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Scalpers favorite broker

  • #41
  • Oct 3, 2011 9:35am Oct 3, 2011 9:35am
I don't know why some here are implying that scalping = HFT.

Any day trader (be it a news trader, a TA trader, an EA trader, etc) can be a scalper. But not every scalper qualifies as a high frequency trader. HFT is within the realm of quantitative/algorithmic trading (which of course is mostly institutional).

Quoting cooltrader28
real scalping dont work with mt4
doesn't*

And you are correct. I always say that if you're a true scalper, you shouldn't be using that toy. It's more efficient to have your orders routed directly to your liquidity providers instead of having to go through the Metatrader system.
  • #42
  • Feb 3, 2012 3:56am Feb 3, 2012 3:56am
Quoting jafar00
nonono. You can't suggest market makers for scalping. ECN is the only choice for scalpers. Fast execution, low spreads and no funny business.
Good answer but I find STP and DMA models also good for scalping,
market makers are totally out of the question in my opinion.
Bulls are stupid Animals!especially when Im short!
  • #43
  • Feb 3, 2012 3:27pm Feb 3, 2012 3:27pm
Quoting roughtrader
Good answer but I find STP and DMA models also good for scalping
STP and DMA are not contradictory to ECN.

STP is just an order processing technology (with no dealing desk) and DMA simply means direct market access.

A network like Currenex (which is not a bröker but an ECN technology used by many institutions to get connected to some big liquidity providers) is an ECN but also uses STP.

The problem is that many MM's and buchetshops are adopting these terms (STP, DMA, and even ECN) just to look fancy, without having any of the real technology, just MT4 and a small internal orderbook where you're just trading against the bröker.
  • #44
  • Feb 4, 2012 3:44am Feb 4, 2012 3:44am
Quoting dkennedy1001
LMAX is by far the best in the UK

www.lmaxtrader.co.uk/average-spreads/
What's their minimum for account opening?
  • #45
  • Feb 4, 2012 3:57am Feb 4, 2012 3:57am
Quoting Hareii
A picture speaks a thousand words.

http://www.youtube.com/watch?v=p40Kpmu60YM&NR=1

If anything, just treat the video as information on what the big boys are doing.

Pick your battleground wisely. Don't stand in front of the oncoming train.
Nice video!
  • #46
  • Feb 4, 2012 11:49am Feb 4, 2012 11:49am
Quoting Marv
STP and DMA are not contradictory to ECN.

STP is just an order processing technology (with no dealing desk) and DMA simply means direct market access.

A network like Currenex (which is not a bröker but an ECN technology used by many institutions to get connected to some big liquidity providers) is an ECN but also uses STP.

The problem is that many MM's and buchetshops are adopting these terms (STP, DMA, and even ECN) just to look fancy, without having any of the real technology, just MT4 and a small internal orderbook where you're just trading...
Thanks Marv for pointing that out
and Im sure you are right about some buckets using these lables without the technology, but that can be hard to prove,
however, I have been noticing some ECN brokers are also using the DMA lable instead of ECN, so when people are seing that, they think whata hell is DMA? and STP? must be bad, I want ECN! then they are off to the next,
but I think all these ECN DMA and STP are good for scalping, there is no requotes with these kind of broker and the execution is generally very fast, atleast if they are legit. that is my experience from live trading, I agree it's a problem if some broker claiming to be something they are not.
Bulls are stupid Animals!especially when Im short!
  • #47
  • Feb 4, 2012 10:05pm Feb 4, 2012 10:05pm
Quoting roughtrader
and Im sure you are right about some buckets using these lables without the technology, but that can be hard to prove
True. The only way to prove it is to risk real money and trade with them live for a while, and then judge from their performance (you'd also need to be experienced with real ECN's to tell the difference).

But generally you can avoid that trouble by relying on commonsense and the ability to spot a reputable highly-capitalized company from a wannabe market maker, along with some word of mouth from other experienced traders who know what a real ECN is like.
  • #48
  • Feb 5, 2012 12:38am Feb 5, 2012 12:38am
Direct market access means you are trading the underlying security in a real market as opposed to dealing off quotes from your broker as you would do with a market maker.

As an example we have DMA CFDs in Australia, these are derivatives on equities. When you buy and sell a CFD on a stock, the order goes to the stock exchange, you are participating in the market and can see your order in the depth.

In forex, DMA is used loosely by retail brokers to describe an STP environment where your order will be taken by the bank on the bid or offer. Since we're buy side participants we don't have the ability to participate directly in the market, adding liquidity and having our limit orders visible to other Participants.

