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Best FX broker for scalping - pro traders opinion only pls

  • #41
  • Jan 12, 2012 5:29am Jan 12, 2012 5:29am
Quoting Igrach
Thanks rooicol,

... 0 pips for min stop loss....
Vantage FX has min stop loss distance as 3 pips
  • #42
  • Jan 12, 2012 7:52am Jan 12, 2012 7:52am
That's why we are not with Vantage.co.uk there any longer.

As feedback for them, they are extremely reliable about deposits/withdrawals, nice and fast windows VPS even though I would wish a little bit faster execution times for our orders. They also offer a huge leverage of 1:500 for accounts of up to €20,000, which is nice for a UK regulated broker.

We shall try ATC now, if they disappoint, we are going back to Vantage, I guess. The problem with the 3 PIP distance is that we need to set a trailing SL of 1 PIP - we are gonna change the algorithm to use market orders instead.

Anyway, any feedback on ATC about slippage on limit orders on live accounts?

EDIT: Vantage though do offer the tightest spread for orders as small as 0,01. This makes us doubt if they are a real STP broker - any info on that?
  • #43
  • Jan 12, 2012 7:59am Jan 12, 2012 7:59am
Vantage FX eurusd spreads are not great:

http://www.fxintel.com/live/
  • #44
  • Jan 12, 2012 9:56am Jan 12, 2012 9:56am
I use MB Trading, Alpari Uk and FX PRO... The spreads are great (I do scalp trading too..) no problem with execution and withdrawal...
  • #45
  • Jan 12, 2012 10:16am Jan 12, 2012 10:16am
Quoting adianto
I use MB Trading, Alpari Uk and FX PRO... The spreads are great (I do scalp trading too..) no problem with execution and withdrawal...
What is the max leverage for $20-$30K accounts and if you use limit orders, do they exec them at the limits as a rule in normal market conditions? Which account types are you using with them?
  • #46
  • Jan 12, 2012 10:32am Jan 12, 2012 10:32am
Quoting rooicol
Here is the 1997-2004 version, .xls, How is that?
Hey dude, thatīs great work, thanks for sharing.
Quant Hedge Fund CEO
  • #47
  • Jan 12, 2012 1:33pm Jan 12, 2012 1:33pm
Quoting Igrach
What is the max leverage for $20-$30K accounts and if you use limit orders, do they exec them at the limits as a rule in normal market conditions? Which account types are you using with them?
Limit orders? no limitation...
I am not US citizen, so for these three brokers I have 1:100 Leverage. For alpari I open for mini and micro account because I want a fixed spread on a certain pairs to scalp and just test a new aggressive scalp system that I have.

My main accounts are MB trading and FX pro, I use standard (personal) account on these two.

On FX pro I have no problem put 22 Lot ($22 K) on a single trade even if I scalp it...

on MB trading when I try to put more than 20 Lot ($20 K) on a single trade, they give me a various entry points (multiple entry points), when I try to contact them about this issue, they told me that it depends on the market liquidation (supply and demands). the exit give me various exit points also.

Hope this helps...

By the way, I'll be thankful if anybody give me some information/share about the more reliable brokers that always give a better execution ...
  • #48
  • Jan 12, 2012 3:47pm Jan 12, 2012 3:47pm
If you trade on fixed spreads, your wins are broker's losses and vice versa. Logically, if you happen to be a long-term winner, your broker won't like you and will seek any opportunity to "help" you lose your bankroll...

The biggest problem we are currently facing is to figure out whether a broker, who pretends to be an SPT/ECN broker, really is or not.

I was told that any broker who manages to fill most of your limit trades at the limits you have specified is actually not routing them to his liquidity providers even though he argues to be a pure STP broker.

