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Need US broker for a large account

  • #21
  • May 28, 2016 3:54pm May 28, 2016 3:54pm
Quoting pipmaster77
{quote} So true. I do have an edge, been profitable since 2010. The point I am trying to get across is simply when you are trading with a DD broker, even with an edge, you are at a major disadvantage. Their business model is for you to lose money and they control the software. I trade with an unregulated offshore broker but I trust them. Their spreads are razor thin, they earn money on my commission and I am profitable because there is no dealer intervention. I'm sure I could be as profitable at a US broker, but trading is tough enough, why would...
Which offshore br0ker are you using?

I tried to open an account with Tickmill which is also offshore regulated by FSA of Seychelles and has good reputation among professional traders but they declined my application since I am from Europe. I was so pissed off because my friend from Malaysia was approved but not me.
  • #22
  • May 28, 2016 5:36pm May 28, 2016 5:36pm
Quoting Borowikbo
Actually, Nasir, I checked TD Ameritrade for FX and I must tell you that you have no edge there. You would have a disadvantage in terms of commissions and also FX margin which stands only at 1:50. If you only want US based broker then I would rather choose Interactive Brokers. I have used their platform for futures options trading since 2005 and it is very good, especially for professional traders. FX commission Commission currency pairs trade in increments of 1,000 and are subject to a fixed-commission structure based in counter currency units....
Yeah i read that. We will try them out with a 10k account first.Which means on a 20 pips sl and risking 1% would be risking 100$ so thats 50,000 units that i have to buy. That comes out to be 5$ in commissions. Thats alright if they are not charging anymore spread over it. But i have not found any further information regarding the spread also there is no way to geta demo ( if any) unless you fund the money.Regarding the margin, thats alright cause 1:50 is enough to risk 1% over 10-20 pips.Btw i like what i saw at interactive brokers but i guess we are still going with TD anyway.
  • #23
  • May 28, 2016 5:47pm May 28, 2016 5:47pm
Quoting pipmaster77
{quote} Another market maker, dealing desk that trades against you Jason Rogers openly admits in an earlier post, that they resort to dealing desk intervention to control risk. Any broker who is counter party to your trade loses money when you win. The closest analogy I can use is like betting on sports with a bookie, where the bookie had tricks up his sleeve to control the outcome. When using a DD broker, you are betting against them and THEY CONTROL THE SOFTWARE. How dumb are people, seriously?
Ok i am gonna trade a certain breakout pattern. With a 10-20 pip stop and and 7-15 pips tp. Im only gonna trade during london open and not when there is some high impact news around.Are you telling me my us broker can find a way to take my money in this situation?
  • #24
  • May 29, 2016 1:54am May 29, 2016 1:54am
Funny joke :-)10-20pip stop and tp profit 7-15pips. Nothing like negative risk to reward to ruin an account.
  • #25
  • May 29, 2016 2:17am May 29, 2016 2:17am
Quoting Bilstein
It's tough to take recommendations from the loser pool on the internet. Realistically speaking, if you're trading with a regulated broker (US or otherwise) with a good assortment of research tools and a platform you're comfortable with, you're fine. Trading currencies is not a profitable endeavor for most retail traders. Not because the "game is rigged" but because retail traders are generally stupid, comically overconfident, grossly underfunded, and obscenely over-leveraged. It's a harsh reality that you'll likely not see many on the internet agree...
I think it's important that this information so readily given by the forex industry be debunked once and for all.

This is the true representation and fact about winning in the forex: ==> In all its history there has never been a winning period for all aggregated spot retail forex accounts! (i.e the sum of all accounts) Period after period the customer funds 1) do not increase in value and 2) are eaten away by transaction costs. If you were to invest 1 penny in each forex account world wide, your return on your investment will be negative and gradually eroded to nothing ...