If you trade through ECNs such as Currenex, HotSpot or an aggregator like integral Then you are trading DMA. If you use MT4 it is difficult to see if your broker is really sending your orders to market or taking on risk, even if they use the same price feed, charge commissions, etc.

It comes down to doing your homework and opening up accounts with the supposed ECN brokers to see which is the real deal. Personally I think a broker with integral who has good liquidity will give you the most competitive spreads since it is an aggregator, not an ecn. This means spreads can and do go to 0 on eurusd during europe and north America.
  • #49
  • Sep 13, 2012 4:34pm Sep 13, 2012 4:34pm
Go for Pepperstone or Armada bt they both dont hav segregated funds.....bt wont be a big problem if ur amount is small.....withdrals r easy....
If u want Segregated funds then better opt for Admiral markets (they hav a specific scalper account) or IronFX ..they both provide funds protection bt their spreads r slightly higher.............
Lastly if u hav $10K+ then there's no better place than LMAX or Interactive brokers..........
  • #50
  • Edited 6:45pm Sep 13, 2012 6:25pm | Edited 6:45pm
Quoting Ammeo
Go for Pepperstone or Armada bt they both dont hav segregated funds.....bt wont be a big problem if ur amount is small.....withdrals r easy....
If u want Segregated funds then better opt for Admiral markets (they hav a specific scalper account) or IronFX ..they both provide funds protection bt their spreads r slightly higher.............
Lastly if u hav $10K+ then there's no better place than LMAX or Interactive brokers..........
Pepperstone actually does segregate funds. Just FYI

--

IB isn't a bad choice, but I'd suggest having a greater deposit than just $10k for them (their min order size is 25k and they have a minimum commission rate which makes orders less than 1 lot quite expensive. This makes fine risk control or basket trading multiple positions difficult with just $10k.) Also, no native MT4... and their TWS platform can be quite a headache to work with.
FXGears.com
  • #51
  • Sep 13, 2012 6:45pm Sep 13, 2012 6:45pm
Suppose I'll mention the others you brought up as well:

I can't comment on IronFX since I have no experience with them. The only thing up front that catches me off guard is being registered and directly regulated in Cyprus (yes, they have FSA registration, but just registration to deal in the UK..)

Armada has a great feed quality and decent execution (and good overall total cost of traidng..) but they lack regulation all together... so as much as I like their product, I can't suggest them. It also bothers me they use LMAX's FSA regulation to promote safe trading with their broker.. how does one of their liquidity providers being FSA regulated protect end users who's money and account are held in Estonia without regulatory oversight? It sucks this one 'catch' stands out so much, since again, I find their product to be a good choice vs the common broker.

I presently scalp with Oanda and Pepperstone.

Oanda makes scalping near news releases nearly impossible (widened spreads) so I'm constantly checking pending news to avoid being pushed out of a tight stop. Otherwise, they are great for scalpers since their execution is solid. They'll deal up to 10million notional value on the inside quote without checking the market for liquidity, so if they quote you a figure, and you execute on it, you'll get it without the delay to confirm your order in the market first (they are a market maker after all.)

Some people don't like fxTrade (Oanda's platform)... and I actively tell people to not expect an awesome experience on Oanda's MT4 bridge (it's not that great, mostly because MT4 was never designed handle how Oanda operates.. things like interest by the second for example..) So there's a bit of a mixed bag of stuff to consider..

Pepperstone has awesome execution speed. Their trading cost is pretty low as well, making them very effective for scalping. I won't go into too much detail since I talk about them so much in the Pepper thread.
FXGears.com
  • #52
  • Sep 13, 2012 7:51pm Sep 13, 2012 7:51pm
Quoting Jack_Larkin
Pepperstone actually does segregate funds. Just FYI

--

IB isn't a bad choice, but I'd suggest having a greater deposit than just $10k for them (their min order size is 25k and they have a minimum commission rate which makes orders less than 1 lot quite expensive. This makes fine risk control or basket trading multiple positions difficult with just $10k.) Also, no native MT4... and their TWS platform can be quite a headache to work with.
On live chat pepperstone didnt give any name of who is protecting the funds then how can i assume client's funds r safe ....If they provide the name of who is protecting client's funds( a bank or insurance company) at pepperstone with pepperstone's name mentioned on their site ,then i'll accept it without any further doubt....
  • #53
  • Sep 13, 2012 8:08pm Sep 13, 2012 8:08pm
Quoting Ammeo
On live chat pepperstone didnt give any name of who is protecting the funds then how can i assume client's funds r safe ....If they provide the name of who is protecting client's funds( a bank or insurance company) at pepperstone with pepperstone's name mentioned on their site ,then i'll accept it without any further doubt....