Does any one know if there is a chance that Vantage is not an STP broker?
  • #49
  • Jan 12, 2012 4:50pm Jan 12, 2012 4:50pm
I guess the real issue is not the limit orders, but the stop orders - if a broker constantly refuses to fill you at your predetermined stop levels, you have a serious problem. Better miss an opportunity than have your account wiped out during NFP, for example.
As for your question, any broker that has a requirement for a certain distance from market price for stop and limit orders is not an ECN. They just pretend to be.
  • #50
  • Jan 12, 2012 6:18pm Jan 12, 2012 6:18pm
I never use stop orders, but I use limit orders a lot. Sometimes I do scalp, but never news announcement trading (NFP report etc.) I have 5 accounts on MB trading, 5 Accounts on FX pro (they give us the chance to open more than 1 account) and 1 account on Alpari UK.

I don't have any problems on witdrawals on these three brokers...

Attached Image (click to enlarge)
Click to Enlarge Name: Broker.JPG Size: 130 KB


If you have doubts on these three brokers, I suggest you follow FXMAsterMind at the first post using dukascopy,Oanda,Interactive brokers and MB trading....

for me... as long as I don't have problems with my brokers, I'll keep using it....
  • #51
  • Jan 13, 2012 2:20am Jan 13, 2012 2:20am
Quoting freelancer
As for your question, any broker that has a requirement for a certain distance from market price for stop and limit orders is not an ECN. They just pretend to be.
How is then possible that VantageFX.co.uk are regulated in the UK and then they are allowed to post false information on their site: pretending to be an STP broker but using Dealing desk? What is the FSA doing?
  • #52
  • Jan 13, 2012 3:33am Jan 13, 2012 3:33am
Quoting freelancer
As for your question, any broker that has a requirement for a certain distance from market price for stop and limit orders is not an ECN. They just pretend to be.
You are completely right. The real ECN brokers allow and even encourage you to place limit orders inside the spread. Thus they are able to provide the rest of their clients with tighter spreads and deeper liquidity.

Igrach, if you are looking for real ECN broker, you can open an account with Interactive brokers or go for a Currenex account.
  • #53
  • Jan 13, 2012 6:10am Jan 13, 2012 6:10am
Quoting systray
You are completely right. The real ECN brokers allow and even encourage you to place limit orders inside the spread. Thus they are able to provide the rest of their clients with tighter spreads and deeper liquidity.
This seems quite logical for ECN brokers but is it valid for STP brokers?

Quoting systray
Igrach, if you are looking for real ECN broker, you can open an account with Interactive brokers or go for a Currenex account.
Thanks systray, problem is that I need leverage of at least 200:1 and Metatrader 4, as I would not waste time to reprogram the strategy for e new API... I think I will stick with ATC for now.
  • #54
  • Jan 13, 2012 2:46pm Jan 13, 2012 2:46pm
Quoting Igrach
If you trade on fixed spreads, your wins are broker's losses and vice versa. Logically, if you happen to be a long-term winner, your broker won't like you and will seek any opportunity to "help" you lose your bankroll...

The biggest problem we are currently facing is to figure out whether a broker, who pretends to be an SPT/ECN broker, really is or not.

I was told that any broker who manages to fill most of your limit trades at the limits you have specified is actually not routing them to his liquidity providers even though he argues to...
You are absolutely right - but does it matter?

I recently started trading with Pepperstone FX, i'm not sure if they really route the orders to integral or not. We don't know it.

However - at the end of the day it does not matter for me what they do with the orders in the background, as long as the operation is running normally. That's why I don't see any issues with trading with a Market Maker - as long as everything works well which it usually does
Forex is a losers game.
  • #55
  • Jan 13, 2012 3:12pm Jan 13, 2012 3:12pm
If just using 1 broker, i'd use IB, assuming you aren't a piker in size. Commissions are only steep if your on the low end for size, it seems.

Can't beat the spread and execution in currencies. Can trade any size you want. Can trade any market. Java-based platform sucks, but just hook it in with some software like Sierra or NT and your good-to-go for fast scalping. I use it with Sierra and chart trade very fast and efficiently, and have had zero issues.

