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LMAX = revolution?!?

  • #121
  • Jun 16, 2011 10:46am Jun 16, 2011 10:46am
I use www.fxintel.com for comparing broker spreads. I've noticed LMAX is very tight with their spreads.


Quoting Cocoflanel
Anyone has a link to the statistics page where they keep track of the average spreads ?



Going to answer my own question

http://www.lmaxtrader.co.uk/average-spreads


Looks like the spreads have never been better than in may ....average 0.70 for EUR/USD , NICE
  • #122
  • Jun 24, 2011 8:11pm Jun 24, 2011 8:11pm
Quoting Bleek
Trading is still going to plan but I've started to trade less these days, only one pair, once a day, sometimes twice if I need to but that's rare.

I still enjoy trading massively, I look forward to Monday mornings (who can say that about their job) even though I only trade an hour or so, my average trade time is 37 minutes 15 seconds - I love keeping stats.

My thread is dead, I don't really trade like that anymore. I've adapted and evolved even further, I've created a very clever risk system with numerous controls and it's fully automated...
That's like a 5 hour workweek lol...how do you keep yourself busy?
  • #123
  • Jun 27, 2011 3:48pm Jun 27, 2011 3:48pm
Just came across this thread and had to mention that I have started trading with LMAX and during the day their spreads are always less that 1 pip and just checking the data I saved today it seems they can sometimes average 0.6 of a pip throughout the day!! which is ideal for my scalping :-).

Mainly use them as you can use Java with their api to be honest. I must try out some other brokers to see if they can compete.
  • #124
  • Jun 28, 2011 2:07am Jun 28, 2011 2:07am
How many liquidity providers are in their pool?
  • #125
  • Jun 28, 2011 2:52am Jun 28, 2011 2:52am
Quoting lolpie
That's like a 5 hour workweek lol...how do you keep yourself busy?
I have a few hobbies that keep me entertained, a new woman, I run to keep fit but for the most part I just relax and do my own thing.

I won't lie, it can get boring at times but that's not much of price to pay for such flexibility!
"I made all my money by selling too soon"
  • #126
  • Jun 28, 2011 2:53am Jun 28, 2011 2:53am
Quoting Julian_Ass
How many liquidity providers are in their pool?
I believe there are 3 or 4.
"I made all my money by selling too soon"
  • #127
  • Jun 28, 2011 4:36am Jun 28, 2011 4:36am
Quoting Julian_Ass
How many liquidity providers are in their pool?
Only 3 at the moment, Goldman, JPMorgan and Optiver - but im not sure if Optiver is active in FX, they are NL based and active in index and equity options, never heard that they do fx too. But who knows. Spreads are tight, but bringing in a few more banks onto their platform wouldnt hurt..

http://mtf.lmax.com/membership/current-members.html
  • #128
  • Jun 29, 2011 5:25pm Jun 29, 2011 5:25pm
Apparently things aren't too well over at LMax. According to the FT signups are well below expectations. The CEO got sacked in April, Goldman wasnt satisfied with the results so far and wanted to shake things up. Share CFDs, originally announced for early 2011, are still nowhere to be seen.

I think they need to do some significant investments in order to attract clients, especially a more sophisticated tradingplatform, more products and a agressive marketing campain. Curious if they are going to do that or just cut their losses, seeing that the mothership (Betfair) isnt doing too well either recently.
  • #129
  • Jun 30, 2011 2:52am Jun 30, 2011 2:52am
Quoting Bleek
I believe there are 3 or 4.
Hm...but CURRENEX has mothen a dozen...We need to wait to see how LMAX develops...I think
  • #130
  • Jun 30, 2011 4:59am Jun 30, 2011 4:59am
Quoting shrike
Apparently things aren't too well over at LMax. According to the FT signups are well below expectations. The CEO got sacked in April, Goldman wasnt satisfied with the results so far and wanted to shake things up. Share CFDs, originally announced for early 2011, are still nowhere to be seen.

