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LMAX = revolution?!?

  • #601
  • Jan 23, 2012 2:00am Jan 23, 2012 2:00am
Checked their data feed the other day and seems like they have ironed out the spikes.

No need to subscribe to their Multicharts. Do a search for Multicharts DT and download the platform. It's a free basic version of MC and you can just plug the lmax data feed in (live or demo). Manually input the symbols and you are away.

Fastbrokers seem fine also but their commisions for futures is a bum deal (but still cheaper than lmax forex spreads if you want to trade currency futures).
  • #602
  • Jan 23, 2012 2:08am Jan 23, 2012 2:08am
Pork: i didnt confirm, but i think its very likely that you will have to pay api fees (or trade more than 250 contracts) for that, if you want to use it for livetrading - since Multicharts connects through their api.
  • #603
  • Jan 25, 2012 2:01am Jan 25, 2012 2:01am
Quoting shrike
Pork: i didnt confirm, but i think its very likely that you will have to pay api fees (or trade more than 250 contracts) for that, if you want to use it for livetrading - since Multicharts connects through their api.
Yes you are probably right, makes sense. Thanks
  • #604
  • Jan 25, 2012 2:38am Jan 25, 2012 2:38am
Quoting Porkpie
Yes you are probably right, makes sense. Thanks
I've got MC DT (latest build) working well with both MBTX and LMAX (test api). Difference is that MB is FREE to connect to MT and trade live. It's unfortunate that lmax cannot offer this, which would make business sense, in my opinion. I've decided, I don't want to have to deposit $5000 into an account and be under an obligation to trade a set amount each month. The fx broker market is competitive and it seems to me lmax is missing a trick here. If you have your own version of MC or want to use MC DT then lmax should allow this without strings. MB's pay for limits, microlot sizing and free api access has won me over for the time being.
  • #605
  • Jan 25, 2012 2:58am Jan 25, 2012 2:58am
Any news about MT4-LMAX ? Feb in beta or live version ?
  • #606
  • Jan 25, 2012 6:14am Jan 25, 2012 6:14am
Does Multicharts has a mobile version ?
  • #607
  • Jan 25, 2012 6:43am Jan 25, 2012 6:43am
Did some searching. Armada Markets is the only broker using LMAX as a primary LP and through MT4. Website here: www.armadamarkets.com At least I have not found any others. Does it make sense at all to trade through LMAX? The problem with LMAX to me is that they only provide 1:100 leverage. A bit low.
  • #608
  • Jan 25, 2012 7:26am Jan 25, 2012 7:26am
Quoting Cocoflanel
Does Multicharts has a mobile version ?

No, but you can set alerts and have them sent via email (only prob is the platform would have to be running).
  • #609
  • Jan 26, 2012 1:14pm Jan 26, 2012 1:14pm
Armada Markets commission is also lower than LMAX @ $20 per million compared to £25. Many thanks for the link.

I feel there really is a revolution going on here - how can the retail bucket shops compete?

Mark
  • #610
  • Jan 26, 2012 2:09pm Jan 26, 2012 2:09pm
Quoting Middleton
Did some searching. Armada Markets is the only broker using LMAX as a primary LP and through MT4. Website here: www.armadamarkets.com At least I have not found any others. Does it make sense at all to trade through LMAX? The problem with LMAX to me is that they only provide 1:100 leverage. A bit low.
I can't belive it, just wrote an e-mail to LMAX today that I do not use them because there leverage is too low and they should offer higher leverage, and now this!

They say they offer 500:1, are there any restrictions regarding that leverage for example Account Size, Trade size etc? If no, I got a new TOP broker soon...

EDIT: Yes the have restrictions on the leverage:
Classic account size Maximum leverage0 – 500 1:500 500 – 3000 1:200 3000 – 500 000 1:100 500 000 and over 1:50

A joke. It's basically 1:100, same as LMAX. So no TOP broker in any case... Any alternatives?
Forex is a losers game.
  • #611
  • Jan 26, 2012 4:38pm Jan 26, 2012 4:38pm
Why is leverage so important to you? 100:1 is more than enough, in fact 50:1 is more realistic and what I work with on Currenex.
"I made all my money by selling too soon"
  • #612
  • Jan 26, 2012 4:51pm Jan 26, 2012 4:51pm
Quoting Bleek
Why is leverage so important to you? 100:1 is more than enough, in fact 50:1 is more realistic and what I work with on Currenex.
My GBP/AUD Strategy requires with 400:1 18'500$.

At LMAX (100:1), the exactly same Strategy would require 70'100$.

So the difference is 70'100 - 18'500 = 51'600$, which is for me a big difference. Of course if someone has millions of dollars, it might not be an issue. For for a small retailer like me, it is.

So basically using the higher leverage, the money is much more efficiently used and the 51k can be used for other purpose.

Many people belive that a higher leverage is a bad thing or outright dangerous which it really isn't
Forex is a losers game.
  • #613
  • Jan 26, 2012 6:09pm Jan 26, 2012 6:09pm
Quoting MarkW1979
Armada Markets commission is also lower than LMAX @ $20 per million compared to £25. Many thanks for the link.

I feel there really is a revolution going on here - how can the retail bucket shops compete?

