15 pip spreads? | Forex Factory

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15 pip spreads?

  • #1
  • First Post: Aug 22, 2006 7:47am Aug 22, 2006 7:47am
I need your opinion on this one:

I found a local forex broker; their spread is not to anyone's liking at 8-9 pips, and they charge another 7 pip commissions on top of all of these. Effectively, its like 8 pips now, and 7 pips when you close it for an effective 15 pips spread.

However, I have asked them for their performance on News. I specifically told them that I am a News Trader. I asked their execution speed, slippage. They said they guarantee 100% execution of orders on my price; guaranteed no slippage; and guaranteed no lockouts. If ever there is something wrong, they guarantee to do it manually and add the profits to the account on the next business day.


Question is: Is this 15 pips effective spread worth their guarantee?
Their 100% Guarantee took my attention; 2-3 pip spreads does not matter anymore if our orders do not get filled on our price.. Sometimes, we could see as much as 20 pips and in my case, 40+ pips due to slippage. That is far costlier than the 15 pip spread by this broker in my opinion.

Broker: eforex-asia.com
  • #2
  • Aug 22, 2006 8:18am Aug 22, 2006 8:18am
Even w/ tight spreads and no commissions the cost of trading FX is shameful.

FX needs to take a page out of the Futures Trading ,rate book.
  • #3
  • Aug 22, 2006 8:25am Aug 22, 2006 8:25am
Quoting BurgerKing
I need your opinion on this one:

I found a local forex broker; their spread is not to anyone's liking at 8-9 pips, and they charge another 7 pip commissions on top of all of these. Effectively, its like 8 pips now, and 7 pips when you close it for an effective 15 pips spread.

However, I have asked them for their performance on News. I specifically told them that I am a News Trader. I asked their execution speed, slippage. They said they guarantee 100% execution of orders on my price; guaranteed no slippage; and guaranteed no lockouts. If ever there is something wrong, they guarantee to do it manually and add the profits to the account on the next business day.


Question is: Is this 15 pips effective spread worth their guarantee?
Their 100% Guarantee took my attention; 2-3 pip spreads does not matter anymore if our orders do not get filled on our price.. Sometimes, we could see as much as 20 pips and in my case, 40+ pips due to slippage. That is far costlier than the 15 pip spread by this broker in my opinion.

Broker: eforex-asia.com

first understand how the real fx market works. Any broker that will guarantee fills regardless of how wide the spread or high the commision is is not to be trusted. Stick with small size, they probably won't bother you. If you start making serious cash that is not offest by profits they make from other losing traders then they will clamp down. It's as simple as that. The faster ppl realise that this is the case the sooner ppl will stop thinking that news trading is the way to go.
  • #4
  • Aug 23, 2006 2:15pm Aug 23, 2006 2:15pm
Eye Candy and an ear massage you received.. Let that be enough!! to detur your thoughts. All brokers slip on news momentum they have no control.
The master inner bank feed moves very rapidly and the slip is a good incentive to boost entry profit levels for ALL BROKERS! Remember keep it simple in all ways of trading.. I don't usually advise a choice broker but if news is what you wish to focus on then consider proedgefx an IB of fxsol, I have an accoujnt with them and I do indulge in news trading.. on rare events I too get a requote. But not a huge price spread gap the worst I have seen is about 8 pips on high momentum. Advice never straddle! Simply keep your finger on the trigger and PULL! Pro edge was mentioned because they have a larger staff and also offer live webinars 2 times daily via hottcom free....
"Look Left Think Right"
  • #5
  • Aug 23, 2006 2:20pm Aug 23, 2006 2:20pm
DUDE are you crazy!!!! 15 pip spread?!?!? thats robbery any way you slice it! and they sound pretty shady anyway, how can they be priced so far out of the market?

if you are willing to trade 15 pip spreads, i will make any trade you want at any time! actually, i will only charge you 14 pips!
Relax and be happy.
  • #6
  • Aug 23, 2006 2:21pm Aug 23, 2006 2:21pm
oh and btw, there ARE NO guarentees on market orders! you get the next best price, period. anything else is shady.
Relax and be happy.
  • #7
  • Aug 23, 2006 2:33pm Aug 23, 2006 2:33pm
Quoting merlin
oh and btw, there ARE NO guarentees on market orders! you get the next best price, period. anything else is shady.
BINGO!!

