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LMAX = revolution?!?

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  • Post #1,701
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  • May 21, 2013 8:56pm May 21, 2013 8:56pm
  •  Jack_Larkin
  • | Commercial Member | Joined Nov 2011 | 1,267 Posts
Quoting atharmian
Disliked
Jack, Thanks for reminding me of one your earlier posts. 1. So, given your deep expertise judging from detailed posts, what 'good' brokers do Canadians have access to, with 50:1 or more leverage? Seems like the Can FXCM partner (Friedberg) really limits to 1:30 or less, citing Ontario regs. 2. And any comments on MT4 vs other trading platforms? Regards, Athar. {quote}
Ignored
1) I actually just did a more detailed post on Babypips about this very subject:

http://forums.babypips.com/forextown...tml#post491453

Basically, we have access to firms from all over the world, with the exception of some US firms that do not have a Canadian office (there's a few cross border agreements in place so the US is special.)

While IIROC and the OSC will say all sorts of negative things about using overseas brokers, in the end, there's nothing legally stopping an Ontario resident from using a broker from other parts of the world (and subsequently avoid the restrictive trading conditions of IIROC regulated brokers in Canada.) Of course, if you go overseas, you can no longer turn to IIROC or the OSC for help should you encounter a problem with the broker, so as the post I made on Babypips suggests, you gotta stick to well regulated parts of the world to compensate.

It's unfortunate that LMAX chose not to do business with Canadians, and despite emailing them several times about it I could only get an apology but no reason why... their last message to me even said they weren't at liberty to talk about why not, just that they cant. But it's their loss in the end, since again (at least in Ontario's case) there's nothing legally stopping you from trading with UK firms.

Anyway, more details in that link. Hope it helps.

--

2) MT4 might be aging (understatement of the year) but MetaQuotes has been updating it a lot lately and giving it a little new life. It suits most people well enough, even more advanced users who rely on self-written automated / scripted trading are usually happy with MT4. Though, there are some limitations it imposes.. but you won't likely hit them unless you're doing some pretty complicated programming.

The problem is, most brokers use MT4 since that's what most customers ask for, and MT4 means using MT4 Server, and that makes adding on alternative platforms kinda hard for brokers. So there isn't as much choice as I'd like to see these days.
FXGears.com
  • Post #1,702
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  • May 22, 2013 12:45am May 22, 2013 12:45am
  •  atharmian
  • | Joined Sep 2012 | Status: Member | 122 Posts
Jack,

Thanks much ! I will put this page on my Evernote ....

What you said about Canadian brokers and our ability to go out to FSA and ASIC brokers,
and about the inevitability of MT4 as the embedded base not likely getting uprooted anytime
soon, are conclusions I made after 6-8 months of trying to gauge the landscape. So it is really
nice to get a confirmation from a source like you.

Just 2 more inquiries:

1. Does Estonian Armada Markets make sense to you?
2. How about Dukascopy Global? The Global may not be Swiss regulated, meant for smaller
accounts, but they had a strong brand (haven't checked recently.) Do they allow Canucks?

PS. The problem with LMAX seems to be that they have signed a deal with a US broker, so given
some US-Canada cross-border financial agreement under NAFTA, they can't take Canadian clients.

Athar.




Quoting Jack_Larkin
Disliked
{quote} 1) I actually just did a more detailed post on Babypips about this very subject: http://forums.babypips.com/forextown...tml#post491453 Basically, we have access to firms from all over the world, with the exception of some US firms that do not have a Canadian office (there's a few cross border agreements in place so the US is special.) While IIROC and the OSC will say all sorts of negative things about using overseas brokers, in the end, there's nothing legally stopping an...
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  • Post #1,703
  • Quote
  • May 22, 2013 6:15am May 22, 2013 6:15am
  •  shrike
  • Joined Jan 2007 | Status: Member | 1,818 Posts
Athar: with which US broker did they sign a deal?
  • Post #1,704
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  • May 23, 2013 4:45am May 23, 2013 4:45am
  •  atharmian
  • | Joined Sep 2012 | Status: Member | 122 Posts
Shrike,

Don't know. I read about it on FF, possibly on this LMAX forum about a month ago.

Athar.

Quoting shrike
Disliked
Athar: with which US broker did they sign a deal?
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  • Post #1,705
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  • May 25, 2013 11:33am May 25, 2013 11:33am
  •  Jong-Jul
  • | Joined May 2013 | Status: Junior Member | 3 Posts
Hi,

I just opened a Lmax account and starting to trade using Multicharts. How do you guys get your newsfeed with this platform? I also ordered Iqfeed but wondering how to attach news for trading.

Thank you for your answers.
  • Post #1,706
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  • May 26, 2013 7:28am May 26, 2013 7:28am
  •  Jong-Jul
  • | Joined May 2013 | Status: Junior Member | 3 Posts
Another question can you somehow configure auto stoploss for market entry orders on Multicharts? I have used to that with Dukascopy and it has been great help especially for fast situations.
  • Post #1,707
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  • May 27, 2013 11:21am May 27, 2013 11:21am
  •  Jong-Jul
  • | Joined May 2013 | Status: Junior Member | 3 Posts
I would also like to ask whether you can get a line running in line with price as it is standard usually? Little things but very frustrating..
  • Post #1,708
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  • May 27, 2013 5:23pm May 27, 2013 5:23pm
  •  entheos
  • | Joined Dec 2011 | Status: Member | 1,050 Posts
Quoting Jong-Jul
Disliked
I would also like to ask whether you can get a line running in line with price as it is standard usually? Little things but very frustrating..
Ignored
multichart account can`t hedge.
but mt4 account can hedge.
  • Post #1,709
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  • May 29, 2013 10:51am May 29, 2013 10:51am
  •  Pip Singh
  • | Joined Dec 2012 | Status: Member | 35 Posts
I've got an LMAX account but use Sierra Charts. Its really good in terms of execution, but it lacks showing your deposit amount which is annoying because you have to be logged in to the web platform to view your positions and account info.