http://www.forexfactory.com/showthre...te#post8877130

I dare any forex broker to provide facts to the contrary (:
  • #26
  • May 29, 2016 4:44am May 29, 2016 4:44am
You make it sound like its always the fault of the broker when someone loses money. Fact of the matter is that the vast majority of retail traders can't trade their way out of a wet paper-bag. Just read this forum - the level of self-deception and unfounded confidence is staggering. With this bunch as clients, a broker doesn't need to play dirty, most of them wil lose it all by themselfs anyways.
  • #27
  • May 29, 2016 4:52am May 29, 2016 4:52am
Quoting mitch77
Funny joke :-)10-20pip stop and tp profit 7-15pips. Nothing like negative risk to reward to ruin an account.
I dint say what my win/loss ratio is, so that's a very stupid comment.
  • #28
  • May 29, 2016 4:59am May 29, 2016 4:59am
Quoting Mingary
{quote} I think it's important that this information so readily given by the forex industry be debunked once and for all. This is the true representation and fact about winning in the forex: ==> In all its history there has never been a winning period for all aggregated spot retail forex accounts! (i.e the sum of all accounts) Period after period the customer funds 1) do not increase in value and 2) are eaten away by transaction costs. If you were to invest 1 penny in each forex account world wide, your return on your investment will be negative...
why is the broker responsible for clients losses?

Are we seriously having this debate?
  • #29
  • Edited 6:07am May 29, 2016 5:49am | Edited 6:07am
Quoting shrike
You make it sound like its always the fault of the broker when someone loses money. Fact of the matter is that the vast majority of retail traders can't trade their way out of a wet paper-bag. Just read this forum - the level of self-deception and unfounded confidence is staggering. With this bunch as clients, a broker doesn't need to play dirty, most of them wil lose it all by themselfs anyways.

Quoting nasir.khan
{quote} why is the broker responsible for clients losses? Are we seriously having this debate?
Where do I say that the broker is responsible for the clients' losses ?

What I do say is that the forex industry has a vested interest in presenting client profitability data in "the best possible light".
And, for good reasons, given that the reality from the client base is extremely dismal. In the same way that a population's taxes "feeds the government", the forex trader population "feeds the forex industry" ... except that in the case of taxes, the population does get something in return. (:
  • #30
  • May 29, 2016 6:07pm May 29, 2016 6:07pm
Quoting mitch77
Funny joke :-)10-20pip stop and tp profit 7-15pips. Nothing like negative risk to reward to ruin an account.
not if you win 70% of the time
All posts are my personal opinion
  • #31
  • Jun 2, 2016 6:36pm Jun 2, 2016 6:36pm
Quoting pipmaster77
Any broker who is counter party to your trade loses money when you win.
All retail forex brokers are the counterparties of their clients, regardless of the execution models they offer. These brokers are also the counterparties of their liquidity providers. That's because individual retail traders cannot be direct counterparties to the liquidity providers themselves.

It's important to understand that being your counterparty says nothing about the execution model on offer. On our No Dealing Desk (NDD) forex execution, FXCM offsets each of your orders one-for-one with the best prices from competing liquidity providers.

That means we don't profit from your losses or lose from your profits on our NDD model. Instead, we profit from your trading volume via the commission.

In addition to the NDD execution we provide to all Standard and Active Trader accounts, FXCM also has a Mini account option using DD execution. The Mini account has a lower opening minimum of $50 compared to 2k for a Standard account. The Mini account also offers leverage of up to 400:1, while leverage on our NDD execution is capped at 100:1 for risk management purposes. (CFTC regulations cap leverage at 50:1 for all US accounts.)

What sets us apart from some brokers offering a DD option is that we also offer an NDD option to our clients.

Quoting pipmaster77
Yes, but for those on the DD model, that would mean you DO RESORT to the dealer intervention techniques.
Quoting pipmaster77
Jason Rogers openly admits in an earlier post, that they resort to dealing desk intervention to control risk.
Unfortunately you have misunderstood what I said in my earlier post. I will try to be more clear. FXCM does not have to resort to the dealing desk intervention like you suggest, because, if the risk warrants it, we can simply switch an account from DD execution to NDD where all trading strategies including price arbitrage strategies are welcome. Note that we never switch an account from NDD execution to DD unless a client requests it such as to get higher leverage than we offer on NDD.
  • #32
  • Jun 6, 2016 8:44am Jun 6, 2016 8:44am
To help everyone better understand why, as a US resident, you need to trade offshore, I am going to fully explain how I trade.

I trade 5 pairs....GBP/JPY, GBP/AUD, GBP/CAD, EUR/AUD and EUR/CAD. As you can see, I trade the pairs with the largest daily range.

I have a $5,000 trading account, which I do not keep with ANY BROKER. It is secure in my own bank account.