Mark

That's almost 30 % cheaper !
  • #614
  • Jan 27, 2012 9:05am Jan 27, 2012 9:05am
First impressions trading live with MBTUK (through Multicharts). I'm experiencing delays and slippage. Not good. I'll see what gives next week.
  • #615
  • Jan 27, 2012 11:31am Jan 27, 2012 11:31am
Quoting Cocoflanel
That's almost 30 % cheaper !
I followed some recommendations in this thread and after testing their demo opened today a real account with armadamarkets.com

The account opening process was quite interesting as they proposed using less leverage so that I wouldn't blow up my account. They also suggested opening the account with a small amount so that I get more comfortable trading with them. Seems they are in for a long run and act responsibly. Maube this is the new way after all?

Apparently this firm is run by some commodities prop traders from the US and Estonia. Skyped with a guy called Illimar there who seemed to have a swedish accent.
  • #616
  • Jan 27, 2012 6:18pm Jan 27, 2012 6:18pm
Quoting trader121
I can't belive it, just wrote an e-mail to LMAX today that I do not use them because there leverage is too low and they should offer higher leverage, and now this!

They say they offer 500:1, are there any restrictions regarding that leverage for example Account Size, Trade size etc? If no, I got a new TOP broker soon...

EDIT: Yes the have restrictions on the leverage:
Classic account size Maximum leverage0 – 500 1:500 500 – 3000 1:200 3000 – 500 000 1:100 500 000 and over 1:50

A joke. It's basically 1:100, same as LMAX. So no TOP broker...
How do you expect the broker to cover his a$$ if e.g. you are short USD/JPY on a 500:1 margin and the Bank of Japan intervenes and spikes the market up a few hundred pips in less than a second ? I hope you do not believe in guaranteed stops because they don't exist.
  • #617
  • Jan 27, 2012 6:59pm Jan 27, 2012 6:59pm
Quoting Traderlarry
How do you expect the broker to cover his a$$ if e.g. you are short USD/JPY on a 500:1 margin and the Bank of Japan intervenes and spikes the market up a few hundred pips in less than a second ? I hope you do not believe in guaranteed stops because they don't exist.
GSLOs do exist, I assure you of that. But most brokers don't actually offer them to you. They instead let the stop loss level trigger a market order to close your position and whatever market price you get depending on how badly you get slipped on the market order.

Some brokers do advertise GSLOs, mostly CFD brokers who offer it on individual stock CFDs (an example GSLO offering CFD broker would be CMC Markets)... but I don't think I've ever seen a broker offer GSLOs without an additional fee tagged along with setting your stop to guaranteed. They use the extra fee to buy an option as insurance on your position, or to pay a premium from an insurance company that specializes in financial risk.

Some just pocket the fee, but that quickly stops after their first big loss on a GSLO order...



EDIT: also, I have no clue if LMAX even offers any of this... this comment was completely unrelated to LMAX... I just thought I'd let people know that GSLOs do, in fact, exist.
FXGears.com
  • #618
  • Jan 28, 2012 4:39am Jan 28, 2012 4:39am
Quoting Traderlarry
How do you expect the broker to cover his a$$ if e.g. you are short USD/JPY on a 500:1 margin and the Bank of Japan intervenes and spikes the market up a few hundred pips in less than a second ? I hope you do not believe in guaranteed stops because they don't exist.
That's the brokers problem, not mine. Other brokers can do it.
Forex is a losers game.
  • #619
  • Edited 7:34am Jan 28, 2012 7:22am | Edited 7:34am
I know that some brokers offer guaranteed stop losses, e.g. IG Markets. But you have to pay a price for that and you have to be aware that such a thing does not exist in the real world, i.e.when trading directly on an exchange. and not trhough a bucket shop where the order is not always taken to the market.


Another "interesting" point with Armada is this:

"We Promote Zero Swap Policy
Armada Markets offers only rollover-free (also called swap-free or islamic) trading accounts. We do not charge swaps because swaps are usually an additional cost for a client. As we are traders ourselves then we want you to succeed.

Forex currency trading accounts that receive no rollover/no swap can be a good option for traders who employ long-term trading strategies, starting from holding trades longer than a day and up to a month or so, and who don’t want to pay rollover fees.

Rollover/swap free Forex accounts are also perfect for carry trade and hedging strategies where traders look to profit from holding currencies which earn positive rollover (with a broker that applies rollover/swaps) and at the same time look to offset any trading risks by hedging the same currency pair with another broker which applies no rollover fees.

So if you want, you can open a buy position with another brokerage company and earn positive swaps and open a sell position here at Armada Markets and we will not charge you any swaps. This way you will have a fully hedged position earning interest."



This actually would be a great strategy if it worked. There must be a catch. Are they really going to lend you a few 100ks for free ? lol
  • #620
  • Jan 28, 2012 11:21am Jan 28, 2012 11:21am
Quoting Traderlarry
I know that some brokers offer guaranteed stop losses, e.g. IG Markets. But you have to pay a price for that and you have to be aware that such a thing does not exist in the real world, i.e.when trading directly on an exchange. and not trhough a bucket shop where the order is not always taken to the market.


Another "interesting" point with Armada is this:

"[b]We Promote Zero Swap Policy
Armada Markets offers only rollover-free (also called swap-free or islamic) trading accounts. We do not charge swaps because swaps are usually an additional...

It's called interest arbitrage... It works but there's usually an extra fee for opening or closing positions in Islamic-style accounts. I'm not sure how Armada Markets charges for this.

Interest strategies like this are better used between two currency pairs within the same broker that have an extremely high correlation but net positive interest rollover between hedged positions. Most retail brokers, however, apply such a wide markup to swaps that such positions are impossible to make. This is really a strategy meant for institutional or large retail accounts where there's no (or very minimal) swap markup.
FXGears.com
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