But the charting is amazing!!!
  • Post #1,710
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  • Jun 3, 2013 5:14pm Jun 3, 2013 5:14pm
  •  Trader131
  • | Joined May 2009 | Status: Member | 1,220 Posts
For those existing LMAX clients and those looking to sign up check out this thread if you want to use an IB to get 12% off commission http://www.forexfactory.com/showthread.php?t=420129 I've just signed up a second account through their link and everything is great, so just added a post there. I'm in no way affiliated with them, but just thought that it might help some of you save a few pennies!
There is no top. There are always further heights to reach. Jascha Heifetz
  • Post #1,711
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  • Jun 4, 2013 2:12am Jun 4, 2013 2:12am
  •  shrike
  • Joined Jan 2007 | Status: Member | 1,818 Posts
Ffxmtf.com used to give 20% reduction ($20/m instead of $25), but now they dont specify on their website how much they will reduce the commission. Might be worth asking - or even damanding the $20 and telling them you go somewhere else if they dont. Might just work.
  • Post #1,712
  • Quote
  • Jun 4, 2013 5:12am Jun 4, 2013 5:12am
  •  Trader131
  • | Joined May 2009 | Status: Member | 1,220 Posts
Thanks for the heads up, Shrike. I didn't realise fxmtf were an IB- I thought they were like Armada, and held your account for you, but I see that they are just an IB, and your money is held in an LMAX account. No mention of commissions on the site- it just says contact us, so maybe they didn't get enough volume to give a 20% discount. Anyway, I may look into it if I make enough to warrant opening a third account!
There is no top. There are always further heights to reach. Jascha Heifetz
  • Post #1,713
  • Quote
  • Jun 20, 2013 2:21am Jun 20, 2013 2:21am
  •  havaiana
  • | Joined Aug 2009 | Status: Member | 306 Posts
Can anyone tell me with lmax, if you put a limit between the spread, do you see it on their dom?

Also, is it possible to have a limit order filled on the bid without the price going offer (or be filled on the offer without it going bid)?
  • Post #1,714
  • Quote
  • Jun 20, 2013 11:40am Jun 20, 2013 11:40am
  •  shrike
  • Joined Jan 2007 | Status: Member | 1,818 Posts
Yes to both. Although such a fill is unlikely, but still possible. Its more likely that price will either trade through your limit or run away than being hit by another client order just at the right time.
  • Post #1,715
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  • Jun 21, 2013 6:22am Jun 21, 2013 6:22am
  •  Forexeurusd
  • | Joined Jul 2012 | Status: Member | 110 Posts
Quoting shrike
Disliked
Ffxmtf.com used to give 20% reduction ($20/m instead of $25), but now they dont specify on their website how much they will reduce the commission. Might be worth asking - or even damanding the $20 and telling them you go somewhere else if they dont. Might just work.
Ignored
they still give 20 % discount
  • Post #1,716
  • Quote
  • Jun 22, 2013 5:11am Jun 22, 2013 5:11am
  •  pureflame
  • | Additional Username | Joined Nov 2011 | 6 Posts
I use lmax mt4 before. To be honest it is really bad although they have tight spread. They had disconnection and made my trade have more than 1000pips slipapge on XAUUSD. I tried to contact them for this issue but they found a lot of executes. So I want to contact FCA to refund the money.
  • Post #1,717
  • Quote
  • Jun 22, 2013 7:34am Jun 22, 2013 7:34am
  •  Forexeurusd
  • | Joined Jul 2012 | Status: Member | 110 Posts
Quoting pureflame
Disliked
I use lmax mt4 before. To be honest it is really bad although they have tight spread. They had disconnection and made my trade have more than 1000pips slipapge on XAUUSD. I tried to contact them for this issue but they found a lot of executes. So I want to contact FCA to refund the money.
Ignored
only disconnections ? how much this happens ?
  • Post #1,718
  • Quote
  • Jun 23, 2013 6:42am Jun 23, 2013 6:42am
  •  entheos
  • | Joined Dec 2011 | Status: Member | 1,050 Posts
Quoting pureflame
Disliked
I use lmax mt4 before. To be honest it is really bad although they have tight spread. They had disconnection and made my trade have more than 1000pips slipapge on XAUUSD. I tried to contact them for this issue but they found a lot of executes. So I want to contact FCA to refund the money.
Ignored
I will wait your post after you contact FCA.
  • Post #1,719
  • Quote
  • Jun 23, 2013 7:32am Jun 23, 2013 7:32am
  •  Demos4x
  • | Joined Dec 2011 | Status: Member | 229 Posts
Quoting pureflame
Disliked
I use lmax mt4 before. To be honest it is really bad although they have tight spread. They had disconnection and made my trade have more than 1000pips slipapge on XAUUSD. I tried to contact them for this issue but they found a lot of executes. So I want to contact FCA to refund the money.
Ignored



What were their excuses?
Your stop loss sliped over 1000 pips?
  • Post #1,720
  • Quote
  • Jul 22, 2013 4:59am Jul 22, 2013 4:59am
  •  roughtrader
  • Joined Jan 2011 | Status: Senior Trader | 1,475 Posts
Some questions, how is your experience trading with lmax so far?
I am concidering opening an acount with Them,
are there any introducing agents with rebate programs i could take avantage of?
appreciate any input, feel free to pm me.
Bulls are stupid Animals!especially when Im short!
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