Justin,
I dont use pay limit. Most orders are market.
What option would be best for me cost wise?
I dont use pay limit. Most orders are market.
What option would be best for me cost wise?
MB Trading Futures - Introduction
- #8,223
- Oct 2, 2011 7:35am Oct 2, 2011 7:35am
- Joined Sep 2010 | Status: Life Time Member | 6,685 Posts
- #8,225
- Oct 2, 2011 8:34am Oct 2, 2011 8:34am
- Joined Sep 2010 | Status: Life Time Member | 6,685 Posts
- #8,227
- Edited 9:52am Oct 2, 2011 9:29am | Edited 9:52am
^Bump. Am I misunderstanding what an ECN is?
ECN Forex brokers additionally allow clients’ orders to interact with other clients’ orders. ECN Forex brokers provide a marketplace where all its participants (banks, market makers and individual traders) trade against each other by sending competing bids and offers into the system.
I don't think comparing any particular broker's volume vs futures volume is really relevant concerning the definition of an ECN.
The banks (or MB's major liquidity providers) often do trade with you.
(as you may have seen, as you are a MBT customer already)
For example, one of the major liquidity providers on their ECN makes a market of 20 lots (or 200 MB lots if 10k=1 lot]) EUR/USD, each side with a consistent 0.9 pip spread. They can hit your limit order, or you can hit them at the market. (This is clearly visible on the NavPro platform with the Level 2 quotes/order book.)
The only thing MB does is match buyers and sellers and charge a commission (or Pay for Limits)
or on the upcoming platform... 'mark up' the spread minutely.
Of course, within the orderbook... you can also be the best bid, offer, etc.
You can change the spread by placing a competing order 1/10 of a pip away from the nearest, etc.
STP means they send your order directly to the banks for execution (which can be vague).
ECN characteristics would involve an order book that your order can actually influence, change the spread,
show to all ECN participants, customer to customer interaction... that kind of thing.
I hope this helps.
I may have misunderstood what you were asking and repeated simple information that you already knew
...if so... I apologize.
Pay for Limits will stay, and in fact, there are many people that will continue to find that model compelling, especially system traders that want the tighter spreads to trigger their orders.
You don’t have to worry at all about it going away.
you have put me at ease. Best wishes to your growing family!
