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Best FX broker for scalping - pro traders opinion only pls

  • #61
  • Jan 17, 2012 2:57am Jan 17, 2012 2:57am
Quoting Jack_Larkin
Exactly... the rule makes no difference.
Yes sure try and convince me.
I clicked to close a trade which is +50 pips and the broker closes one which is -40 pips and improving and then closes one which is -30 pips and improving etc etc

Those -ve positions were going to become +ve if I held them long enough
and risk management is irellevant because we choose how much risk we're willing to take
Have a nice day
  • #62
  • Jan 17, 2012 3:20am Jan 17, 2012 3:20am
Quoting billv
Yes sure try and convince me.
I clicked to close a trade which is +50 pips and the broker closes one which is -40 pips and improving and then closes one which is -30 pips and improving etc etc

Those -ve positions were going to become +ve if I held them long enough
and risk management is irellevant because we choose how much risk we're willing to take
instead of having: +50 +50 +50, you will have: -40, -30, +220

in terms of $ profit there is no difference
  • #63
  • Jan 17, 2012 3:56am Jan 17, 2012 3:56am
Quoting rooicol
instead of having: +50 +50 +50, you will have: -40, -30, +220

in terms of $ profit there is no difference
We've highjacked the thread (sorry fxmastermind)
Those people who say there is no difference they fail to see that I would have banked the first +ve trade (+220 in your example) and would have waited........ (price is now bouncing back so my -ve positions are quickly turning less -ve)......... and I would also banked the other 2 trades as soon as they turned +ve or in the worst case when they were almost neutral
Have a nice day
  • #64
  • Jan 20, 2012 3:57am Jan 20, 2012 3:57am
Here's what happened to me yesterday:

Since the beginning of the year, I run two EA's: One at pepperstone, and one at a Market Maker.

Using the Market Maker, everything went well until this week. Suddenly in the last couple of days, the OrderClose function, which automatically closes all positions did not work anymore. No matter how many times I try, the orders could not been closed by the EA. However, manually I could close positions without problems. Yesterday, the whole thing went south and I lost 5k because the orders could not been closed automatically.

Now I realized that I was focusing on the wrong things when looking for a broker like leverage, cost etc. The most important thing when it comes to automatic trading is platform reliablility.
Forex is a losers game.
  • #65
  • Jan 20, 2012 6:00am Jan 20, 2012 6:00am
Quoting trader121
Here's what happened to me yesterday:
Since the beginning of the year, I run two EA's: One at pepperstone, and one at a Market Maker.
Now I realized that I was focusing on the wrong things when looking for a broker like leverage, cost etc. The most important thing when it comes to automatic trading is platform reliablility.
Very true, I was looking for low spreads as well and signed up with pepperstone. Have you experienced disconnections with them recently?
I never had any issues until now. In the last couple of days it was very bad, today we had several disconnections and for more than a minute at a time. I didn't lose money because the market was either going sideways or was moving in my favour but it is a worry because I scalp a lot so I could have lost money
Have a nice day
  • #66
  • Jan 20, 2012 6:29am Jan 20, 2012 6:29am
Yes I had disconnections with Pepperstone, today also. However, for me it has not yet been a problem, since the MT4 EA's retain their status if a disconnect happens. It might be a problem if a disconnect occurs and at the same time an automatic order is sent, which never happened to me since the EA trades only occasionally. With pepperstone, so far the execution of the trades happens instantly and reliable, not as with the Market Maker.

I'm not sure why pepperstone got those problems with the disconnections, since the process of operating a MT4 Infrastructure is pretty straigtforward. It's not rocket science.

