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LMAX = revolution?!?

  • #301
  • Nov 8, 2011 4:59am Nov 8, 2011 4:59am
Quoting Agro
Hey mate

Yeah, but it is slippage nonetheless and will effect your account negatively most of the time (you can have positive slippage, which can be a pleasent surprise). And this 'natural slippage' can be much more violent than most expect, especially during high impact news announcements (sometimes 100s of pips, although that is extremely rare). I am just trying to get Fadi66 to understand that if he wants to trade news then he must be prepared for slippage. I can just see him now (on the back of Trader131's advice that with LMAX he will get...

Mate,


So TRUE...
  • #302
  • Nov 8, 2011 6:14am Nov 8, 2011 6:14am
Agro, I think you're taking my post too literally. Apologies if I came across that way, it's just that fadi kept asking the same question. I did point out that the spreads will widen during news. I have personally traded the news many times with LMAX, and yes when things are wild, bids and offers are pulled, and you have to be fast, but to clarify, I have had no problems placing MARKET orders during news and been filled at the last bid/offer which is so refreshing after Alpari with their constant requotes. I have never been requoted or had slippage in thousands of trades, but most of my trades are at market and small. I cannot comment on limit orders at news and understand that it is quite possible to incur slippage especially with larger orders. Sorry for any confusion, but if in a nutshell, you do want to news trade, it's a hell of a lot easier with LMAX than a bucketshop.
There is no top. There are always further heights to reach. Jascha Heifetz
  • #303
  • Nov 8, 2011 6:30am Nov 8, 2011 6:30am
Quoting Trader131
Agro, I think you're taking my post too literally. Apologies if I came across that way, it's just that fadi kept asking the same question. I did point out that the spreads will widen during news. I have personally traded the news many times with LMAX, and yes when things are wild, bids and offers are pulled, and you have to be fast, but to clarify, I have had no problems placing MARKET orders during news and been filled at the last bid/offer which is so refreshing after Alpari with their constant requotes. I have never been requoted or had slippage...
No worries buddy, wasn't having a dig at you really, I did see your warning about spreads widening. I just got the impression from fadi's posts that there was a bit of a language barrier and that he was inexperienced, so I wanted to make sure he knew what he was getting himself into before he ran off trying to trade high impact news reports.

Happy trading and glad to hear you like your broker. So many people here tend to blame thier broker for everything and assume that they are all out there just to steal our money and retire in the bahamas
  • #304
  • Nov 8, 2011 6:37am Nov 8, 2011 6:37am
No offence taken, Agro. Glad that's cleared up. Oh and I wouldn't recommend news trading until you've at least blown one account!
There is no top. There are always further heights to reach. Jascha Heifetz
  • #305
  • Nov 8, 2011 6:42am Nov 8, 2011 6:42am
Quoting Trader131
No offence taken, Agro. Glad that's cleared up. Oh and I wouldn't recommend news trading until you've at least blown one account!
But news trading is such an effective and efficient way of blowing that first account. It will take sooooo long to do it in normal market conditions and I can't wait I tells ya
  • #306
  • Nov 8, 2011 6:49am Nov 8, 2011 6:49am
Quoting Agro
But news trading is such an effective and efficient way of blowing that first account. It will take sooooo long to do it in normal market conditions and I can't wait I tells ya
Lol! And there are plenty of other shortcuts to that place. Ever tried Martingale..
There is no top. There are always further heights to reach. Jascha Heifetz
  • #307
  • Nov 8, 2011 7:37am Nov 8, 2011 7:37am
With the exception of NFP, trading is much easier if you just ignore the news.

K.I.S.S.
"I made all my money by selling too soon"
  • #308
  • Nov 8, 2011 8:28am Nov 8, 2011 8:28am
I think the Multicharts spike problem is becasue it is a beta,
I didn't realise it was a beta until now.
that certanly explains the problem.
just understand what a beta is,
it is a software not yet ready for final use
in other words, full of bugs!
Im sure it will be fixed in later versions and they are probably working on it,
anyways, I think it is bad LMAX is
advertising a beta trading platform and charge 60 month for it,
as long as it is in beta version it should definitely be free,
we are trading with real money here and as traders we expect
the platform to be of high performance.
beta softwares is totally unacceptable!
that shows how much they care about your money.
anyone using a beta version should use it on their own risk and they
should understand they are using a software under developement.
they should really expect strange things to happend.
Bulls are stupid Animals!especially when Im short!
  • #309
  • Nov 8, 2011 9:07am Nov 8, 2011 9:07am
Point taken about the beta, but I expected minor niggles, not unreadable charts!I certainly would not pay $60 a month for it now, but from 1st January we will have to pay, or trade 250 contracts per month on a balance greater than $5000:

