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Oanda vs. MBT FREE EXN

Quoting QuadrupleX
Lets say that I believe in what you are saying. I don't mean to be rude or discredit you. But in forums you always have to play with the possibility that people are BSing.

Ok assuming you are really a hard core scalper as you say, I would agree that sub-pip spread discrepancies would affect your bottom line, no doubt about it.

Now according to my experience and what I read around, no broker will let you play this game very long. Platform instabilities and other tricks will make you give back all you earned. Mid to long term you will end up losing....
That was actually why I started the thread, to see if people had experienced "issues" that suddenly led to losses after they raised their funds with either broker. Obviously, the old school game for FX was for the desk to give you good executions until you put more money with them, and then they would "slip" you 100 pips on "news" to take your money. They were in it for the long haul. I have a friend in an arbitration with FXCM because essentially that happened. But the world has changed and regulation is tougher, and I think these two brokers do not play these games. Funny thing is, the people that seem to have bigger funds with either of these brokers seem to only want to discuss in private.
Quoting QuadrupleX
Lets say that I believe in what you are saying. I don't mean to be rude or discredit you. But in forums you always have to play with the possibility that people are BSing.

Ok assuming you are really a hard core scalper as you say, I would agree that sub-pip spread discrepancies would affect your bottom line, no doubt about it.

Now according to my experience and what I read around, no broker will let you play this game very long. Platform instabilities and other tricks will make you give back all you earned. Mid to long term you will end up losing....
By the way Quadruplex, I didn't mean to imply that you were the idiot. It's the other guy. Hope that was clear. ;-)
As someone who recently spent time looking into Oanda and MBT as my possible live account brokers, I found that there's a lot of noise, especially on forums, about which broker is better, so it's really tough for someone coming into this to know what's what.

Now I am pretty sure we can all agree that all brokers have their share of problems, as have already been pointed out here, so in that sense, you're probably going to find just as many cons as you'll find pros for any given broker. I take those with a grain of salt just because it's the Internet.

What I found to be helpful towards making a good decision was the main MB Trading thread here in the broker discussion section of FF. It is one of the longest running threads on the site and (to me) offers some good insight about the good and bad of MB, but, more importantly, how they deal with things. There are reps from MB active on that thread who (again, in my opinion) seem to be pretty open and willing to address whatever issues are brought to their attention in a public forum.

Anyway, fwiw, that was one place that helped me make my choice and so far, albeit not a huge amount of time and trading with them, I've experienced no major issues or reasons to say they suck. But having been in this quest for a broker recently, I thought I'd post my thoughts as other newcomers might find it helpful when evaluating brokers - MBT in particular.
I started as a scalper but payed dearly for it! Scripts can execute a lot more efficiently than humans but the brokers can play tricks beyond any code.

Any strategy that works in the 20 to 50 pips range per session ( London/NY) is a good one in my opinion.

Anything beyond 10 or 15 pips put you in advantage against your broker. You start to trade really cheap even with some 3 pip spread brokers.

I would also advise a second broker for hedging in case your broker decides to play hard ball and lock you out the platform for long periods.
I trade with Oanda and I think they do their job just fine. I would like to try mbt but they dont allow applications where I come from.
Quoting Atc
from an old post of my ...very happy left mbtrading...they suck
Very happy I use them...they rock.
Quoting fxreporter
So let me get this straight. I started this thread on February 11. You joined ForexFactory on February 20, you live in Afghanistan, you can't spell, your other posts seem to favor some company called Armada that I'm quite sure no one in their right mind would want to use, but you have something to offer this conversation?

I'm starting to think the other posters are correct, these boards should be renamed to FXBuffoonVille or something.

Amen
Quoting fxstevyboy
Amen
It's funny watching the conversation over on MB's main thread. It's like people can't believe the spreads and are so sure they won't last.
Quoting zznbrm
Congratulations....you are now in the lead for the most ridiculous statement of the month.
No kidding. That is ridiculous, nothing on the page like that.
I got the most amazing fills today on MB with FREE EXN, even on news. Very impressed.
Quoting systray
Hi Doug,

I disagree with you. Here is Oanda vs MB trading comparison. Oanda average spread for the last 24 hours is just 0.1 pip wider and Oanda max spread is even tighter.
Compare eurusd.... MBT Free exn averages around 0.7-0.8 during london session, Oanda 1.2...
I wonder how many of the traders/investors who bitch about their brokers ... actually have the skills to consistently profit from trading.

Otherwise, it's all pretty fucking moot, isn't it?

Only SCALPERS should be concerned with trivial shit like spread and commission.

How to successfully enter and profit from trades consistently is what people should be focused on ... not the miniscule differences in the prices that whatever brokers are being offered.

For someone who holds trades from anywhere from a day to an entire week, and sets targets 200-600 pips away from entry, I couldn't care less about spread, commission, or even slippage to be quite honest.

Rollover is the only thing close to being a concern ... and even then, I'm getting paid that half of the time, and oh yeah ... I really don't even give a shit either way.

You see, I'm usually concerned about exiting with 400 pips in the bank instead of losing out on 150. What matters is that I make successful trades and earn $$$ ... not those tiny cockroach numbers.

As far as broker's go, there's only ONE thing that a competent, consistently profitable trader should be concerned with:

That your broker is not losing when you gain, and vice versa.

Period.

Because assuming your end game is to earn a fortune, then that's the only thing that even matters.