FACT: If anyone is gauranteeing fills, they are most likely on the other end of the transaction. If they are, you are not "in the market", you are "in the bucket".
Profit is where readiness meets Opportunity
  • #8
  • Aug 23, 2006 2:36pm Aug 23, 2006 2:36pm
[quote=sccz97]If you start making serious cash that is not offest by profits they make from other losing traders then they will clamp down. It's as simple as that.

Absolutley!!!

Unless you are with someone that has TRUE STP.
Profit is where readiness meets Opportunity
  • #9
  • Aug 23, 2006 2:36pm Aug 23, 2006 2:36pm
Quoting FXopportunist
BINGO!!

FACT: If anyone is gauranteeing fills, they are most likely on the other end of the transaction. If they are, you are not "in the market", you are "in the bucket".
BINGO to you!
Relax and be happy.
  • #10
  • Aug 23, 2006 2:37pm Aug 23, 2006 2:37pm
Quoting sccz97
The faster ppl realise that this is the case the sooner ppl will stop thinking that news trading is the way to go.
This part I disagree with. NEWS TRADING IS A GREAT WAY TO GO !!!!!!

Just have to put yourself in a position to win.
Profit is where readiness meets Opportunity
  • #11
  • Aug 23, 2006 2:39pm Aug 23, 2006 2:39pm
Quoting mmont
Even w/ tight spreads and no commissions the cost of trading FX is shameful.

FX needs to take a page out of the Futures Trading ,rate book.
OH boy, The Forex/Futures argument YIKES!

I have seen these get heated!
Profit is where readiness meets Opportunity
  • #12
  • Aug 23, 2006 3:11pm Aug 23, 2006 3:11pm
That's $150 loss per lot up front. No thanks.

Quoting BurgerKing
I need your opinion on this one:

I found a local forex broker; their spread is not to anyone's liking at 8-9 pips, and they charge another 7 pip commissions on top of all of these. Effectively, its like 8 pips now, and 7 pips when you close it for an effective 15 pips spread.

However, I have asked them for their performance on News. I specifically told them that I am a News Trader. I asked their execution speed, slippage. They said they guarantee 100% execution of orders on my price; guaranteed no slippage; and guaranteed no lockouts. If ever there is something wrong, they guarantee to do it manually and add the profits to the account on the next business day.


Question is: Is this 15 pips effective spread worth their guarantee?
Their 100% Guarantee took my attention; 2-3 pip spreads does not matter anymore if our orders do not get filled on our price.. Sometimes, we could see as much as 20 pips and in my case, 40+ pips due to slippage. That is far costlier than the 15 pip spread by this broker in my opinion.

Broker: eforex-asia.com
  • #13
  • Aug 24, 2006 11:36am Aug 24, 2006 11:36am
Quoting FXopportunist
OH boy, The Forex/Futures argument YIKES!

I have seen these get heated!

putting on a straddle before news is trading? that's up to you to decide
  • #14
  • Aug 24, 2006 12:10pm Aug 24, 2006 12:10pm
A very large Japanese TV company had a major problem with their delivery boxes. For some odd reason, some boxes are empty - no TV inside. There was definitely something wrong with the Production line.

The factory manager called their top engineers to come up with a solution to prevent Empty boxes from getting into the delivery van.

A group of expert engineers came up with an elaborate plan: they hauled in the XRAY machine from the infirmary, attached it up to a motion detector machine; every boxes are feed through a conveyor belt, xrayed and motion detected. If there is nothing inside the box, the motion detector will detect nothing and a warning will flash alerting a nearby worker to remove the empty box. They did this in less than 6 hours time! The manager was pleased.

No soon later, a young employee came in with a huge ventilation fan. He installed it by the conveyor and turned it on at high speed. Everyone was amazed that empty boxes simply fly away to the "Empty Box Corner" on their own.


I am personally trained in the arts of science, electronics, computer programming, math. I love playing T/A. So many complex studies to do. Yet at the end of the day,week,month, for some odd reason, these TA did not make me money.

I tried a simple straddle on the news, works almost all the time! I managed to recover all the money I lost to T/A and now in profit.

I dont need to think because there is really nothing to think about. Why make it complicated?

