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trustworthy NDD broker recomendation

  • #21
  • Edited 4:42am Jun 7, 2016 4:06am | Edited 4:42am
Quoting leebsurag
{quote} Hey what about sharing your EA's ??? are they paid from market or custom-build?? Can't find good EA for trading all of them are crap..
99% of EAs are crap. 99% of automated traders loses even if they uses the Holy Grail EA. Most EAs are successfull only if the automated trader knows what to do and if only few people uses these EAs
  • #22
  • Jun 7, 2016 8:25am Jun 7, 2016 8:25am
Quoting pd9000
Hi, I'm skeptic to all FX brokers, but my trust in LMAX is growing. Have made several deposits/withdrawals. No problems whatsoever.
Wait, isn't it a liquidity provider or am I wrong?
  • #23
  • Jun 7, 2016 8:36am Jun 7, 2016 8:36am
Quoting Johannas
{quote} Wait, isn't it a liquidity provider or am I wrong?
Hello, Mr. Johannas.

Yes, you are right.

They are liquidity providers but they also offer brokerage services.

Green pips to all,
MrJinks.
  • #24
  • Jun 8, 2016 3:32am Jun 8, 2016 3:32am
Quoting mrjinks
{quote} Hello, Mr. Johannas. Yes, you are right. They are liquidity providers but they also offer brokerage services. Green pips to all, MrJinks.
Good to know, thank you!
  • #25
  • Jun 8, 2016 6:52am Jun 8, 2016 6:52am
Quoting mrjinks
{quote} Hello, Mr. Johannas. Yes, you are right. They are liquidity providers but they also offer brokerage services. Green pips to all, MrJinks.
Well I have perfect experience with LMAX same with my current main broker Hotforex, what I would like most is the fact that they supply brokers with the feed. But anyway as broker use several feeds and aggregate spreads etc, I think better to test them first.
  • #26
  • Jun 8, 2016 4:16pm Jun 8, 2016 4:16pm
Quoting meyoik
LMAX is a true ECN broker FCA regulated. Traded over a year with them, no complaints, very happy with their performance, platform.
I used to be very positive about LMAX, their platform is very good, but their level of customer service has dropped to floor the last couple of months.

LMAX used to be the benchmark....but they have been behind the curve for a while now when it comes to interfacing with the customer (and unfortunately it's a must because you still cannot make a simple transfer between your MT4 and your trading account without involving support)...
  • #27
  • Jun 9, 2016 1:35am Jun 9, 2016 1:35am
Transfer from trading account and mt4 is one mail, and its done... though sometimes it may take up to an hour before its finalised.
  • #28
  • Jun 9, 2016 6:13am Jun 9, 2016 6:13am
Quoting pd9000
Transfer from trading account and mt4 is one mail, and its done... though sometimes it may take up to an hour before its finalised.
My point exactly. NOTE: Don't get me wrong, I like trading with the LMAX platform (just check how many positive posts I have about them), this is only pertaining to their customer support.

My point is... Sometimes you have the time to wait...and then I agree, an hour does not sound like much. But unfortunately and inevitably, trading requires immediate action at times (any trader that thinks they've prepared for everything that can transpire in the fx markets does not know what they are talking about, or has not traded long enough).

An hour might as well be a week in some situations, and this is where LMAX customer service is dropping the ball. Why have they not expanded their interface to do this so YOU can make the transfer from YOUR web trading to YOUR MT4 account? You can already to do this with cc transfers so why not internal transfers? From any point of view you see this, they already have the interface and the functionality for the most complex part of the transaction, always the external one....so....why not finish the job? How is it acceptable, that it takes less than 1 minute to get external funds from your cc into your LMAX trading account, BUT to move it internally, you need to contact support AND in some cases wait for a long period of time...how is this OK? Why on Earth would you need support to be in the middle of transactions between YOUR own accounts?

A great example is what FxPro (and many, many other brokers) does with their "vault", you transfer from bank/cc to your vault (NO SUPPORT NEEDED), and then you send money to your MT4, cTrader, etc. and again, NO SUPPORT NEEDED. From start to finish, I have done this whole process from cc, to vault, into MT4 less than 5 minutes with FxPro. I've waited HOURS at times with LMAX...

Hope this changes in the future...
  • #29
  • Jun 9, 2016 6:30am Jun 9, 2016 6:30am
I have only good experiences with LMAX. The few times I have been in touch with them they have been able to assist me in the way I expected.

With regards of safety of money and the level of seriousness, they are unmatched at our level in the food chain.

