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any live ECN traders out there?

  • #61
  • Aug 5, 2006 10:14pm Aug 5, 2006 10:14pm
Quoting Moe
never had a problem with any of the things you metion. my ecn broker mb trading. i had one partial fill in 8 months and that was last week on a 1mio they only fill me on 270,000.
so if i want to trade like 100 lots do u guys recommend an ECN or does normal brokers support this much?

i am also a volatility trader (eco data)
  • #62
  • Aug 6, 2006 4:59am Aug 6, 2006 4:59am
don,

if youve got a hundered lots to move definately dont go thru a retail outfit. your own local bank might set something up for you if you talk to them, or you could always have a look at some of the bigger boys.

google currenex or hotspot.
  • #63
  • Aug 6, 2006 7:42pm Aug 6, 2006 7:42pm
Quoting sknk
don,

if youve got a hundered lots to move definately dont go thru a retail outfit. your own local bank might set something up for you if you talk to them, or you could always have a look at some of the bigger boys.

google currenex or hotspot.

those two ecn are reliabe for 50, 100 or more lots right?
  • #64
  • Aug 7, 2006 1:29am Aug 7, 2006 1:29am
don,

i really wouldnt know cos i'm not at the level of pushing 50-100 lots yet.

if i were you i'd ask them some questions, check around, you know due diligence stuff. altho i would understand if its hard to find info on those big guys on the net.

i'd suggest talking to your bank, and talking to their forex division, or if its a small bank, perhaps they can recommend someone for you to talk to in a bigger local bank.

trust me, theres no need to feel shy about talking to them cos they'll want your business.
  • #65
  • Aug 7, 2006 7:25am Aug 7, 2006 7:25am
ok kool
  • #66
  • Aug 7, 2006 8:43am Aug 7, 2006 8:43am
I don't think your local bank will be of much help.

At that sort of size you should get yourself set up with a primer broker (e.g. Zaner, FC Stone, London Capital Group, Marex etc.) and they can get you set up on one of the ECN platforms (Currenex, Lava fx, Baxter, Hotspot FXi etc.). Expect to pay around $25 per million commission (both sides, in and out).
  • #67
  • Aug 8, 2006 3:27am Aug 8, 2006 3:27am
Quote
Expect to pay around $25 per million commission (both sides, in and out).

$1million is the size of 10 regular lots.

On regular trading platforms, 1 spread would entail $10 cost. Therefore, 1 pip in a 1million lot costs $100.

If these ECN platforms could offer 1 pip lower spread than normal platforms, then the $25 per million commission (both sides) would equate to just $50 per million per position - only half that as being charged by normal platforms.

Hmm... I wonder if ECNs are trully fully automated without human interventions in between? If they are, then these are the only way to go trading the news.
  • #68
  • Edited 7:38am Aug 8, 2006 7:27am | Edited 7:38am
Quoting BurgerKing
Hmm... I wonder if ECNs are trully fully automated without human interventions in between? If they are, then these are the only way to go trading the news.
If you can get filled! ECN's aren't that great at filling your orders around big news times.
  • #69
  • Aug 8, 2006 8:01am Aug 8, 2006 8:01am
Quoting nd1377
If you can get filled! ECN's aren't that great at filling your orders around big news times.
I see.. so in the end, its still plain vanila. What about having multiple smaller lot sizes instead of one single $10M position? Will that help get orders filled?
  • #70
  • Aug 8, 2006 9:18am Aug 8, 2006 9:18am
Quoting BurgerKing
I see.. so in the end, its still plain vanila. What about having multiple smaller lot sizes instead of one single $10M position? Will that help get orders filled?
I wouldn't think so. MB Trading is a so called ECN and they only trade in minis.
  • #71
  • Aug 8, 2006 9:48am Aug 8, 2006 9:48am
the thing with ecns is that you'll get filled if your offer has a counter trade. so if no one wants to take your offer you wont get filled, much like equities.

with market makers, the broker himself provides the liquidity, hence the slippage, and spread widening cos he's gota make money too.

for example, if we take the equity markets, i could place an offer to buy google today at $500 even tho market price is 350. that'll most probably get filled cos its just a stupid bid. an offer to short @ $100 however wont get filled cos its just too stupidly low and no one will take the risk. hence the volatility you find when volume is low. one trade can move the market in those conditions.

forex ecns are apparently similar, and requires a change in the way you work.

at the end of the day if you dont mind possible slippage and want to be filled, stay with the market makers. if you dont mind maybe not getting filled, but having your price intact go with the ecn.
both types have their pros and cons, and its up to you which you think would best suit your trading style.
  • #72
  • Aug 8, 2006 9:54am Aug 8, 2006 9:54am
Quoting BurgerKing
I see.. so in the end, its still plain vanila. What about having multiple smaller lot sizes instead of one single $10M position? Will that help get orders filled?
it might get filled as a single lot or it might get broken down and you'll get a partial fill.

thebest thing would be to demo the software yourself, and check outthe level II quotes. that way you can see if MB would suit your volume.

i can say that on cable i have seen orders for 100-150 lots in level II. theres an option in the preferences where you click to display all ecn quotes. i think on default it only displays the best 5 bid/ask's.
  • #73
  • Aug 8, 2006 5:16pm Aug 8, 2006 5:16pm
Quoting nd1377
I have used MB Trading's demo account. I can't get filled during news times. I have used stop orders and stop limit orders and basically NEVER got filled during news times. Does anyone else have this problem?
thats normal. If the price doesn't trade at that price of your order.

ex: buy order on euro @ 1.2850, current price is 1.2840, news is realesed and the price suddenly jumps 8 pips(1.2848) then jumps 10 pips to 1.2858, then the price never actually traded at the order price. So the order won't get filled.