I risk 2% ($100) per trade with anywhere from a 40 pip stop and 100 pip target up to a 100 pip stop with a 250 target. Always 2.5:1 reward to risk.

When I trade I simply transfer $100 to my broker and set my size depending on the stop. 40 pips approx. .27 lots, 100 pips approx. .12 lot, etc.

My winning rate is 68%, when I win I simply withdrawal the $250 and leave $100 for next trade, if I lose, I transfer $100 when next set up is ready.

Now, here is the key, to trade .27 lots with any US broker on GBP/AUD, for example, requires a deposit of $1,080 for margin!!!!!

Funds are not protected with a US broker (my broker either) so here is what I cannot comprehend from those trading with US brokers:

WHY WOULD YOU WANT TO DEPOSIT $1,080 RISK $100??????

Or for you larger traders, how about a deposit of $10,800 to risk $1,000?????

Someone please explain, am I missing something?? Like is it the fact that you cannot hedge, do you like FIFO??? What is the reason folks stay with US brokers??
  • #33
  • Jun 14, 2016 6:48am Jun 14, 2016 6:48am
SO tried shorting gbpusd at 4127 just before it broke down to 4112 this morning. The order went into "working" and trade would't execute, canceled the order, tried again. Same thing for 3 times and than price had dropped already.

  • #34
  • Jun 14, 2016 7:06am Jun 14, 2016 7:06am
also cant use limit orders for distance of 10-20 pips or maybe even more.
  • #35
  • Jun 14, 2016 8:24am Jun 14, 2016 8:24am
Quoting nasir.khan
SO tried shorting gbpusd at 4127 just before it broke down to 4112 this morning. The order went into "working" and trade would't execute, canceled the order, tried again. Same thing for 3 times and than price had dropped already.
Been trying to warn you about US brokers. They are all the same. I now believe they actually work with the NFA/CFTC as nothing is done about these issues. Regulators are so worried about reducing our leverage, FIFO, no hedging, yet the brokers are blatantly ripping people off.
  • #36
  • Jun 17, 2016 5:49pm Jun 17, 2016 5:49pm
Pipmaster77

Your business model makes since..Low risk is the key.
I like the part about only having in your account what you need for your next trade.
Im going to try it out with Tallinex(good reviews)
Are there any issues with funding? currently i have my bank account linked for debit card transfers (with US broker), never any issues with instant no fee transfers.
" Liver alone,,,Cheese my Seester "
  • #37
  • Jun 19, 2016 6:34pm Jun 19, 2016 6:34pm
Quoting pipmaster77
{quote} Been trying to warn you about US brokers. They are all the same. I now believe they actually work with the NFA/CFTC as nothing is done about these issues. Regulators are so worried about reducing our leverage, FIFO, no hedging, yet the brokers are blatantly ripping people off.
Can you please tell me what non U.S. broker you use, and how long have you used them?

Currently I have a funded LMFX account, and Traders Way. I haven't had issues with either of them. But, a group I'm in is recommending I use FXCM.

Now I'm not so sure I want to do that.
  • #38
  • Jun 24, 2016 7:15pm Jun 24, 2016 7:15pm
Quoting TexasPipster
a group I'm in is recommending I use FXCM.
Glad to hear it! You'll be interested to know we have an office in Texas.

Quoting TexasPipster
Now I'm not so sure I want to do that.
If you have any questions about FXCM, I'm happy to address them.
  • #39
  • Jun 26, 2016 4:18am Jun 26, 2016 4:18am
Quoting Jason Rogers
{quote} Glad to hear it! You'll be interested to know we have an office in Texas. {quote} If you have any questions about FXCM, I'm happy to address them.
Hi Jason, great to to see you active on the boards

Question...you were quick to react to "Need US broker for a large account", but I was wondering why have you not reacted with equal speed to join the Virtual Dealer Plugin conversation:

http://www.forexfactory.com/showthread.php?t=305850

Funny that you managed to miss this one huh?

So a question on behalf of the gentleman that wants to open a large account (I assume he would like to know):

Does FXCM use a virtual dealer plugin (or ANY other server side software) that manipulates trades on the server side or in ANY other manner?

Thanks!
  • #40
  • Jun 26, 2016 7:10am Jun 26, 2016 7:10am
I look for US broker for cme market. Can you advise ?
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