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Best broker for scalping

  • #21
  • Jun 21, 2011 10:29am Jun 21, 2011 10:29am
Quoting kiku6
Hi !
Cerber if Scalping is your trading style then " Brocompany " is also very good option.
With Forex they also have many other worldwide Trading Instruments so plenty of options available for scalping
Thanks, but I noticed that they don't allow stops/limits.
  • #22
  • Jun 21, 2011 2:51pm Jun 21, 2011 2:51pm
Quoting Cerber.bf2
If given only MB, Fastbrokers and dukas, which would you choose?
I'd go with Dukascopy for the 100:1 leverage (I need it for the way I trade). If I ever decide 50:1 is enough for me however, I'd pick MBT. It's a good deal, especially with their offer to pay you for placing limit orders.

Quoting Cerber.bf2
If Interactive brokers is unquestionably better, why is it?
Yes. It's a bigger and older company with bigger liquidity. More professionals trade there.

Keep in mind that 10k minimum deposit is required there though.

Best of luck!
  • #23
  • Jun 22, 2011 2:00am Jun 22, 2011 2:00am
anyway, u'd better try brokers with Currenex access
low spreads lol
  • #24
  • Jun 23, 2011 9:53am Jun 23, 2011 9:53am
Quoting slovforex
anyway, u'd better try brokers with Currenex access
low spreads lol
Thanks, but so far I only know one broker with currenex which is LCG, and 20k min. deposit is too much for me.
  • #25
  • Jun 23, 2011 9:56am Jun 23, 2011 9:56am
Quoting Marv
I'd go with Dukascopy for the 100:1 leverage (I need it for the way I trade). If I ever decide 50:1 is enough for me however, I'd pick MBT. It's a good deal, especially with their offer to pay you for placing limit orders.



Yes. It's a bigger and older company with bigger liquidity. More professionals trade there.

Keep in mind that 10k minimum deposit is required there though.

Best of luck!
Thanks again, Marv.

I was testing dukascopy all week just to find out that they're shutting US clients down in the next month ........

I'll be looking at MBT then. Interactive brokers' requirement of 10k min. deposit is exactly what I'm going to invest, so I don't really feel comfortable with that.

Cheers
  • #26
  • Jun 23, 2011 10:11am Jun 23, 2011 10:11am
Quoting fido
Hi Cerber,

You are right about their website .. they are not very transparent about their pricing. You can find some more info in this thread:
http://www.forexfactory.com/showthre...225143&page=10
Looks like they are offering different feeds for different account sizes.
You would definitely want to have their typhoon price feed. It is great
You need to bargain hard to get a decent commission but the spreads are the best I have seen so far ... E/U as low as 0 but 0.5 - 0.7 is more common. If you sign up for a demo you will...
Thanks again fido, sorry for late reply.

Different feeds for different account sizes, hm?
Is this safe? I'm only looking for 7 pips on each trade then I close 3/4 of the trade and let it roll...

Do you know if there's a way to demo with them or should I just call them?
-found it

Cheers
  • #27
  • Jun 23, 2011 10:20am Jun 23, 2011 10:20am
Quoting Traderlarry
Cerber...Oanda doesn't hunt stops.


I believe that 99% of those whining about stop hunting on fx boards are simply unprofitable traders who can't trade and who don't understand how the markets work.

It's an easy explanation for them for why one stop after another gets taken out on their accounts, not realising that that's exactly what trading is all about, namely taking the money from the uninformed masses.
Traderlarry, thanks for the post.

I was thinking about it too and was about to register with them, but then I start reading about market makers and ECN's, Dealing Desks, etc. and started doubting.. Having scalping as a main method and looking for less than 10 pips, do you think they wouldn't eventually try to mess with me?
  • #28
  • Jun 23, 2011 10:24am Jun 23, 2011 10:24am
Quoting fx13
Hi

A bit true but many brokers too are chasing customers & saying they are scalping friendly while they don't like it.

Example of tactics: order slippage & bad execution while there is less better filling & profits! FXCM do that all the time so in ATG or standard accounts.

Also there is other brokers who require a distance for setting a limit/ pending order so they can prepare for the order & not face a loss.

& so on from fake spikes but or virtual trader. Many are using different tactics to make more bucks & really few are really good...
Thanks and sorry for the late reply.

I bumped into your thread about FXCM issues, if i'm not mistaken, few days ago. That thread made me research about them and I was made sure not to even think about it, thank you.

Do you know any of those 'few really good STP/ECN firms'?

