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MB Trading Futures - Introduction

  • #6,421
  • Feb 4, 2011 6:33pm Feb 4, 2011 6:33pm
Does anybody know what is the MBT server time? GMT+/-?
  • #6,422
  • Feb 4, 2011 11:43pm Feb 4, 2011 11:43pm
Quoting iferdous
Does anybody know what is the MBT server time? GMT+/-?

I think its GMT -5 i.e New York time
He was looking for the card so high and wild hed never need to deal another
  • #6,423
  • Feb 4, 2011 11:47pm Feb 4, 2011 11:47pm
Quoting Traderji
Can anyone else comment if something like this has happened to them? Not being able to trade the NFP is a major issue.

I think whats slightly concerning in this is that MBT blamed my NinjaTrader software for the problems rather than facing up to the fact that they decided to block my trades.
The support guy that eventually called me was extremely aggressive and bearing in mind that I was the client paying his salary it didn't put MBT in a very good light at all.
He was looking for the card so high and wild hed never need to deal another
  • #6,424
  • Feb 5, 2011 10:49am Feb 5, 2011 10:49am
While MB is one of the better FX brokers out there, for the life of me, I don't understand why you guys continue to bother with FX? If you want to trade currencies, come over and trade them via the futures. The Euro (6E) has been so good to me that it's the only market I trade any more, and since I moved over to futures, I never have any of the issues you guys always seem to have with FX.

Even when I used to get it right with FX, something would always happen unexpectedly, with my stops getting filled at some crazy place, etc. Now that I am trading via the futures, I never have these issues, and there are no news issues either. I almost never get any slippage, and in the past 6 months, I got a couple of ticks slippage one time. That's it, only one time in six months, and I trade every single day.

FX simply has too many problems, and most of the brokers will rob you blind, and they get away with it because there are not enough regulations. If you are crazy enough to trade with a deal desk, it's like playing poker with someone that can see your hand and their own, but you can only see your own hand. How long do you think you will last with those kinds of rules? Well, a deal desk has those same rules!

Wake up and forget about forex and start trading currencies via the futures market and you will be glad you did so!
  • #6,425
  • Feb 5, 2011 11:02am Feb 5, 2011 11:02am
That's what I'm gradually coming round to and one of the reasons I've put up a thread asking for opinions about FastBrokers who offer both spot and futures. (So do MB of course)
He was looking for the card so high and wild hed never need to deal another
  • #6,426
  • Feb 6, 2011 12:31am Feb 6, 2011 12:31am
Quoting dr_who
That's what I'm gradually coming round to and one of the reasons I've put up a thread asking for opinions about FastBrokers who offer both spot and futures. (So do MB of course)
OpenECry, TradeStation, Interactive Brokers, PFG Best. I cannot say that slippage is a non-issue in futures, but because it is exchange traded, you'll never have to worry about requotes or incorrect pricing. Level II is available It's a true WYSIWYG. (except for bad ticks, but that can happen with the best of feed providers)

FXCM? but perhaps not the best example.

And most brokers are more than happy to give you API access. There's no "secrets" with the price feed in futures or really anything. The exchange sets down most of the rules and makes the same market for every participant. Your broker provides service and can technically set the leverage to whatever they feel comfortable giving you. With forex, the market has to be made by each broker. It says so in the terms and disclosures when you open your account.
Measure trends automatically with zero lag
  • #6,427
  • Edited 1:53am Feb 6, 2011 12:42am | Edited 1:53am
Thanks for that. FXCM ? No thank you. But I am going to open a futures account with FastBrokers probably. I think having that extra info is useful anyway.

I'm hoping that LMAX will eventually become the spot equivalent of the futures market. They have the right mindset and we're all having a meeting in London in a couple of weeks to chat through the possibilities. There is no reason why they can't do it once they get things rolling in the right direction.

BTW, how do the futures markets react to news events ? Not the big NFP ones but the smaller ones ?
He was looking for the card so high and wild hed never need to deal another
  • #6,428
  • Feb 6, 2011 3:39am Feb 6, 2011 3:39am
Quoting dr_who
I think whats slightly concerning in this is that MBT blamed my NinjaTrader software for the problems rather than facing up to the fact that they decided to block my trades.
The support guy that eventually called me was extremely aggressive and bearing in mind that I was the client paying his salary it didn't put MBT in a very good light at all.

