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LMAX = revolution?!?

  • #321
  • Nov 9, 2011 5:14am Nov 9, 2011 5:14am
Exactly what I was thinking about in term of requirements. I was baffled why some broker wants a deposit > 10K to trade their ECN platform. And there's some brokers who enforce min volume traffic too, they get on my nerves even more. I'll stick my main acc with LMAX for the time being unless there's another broker that can best them (doubt it but I'll keep searching, who knows).

Quoting Bleek
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...
  • #322
  • Nov 9, 2011 5:17am Nov 9, 2011 5:17am
Quoting jeff_b
Exactly what I was thinking about in term of requirements. I was baffled why some broker wants a deposit > 10K to trade their ECN platform. And there's some brokers who enforce min volume traffic too, they get on my nerves even more. I'll stick my main acc with LMAX for the time being unless there's another broker that can best them (doubt it but I'll keep searching, who knows).
Based on the past years performance if LMAX were in a position to reduce their commission they would be near perfect.

A near perfect broker, now that's unheard of!

I don't want to sound like a salesman for LMAX but in my book praise where praise is due.
"I made all my money by selling too soon"
  • #323
  • Nov 9, 2011 7:54am Nov 9, 2011 7:54am
I think their commission is ok for no volume-requirement. It translates to about 0.7 pips in eur/usd. But it would be nice if they had a volume-tiered scheme. Its hard to justify paying 30%-40% more, if you can get lower commissions..

I actually like LMax more than currenex, since its like a real exchange, with a published rulebook, there are no questions about how exactly ordermatching works. Currenex works realiably too, but its way more opaque, there is no rulebook and many different hubs that can behave differently as far as ordermatching is concerend.
  • #324
  • Nov 9, 2011 10:44am Nov 9, 2011 10:44am
Bleek,



Based on the average spread for EUR/USD you pay 0.5 + 0.7 = 1.2 pips with LMAX.

How much would that be with Marex Currenex ? What about Marex black ?
  • #325
  • Nov 9, 2011 11:28am Nov 9, 2011 11:28am
Quoting Cocoflanel
Bleek,



Based on the average spread for EUR/USD you pay 0.5 + 0.7 = 1.2 pips with LMAX.

How much would that be with Marex Currenex ? What about Marex black ?
It's a bit unfair to compare Marex with LMAX because Marex has much higher requirements of you, min deposit of 50k and min trading size of 400k - or at least it used to be, that may have changed. Commission is worked out per client based on trade size and frequency but can be as low as $15 per 1mil notional. Spread on majors typically 1-2pips.

Hantec Markets has a tighter spread but higher commission $20-50 and you need to trade high volumes, again you agree to trade a certain volume to achieve the commission level. I believe their Classic account requires 5mil traded per day (or one trade 2.5mil in/out). As an example that would currently be 9.2 contracts (or 92 mini as per LMAX) on the EURUSD.
"I made all my money by selling too soon"
  • #326
  • Nov 9, 2011 2:48pm Nov 9, 2011 2:48pm
To play devil's advocate, depending on your style, MB Trading may be worth a look--I am no shill, just a satisfied, yet skeptical customer.

In Oct (my first month live) I traded a $500 account using 1 micro.

465 trades
474000 Euro

Gross +$27.05
Commission REBATE: +$4.66
Net +$31.71

Their Pay for Limits is worth a look, if and only if, you are limit order trader. I am. So ~20% of my net profits were rebates.

Now, I have noticed a lack of fills even when bid/ask passes through my limits and I suspect it's their order matching system. I will be talking w/ Justin and MBT about how the utilize LP's vs other customer orders when matching. I also was disconnected on Oct. NFP--a few days into live trading, needless to say I was no satisfied at the time...

But, that's just my two cents. I am going to look at LMAX as a back up to MBT based on info on this board, so thanks.

EDIT: scratch that, I cannot join LMAX from USA, bleh...

Feel free to disagree or discuss, your choice

Cheers!

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.
  • #327
  • Nov 9, 2011 3:10pm Nov 9, 2011 3:10pm
Does Lmax have tick charts on it's iPhone app?
  • #328
  • Nov 9, 2011 4:33pm Nov 9, 2011 4:33pm
No charts on Iphone, only price ticks and position managing.

The single most important thing they need to implement right now (to me at least) is trailing TP on web platform. I don't care if the web charting is limited, I trade naked but without a trailing TP, I missed out on quite some profit by closing too early.

Quoting havaiana
Does Lmax have tick charts on it's iPhone app?
  • #329
  • Nov 9, 2011 5:00pm Nov 9, 2011 5:00pm
Quoting Bleek
Spread on majors typically 1-2pips.

.


Spread for EUR/USD should be under 1 pip , no ?

At least that's what I have seen on most liquid currenex platforms...what about Marex black ?
  • #330
  • Nov 9, 2011 5:21pm Nov 9, 2011 5:21pm
What is a "trailing TP"?
  • #331
  • Nov 9, 2011 6:25pm Nov 9, 2011 6:25pm
Trailing take profit. Close the position if profit drops by certain amount of pips, if profit increases, the closing price increases, profit decreases, the closing price stays the same.