As a valued LMAX customer, we are delighted to offer you a limited free trial period using LMAX MultiCharts beta for the remainder of 2011. Please find the installation file here; http://static.lmaxtrader.com/downloa...harts-LMAX.exe.
To continue to access LMAX MultiCharts beta for free from 1st January 2012 , you will be expected to have a minimum cash balance of $5,000 and trade a minimum of 250 contracts per month. Alternatively, a flat fee of $60 per month will be charged to your account. In reference to your email below, you would be required to trade a minimum of 250 contracts each month in order to retain LMAX MultiCharts for free in 2012.

[color=#1f497d][email protected]If you do not wish to continue to use LMAX MultiCharts beta after the free trial period, you will need to let us know via email () by December 31st 2011.[/color]
Please note this product is still in beta and is therefore subject to change.
There is no top. There are always further heights to reach. Jascha Heifetz
  • #310
  • Nov 8, 2011 9:25am Nov 8, 2011 9:25am
I'm going to give Multicharts a go and see how I get on, I will report back over the coming week if I have any problems.
"I made all my money by selling too soon"
  • #311
  • Nov 9, 2011 2:49am Nov 9, 2011 2:49am
Some stats after 1 month of trading @ LMAX:

Starting equity level: 100%
Lowest equity level: 51%
End of month equity level: 104%
Pips lost: 875.79
Pips gained: 1129.65
Standard lots traded: 65
Commission charged: approx 350 USD (my guesstimate is around 0.7 pip per trade, to breakeven you need to gain at least 0.8 pip per trade)

Cheers.
  • #312
  • Nov 9, 2011 2:52am Nov 9, 2011 2:52am
Quoting jeff_b
Some stats after 1 month of trading @ LMAX:

Starting equity level: 100%
Lowest equity level: 51%
End of month equity level: 104%
Pips lost: 875.79
Pips gained: 1129.65
Standard lots traded: 65
Commission charged: approx 350 USD (my guesstimate is around 0.7 pip per trade, to breakeven you need to gain at least 0.8 pip per trade)

Cheers.
Lowest equity level 51%? wow, what happened? Was this some kind of massive slippage?
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  • #313
  • Nov 9, 2011 3:04am Nov 9, 2011 3:04am
Quoting jeff_b
Some stats after 1 month of trading @ LMAX:

Starting equity level: 100%
Lowest equity level: 51%
End of month equity level: 104%
Pips lost: 875.79
Pips gained: 1129.65
Standard lots traded: 65
Commission charged: approx 350 USD (my guesstimate is around 0.7 pip per trade, to breakeven you need to gain at least 0.8 pip per trade)

Cheers.
No offence intended, but I'm not sure how information of your trading success/failure helps anyone?
"I made all my money by selling too soon"
  • #314
  • Nov 9, 2011 3:38am Nov 9, 2011 3:38am
I copied and paste the whole thing my spreadsheet, didn't bother to change it. The main thing I want reader to take on is the commission they charge. It's quite steep IMO. I didn't notice at first but when I did my report the numbers came up and I want to share it, that's all. Also, IMO, that's $350 that can be in my bank acc instead of theirs so if you scalp then beware of the cost. I traded 65 lots which isn't a lot, imagine scalping 10 lots a day and the commission would be much higher (>$1000USD). Cheers.

Quoting Bleek
No offence intended, but I'm not sure how information of your trading success/failure helps anyone?
  • #315
  • Nov 9, 2011 3:43am Nov 9, 2011 3:43am
No, this was caused by the web platform doesn't have trailing taking profit, I didn't want to close a profitable trade just yet, left my trade run overnight and my SL (placed v. high in case of black swan even) got hit by the news. Not to shift the blame, basically I was greedy and didn't check the news. If only they have trailing TP then I would have avoided this and came out in green instead. Now they have Multicharts, my complain is void now.