And how about their liquidity? Any issues with that?
We're all stories in the end. Just try to make it a good one.
  • #6,429
  • Feb 6, 2011 4:47am Feb 6, 2011 4:47am
Hi

Apologies if this has been covered before.

I am a uk resident and would like to open an account with MB Trading. Is that possible and can i open an account in GBP.

Thanks for your help gus
  • #6,430
  • Feb 6, 2011 5:37am Feb 6, 2011 5:37am
Question for Justin:

Sometimes when I scale in limit orders in the MT4, I can't delete the pending orders. I get a message saying "Off Quotes" and an error sound.

Has this been reported as a bug?

Basically I have 3 limit orders that have been sitting on my charts for 2 weeks, price hasn't reached them yet, I'm sure I can pull a profit from them when it does reach but I shouldn't have to do that, I should be able to close the pending order, they aren't valid orders anymore, yet MT4 won't let me close them.
  • #6,431
  • Feb 6, 2011 6:15am Feb 6, 2011 6:15am
Quoting zwaz
Hi

Apologies if this has been covered before.

I am a uk resident and would like to open an account with MB Trading. Is that possible and can i open an account in GBP.

Thanks for your help gus
I'm UK based too and there was no problem opening my account. Its a pain that you have to wire money rather than use a credit card but my wire arrived the same day so its quite quick. My account is in USD but you can open one in GBP they tell me.
He was looking for the card so high and wild hed never need to deal another
  • #6,432
  • Feb 6, 2011 6:20am Feb 6, 2011 6:20am
Quoting dr_who
I'm UK based too and there was no problem opening my account. Its a pain that you have to wire money rather than use a credit card but my wire arrived the same day so its quite quick. My account is in USD but you can open one in GBP they tell me.
Thank you very much for your reply and wish you all the best in your trading

Bets Regards
  • #6,433
  • Feb 6, 2011 6:23am Feb 6, 2011 6:23am
Is it possible to send EUR (or GBP) to Wells Fargo London with instructions to further credit it to the proper account for MBTrading? That would help to avoid getting rped on int'l wire fees by banks - since wires within the EU are free. As opposed to direct transatlantic wires, some banks even charge on a % basis for that.
  • #6,434
  • Feb 6, 2011 4:35pm Feb 6, 2011 4:35pm
Quoting dr_who

I'm hoping that LMAX will eventually become the spot equivalent of the futures market. They have the right mindset and we're all having a meeting in London in a couple of weeks to chat through the possibilities. There is no reason why they can't do it once they get things rolling in the right direction.
What in your opinion is so special about LMAX ? There are many ECNs out there already. You should be able to make markets on Currenex and other ECNs...

Nevertheless, LMAX seems like a good outfit and I hope they grow in the future.
  • #6,435
  • Feb 6, 2011 11:18pm Feb 6, 2011 11:18pm
Well, the main thing is that they're aimed at the smaller outfit and are a true ECN rather than the somewhat half arsed ECN that many of the others are. Eventhough the current crop of ECNs can pass on our small trades, the market isnt obliged to take them and they can ignore and filter out the small lots. When we trade we're attemtping to get our trades into the interbank market but unless we're trading big we're battling against technology and middle men who are after a chunk of our change and will do what they can to get at it.
That's not to say LMAX isnt that at the moment because they're being given liquidity by Gain but as time goes on and more smaller traders join the market we'll effectively be betting against other, smaller traders.
Of course it would be naive to think the bigger boys wont pop in to try to manipulate things but my instinct is that we'll get a fairer crack of the whip with LMAX.
Betfair transformed the world of bookmaking and because of that all gamblers now get a better deal compared to a few years ago and I think here we have an opportunity for them to do the same with some other markets that are have been hitherto aimed at fleecing the smaller guy.
He was looking for the card so high and wild hed never need to deal another
  • #6,436
  • Feb 7, 2011 7:53am Feb 7, 2011 7:53am
I got a horrible problem with MBT today.

I placed a long order with EU but stopped out with -20 pips. Lucky it was only a small trade with $1/pip. Supposed this trade costed me -$20 around but it charged me a total of $48. After a while the individual ticket has a correction (which shows in the terminal) but the overall balance is still -48 after this trade.