Only a bucket shop will garentee orders filled! There are no garentees in forex<----remember that.

its not crooked its good honest price movement and trading.

best way is to decide wich way you think its going, and enter 2-5 min befor release of news.

stops might be filled at the next avail price. So take that into consideration when placing a s/l that it might be taken out 5-10 pips more than you thought.( some one correct me if I am wrong)

Dave
  • #74
  • Aug 8, 2006 7:34pm Aug 8, 2006 7:34pm
Quote
best way is to decide wich way you think its going, and enter 2-5 min befor release of news.

If I know the direction, I could be a trillionaire within a week's time.
  • #75
  • Aug 8, 2006 7:37pm Aug 8, 2006 7:37pm
Quoting BurgerKing
If I know the direction, I could be a trillionaire within a week's time.
And then the world stops as you have all our money...
  • #76
  • Aug 8, 2006 8:26pm Aug 8, 2006 8:26pm
Quoting BurgerKing
$1million is the size of 10 regular lots.

On regular trading platforms, 1 spread would entail $10 cost. Therefore, 1 pip in a 1million lot costs $100.

If these ECN platforms could offer 1 pip lower spread than normal platforms, then the $25 per million commission (both sides) would equate to just $50 per million per position - only half that as being charged by normal platforms.

Hmm... I wonder if ECNs are trully fully automated without human interventions in between? If they are, then these are the only way to go trading the news.
It depends on brokers. At Dukascopy, 1 lot is 1 million. Commision is USD50 and spread is between zero and 2 pips. If you want to place 100 lots ( 100 million ), it can be done with one click. You could probably make an IB contract with them and even get back some commsions for each trade. If you can place 100 lots, you can surely negotiate with them for some benefits. Who ever you choose, try first on DEMO. Then go live and test with small amounts how it performs. Most DEMO do not perform the same as live.

Good Luck
Highway
  • #77
  • Aug 8, 2006 8:58pm Aug 8, 2006 8:58pm
Quoting highway3000
It depends on brokers. At Dukascopy, 1 lot is 1 million. Commision is USD50 and spread is between zero and 2 pips. If you want to place 100 lots ( 100 million ), it can be done with one click. You could probably make an IB contract with them and even get back some commsions for each trade. If you can place 100 lots, you can surely negotiate with them for some benefits. Who ever you choose, try first on DEMO. Then go live and test with small amounts how it performs. Most DEMO do not perform the same as live.

Good Luck
Highway
You can set your "one-click" trade size with Dukascopy, so you can trade less than $1,000,000 at a time if you wanted to. Also, Dukascopy does incentivise your trading as the more volume you trade each month will slowly net you less and less paid commission. It's $30 per 1mio traded for the first billion traded, going down to $25 per 1mio, etc etc. I've been demo-ing their platform and pestering the bugger out of their staff and so far they seem like a real contender. As far as the commissions are concerned, it actually equates to being cheaper than a regular broker as
Dukascopy can get into the half-pip range for instance, and offer you good deals like a 1pip spread plus commission. That would be $130 total on a $1mio volume trade at Dukascopy, or at least $200-300 elsewhere.
  • #78
  • Aug 9, 2006 12:53am Aug 9, 2006 12:53am
My question if for MBtrading users, has anyone traded WHEN the news announcement comes out? Lets say that if X numbers come out, and bad for the USD, this would be a long (buy) for EUR/USD. My question is, has anyone traded (with mbtrading) during the new announcments, rather than straddle or retracement? If so, does MBTrading fill your orders during this volitile time of a few seconds?

With oanda, it is perfect, because mostly all orders gets filled, yet with their widening of pip spreads lately (10 at the most i seen) can kill 'little-peoples' bankrolls (like mines) at teh click of the botton for the trade. And the fact that Oanda is now starting to freeze, is something that is not too pleasing for news traders.

input plz.
  • #79
  • Aug 21, 2006 2:44am Aug 21, 2006 2:44am
If you want to know what ECN trading and the spreads is like here is a link to Chicago Mercantile Exchange Forex quotes. Now spreads are 1-3 pips and changing all the time.

http://equivalentsrdc.cme.com:443/index.html
  • #80
  • Last Post: Sep 1, 2006 2:07pm Sep 1, 2006 2:07pm
Quoting hunter101
My question if for MBtrading users, has anyone traded WHEN the news announcement comes out? Lets say that if X numbers come out, and bad for the USD, this would be a long (buy) for EUR/USD. My question is, has anyone traded (with mbtrading) during the new announcments, rather than straddle or retracement? If so, does MBTrading fill your orders during this volitile time of a few seconds?

With oanda, it is perfect, because mostly all orders gets filled, yet with their widening of pip spreads lately (10 at the most i seen) can kill 'little-peoples' bankrolls (like mines) at teh click of the botton for the trade. And the fact that Oanda is now starting to freeze, is something that is not too pleasing for news traders.

input plz.

Check out this thread for MB Trading behavior. I Data trade and I am posting my experiences with MB there

http://www.forexfactory.com/forexfor...8&page=1&pp=15
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