Otherwise, you're just wasting your time anyway.

And BTW, why SHOULDN'T the broker take some of the dough that I make? They're providing the service, the platform ... I would gladly fork over a tiny percentage of my earnings if it means I'm trading with a reputable, highly-regulated, and established broker who ISN'T on the other side of my trades.

I'm much more concerned with how much Black Hussein Osama is trying to take from my fucking pocket than my fucking broker. I'm way more pissed off about forking over 30% of my earnings to the FUCKING government so they can piss it away like the cocksuckers that they are ... than the half a fucking pip per trade that I'm paying to my broker. Go figure.

I find it hilarious how so many so-called traders bitch about the miniscule differences in broker fees and shit ... when they're only months away from blowing their accounts anyway, on account of their inability to even TRADE.

It's like losing sleep because you tipped too much at a restaurant or paid for slightly overpriced gasoline ... when you should be worried about your credit card debt and student loan payments.

Wisdom.

Most people are in dire need of some.
Hi

I am with Oanda, I started with 5k blown, my mistake only , rookie trader
Added 10k
Added 20k to maintain position
Added 10k to maintain position

Withdraw 10k as position managed.

Now my a/c is 54k with 22k profit.

I am scalper now and trade 10-50 pips max, 10 pips a day I try for
500$ per week is target.

Thank god , I am consistently doing that from last 2 months
except last week where I end up break even and this week target is lagging 150$, I will not run for it if I see a trade I put.


I don't know MBT so cannot comment

Oanda Plus
1) You can close trade on weekends or put trade on weekends, Big big plus if very big news happend over weekend and you follow news on weekend. Like Osama killed,terrorist activity,isarel atatck iran,china cut crr etc, you can manage trade and even gain
2) I like oanda Iphone application
3) I use fxtrade for trading, MT4 demo for charts

Oanda Negative
1) Connectivity issues during new, I don't trade big news, NFP specially.
2) big spreads, news time
3) They are mm so have to be careful if putting trade during less liquidity.
I've never had connectivity issues with oanda. Even during news. Every single week, the platform never disconnects. This is on both the practice and live platform.

I live in the Washington, DC area, so maybe that's why?
Quoting coolkaps4u
Oanda Plus
1) You can close trade on weekends or put trade on weekends, Big big plus if very big news happend over weekend and you follow news on weekend. Like Osama killed,terrorist activity,isarel atatck iran,china cut crr etc, you can manage trade and even gain
Even if during the week you would know the outcome of news 15 minutes before the release, you still would not know how the currency would react on it.
That makes news trading over the weekend a complete gamble.
New voice message: Why are you calling me? If I need you, I'll call you!
Quoting KillerWhale
Even if during the week you would know the outcome of news 15 minutes before the release, you still would not know how the currency would react on it.
That makes news trading over the weekend a complete gamble.
And even if you would know the direction that the currency would take, you still would not know if it would be a spike that fades away in 2 hours or a move that stays for a while.
New voice message: Why are you calling me? If I need you, I'll call you!
True, some big news are still trade able even a spike is good to book profit
Like china cut CRR over the weekend, AUD rose , it was a good 40-50 pips in pocket

Some news are for safe heaven so USD benefit

I still remember NZD e.quake, I shorted NZD to make some good profit

I agree not all the news can make directions, I am just pointing additional benefit.
@fxreporter
Have you settled for either broker? What have been your experiences since you first started the thread?

I am new to forex and doing my research on first broker.

Last time I thought out something as long was when I was going to get married...

Got married, have kids, and very happy... hope to get same results here... get broker, get rich, be happier.

Thank you and much success to you.
Quoting 4x3r
@fxreporter
Have you settled for either broker? What have been your experiences since you first started the thread?

I am new to forex and doing my research on first broker.

Last time I thought out something as long was when I was going to get married...

Got married, have kids, and very happy... hope to get same results here... get broker, get rich, be happier.

Thank you and much success to you.
I ended up going with MB Trading using their Desktop Pro software and am glad that I did. Very powerful, no issues of consequence (had to log out and back in once to fix a server connection). Everything is speedy and I couldn't be more happy. I'm on their Pay For Limits system, and it suits my trading style better net-net. I think most people that have issues with MBT are either too far away from their server (get a VPS), haven't taken a webinar on how to use the power of their platform, or are playing with MT4, which, I have learned to avoid.

By the way, I originally was looking at the FREE EXN option, but after a lot of careful testing, I figured out that the other was better for me.
Quoting fxreporter
I ended up going with MB Trading using their Desktop Pro software and am glad that I did. Very powerful, no issues of consequence (had to log out and back in once to fix a server connection). Everything is speedy and I couldn't be more happy. I'm on their Pay For Limits system, and it suits my trading style better net-net. I think most people that have issues with MBT are either too far away from their server (get a VPS), haven't taken a webinar on how to use the power of their platform, or are playing with MT4, which, I have learned to avoid....
I'm testing Alpari's UK ECN demo account with MT5. This is my first experience with any type of demo or forex software, actually this is my second day on training wheels.

I just browsed MBT's Desktop Pro screenshots, and it does look more intuitive and straight forward than MT5.

I'm also more inclined on the tighter spreads of Pay For Limits plan from MBT.

I want to concentrate on Alpari's demo for now, mostly on getting my feet wet with executions, P/L, margin and all. Giving it a fair shot. After it expires I'm definitely trying MB.

Thanks for your more than helpful response.
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