If you are trading small size (less than 1 standard lot), id just stick with one of the forex buckets until you grow, like oanda or something. Or trade futures and enjoy better p.a.
  • #56
  • Jan 14, 2012 2:42am Jan 14, 2012 2:42am
Quoting trader121
However - at the end of the day it does not matter for me what they do with the orders in the background, as long as the operation is running normally. That's why I don't see any issues with trading with a Market Maker - as long as everything works well which it usually does
I agree with you, especially if you have a non-scalping strategy going for profits of 10 pips or more.

Our strategy is not the usual scalping but nevertheless couple of pips can sometime make a huge difference in our performance. And if our broker is dealing against us, it is easy for him to understand how our strategy works, hence easy to spot opportunities to screw us.

I have even heard of brokers asking traders to leave because of being too profitable
  • #57
  • Jan 15, 2012 7:51am Jan 15, 2012 7:51am
Quoting Xmen2
because of US regulation, you can check the regulation at "http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/2010-21729a.pdf", search for "Requirement to close out offsetting positions"
Yes stupid rule and they also have another one called FIFO or first in first out.
I got caught up by that one the other day when the pound crashed.

I followed the GBP all the way down to the bottom taking long positions as it fell.
When it rebounded I wanted to close the trades that had the biggest profit
so I right clicked on my last trade and selected close but that trade didn't close, a different one did.
At first I thought that I must have clicked on the wrong trade but it happened again and again.
My broker kept on closing my earlier trades.

When I realised what was hapenning I stopped taking profit and waited
till all trades became profitable but I lost approx 140 pips as a result of this rule.
Have a nice day
  • #58
  • Jan 15, 2012 8:25am Jan 15, 2012 8:25am
Quoting billv
Yes stupid rule and they also have another one called FIFO or first in first out.
I got caught up by that one the other day when the pound crashed.

I followed the GBP all the way down to the bottom taking long positions as it fell.
When it rebounded I wanted to close the trades that had the biggest profit
so I right clicked on my last trade and selected close but that trade didn't close, a different one did.
At first I thought that I must have clicked on the wrong trade but it happened again and again.
My broker kept on closing my earlier...
This rule is a pain in the arse I agree and I do not support it, but it will not make a difference to your profit or loss. Whether you close your oldest or newest order first makes no difference to your net position. In fact this is the reason I was given as to why they introduced the rule because newbie traders are fooled by multiple positions in terms of their true exposure and can not properly manage their risk.
  • #59
  • Jan 15, 2012 11:49am Jan 15, 2012 11:49am
Quoting Agro
This rule is a pain in the arse I agree and I do not support it, but it will not make a difference to your profit or loss. Whether you close your oldest or newest order first makes no difference to your net position. In fact this is the reason I was given as to why they introduced the rule because newbie traders are fooled by multiple positions in terms of their true exposure and can not properly manage their risk.
Exactly... the rule makes no difference. People bitching about FIFO fail to understand exposure, risk, and accounting purposes.

If anything, psychology speaking, FIFO actually helps you (indirectly)... Once you break away from trying to get the good feeling of realizing gains while letting losses run (to avoid the pain of realizing the loss,) it becomes a lot easier to manage risk.

Not to mention that there's so many forex funds out there that advertise outstanding profits but keep underwater positions till they recover or eventually blow up... I think nearly everyone here can come up with examples from places like myfxbook where a "200%+" system is sitting with only ~50% account equity thanks to open positions. FIFO accounting puts a stop to that junk as well.
FXGears.com
  • #60
  • Jan 16, 2012 10:28pm Jan 16, 2012 10:28pm
US Residents may not sign up with a broker outside the US and therefore also cannot have a leverage greater than 50:1. Thank you CFTC!

I know it's not listed but I favor FXCM as they have never traded against me and their MT4 platform allows to trade within the spread.
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