The dealing desk still saying that they found no problem on my case!!

Any suggestion?

Eric
  • #6,437
  • Feb 7, 2011 8:46am Feb 7, 2011 8:46am
Quoting IndyTrader
Still incorrect. You are long 12 lots at 1.3000. It's at 1.3500. No one is stopping you from selling 1 lot and then buying it back 30 pips lower. If the EURUSD then runs up 200 pips as you said and you close it out, you end up with exactly what you said.

The problem is this. What you are not separating is trading from ACCOUNTING. Accounting doesn't matter.

...

It does not matter what order you do these in, your net value of your account will be identical.

If you bought at 1.3000, bought again when it moved up to 1.3100, sold 1 at...
Quoting jleblang
Spot on.
No, the accounting is not the same.

Yes, of course I can sell some of my long position, but I cannot take a short position until I am out of all my longs. If I want to go for a scalp of 30 pips in a short position or say grab a 100 pip shakeout, I can't. If I could, I would then exit that 100 pip short for ~$1000, and then again go long.

I'd heard about subaccounts, but NFA brokers never document that, nor do they seem willing to talk about it when I have brought it up.

I will stick to non-Uncle Sam brokers.
  • #6,438
  • Feb 7, 2011 8:52am Feb 7, 2011 8:52am
Quoting Buildcity
I got a horrible problem with MBT today.

I placed a long order with EU but stopped out with -20 pips. Lucky it was only a small trade with $1/pip. Supposed this trade costed me -$20 around but it charged me a total of $48. After a while the individual ticket has a correction (which shows in the terminal) but the overall balance is still -48 after this trade.

The dealing desk still saying that they found no problem on my case!!

Any suggestion?

Eric
Eric,

I'm reviewing the details of this trade and the conversation you had with Max from support and I want to clarify the order you are referring to.

The only trade I see in your orderbook that resembles this issue was for the EUR/JPY which you traded 2 lots and closed out the trade for a loss of 19 pips and had a gross P&L of -$45.

Is this the trade you are referring to?
  • #6,439
  • Edited 9:39am Feb 7, 2011 9:25am | Edited 9:39am
Quoting jleblang
Eric,

I'm reviewing the details of this trade and the conversation you had with Max from support and I want to clarify the order you are referring to.

The only trade I see in your orderbook that resembles this issue was for the EUR/JPY which you traded 2 lots and closed out the trade for a loss of 19 pips and had a gross P&L of -$45.

Is this the trade you are referring to?
Not the EJ one, but the first trade on EU, open 1 lot but closed with 3 tickets, 0.4, 0.5 and 0.1, exactly at 02:04 today!!

I checked the a/c history once the the above trade stopped out, both tickets with o.4 and 0.5 closing with correct manner. But the last ticket with 0.1 lot, which supposed to be closed with -$2 but it show up -$20. After a while, the history was corrected. But the balance still run out of $20 more!!

Max told me to check the MBT Desktop and I did a moment ago, the balance now is correct but the MT4 still show up the wrong balance.

My problem is not this small amount, but you guys just kept told me not your problem!! after a series of emails (I was turned down from your chat services 2 times that they cant help me some hours ago!!), Max finally accepted its your guys problem.

How come your company treated the customer like this.

Totally horrible!!
  • #6,440
  • Feb 7, 2011 9:32am Feb 7, 2011 9:32am
Even worst, if I didnt check my open balance from the first beginning, then I simply didnt know there was an overcharge if I have no 2nd check on A/C history.

So your company keep on overcharge like this?? If the customer didnt aware, then you simply leave it with extra earning on your side? Who took the extra, the dealer himself or your company??


Quoting Buildcity
Not the EJ one, but the first trade on EU, open 1 lot but closed with 3 tickets, 0.4, 0.5 and 0.1, exactly on 02:04 today!!

I checked the a/c history once the the above trade stopped out, both tickets with o.4 and 0.5 closing with correct manner. But the last ticket with 0.1 lot, which supposed to be closed with -$2 but it show up -$20. After a while, the history was corrected. But the balance still run out of $20 more!!

Max told me to check the MBT Desktop and I did a moment ago, the balance now is correct but the MT4 still show up the wrong...
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