Quoting incomeideasDislikedHi Forest or anyone live spot fx trader,
What are the spreads in mT4 spot FX live account ? Are they fixed or variable during normal activity ?
Thanks.Ignored
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Quoting incomeideasDislikedHi Forest or anyone live spot fx trader,
What are the spreads in mT4 spot FX live account ? Are they fixed or variable during normal activity ?
Thanks.Ignored
QuoteDislikedThey are bringing more on board slowly to ensure that MetaTrader can handle the larger feeds.
Quoting stockwetDislikedThey're not as good as I want them to be. They will always be variable because SpotFX is an ECN clearer. The EURUSD is usually 2 pips, the GBPUSD 3 pips and USDCAD 4 pips. I think the USDJPY is also usually 2 pips. When I used their old platform, I would often see spreads at 0 or even inverted. I haven't seen that yet and brought that up with them. They only have a few of their liquidity partners wired in to the MT4 data feed. As a result, they're not getting the same spreads, etc. as the other platform where all their partners are wired in. They are bringing more on board slowly to ensure that MetaTrader can handle the larger feeds. I'm hoping there will be several more on in September.Ignored
Quoting stockwetDislikedThey only have a few of their liquidity partners wired in to the MT4 data feed. As a result, they're not getting the same spreads, etc. as the other platform where all their partners are wired in. They are bringing more on board slowly to ensure that MetaTrader can handle the larger feeds. I'm hoping there will be several more on in September.Ignored
Quoting Bill13DislikedSome messages in this thread have mentioned 'COES' an 'ECN', as an non-dealing desk.
I understand that current COES version of Metatrader 4 will only accept full Forex $100K lots (their banks who accept opposite end of your trades).
However, what about 'EFXgroup' (part of 'MB trading') who reportedly gives you best "bid/ask" from many participating forex banks on smaller mini (FOREX $10K mini-lots)?
I wonder why nobody discusses 'EFXgroup' as an "ECN" for mini-lots in Forex -- is it too good to be true (non-dealing desk) or maybe it's too new to have heard about it? They are supposed to have Metatrader4 platform integrated as ECN in a few weeks?
Thks,
Bill13Ignored
Quoting Bill13Dislikedstockwet,
Thanks for your info about ECNs... but I'm still confused about what is 'direct interbank participation'.
You said about ECNs: "-- providing unbiased, un-manipulated pricing from a number of market participants who participate directly in the interbank market"
My guess is these other guys don't want to make any claim that would risk violating their official FCM status. http://www.forexfactory.com/forexfor...cons/icon3.gif
Perhaps the key word regarding bank participation here is "directly" ?http://www.forexfactory.com/forexfor...cons/icon1.gif
I'm confused about the distiction you made regarding COES and MBT -- i.e. these other guys who use "ECN tecnology" and evidently get their quotes from same Forex banks (somehow not acting as official 'interbank' banks in this case because these banks accept non-standard, or unconventional, Forex lot sizes (mini $10K)? -- and they display so-called "level2" ECN-like structure with similar spreads, etc. (their demo seems to 'walk like a duck and quack like a duck' = ECN).
Anyway, I don't know how these 'level2' things work: Perhaps these other guys mix things up a bit by matching customer trader's limit order shorts and longs (computer match up pending bid and asks) before going to the banks for extra liquidity -- maybe thay might be reason why they apparently can appear to offer prices/spread similar to a "real" ECN ... and still be able to define themselves as a non-dealer quasi-ECN?
It appears that some practices in FOREX trading still lack clear official definitions, and the official FCM status-approval for the quasi-ECN terminology? If indeed it is 'quasi' ...http://www.forexfactory.com/forexfor...cons/icon9.gif
Thks,
Bill13Ignored
Quoting ycompDislikedmbtrading say they can pass through minilots because they have a good relationship with the bank(s?). I forget where I read it, but it was a long explanation that they wrote.
at least I thought it was mbtrading that said this... I got confused after reading this thread because people who know more about the difference between how mbtrading, ecns and brokers operate say that mbtrading does not pass through minilots.Ignored
Quoting Hagbard CelineDislikedStockwet,
I've been using the Spot FX MT4 demo for the past couple of weeks now. I'm finding some serious cause for concern.
There are spikes that seem totally out of line all over the place. The U/J for example was trading in a 10-15 pip range at most, but there are a several spikes over 100 pips. On cable it seems to happen much more frequently, but with less pips. These aren't single, isolated events. It seems they usually happen in sequence, with the all the spikes mysteriously stopping at the exact same spot (occasionaly a pip off). I can check them against all of the other MT4 brokers I have downloaded (4 of them) and none show what I'm seeing from Spot FX.
If that wasn't bad enough, I emailed them to ask about this over a week ago, and received no response despite the fact their website promises a reply within 24 hours. I've since, between both COES FX and SPOT FX, emailed/submitted help form 4 more times and left 2 messages via phone (usally once a day or every other). I've yet to hear from them. The last time I emailed, I didn't even ask about the spikes, I just can't believe they would treat a potential client like this and told them so.
I was willing to entertain the possibility that the spikes were an artifact of the new platform and feed, but it is ridiculous for a company to treat it's customers like this. At this point I'm highly doubtful I could ever go live with them. It would take one helluva good explanation.Ignored
Quoting rogue_waveDislikedIs there any way for a group of traders to get any information on grounding (Thats MetaTrader.net's word) an introducing broker for an ECN?
Pardon me if that question was phrased cluelessly...
Any info provided will give you good trading kharma [ ;-) ]Ignored
Quoting Bill13DislikedI looked at the the reference wherin the firm's rep was quoted saying: "The current active quotes you see are coming from our banks and the highs and lows are calculated internally. As a result it should not stop you out prematurely"
This above firm's quote appears hard to believe / accept, but still could be factual = truthful ? How could this be? Well I think there might be a good reason, afterall (below). Please correct me if I am wrong, but it's the way I see it so far:
I am also demo-ing MT4 with another firm, that to my knowledge, noboby disputes is a real Forex ECN, and have seen highs and lows incorrectly PLOTTED for many bars = highs and lows FAR from actual prices on their Metatrader4 platform. This ECN firm rep told me this is due to 'bugs' which are being fixed -- due to ongoing interface and data feed problems, and that quotes as indeed correct. So, apparently, a trader doesn't get improperly stopped out, etc. http://www.forexfactory.com/forexfor...cons/icon3.gif
So if a real ECN firm is having serious high & low bar data-reporting problems, it seems likely that the other guy could have similar data reporting problems regarding their 'computed' highs and lows, but still the streaming bid/ask quotes are OK ? ...
--- way i see it, so far ...http://www.forexfactory.com/forexfor...cons/icon1.gif
Bill13Ignored
Quoting Bill13Disliked--- stated that firms that tell you that banks only will only deal in 'standard lots' are not up to date. True in the past, but not now...
If this is true, claims that Forex mini-lots can't trade in an ECN platform (e.g. level 2), and that non-standard lot sizes still require an intermediate dealing desk are untrue.
From what I've seen in demo platform, it now appears that you can get same price fills and bid-ask spreads for trading mini lots (10K) as standard lots (100K).
Maybe I'm naive about ECN structure, but it looks that way to me - so far.
Bill13Ignored
Quoting stockwetDislikedHis name is Joe Pulaski. He always answers his phone when he's in, he always responds to my emails, etc. I've had more personal relations with CoesFX than any other broker. If you have an account rep you've been working with, then, that's the rep's fault. On the other hand, if it's Joe, well, I can take him to task for youIgnored