I guess it is because they are relatively new in the market and had grown at an explosive rate. We should give them the time to fix their problems, sure it will be worth it
Forex is a losers game.
  • #67
  • Jan 20, 2012 7:13am Jan 20, 2012 7:13am
Quoting trader121
We should give them the time to fix their problems, sure it will be worth it
Sure, I'll give them time, there aren't better options out there anyway
Have a nice day
  • #68
  • Jan 26, 2012 6:36pm Jan 26, 2012 6:36pm
I can't believe you left out the best broker for scalping : www.lmaxtrader.co.uk


The ONLY forex regulated EXCHANGE in the universe..
  • #69
  • Jan 27, 2012 12:21am Jan 27, 2012 12:21am
Quoting Cocoflanel
I can't believe you left out the best broker for scalping : www.lmaxtrader.co.uk


The ONLY forex regulated EXCHANGE in the universe..
Cocco mate

How do you find their service and their charges?
Are you trading FX?
I opened a demo account but I didn't have time to try them out
Have a nice day
  • #70
  • Jan 27, 2012 3:57am Jan 27, 2012 3:57am
Quoting billv
Cocco mate

How do you find their service and their charges?
Are you trading FX?
I opened a demo account but I didn't have time to try them out

I found them here



http://www.forexfactory.com/showthread.php?t=266866
  • #71
  • Feb 15, 2012 3:09pm Feb 15, 2012 3:09pm
Just found this thread.

Changing in the next days from Oanda to Dukascopy
so i will vote later..

At the moment.

Oanda spread carved in stone 1.8 pips.

Dukas spread 0.7-0.9 sometimes 1.0 pips.
How to opt out annoying user signatures ??
  • #72
  • Feb 15, 2012 3:12pm Feb 15, 2012 3:12pm
Quoting Toranaga
Just found this thread.

Changing in the next days from Oanda to Dukascopy
so i will vote later..

At the moment.

Oanda spread carved in stone 1.8 pips.

Dukas spread 0.7-0.9 sometimes 1.0 pips.
For EUR/USD?

After 4pm it goes up a bit to ~1.8, yes, but during the main NYC session it's usually 1.2 pips.
Huge difference, to be fair.
FXGears.com
  • #73
  • Feb 15, 2012 3:39pm Feb 15, 2012 3:39pm
Thats the reason i said at the moment.

But, youre right, thought i should point that out more.

And yes, Oanda has usually about 1.2 pips in the main time.
But, you can also see 1.4 oftener that the promised 0.8

Dukas 0.6-1.2 in the same time, as i know at the moment.
Bias smaller.

But at Dukas are the commissions the clue.
You cant start there with 200$ and 48 $ per 1 mill. comm..
How to opt out annoying user signatures ??
  • #74
  • Feb 15, 2012 3:42pm Feb 15, 2012 3:42pm
And to be fair, fxTrade is the BEST scalp Platform i ever saw.
Fast and has all you need. The one klick system is great.
They handle even the News trades fast.

Had a 4 Days search to 'upgrade' Dukas JForex to the same Level
with 3rd party scripts.

also nice but i still miss fxTrade
How to opt out annoying user signatures ??
  • #75
  • Feb 15, 2012 3:53pm Feb 15, 2012 3:53pm
Quoting Toranaga
Thats the reason i said at the moment.

But, youre right, thought i should point that out more.

And yes, Oanda has usually about 1.2 pips in the main time.
But, you can also see 1.4 oftener that the promised 0.8

Dukas 0.6-1.2 in the same time, as i know at the moment.
Bias smaller.

But at Dukas are the commissions the clue.
You cant start there with 200$ and 48 $ per 1 mill. comm..
Yeah, but you always have to look at it from a total cost point of view:

Spread + Commissions calculated to a pip value + average slippage if any = total cost per lot turn

Dukas:

0.8 (average during NYC/London overlap session) + 0.48 (base level) + 0.05 (from my account stats with them) = 1.33 pips total cost.


Oanda:

1.2 (same period as above) + 0 + 0.02 (again, from my account with them) = 1.22 total cost.

EDIT: I should point out that slippage on fxTrade is nearly non-existent... I just have to put 0.02 since my account stats say it, and the slippage was from using MT4 and MT4 based trailing stops that aren't executed the same way as fxTrade.

