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Specific FXDD question

  • #21
  • Jul 22, 2006 9:31pm Jul 22, 2006 9:31pm
Thanks Pipsman for spread #s. What's is your fav speciality in ? currency pair. I tend to follow the Cable very closely; its chart patterns are clearer than the same correlation of Euro.

Every retail broker's slippage is evident. Some more so than others.

Try mbtrading.com/fx or HotspotFx.com or the Currenex.com platform for funds above 10K & trading consistently / profitably (new FX traders need not apply)with standard 100:1 leverage. They will have slippage but not as bad as retail & they don't freeze the platform during news.
CCI decipherer
  • #22
  • Jul 22, 2006 10:17pm Jul 22, 2006 10:17pm
I am very interested in FXDD. I am currently filling out the paper work to open an account with them. How is the order execution speed? The re-quoting from MIG Investments is *killing* my trading method.

I am looking to come back from my recent loss due to stupid mistakes (see my log in the Journal section if you are curious). I will be transferring my balance from MIG Investments to FXDD and really hope execution is faster so my method will work as it did on demo.
  • #23
  • Jul 22, 2006 10:21pm Jul 22, 2006 10:21pm
Hi S725,

I definitely trade G/U for news events. I also trade E/U, and occasionally other pairs.

Thanks for mentioning 3 brokers. Just in time, b/c I'm not so happy w. FXDD's for the huge slippage. In my earlier post, I forgot to mention two more turn-off's at FXDD: you can only enter limit orders at least 4 p away from the market, and the minimum trailing stop is 15p with Meta Trader 4 (not sure about the other platform they offer - you can only pick one).

I used to trade stocks using Level II. As such, I'm considering having an acct. w. an ECN type of broker. I've downloaded MBT, to demo a couple of wks first. Do you have a live acct. w. MB, Hotspot or Currenex? If so, how's your experience, esp. during news release?

Best of luck.

PM
  • #24
  • Jul 22, 2006 10:38pm Jul 22, 2006 10:38pm
My first-hand exp:

No prob. w. filling orders to open positions anytime. However, during volatile moments, Meta Trader 4 (they offer 2 platforms - you can choose the other one) sometimes malfunctions - impossible to modify stops and/or targets, or close out a position. And, as I mentioned earlier, the biggest killer is the slippage, can be as big as 35 pips during major news events.

To be fair, when I had an issue and called them, they were willing and able to address it to my satisfaction.

Hope this helps SD and those interested.

PM
  • #25
  • Jul 23, 2006 12:13am Jul 23, 2006 12:13am
FXDD does'nt seem to be a registered member of the NFA....
http://www.nfa.futures.org/basicnet/...firm&firm=FXDD

Neither does MIG Investments....
http://www.nfa.futures.org/basicnet/...IG+INVESTMENTS
Same Whore .... Different Dress
  • #26
  • Jul 23, 2006 3:11am Jul 23, 2006 3:11am
I only demoed mbtrading & HotSpotFX. Currenex traders need to trade min $500k worth or 5 standard lots each time.

Also, from http://www.elitetrader.com/vb/printt...threadid=65449 & http://www.elitetrader.com/vb/showth...p&pagenumber=1

HotSpotFX is the better deal for us retails.

Do u incorporate stop hunting as part of your trading plan? I realize failure to do this is y 90% fail at any given time in any time frame chosen.

Have enough of worrying of NFA & CFTC based. It is a risk trading in spot FX. Trade successfully using a dealer desk. Once your $ is big enough, migrate to semi/quasi -ECN.

http://nondealingdesk.blogspot.com/
CCI decipherer
  • #27
  • Jul 23, 2006 12:08pm Jul 23, 2006 12:08pm
Hi S725, thanks again for the great links. Interesting stuff.


As for FXDD, they state on their web site that they're a part of Tradition Inc., which is registered w. NFC and has the same address. However, I read somewhere that such claimed parenthood may or may not be true, or have the same legal effect.

Hence a critical issue: is there such a thing as account protection against broker fraud or bankrupcy like Refco had ?! Since most of those brokers are unregulated, Fx accounts with them are totally different from stock trading accounts (with stock brokers), which are fully protected by SIPC insurance.

Coundn't seem to be able to find any discussion on this forum. Any links to discussions or articles on this topic will be appreciated.