Cheers and take care
  • #29
  • Jun 23, 2011 12:43pm Jun 23, 2011 12:43pm
Quoting Cocoflanel
You forgot the best one : www.lmaxtrader.co.uk , a real broker connecting you to an exchnage with the best spreads : www.fxintel.com
Cocoflanel, spreads are nice but what about execution? Did you trade with them?

cheers
  • #30
  • Jun 23, 2011 12:49pm Jun 23, 2011 12:49pm
Quoting Cerber.bf2
Thanks again, Marv.

Interactive brokers' requirement of 10k min. deposit is exactly what I'm going to invest, so I don't really feel comfortable with that.

Cheers
Just checked again and saw that it's 3,000 for individuals of 21 yrs old or younger, i'm 21

Thanks again, marv
  • #31
  • Jun 23, 2011 1:46pm Jun 23, 2011 1:46pm
Quoting Cerber.bf2
Just checked again and saw that it's 3,000 for individuals of 21 yrs old or younger, i'm 21
Splendid, I didn't know that.
  • #32
  • Jun 23, 2011 2:35pm Jun 23, 2011 2:35pm
Quoting Marv
Splendid, I didn't know that.


their platform makes my brain rot though
  • #33
  • Jun 23, 2011 3:45pm Jun 23, 2011 3:45pm
Marv,

IB's platform seems very professional and functional but it's definetely not for retail traders like me... All I need is market & limit orders, stops & tp's, ability to partially close the position and THAT'S IT....I'll be figuring it out.

in the meantime, which platform did you use with MBT? Is it safe to use MT4 with them?

Thanks and I need to buy you a drink one day for all the help!
  • #34
  • Jun 23, 2011 4:19pm Jun 23, 2011 4:19pm
I hear you. Even their statements are hard to read by a non-finance guy. They tend to expect you to really know your stuff. Of course you can figure out what you need though.

Regarding MBT, I don't use the MT4 system. Is it "safe"? With them, yes. I just don't like to have my orders go through the MT4 system.

Personally I like to use API (regardless of bröker). I wrote my own platform containing only what I need, be it for analysis or order entry.
  • #35
  • Jun 23, 2011 4:58pm Jun 23, 2011 4:58pm
As a scalper you need to find the broker with the most inexpensive trading costs. "Interactive Brokers" has lower commissions than MBTrading (0.2 basis points vs. 0.295).
  • #36
  • Jun 25, 2011 5:36pm Jun 25, 2011 5:36pm
Quoting Marv
I hear you. Even their statements are hard to read by a non-finance guy. They tend to expect you to really know your stuff. Of course you can figure out what you need though.

Regarding MBT, I don't use the MT4 system. Is it "safe"? With them, yes. I just don't like to have my orders go through the MT4 system.

Personally I like to use API (regardless of bröker). I wrote my own platform containing only what I need, be it for analysis or order entry.
I also found out that IB doesn't provide 'real' (papertrader) demo account to you unless you open a live one..........................
I don't know if I can rely on feed/execution on the 'demo platform'....

Also, I need to find out if they offer 5 digits after decimal.. in the demo platform it's either x.xxxx0 or x.xxxx1/2

Take care
  • #37
  • Jun 25, 2011 7:22pm Jun 25, 2011 7:22pm
They quote in .5 increments but I don't think there is a problem setting your stops/limits to other values than 0 or 5. Try that in demo platform and see what you get.
  • #38
  • Jun 27, 2011 11:57am Jun 27, 2011 11:57am
Quoting Kronos
They quote in .5 increments but I don't think there is a problem setting your stops/limits to other values than 0 or 5. Try that in demo platform and see what you get.
Yeah, apparently some of their quote panels have this and some have full 5 incriments.
The whole demo thing seems messed up for me though, today I saw that they had Usd/Cad trading at 1.15xx while it was 0.98xx on 3 other brokers; charts are sloppy too, for some pairs you'd see series of doji's and candles taking up the whole screen, -see the picture

I asked them about this, they told me that the feed is delayed (last time usd/cad traded at 1.15 it was 2009) but nothing about charts.. maybe something's just wrong with me.

Thanks for comparing MBT and IB commissions, Kronos

Cheers
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  • #39
  • Jun 27, 2011 3:59pm Jun 27, 2011 3:59pm
Just to add my two cents. I have been using LMAX as my broker and not only do they not trade against you they also have sub 1 pip spreads throughout the day. Anybody else use these guys as i am impressed?

lmaxtrader.co.uk/average-spreads/

I was mainly drawn to them due to the java api to be honest though.

Happy scalping!
  • #40
  • Jun 27, 2011 5:48pm Jun 27, 2011 5:48pm
Just a tip: if you REALLY wanna demo a bröker try to get a live account with 0$ balance. Demo accounts and live accounts are never the same thing.
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