2,

Yes, you can see a Market Depth window in our Desktop and Desktop Pro software. MT4 doesn’t have the ability to show this, and it isn’t our software (it’s a Third Party software to us). However, when running an MT4 account, you should also login to Desktop or Desktop Pro because the messaging over there is better and the accounting there is proper versus MT4 which doesn’t do FIFO. Of course, a Market Depth window only displays Limits since there’s no way to “display” a stop as part of the quote.
  • #6,265
  • Jan 25, 2011 10:47am Jan 25, 2011 10:47am
Quoting jleblang
Mdiz2,

Yes, you can see a Market Depth window in our Desktop and Desktop Pro software. MT4 doesn’t have the ability to show this, and it isn’t our software (it’s a Third Party software to us). However, when running an MT4 account, you should also login to Desktop or Desktop Pro because the messaging over there is better and the accounting there is proper versus MT4 which doesn’t do FIFO. Of course, a Market Depth window only displays Limits since there’s no way to “display” a stop as part of the quote.
I didn't know I could do that. S I just go to the site and denload it and use the same passwords. I take it I can use it to open trades then also. when I opened the account it asked to pick a platform so didn't know I could use both at the same time.

Also what is FIFO?
  • #6,266
  • Jan 25, 2011 10:50am Jan 25, 2011 10:50am
Quoting PoundTrader
i like it but whats the diffrence from my current broker, lets say the current price is 1.58518 and i place a but limit order at 1.57518 and my current broker fill me at 1.57508, this happens to me on 99% of my limit orders i allways get a better fill because price never trade at 1.57518, is it because you guys get the spread diffrence is why you paying out some money, and other words you fill me at 1.57518 but the true fill was at 1.57508, i ratter get a better fill then a rebate, please explain
please explain
  • #6,267
  • Jan 25, 2011 10:50am Jan 25, 2011 10:50am
That was a nice announcement today and is definitely leading edge. I do have a question regarding what constitutes a limit order. I've seen where a limit order qualifies. I've seen where a take profit order qualifies. Does a trailing stop qualify or does it not since I'm not sure if it resides on the server? A clarification of what qualifies/what does not qualify might make me rethink a few things that I do. Thanks in advance for your help.

Steve
  • #6,268
  • Jan 25, 2011 10:52am Jan 25, 2011 10:52am
Quoting PoundTrader
please explain
LOL. You have a broker that always fills you at BETTER than your Limit price. Please tell us who that is. So they aren't displaying your order to the market, they just magically give you better fills than what you want? Please. Name and website, I'm opening with them right now.
  • #6,269
  • Jan 25, 2011 10:54am Jan 25, 2011 10:54am
Quoting IndyTrader
LOL. You have a broker that always fills you at BETTER than your Limit price. Please tell us who that is. So they aren't displaying your order to the market, they just magically give you better fills than what you want? Please. Name and website, I'm opening with them right now.
it's best to let MBT to explain, this is there thread not any other broker
  • #6,270
  • Jan 25, 2011 11:01am Jan 25, 2011 11:01am
you live and you learn, good luck to all,
  • #6,271
  • Jan 25, 2011 11:02am Jan 25, 2011 11:02am
Three questions:

1. Will the banks providing liquidity also receive the rebate? Since it's an ECN it looks like they should.

2. Do you see a problem if somebody writes an HFT algo and colocates it with you which will do rebate trading on your ECN? Is there a limit on how many rebates someone can receive?

3. If I put a BUY $100K limit order on EUR/USD at 1.3700 and it gets hit after waiting for a time, then I put a SELL $100K limit order at 1.3700 (same price as the first order) and this also gets hit after a while, can you confirm that my total P/L will be 0, but that I will get a $1.95 * 2 = $3.9 rebate, for a total net profit of $3.9?
  • #6,272
  • Jan 25, 2011 11:04am Jan 25, 2011 11:04am
Quoting PoundTrader
i like it but whats the diffrence from my current broker, lets say the current price is 1.58518 and i place a but limit order at 1.57518 and my current broker fill me at 1.57508, this happens to me on 99% of my limit orders i allways get a better fill because price never trade at 1.57518, is it because you guys get the spread diffrence is why you paying out some money, and other words you fill me at 1.57518 but the true fill was at 1.57508, i ratter get a better fill then a rebate, please explain
you live and you learn, good luck to all, http://cdn.forexfactory.com/images/s.../yim/shame.gif
  • #6,273
  • Jan 25, 2011 11:05am Jan 25, 2011 11:05am
Quoting mdiz2
I didn't know I could do that. S I just go to the site and denload it and use the same passwords. I take it I can use it to open trades then also. when I opened the account it asked to pick a platform so didn't know I could use both at the same time.