PS. Dont get me wrong. Even though I lost money with T/A, I still want to learn T/A. However, T/A requires more than just Technical Analysis; it requires most of all "pure luck" making the guess if the market will continue to move or reverse.
  • #15
  • Aug 24, 2006 1:12pm Aug 24, 2006 1:12pm
BK, you are absolutely right!
Abstract thinking is the best way to lose money at FX market. Don't miss the opportunity.
  • #16
  • Aug 25, 2006 4:09am Aug 25, 2006 4:09am
Quoting BurgerKing
A very large Japanese TV company had a major problem with their delivery boxes. For some odd reason, some boxes are empty - no TV inside. There was definitely something wrong with the Production line.

The factory manager called their top engineers to come up with a solution to prevent Empty boxes from getting into the delivery van.

A group of expert engineers came up with an elaborate plan: they hauled in the XRAY machine from the infirmary, attached it up to a motion detector machine; every boxes are feed through a conveyor belt, xrayed and motion detected. If there is nothing inside the box, the motion detector will detect nothing and a warning will flash alerting a nearby worker to remove the empty box. They did this in less than 6 hours time! The manager was pleased.

No soon later, a young employee came in with a huge ventilation fan. He installed it by the conveyor and turned it on at high speed. Everyone was amazed that empty boxes simply fly away to the "Empty Box Corner" on their own.


I am personally trained in the arts of science, electronics, computer programming, math. I love playing T/A. So many complex studies to do. Yet at the end of the day,week,month, for some odd reason, these TA did not make me money.

I tried a simple straddle on the news, works almost all the time! I managed to recover all the money I lost to T/A and now in profit.

I dont need to think because there is really nothing to think about. Why make it complicated?

PS. Dont get me wrong. Even though I lost money with T/A, I still want to learn T/A. However, T/A requires more than just Technical Analysis; it requires most of all "pure luck" making the guess if the market will continue to move or reverse.
What a great story and an even greater point!!!!!!!!!!!!!

There is one reason and one reason only to be trading in the markets. To make money. END OF STORY. I have heard from so many people who want to define what makes a trader and makes him worthy of profits. I don't care if you flip a coin and then use money magement, spend 8 hours a day reading charts or just plain straddle and take the cash. In the end it is the revenue you generate. PERIOD!!! I hear so many say this or that won't last. Maybe, but it is paying now!!! when it doesn't work we will do something else, like we always have. Straddling is not the only way I trade but it sure is one of them and it sure is good to me.
Profit is where readiness meets Opportunity
  • #17
  • Aug 27, 2006 10:05pm Aug 27, 2006 10:05pm
one day, we will all have a service from Goldenmoneytree that all news traders and straddlers and technical traders will all love. I'll keep you folks updated when this is out. It's gonna rock the whole place!

anyways, lets not do any adverts here....

As for straddling, i tried it with 10 lots, got filled made a profit. I Will never do it again because of fears of whipsaws. I rather try to get Filled on a calculated decision based on the numbers...if i dont get filled....i dont loose any money either. If i get filled, well...yeah....i go drink some beer later.

As for 15 pips spreads and gauranteed fills, trade 100 Lots with them and see see if you get the fills.

lol. It's so funny to see these "Guaranteed fill" Retail forex MM break under these large orders. The first thing they do is put u on manual execution. I hear they can even freeze you account...dont know how true that is though.
  • #18
  • Feb 19, 2008 3:06pm Feb 19, 2008 3:06pm
Quoting BurgerKing
I need your opinion on this one:

I found a local forex broker; their spread is not to anyone's liking at 8-9 pips, and they charge another 7 pip commissions on top of all of these. Effectively, its like 8 pips now, and 7 pips when you close it for an effective 15 pips spread.

However, I have asked them for their performance on News. I specifically told them that I am a News Trader. I asked their execution speed, slippage. They said they guarantee 100% execution of orders on my price; guaranteed no slippage; and guaranteed no lockouts. If ever there is something wrong, they guarantee to do it manually and add the profits to the account on the next business day.


Question is: Is this 15 pips effective spread worth their guarantee?
Their 100% Guarantee took my attention; 2-3 pip spreads does not matter anymore if our orders do not get filled on our price.. Sometimes, we could see as much as 20 pips and in my case, 40+ pips due to slippage. That is far costlier than the 15 pip spread by this broker in my opinion.

Broker: eforex-asia.com

ROFLMAO, are you serious?
  • #19
  • Last Post: Feb 19, 2008 4:41pm Feb 19, 2008 4:41pm
Quoting FX Grunt
ROFLMAO, are you serious?
Maybe he was serious 2 years ago :-/ Look the date
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