The problems some of you adress here I don`t know about, since I don`t use MT4. Still this is one of the few brokers I would recommend to use. Based on my own experiences and the reputation they have amongst professionals as well.

A big thumb up, from me.
Do not let the cost of being wrong, exceed the prize of beeing right
  • #30
  • Jun 15, 2016 10:08am Jun 15, 2016 10:08am
Quoting corre71
{quote} The broker u are looking for simply do not exist. If your priority is the security of funds, Go with a large UK FCA regulated broker. If U have sensitive strategies and so ur priority is a good execution go for an an AU Asic regulated broker. Which one? Try by yourself, there is no a better way
hello corre i plan on scalping news news spikes, and i was wondering if you knew a good broker with relatively small spread and fast execution ?
Also just curious to know, is it easier to do on an institutional level than on a retail ?
Im asking all this because i think i have a system that could work on these news but spread,slippage,brokers etc... could be a problem for me so im looking for a solution t all of these even the expensive ones.Thanks.
  • #31
  • Jun 15, 2016 3:16pm Jun 15, 2016 3:16pm
Quoting metta87
{quote} hello corre i plan on scalping news news spikes, and i was wondering if you knew a good broker with relatively small spread and fast execution ? Also just curious to know, is it easier to do on an institutional level than on a retail ? Im asking all this because i think i have a system that could work on these news but spread,slippage,brokers etc... could be a problem for me so im looking for a solution t all of these even the expensive ones.Thanks.
I am a retail forex trader and unfortunately still use MT4. I do not trade manually but only with robots. Is difficult to suggest a broker, because what is good for me maybe is not for u and viceversa. Also the choice of a broker depend a lot by ur strategy, the balance u want to invest in a broker, and other elements. The only way to find the right broker for u is the trial and error procedure. Here on FF forum u can find very interesting infos on brokers. My favourite are Australian brokers
  • #32
  • Jun 16, 2016 2:31am Jun 16, 2016 2:31am
Quoting metta87
{quote} hello corre i plan on scalping news news spikes, and i was wondering if you knew a good broker with relatively small spread and fast execution ? Also just curious to know, is it easier to do on an institutional level than on a retail ? Im asking all this because i think i have a system that could work on these news but spread,slippage,brokers etc... could be a problem for me so im looking for a solution t all of these even the expensive ones.Thanks.
Corre is (once again) absolutely right - there's no real alternative to do the homework by testing candidates on your own. I may add in this regard, that diversifying the risk by using several brokers in parallel is the most underestimated "tool" you have as a trader.
  • #33
  • Jun 20, 2016 12:37pm Jun 20, 2016 12:37pm
Quoting corre71
{quote} I am a retail forex trader and unfortunately still use MT4. I do not trade manually but only with robots. Is difficult to suggest a broker, because what is good for me maybe is not for u and viceversa. Also the choice of a broker depend a lot by ur strategy, the balance u want to invest in a broker, and other elements. The only way to find the right broker for u is the trial and error procedure. Here on FF forum u can find very interesting infos on brokers. My favourite are Australian brokers
thanks corre and Drolph, have you tried looking into futures since there the regulation is far better than in forex ?
  • #34
  • Jun 20, 2016 2:41pm Jun 20, 2016 2:41pm
Quoting metta87
{quote} thanks corre and Drolph, have you tried looking into futures since there the regulation is far better than in forex ?
I have traded futures manually for almost 20 years. The pro is that trading futures u have a centralized market, so the broker is not so important. The con is that leverage is incredibly low so u have to put on the table a good amount of money to trade.
Now i have switched completely to automated trading and so i trade forex on the crappy mt4 at retail level. My next step in 1 - 2 years is to trade with algos using fix Api
  • #35
  • Jun 21, 2016 6:45am Jun 21, 2016 6:45am
Quoting corre71
{quote} I have traded futures manually for almost 20 years. The pro is that trading futures u have a centralized market, so the broker is not so important. The con is that leverage is incredibly low so u have to put on the table a good amount of money to trade. Now i have switched completely to automated trading and so i trade forex on the crappy mt4 at retail level. My next step in 1 - 2 years is to trade with algos using fix Api
interesting ! is slippage also a big factor in futures ? im trying to scalp during big spikes (with trailing stop), sometimes related to news and that is the reason im considering moving into futures since execution and slippage can be a problem with fx brokers especially during news.
Also, i hope you dont mind me asking this, but i took a look at your trade explorer and most of your trades last for about a minute, how are you able to enter and exit so fast ? do you still even from slippage ? im asking this question cause the method i want to use also requires me to enter and exit very fast so im considering all the options that allow me to do that.
Lastly, its funny that you mention about api fix since i opened a thread recently asking some questions related to it, does it help on execution only or does it also help reducing slippage ?
sorry to ask so many questions at the same time.
  • #36
  • Jun 21, 2016 12:15pm Jun 21, 2016 12:15pm
Quoting metta87
{quote} interesting ! is slippage also a big factor in futures ? im trying to scalp during big spikes (with trailing stop), sometimes related to news and that is the reason im considering moving into futures since execution and slippage can be a problem with fx brokers especially during news. Also, i hope you dont mind me asking this, but i took a look at your trade explorer and most of your trades last for about a minute, how are you able to enter and exit so fast ? do you still even from slippage ? im asking this question cause the method i want...
When i was trading futures i was trading large trends and so only 2 - 3 trades monthly with a very long duration. So slippage was a small issue. Now on forex i trade with robots and i scalp on very short duration. My average trade lenght is about 4 seconds. So slippage is very important. As for Fix Api, i do not have any experience so cannot help in any way. I plan to consider using it in 2018, so have a lot of time to learn about it
  • #37
  • Jun 21, 2016 5:40pm Jun 21, 2016 5:40pm
Quoting corre71
{quote} When i was trading futures i was trading large trends and so only 2 - 3 trades monthly with a very long duration. So slippage was a small issue. Now on forex i trade with robots and i scalp on very short duration. My average trade lenght is about 4 seconds. So slippage is very important. As for Fix Api, i do not have any experience so cannot help in any way. I plan to consider using it in 2018, so have a lot of time to learn about it
Thanks corre.
  • #39
  • Last Post: Sep 6, 2016 10:56pm Sep 6, 2016 10:56pm
Quoting vaultboy
i'm looking for a NDD broker and hope you guys have some suggestions my highest priority criteria is that the broker is a true ecn/stp without any conflict of interest with their clients (after researching a lot i wonder if that is even 100% possible as "small" retail trader?)
I am truly sorry but this is simply not possible in Retail FX. This is not the nature of the Retail FX Business Model.