Quoting leerees
Lowest equity level 51%? wow, what happened? Was this some kind of massive slippage?
  • #316
  • Nov 9, 2011 3:48am Nov 9, 2011 3:48am
Quoting jeff_b
I copied and paste the whole thing my spreadsheet, didn't bother to change it. The main thing I want reader to take on is the commission they charge. It's quite steep IMO. I didn't notice at first but when I did my report the numbers came up and I want to share it, that's all. Also, IMO, that's $350 that can be in my bank acc instead of theirs so if you scalp then beware of the cost. I traded 65 lots which isn't a lot, imagine scalping 10 lots a day and the commission would be much higher (>$1000USD). Cheers.
Fair enough but commission has been discussed in detail already.

I'd agree their commission is a touch on the high side, they will defend it with tight spreads which is fair to a point, I would defend them with fast execution.

It's very easy to ignore the fact the spreads are consistently low when the commission serves up quite a punch.

Is the reliability of 'the trade' worth the extra commission? I'd say YES if you can't afford a Currenex platform and have to use a bucket or ECN i.e. practically every broker out there, otherwise it's debatable because most Currenex operators are a tour de force.
"I made all my money by selling too soon"
  • #317
  • Nov 9, 2011 3:52am Nov 9, 2011 3:52am
Quoting Bleek
Fair enough but commission has been discussed in detail already.

I'd agree their commission is a touch on the high side, they will defend it with tight spreads which is fair to a point, I would defend them with fast execution.

It's very easy to ignore the fact the spreads are consistently low when the commission serves up quite a punch.

Is the reliability of 'the trade' worth the extra commission? I'd say YES if you can't afford a Currenex platform and have to use a bucket or ECN i.e. practically every broker out there, otherwise it's debatable...
Which currenex operartors do you like ?
  • #318
  • Nov 9, 2011 4:06am Nov 9, 2011 4:06am
I agree on the fast execution and low spread (E/U can be as low as 0 pip sometimes).

Do you have any recommendation for Currenex or STP (either DMA or ECN) broker? I've searched high and low for a good one and couldn't find so I settled with LMAX. If you have another broker with more liquidity please do share. Cheers.

Quoting Bleek
Fair enough but commission has been discussed in detail already.

I'd agree their commission is a touch on the high side, they will defend it with tight spreads which is fair to a point, I would defend them with fast execution.

It's very easy to ignore the fact the spreads are consistently low when the commission serves up quite a punch.

Is the reliability of 'the trade' worth the extra commission? I'd say YES if you can't afford a Currenex platform and have to use a bucket or ECN i.e. practically every broker out there, otherwise it's debatable...
  • #319
  • Nov 9, 2011 4:46am Nov 9, 2011 4:46am
Quoting Cocoflanel
Which currenex operartors do you like ?
I've not tried them all of course but pretty much any Classic (java platform), Marex and Hantec were perfectly fine for me, both offered deep liquidity and fast execution with commission below that of LMAX.
"I made all my money by selling too soon"
  • #320
  • Nov 9, 2011 4:57am Nov 9, 2011 4:57am
Quoting jeff_b
I agree on the fast execution and low spread (E/U can be as low as 0 pip sometimes).

Do you have any recommendation for Currenex or STP (either DMA or ECN) broker? I've searched high and low for a good one and couldn't find so I settled with LMAX. If you have another broker with more liquidity please do share. Cheers.
They are much of muchness to be honest, LMAX is the closest to Currenex I have found but they offer flexibility on the accounts i.e you don't need 50k to trade. The 50k requirement was always a bugbear of mine, you don't need massive margin to trade 1 mil notional so why tie up all that money in one account... I had several at one point.

Some offer volume based accounts but to me that feels like a covert way of forcing trades on you, if you don't have 50k make sure you hit 100mil trade volume a month... perhaps I operate differently to other people but I use very tight stops, only trade a few times a day and don't get greedy so once targets are met I close out. I pay my wage from trading so I stick hard and fast to my processes.

I had a 'phone conversation' end of last year when I had a quiet trading month, I made two massive trades and decided I would take two weeks off and visit a new country, my Currenex broker had the cheek to call me and ask why I wasn't trading. That kind of scenario makes me feel uneasy.

Anyway I digress, I currently run a couple of accounts, I trade a few pairs and out of all of them I'm happier with LMAX - unless they change anything drastically it's up there with being one of the best *trading platforms.


*i.e. no bull, does what it says on the tin, tight spreads, fast in and out, clean.
"I made all my money by selling too soon"
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