Also what is FIFO?
Mdiz2

You can’t trade from Desktop if it is an MT4 account, but you can view the account from Desktop, and it has much better messaging and reporting. FIFO = First In, First Out accounting, which the NFA requires us to use.
  • #6,274
  • Jan 25, 2011 11:06am Jan 25, 2011 11:06am
Quoting PoundTrader
it's best to let MBT to explain, this is there thread not any other broker
Poundtrader,

No, you’re going to need to explain that one as Indy’s question is correct. You just stated on our thread that you have another broker that fills your Limit orders at better prices than your Limit request 99% of the time. I think our announcement is very clear and it seems that the responses are very clear as well. Let us know who that broker is and we’ll all go have a look. I give you permission to state them in our thread.
  • #6,275
  • Jan 25, 2011 11:07am Jan 25, 2011 11:07am
I was hoping for some built in internal porno for the platform...
lowest draw down possible please.
  • #6,276
  • Jan 25, 2011 11:07am Jan 25, 2011 11:07am
Quoting PoundTrader
i like it but whats the diffrence from my current broker, lets say the current price is 1.58518 and i place a but limit order at 1.57518 and my current broker fill me at 1.57508, this happens to me on 99% of my limit orders i allways get a better fill because price never trade at 1.57518, is it because you guys get the spread diffrence is why you paying out some money, and other words you fill me at 1.57518 but the true fill was at 1.57508, i ratter get a better fill then a rebate, please explain
please explain, i am a ECN trader so i know whats up
  • #6,277
  • Jan 25, 2011 11:10am Jan 25, 2011 11:10am
Quoting PoundTrader
please explain, i am a ECN trader so i know whats up
believe nun of what you hear and half of what you see, best wish for MBT and good luck to all
  • #6,278
  • Jan 25, 2011 11:13am Jan 25, 2011 11:13am
Quoting jleblang
Poundtrader,

No, you’re going to need to explain that one as Indy’s question is correct. You just stated on our thread that you have another broker that fills your Limit orders at better prices than your Limit request 99% of the time. I think our announcement is very clear and it seems that the responses are very clear as well. Let us know who that broker is and we’ll all go have a look. I give you permission to state them in our thread.
my broker give me better fills but this happens sometimes only when market is jumping against me , sometimes it is double digits , this is sometimes only , but your offer is great
  • #6,279
  • Jan 25, 2011 11:16am Jan 25, 2011 11:16am
Quoting tar
my broker give me better fills but this happens sometimes only when market is jumping against me , sometimes it is double digits , this is sometimes only , but your offer is great
time to change broker, maybe mb can give you better fills, lets see what happens when you place a order
  • #6,280
  • Jan 25, 2011 11:18am Jan 25, 2011 11:18am
Quoting PoundTrader
please explain, i am a ECN trader so i know whats up
In a true market, if the bid is 10 and the ask is 12 and you decide that you want to buy at 11, your Limit order becomes the bid at 11 for everyone to see. The quote is therefore 11 by 12 from that point. Anyone who sells at the market hits your bid at 11. You can’t get filled at a lower price if your Limit is truly displayed out to the market. In order for you to get a better fill than 11, that means that someone’s sell order comes in, and the platform decides to fill you at a lower price, which means giving them a WORSE price than the 11, which is what they should have gotten. On our system, any Limit order that isn’t already marketable at the time that you enter it will display to the whole market, and whenever it gets filled, you get paid 1.95 per 100,000. That is all.

If the quote is 10 by 12 and you place a Limit order to buy at 13, that is already marketable because we can get it for you at 12. You don’t get paid on that, you pay us the standard routing fee. If you try to buy at 11, 10, 08, 05, whatever, those all mean that your order is sitting on the system, fully displayed to everyone else, and if the price comes down and you get filled, you get paid. Period.

What you said about a broker where you put in a Limit order to buy at 11 and get filled at 10 on 99% of your trades…first, that doesn’t exist, and second, if it did, it would have to be a desk for you to get a better price than what the market should have been able to hit.
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