If you don't have significant trading experience, have not learned about the differential between Equity Market Data Characteristics (or some other Market other than FX) and FX Market Data Characteristics and if you don't have sufficient funds to initiate a Prime Broker relationship, then the things you are looking for simply do not exist in the Retail FX business model. Some of them exist but not most of your requirements.

Here's how this works and I've been telling people this for years.

1) You will need to take the time to research your edge in Forex and get good at executing it.
2) You will need to trade your way out of Retail Hell.
3) You will need to build your account balance to a point where you can establish a Prime Broker relationship.
4) You will then graduate to an institutional grade trading platform.
5) You will run your trades through a separate legal entity (corp, llc, llp, trust, etc.) and keep separate books.
6) You will grow your business and scale it according to your future needs.
7) You will periodically come back to the Retail ranks and answer mundane questions gladly because someone once did the same for you.

This is the way Retail Forex works. This is the way you get beyond Retail Forex. This is the way you will still be around these boards some 15+ years later. This is how others will know that you have been there and done that before. Else? Remain in Retail Hell forever. Not a very good alternative option if you ask me.

Ok, it is not time to start working on Number #1 above using your Retail Hell Demo Account.

If you simply wish to remain a small account Trader, then I would suggest that you also set-up a Nadex Exchange Demo Account, learn how their Binaries work and then compare your Binary Options demo trading results to your Spot FX demo trading results and be prepared for a surprise. Again, only if you intend to maintain a relatively small trading account.

If you have an interest in trading millions or billions then you really do need to take the time to develop your Edge, skill, knowledge of the market data and expertise in executing your strategies. Or, you will need to develop a Technical System that supports your daily decision making - which is a whole different world of trading and I would say requires a technical background of some kind or another (not 100% required but certainly a big help). Either way you go, be prepared for working harder, longer and with more passion than you have ever worked in your entire life.

This is how it really works in the world of Trading, without the sugar coat. This is how you become a long term successful Trader. Trading successfully long term is not hard. Getting to the point where you finally realize that trading successfully long term is not hard, will be the hardest thing you have ever done in your life. After that, it is actually quite simple. Just don't get greedy and stick to the rules of your Edge. Just make sure that "Edge" works in all market conditions, or make sure you take the time to develop an Edge for all market conditions. That way you won't have to sit on the sidelines merely because the Market Phase does not fit your "Edge."
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