So during the active sessions Oanda tends to be slightly cheaper overall, and the only way even things out would be to get a better commission level at Dukas (really not hard to do, 10 million in volume is nothing for a level where you're on par with Oanda in total cost terms.. or just deposit a decent size.)

Dukas has a better overall cost during some slightly less liquid times (when oanda switches to 1.8 pips spread on EUR/USD) but to be fair about it, the time has less liquidity for a reason and short term traders usually get chopped up or bored during that time anyhow.

Understand, I actively recommend BOTH brokers (check my post history.) I'm suggesting you be fair and clear and not post information that's misleading or untrue.
FXGears.com
  • #76
  • Feb 15, 2012 4:51pm Feb 15, 2012 4:51pm
Great post. Good analysis.


Quote
I'm suggesting you be fair and clear and not post information that's misleading or untrue.
Why do you suggest that ?

Did not posted anything what was misleading (or untrue)
only pointed it out and yes it was one sided.

That are the reasons why i switch.


That what you have written is a deeper analysis that complements my thoughts.

Dukas 0.8 (average during NYC/London overlap session)
true

Oanda 1.2 (same period as above)
could be, but more felt 1.4 (still having in the head the 0.8 promised)

I should point out that slippage on fxTrade is nearly non-existent...
O. true, cant say nothing about Dukas, Demo at the Time.
Also O. execution time. You klick it you get it. Market Order.

and the slippage was from using MT4 and MT4 based trailing stops that aren't executed the same way as fxTrade.
you deserve being punished using MT4 with Oanda.

and the only way even things out would be to get a better commission level at Dukas (really not hard to do, 10 million in volume is nothing for a level where you're on par with Oanda in total cost terms.. or just deposit a decent size.)
thats about. Amount of $$ (or €..)

Dukas has a better overall cost during some slightly less liquid times (when oanda switches to 1.8 pips spread on EUR/USD) but to be fair about it, the time has less liquidity for a reason and short term traders usually get chopped up or bored during that time anyhow.
yes, but the M1 chart behavior is much more subtler and dedicated if you are a scalper who closes positions in 30 sec. to 2 min. I can do (on Demo) much better fast moves on JForex than on fxTrade. It is so.

So both have advantages and disadvantages.I would say, Oanda as a MM is one of the best brokers.
I love Oanda. Afterwards seen, i firstly started trading Forex with Oanda.
my luck. Without O. i think i would fail and stoped trading Forex while ago.

And they can compete easily with a ECN. But, the better Data Stream (ecn)
and the amount of $$ (or €) you have is the key.
and what volume and success do you have.

Quote
Understand, I actively recommend BOTH brokers (check my post history.)
Me too. But without huge Volume No need for a Ecn..
How to opt out annoying user signatures ??
  • #77
  • Feb 15, 2012 5:58pm Feb 15, 2012 5:58pm
Quoting Jack_Larkin
Dukas:

0.8 (average during NYC/London overlap session) + 0.48 (base level) + 0.05 (from my account stats with them) = 1.33 pips total cost.
If you want to compare to an all-in qute like Oanda, you need to calculate 2x commission (since we compare round-turn) and account for quote-ccy (in eur/usd).

2 x 0.48 x 1.3050 = ~1.25 pips in commissions alone, plus what ever spread.
  • #78
  • Feb 15, 2012 6:03pm Feb 15, 2012 6:03pm
I think he compared the RT commission..
How to opt out annoying user signatures ??
  • #79
  • Feb 15, 2012 6:07pm Feb 15, 2012 6:07pm
I forgot.
i calculate the commissions NOW
over a Molecule6 Introducing Agent.
They are pretty friendly and 45 % back nice
How to opt out annoying user signatures ??
  • #80
  • Feb 15, 2012 6:34pm Feb 15, 2012 6:34pm
If you get 45% back from those 0.48, its still 0.31 per side, which comes out at 0.8 pips per roundturn in Eur/Usd in commissions.
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