PM
  • #28
  • Jul 23, 2006 12:11pm Jul 23, 2006 12:11pm
Oops... FXDD-Tradition-registration with NFA.
  • #29
  • Jul 23, 2006 1:15pm Jul 23, 2006 1:15pm
Quoting ProdiG
it was interbankfx. moved to oanda and fxdd since.
ProdiG,

But who's the fast and who's the slow?
  • #30
  • Jul 23, 2006 1:21pm Jul 23, 2006 1:21pm
Quoting johnedoe
FXDD does'nt seem to be a registered member of the NFA....
http://www.nfa.futures.org/basicnet/...firm&firm=FXDD

Neither does MIG Investments....
http://www.nfa.futures.org/basicnet/...IG+INVESTMENTS
john,

FXDD is a subsidiary of Tradition North America. TNA is registered on the NFA.
  • #31
  • Jul 23, 2006 8:28pm Jul 23, 2006 8:28pm
Am using GFTforex. Not planning to use any MT4 live platform yet. But demo platform is good for drawing Fibonacci on MT4 charts as my GFT charts are used for proprietary indicators.
CCI decipherer
  • #32
  • Jul 23, 2006 9:40pm Jul 23, 2006 9:40pm
Quoting Pipsman
As for FXDD, they state on their web site that they're a part of Tradition Inc., which is registered w. NFC and has the same address. However, I read somewhere that such claimed parenthood may or may not be true, or have the same legal effect.

Hence a critical issue: is there such a thing as account protection against broker fraud or bankrupcy like Refco had ?! Since most of those brokers are unregulated, Fx accounts with them are totally different from stock trading accounts (with stock brokers), which are fully protected by SIPC insurance. PM
FXDD holds fidelity bond insurance. The bond, Financial Institution Bond Form 14 (#FIB4000184-04), is with Quanta Indemnity Insurance Company and insures protection of the assets of FXDD from various types of fraud, theft and criminal activity. The bond does not insure against risk exposure in the trading activity of FXDD or its customers.

FXDD is regulated by the National Futures Association (NFA ID: 0271289).
  • #33
  • Edited 12:06am Jul 24, 2006 12:03am | Edited 12:06am
The account number you used for FXDD is registered to <TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR><TD>TRADITION SECURITIES AND FUTURES INC. NFA ID: 0271289</TD><TD class=NormalBig align=right></TD></TR></TBODY></TABLE>http://www.nfa.futures.org/basicnet/...tityid=0271289

FXDD does not appear to be registered with NFA, http://www.nfa.futures.org/basicnet/...firm&firm=FXDD
Same Whore .... Different Dress
  • #34
  • Jul 24, 2006 2:04am Jul 24, 2006 2:04am
FXDD is a subsidiary of Compagnie Financière Tradition (Parent Company) and Tradition (North America) Inc.

http://www.tradition-na.com/contact/index.html

Located at the same address as Tradition (North America), FXDD shares the trading floor with 325 other brokers.
  • #35
  • Jul 24, 2006 8:19am Jul 24, 2006 8:19am
Quoting Pipsman
HI all,

- during news releases, my orders, market or stop entry, were filled, but sometimes w. huge SLIPPAGE, from 10 (minor news like Trade Balance) to 35 pips (NFP, FOMC), which can create risky positions that were not intended.
- Meta Trader 4 will freeze or malfunction occasionally, during post news reactions, making it impossible to adjust stops or exit positions. Hence the need to call the Rep.

PM
I was just about to fund my account with them before the next NFP. You said you had stop entrys in, but they were filled with up to 35 pip slippage?

Did they resolve this, or was that what you got. I have been using their demo and have done well, but if they are slipping that much, I could see getting into some scary positions.

Edward
  • #36
  • Jul 24, 2006 9:44pm Jul 24, 2006 9:44pm
Hi Ed,

The extent of slippage at FXDD is hard to predict. 35p was the extreme happening to me once w. E/U 2 NFP's ago. Lately, it's ranged from 12 to 25p. Indeed slippage is a major risk when trading news.

Are they trying to resolve this? I doubt it - even they're willing and able.

I'm wondering if other brokers are doing better in this regard. Any LIVE trading experiences appreciated. Demo exp. not reliable!

Best of luck.

PM
  • #37
  • Jul 24, 2006 9:48pm Jul 24, 2006 9:48pm
Ed, you would be better off with GFTforex.com or FXsol.com. Stay away from MT4 brokers. FXCM.com or Forex.com is a no-no.

MT4 demo platform is good for additional reference on charting. BTW, I went to NorthFinance.com They are using MT4 also but they offer far more currency pairs than the rest of MT4 brokers. Pipsman, can u confirm this?
CCI decipherer
  • #38
  • Jul 28, 2006 7:02pm Jul 28, 2006 7:02pm
Hi S725,

Are you asking about the total number of pairs FXDD offers? On MT4 platform, they have 20 pairs, including USD/MXN (Peso?), plus "Gold", not sure what it is. FXDD also provides another platform - FXDD Trader 3.7, not sure it is with exactly the same pairs. We have to pick one platform when opening the account. Hope this answers your question.

Good trading.

PM
  • #39
  • Jul 29, 2006 2:09am Jul 29, 2006 2:09am
FXDD uses the same platform as MetaTrader 4 from www.MetaQuotes.net

Got this from another forum:

[
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>
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CCI decipherer
  • #40
  • Jul 29, 2006 10:10am Jul 29, 2006 10:10am
Can someone who is FXDD member, please, tell what is the rollover for gbp/jpj (1 standard lot). On the site its 21 $ but few people claim that its around 40 $. So can anyone confirm this claim?
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