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Silent Service Method

  • #12,641
  • Jul 9, 2011 12:05am Jul 9, 2011 12:05am
Quoting clockwork71
It depends. Some of these brokers make it a percentage of the trade size, some have a flat fee per 100,000 or so. Off the top of my head, I think I pay about 1.0 pips on the EUR/USD on average (sometimes less), and the commission is $2.50 a turn for a total of $5. (Roughly)

So if you enter a position of $200,000 in EUR/USD, you would have a spread of 1 pip, which would be $20, and the turns would be a total of $5. This makes a total of $25.

When you are playing even larger lots, it gets cheaper. I should tell you that the other brokers can...
Thanks, I'll look into Dukascopy, I think they are Swiss?

So for the same 5 lot trade I would pay 1 pip x 5 = $50 +$5 = $55 for the same trade I would pay Alpari $80 for on a standard account. Hmm.

Alpari do offer an ECN account with something silly like 80 or 100 pairs but I'm not sure of their commission structure. I'll look into it.

Thanks for the advice.
  • #12,642
  • Jul 9, 2011 2:22am Jul 9, 2011 2:22am
Quoting Hugh Briss
Thanks, I'll look into Dukascopy, I think they are Swiss?

So for the same 5 lot trade I would pay 1 pip x 5 = $50 +$5 = $55 for the same trade I would pay Alpari $80 for on a standard account. Hmm.

Alpari do offer an ECN account with something silly like 80 or 100 pairs but I'm not sure of their commission structure. I'll look into it.

Thanks for the advice.
Hugh,

I must admit I've never looked into this, I use IGMarkets tho. They're not an ECN but the spreads are good and thats all you pay( EU spread is sometimes less than 1 pip). I've also never had any problems withdrawing funds etc.
  • #12,643
  • Jul 9, 2011 4:24am Jul 9, 2011 4:24am
Quoting stewrigh
Hugh,

I must admit I've never looked into this, I use IGMarkets tho. They're not an ECN but the spreads are good and thats all you pay( EU spread is sometimes less than 1 pip). I've also never had any problems withdrawing funds etc.
I had an account with ig index, not sure if it's still running.

I stopped using them because I don't like their rollover policy but I am trading intraday as one of my methods now so I could maybe look into it.

Edit: Just looked and they charge an extra 3 pips on the spread for a guaranteed stop loss which I can't seem to turn off. Also the order entry form is clunky if you're day trading and want to get in and out quickly. I seem to remember now that their execution could be a bit iffy too.
  • #12,644
  • Jul 9, 2011 8:05am Jul 9, 2011 8:05am
Quoting Hugh Briss
I'm guessing it's rained a lot recently where you are because you appear to have shrunk!

Nice cars!
Naaa....it's my oldest son. He was trying to convince the owner to let him drive the Corvette.
  • #12,645
  • Jul 9, 2011 8:06am Jul 9, 2011 8:06am
Quoting Hugh Briss
Thanks, I'll look into Dukascopy, I think they are Swiss?

So for the same 5 lot trade I would pay 1 pip x 5 = $50 +$5 = $55 for the same trade I would pay Alpari $80 for on a standard account. Hmm.

Alpari do offer an ECN account with something silly like 80 or 100 pairs but I'm not sure of their commission structure. I'll look into it.

Thanks for the advice.
Yes, Dukascopy is out of Geneva.
  • #12,646
  • Jul 9, 2011 8:08am Jul 9, 2011 8:08am
Quoting stewrigh
Hugh,

I must admit I've never looked into this, I use IGMarkets tho. They're not an ECN but the spreads are good and thats all you pay( EU spread is sometimes less than 1 pip). I've also never had any problems withdrawing funds etc.
Don't get me wrong when I say that I am sick of non-ECNs.......I am not saying that they are thieves or anything like that necessarily, I have never had an issue with IBFX getting my money or such kind of thing, unlike an ECN - they have an interest in the outcome of the trades. If they have no idea what the liquidity is going to be like - they pull the plug.
  • #12,647
  • Jul 9, 2011 9:16am Jul 9, 2011 9:16am
Alparis minimum trade size on a pro NDD account is 3 lots which is a little steep for me at the moment. A classic account has a minimum of 0.1 and no maximum so that sounds like the one for me for now and when my account gets bigger I may switch to an ECN for the cheaper transaction costs.
  • #12,648
  • Jul 9, 2011 1:28pm Jul 9, 2011 1:28pm
Quoting Hugh Briss
Alparis minimum trade size on a pro NDD account is 3 lots which is a little steep for me at the moment. A classic account has a minimum of 0.1 and no maximum so that sounds like the one for me for now and when my account gets bigger I may switch to an ECN for the cheaper transaction costs.

3 lots???? You mean 300,000 of a currency????
  • #12,649
  • Jul 9, 2011 2:11pm Jul 9, 2011 2:11pm
Quoting clockwork71
3 lots???? You mean 300,000 of a currency????
Yep, minimum trade size.

http://www.alpari.co.uk/en/trading_a...son_table.html
  • #12,650
  • Jul 9, 2011 2:29pm Jul 9, 2011 2:29pm
Quoting Hugh Briss
Yep, minimum trade size.

http://www.alpari.co.uk/en/trading_a...son_table.html
I understand that many in the UK use spread betting to avoid taxes, is that something you've considered?