I think they need to do some significant investments in order to attract clients, especially a more sophisticated tradingplatform, more products and a agressive marketing campain. Curious if they are going to do that or just cut their losses, seeing that the...
Can you link to the article detailing specifically the low uptake of the service? I've already read the FT article about the CEO leaving.
"I made all my money by selling too soon"
  • #131
  • Jun 30, 2011 6:44am Jun 30, 2011 6:44am
Here are 2 links:

http://ftalphaville.ft.com/blog/2011...oes-ex-growth/
http://www.ft.com/cms/s/0/efd4d792-a...44feabdc0.html

Subscription may be required for the 2nd one. The gist of it is that the (ex-)Betfair CEO says that LMax has "yet to achieve good traction with target customers", with sign-ups "significantly below original expectations".

I hope they make the turnaround. Do you know who has been appointed as new lmax CEO?
  • #132
  • Jun 30, 2011 7:16am Jun 30, 2011 7:16am
Thanks for the links.

Whilst LMAX is currently making a loss (http://www.investegate.co.uk/Article...6290700153315J) it's revenue stream is also up some 21% - they attribute the loss to the initial investment which is understandable.

I don't know who the current CEO is.
"I made all my money by selling too soon"
  • #133
  • Jun 30, 2011 7:57am Jun 30, 2011 7:57am
hello Bleek,
which brokers do u trade with?
LMxx? Al....? & which else ?
thanks!
  • #134
  • Jun 30, 2011 1:45pm Jun 30, 2011 1:45pm
Yeah i read the same myself, seems like the initial investment is what is putting them at a loss for now but I hope they will recover as I have put a lot of time into using their api!

Do you use the api Bleek?
  • #135
  • Jun 30, 2011 2:29pm Jun 30, 2011 2:29pm
kenny: what sort of project did you do with their api?

I did test it too recently (using their C# library). I noticed they send a vast amount of quote updates - if you subscribe to all FX pairs, almost one quote every millisecond during active hours.
  • #136
  • Jun 30, 2011 2:43pm Jun 30, 2011 2:43pm
Im using the Java api myself and am attempting to build an automated system which i think might be doable especially with the good spreads. Im new to all this so trying a basic strategy with ema crosses plus testing the rate of change of the prices to base my stop profit/loss on. This is using the EUR/USD only and a one minute timeframe so essentially scalping for a pip here and there on a small account trying to get 10pips a day consistently.

Next week will be first proper run at it as I have been tweaking it most nights as I was getting too many false entries etc up to now and I like the way that even now at nearly 9pm UK time the spreads are still less than 1 pip. Really enjoying playing around with this and glad i dont need to learn MT4!
  • #137
  • Jun 30, 2011 5:08pm Jun 30, 2011 5:08pm
I have started looking at them recently this week to diversify my brokers.... spreads are as advertised. Have seen spreads cross over more than once as well...

But FYI

http://www.guardian.co.uk/business/2...uggling-morana

They are giving it 12 more months... Which for normal traders I am sure is fine... But for traders developing Apps for their API I wouldn't be too impressed!
The winner of the rat race is still a rat.
  • #138
  • Jul 1, 2011 1:29am Jul 1, 2011 1:29am
To my mind, we need to wait to see how their bussiness develops...2-3 liquidty providers is disturbing...
  • #139
  • Jul 1, 2011 7:20am Jul 1, 2011 7:20am
Smaller retail traders want free platforms with lots of bells and whistles, e.g. MT4, something LMAX doesn't offer.

There are lots of ECN STP brokers out there already with good spreads, so it's going to be tough.

More experienced traders will value LMAX though because of it's good order entry, MT4 is just too slow and clunky for fast trading.
  • #140
  • Jul 1, 2011 8:10am Jul 1, 2011 8:10am
Agreed, in my opinion they should support one or more 3rd party platforms, something like Ninjatrader, Multicharts or MT5, since that would be the fastest way to get decent charts and easier automation going.
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