Taken from here: https://pepperstone.com/mt4-forex-trading/faq.php

"Client funds are held in client segregated accounts with the National Australia Bank or HSBC, both of which are AA Rated banks."

Outside of that, it's within the terms and conditions documents provided by Pepper that funds are held in a client trust account and outside of trading obligations and fees it can only be used for purposes set by the Corporations Act (in Australia) as it relates to client trust accounts (in other words, they can't use the funds for operating cash or anything like that... at best they can earn a little interest on it..) So it would be going against their own terms and conditions should they do anything funny with it...

Yeah... I'm one of the odd types that actually reads everything he agrees to that's financially related.
FXGears.com
  • #54
  • Sep 14, 2012 12:53am Sep 14, 2012 12:53am
As far as I can tell from looking a terms and conditions - brokers that segregate (including Pepperstone) only segregate client funds from broker funds. They don't segregate one client's funds from an another client's funds. So potentially your funds could be used to satisfy another client's margin call.

If this is not the case with any retail broker - ie they offer a fully segregated custody account - please let me know.
  • #55
  • Sep 14, 2012 2:57am Sep 14, 2012 2:57am
Quoting TheMaxx
As far as I can tell from looking a terms and conditions - brokers that segregate (including Pepperstone) only segregate client funds from broker funds. They don't segregate one client's funds from an another client's funds. So potentially your funds could be used to satisfy another client's margin call.

If this is not the case with any retail broker - ie they offer a fully segregated custody account - please let me know.
Hi,
With financial service regulation in Australia clients funds are separated and treated as separate accounts. To use one customers account to pay another is theft. Doesn't mean that a company can't steal money but in this country directors are occasionally treated harshly for that.

rgds

Peter
  • #56
  • Sep 14, 2012 8:59pm Sep 14, 2012 8:59pm
Quoting Jack_Larkin
Pepperstone actually does segregate funds. Just FYI

--

Also, no native MT4... and their TWS platform can be quite a headache to work with.
Pepperstone need a lower com spreads are great! they are good option for scalping. prob best out there atm on MT4

Interactive also great for scalping.. lower com then Pepperstone but if you trade under a lot go to pepperstone.

Jack, no one in the know uses TWS to makes trades... Book Trader with Ninja Trader... mate come on!
  • #57
  • Sep 14, 2012 9:00pm Sep 14, 2012 9:00pm
Quoting TheMaxx
As far as I can tell from looking a terms and conditions - brokers that segregate (including Pepperstone) only segregate client funds from broker funds. They don't segregate one client's funds from an another client's funds. So potentially your funds could be used to satisfy another client's margin call.

If this is not the case with any retail broker - ie they offer a fully segregated custody account - please let me know.
when you find a retail company that is happy to open up 1000's of bank accounts let me know please.
  • #58
  • Sep 15, 2012 5:08am Sep 15, 2012 5:08am
Quoting peterke
Hi,
With financial service regulation in Australia clients funds are separated and treated as separate accounts. To use one customers account to pay another is theft. Doesn't mean that a company can't steal money but in this country directors are occasionally treated harshly for that.

rgds

Peter
It's not feasible for a broker to individually move funds for each of your little retail 10k lot trades. What generally happens is the broker will perform regular client money reconciliation and balance it with their LPs as a whole. Unless you are a wholesale client, you can't expect more segregation than the security of having your funds separate from the company's operating funds and in the case of ASIC regulated brokers like FXOpen AU, the guarantee that client funds will only be used to cover liabilities from trading activities of the clients, and not for any investments for the company.
  • #59
  • Oct 5, 2012 9:57am Oct 5, 2012 9:57am
1. Name
2. Time spent with broker Hotforex
3. Withdrawal issue ? Never
4.Profit/month if you feel ok :-D --- depends 300 usd 1000 usd / month
  • #60
  • Oct 24, 2012 4:52am Oct 24, 2012 4:52am
Dear members,

We are happy to accept all of the Robots/EAs that you would use for your Algorithmic trading, including the ones, which would employ a “Scalping“ technique, as long as this do not prohibit the orderly operation of our trading platforms.

Kind Regards,

Vasily Sukhotin
FxPro
Director of Sales
Trading CFDs involves significant risk of loss.
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