Quoting shrike
What is a "trailing TP"?
  • #332
  • Nov 10, 2011 3:13am Nov 10, 2011 3:13am
Quoting Cocoflanel
Spread for EUR/USD should be under 1 pip , no ?

At least that's what I have seen on most liquid currenex platforms...what about Marex black ?
EUR/USD is generally the most competitive and around or below 1 pip yes, but using a Currenex broker doesn't guarantee the lowest spreads available.
"I made all my money by selling too soon"
  • #333
  • Nov 10, 2011 3:14am Nov 10, 2011 3:14am
Quoting jeff_b
Trailing take profit. Close the position if profit drops by certain amount of pips, if profit increases, the closing price increases, profit decreases, the closing price stays the same.
I don't personally use (or like) trailing stops but from my quick play with Multicharts I believe it offers them.
"I made all my money by selling too soon"
  • #334
  • Nov 10, 2011 9:04am Nov 10, 2011 9:04am
I am currently integrating historical data into my trading client software. This is only a demo account, which means that the data may be different from live data but as you can see lmax delivers corrupted data, with some spikes in it (see picture).
Perhaps the problems in multicharts stem from the same source.
Attached Image (click to enlarge)
Click to Enlarge Name: LmaxCorruptedData.png Size: 100 KB
  • #335
  • Nov 10, 2011 3:48pm Nov 10, 2011 3:48pm
Opened and funded an account today. Took a few minutes and no wire fees, straight through debit cards. Have had accounts with Interactive brokers, fxcm, IG and Oanda. They are fast! You get the price quoted. Great that I don't have to keep 1000's in an account that pays no/ small interest. Oanda (even the best MM's play 'games') are good but I think LMAX just may be the broker that i've been looking for. Difficult to fault it, but early days. I even like the charts.
  • #336
  • Nov 10, 2011 4:06pm Nov 10, 2011 4:06pm
I noticed the same thing a few pages back. The web platform has these spikes on the moment they perform maintenance (10pm London time). They also display data on Sat and Sunday too which bothers me quite a bit because it causes gaps.

EDIT: also recently the real time P/L on the web platform lags too in relative to the real time charts. For example the price in real time chart may have moved down a pip but the P/L takes half a second later to update. They didn't have this glitch before.

Quoting m.m.m.
I am currently integrating historical data into my trading client software. This is only a demo account, which means that the data may be different from live data but as you can see lmax delivers corrupted data, with some spikes in it (see picture).
Perhaps the problems in multicharts stem from the same source.
  • #337
  • Edited 4:56pm Nov 10, 2011 4:52pm | Edited 4:56pm
Quoting Jfk
Opened and funded an account today. Took a few minutes and no wire fees, straight through debit cards. Have had accounts with Interactive brokers, fxcm, IG and Oanda. They are fast! You get the price quoted. Great that I don't have to keep 1000's in an account that pays no/ small interest. Oanda (even the best MM's play 'games') are good but I think LMAX just may be the broker that i've been looking for. Difficult to fault it, but early days. I even like the charts.
I just opened an account yesterday.

Cons
-Platform is rubbish
-commission is high

Pros
Execution is amazing!
Spreads are excellent
Execution is amazing! (this needs to be said twice because it is that good)

Platform not important, can use a different brokers platform or a charting package.
Execution and spread more than make up for the high commission if you trade with momentum like i do.

I've used pepperstone, mbtrading, gomarkets, igmarkets and cmc. Nothing comes close to this execution. And only pepperstone and mbtrading are competitive with spreads/commission.

I have officially joined the revolution

The only thing i find slightly annoying is no charts on the iphone. It's too slow to use another app for charts because everytime you switch to another app and then switch back again, lmax logs you out and you need to log in again.

If there is an lmax rep listening, please add a tick chart to the iphone app and i will be yours forever (or maybe until i have enough $ for institutional).
Thanks

edit: one more thing, AUD currency accounts please
  • #338
  • Nov 10, 2011 4:58pm Nov 10, 2011 4:58pm
Quoting havaiana
It's too slow to use another app for charts because everytime you switch to another app and then switch back again, lmax logs you out and you need to log in again.

So if you go to another window, for example a browser window, they log you out or is it only when you switch to another standalone app ?

Is this for the webapplication or the standalone app ?
  • #339
  • Nov 10, 2011 5:08pm Nov 10, 2011 5:08pm
Quoting Cocoflanel
So if you go to another window, for example a browser window, they log you out or is it only when you switch to another standalone app ?

Is this for the webapplication or the standalone app ?
Only the LMAX iphone app. If you leave the app to do anything, even if you leave it open, it will log you out. Not sure why, none of the other brokers' apps log me out when i do this.

This is only the iphone app, no problems with the webplatform
  • #340
  • Nov 10, 2011 5:28pm Nov 10, 2011 5:28pm
Quoting havaiana
Only the LMAX iphone app. If you leave the app to do anything, even if you leave it open, it will log you out. Not sure why, none of the other brokers' apps log me out when i do this.

This is only the iphone app, no problems with the webplatform

Did you notify LMAX about this issue ?
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