Seems like avoiding taxes would do more for your bottom line than saving 0.5 pip in spread...
  • #12,651
  • Jul 9, 2011 2:39pm Jul 9, 2011 2:39pm
Quoting o990l6mh
I understand that many in the UK use spread betting to avoid taxes, is that something you've considered?

Seems like avoiding taxes would do more for your bottom line than saving 0.5 pip in spread...
Yes, that is something I have thought about but I don't trust any of the spread bet companies. IG Index close your trade every night at 8pm and then reopen it charging you the spread again! There are a few other sharp practices going on and also the charts are java, not for me. The order entry is really clunky as well.

Call me weird but I wouldn't actually mind paying some tax on my trading gains anyway. I live in the country so I should pay my way. I pay stacks of tax on my day job and if I structure it right (ie incorporated into a limited company) then I will only be paying around 10 to 20% tax.
  • #12,652
  • Jul 9, 2011 2:58pm Jul 9, 2011 2:58pm
Quoting Hugh Briss
Yes, that is something I have thought about but I don't trust any of the spread bet companies. IG Index close your trade every night at 8pm and then reopen it charging you the spread again! There are a few other sharp practices going on and also the charts are java, not for me. The order entry is really clunky as well.

Call me weird but I wouldn't actually mind paying some tax on my trading gains anyway. I live in the country so I should pay my way. I pay stacks of tax on my day job and if I structure it right (ie incorporated into a limited company)...
Yeah, I suspected that reliability might be the issue with spread betting companies.

Let me tell you that 10-20% tax is a wet dream for us Swedes Sadly it is just that - a dream...
  • #12,653
  • Jul 9, 2011 3:31pm Jul 9, 2011 3:31pm
Quoting o990l6mh
Yeah, I suspected that reliability might be the issue with spread betting companies.

Let me tell you that 10-20% tax is a wet dream for us Swedes Sadly it is just that - a dream...
Yes I have heard that you pay your way and then some. Mind you a lot of public services are completely free though aren't they?
  • #12,654
  • Jul 9, 2011 3:32pm Jul 9, 2011 3:32pm
I'm learning spanish and so downloaded something a friend recommended. I stumbled across this and it is driving me wild at the moment! They were billed as the best Spanish rock band ever. This is the best song from the album and guess what, it's even on youtube! Sort of like a Spanish Acdc?

Inserted Video
  • #12,655
  • Jul 9, 2011 3:43pm Jul 9, 2011 3:43pm
Quoting Hugh Briss
Yes I have heard that you pay your way and then some. Mind you a lot of public services are completely free though aren't they?
We certainly do pay, sure many services are free but there are other countries with very similar levels of public service but lower taxes. I'm thinking of for instance Canada and Norway.

I don't mind paying taxes either actually, I'm just doubtful that we really get our money's worth.
  • #12,656
  • Jul 9, 2011 4:11pm Jul 9, 2011 4:11pm
Quoting o990l6mh
We certainly do pay, sure many services are free but there are other countries with very similar levels of public service but lower taxes. I'm thinking of for instance Canada and Norway.

I don't mind paying taxes either actually, I'm just doubtful that we really get our money's worth.
It would be interesting to know where the money goes then. I think all governments and local councils waste money. They spend it on stuff that they really shouldn't spend it on like trips abroad for the bosses, etc. Suddenly it's easier to spend money when it is not their own.
  • #12,657
  • Jul 9, 2011 4:24pm Jul 9, 2011 4:24pm
Quoting Hugh Briss
It would be interesting to know where the money goes then. I think all governments and local councils waste money. They spend it on stuff that they really shouldn't spend it on like trips abroad for the bosses, etc. Suddenly it's easier to spend money when it is not their own.
Yep, you remember what Margaret Thatcher once said right?

"The problem with communism is that you eventually run out of other people's money to spend"

Spot on imho and that goes not just for communism but for all publicly financed activities.
  • #12,658
  • Edited 4:44pm Jul 9, 2011 4:31pm | Edited 4:44pm
Quoting o990l6mh
Yep, you remember what Margaret Thatcher once said right?

"The problem with communism is that you eventually run out of other people's money to spend"

Spot on imho and that goes not just for communism but for all publicly financed activities.
Yes, good one. I'm not sure you'll find too many other good quotes from her though!

How about George W though, "If we don't succeed we run the risk of failure."

Mind you, just found this...

http://www.snopes.com/quotes/candidate.asp
  • #12,659
  • Jul 9, 2011 5:11pm Jul 9, 2011 5:11pm
Hi Chris
Am i miss something here about e/u!! Looks everyone so sure about bullish while i c strong bearish

Interested to know which direction looks to u on daily or weekly

Will post more details about my view when my weekly close on Sunday if u interested about what i c

Thanks
Looking forward to ur reply
Egkid
  • #12,660
  • Jul 9, 2011 6:35pm Jul 9, 2011 6:35pm
Quoting Hugh Briss
Yep, minimum trade size.

http://www.alpari.co.uk/en/trading_a...son_table.html
That's ridiculous. Interactive broker lets you trade as little as $25,000

You need a new broker.
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