Is there any broker who is happy, even if you consistently win?

[lamode]

leave the marketmaker and go for ENC is my best opinion.

[MickMason]

Originally Posted by lamode

leave the marketmaker and go for ENC is my best opinion.

An ECN may be the way to go but read the smallprint first, who really is the counterparty to your trade? Minimum trade size? Minimum account? Fills? Commissions? Variable spreads.....there's a lot to consider.

The grass might look greener, just make sure it doesn't turn out to be astroturf

[lamode]

Originally Posted by MickMason

An ECN may be the way to go but read the smallprint first, who really is the counterparty to your trade? Minimum trade size? Minimum account? Fills? Commissions? Variable spreads.....there's a lot to consider.

The grass might look greener, just make sure it doesn't turn out to be astroturf

Hi Mick, for mbtrading

The spreads for GBPUSD is between 0 to 2 during normal condition and up to about 10 pips (for less than a min yesterday, while its 15 pips on 0anda) on news release times, but adds up commisions still should be around same as 0anda.

ok now, the min tade size, its 10k contract and $400 is the min deposit, commision is 5 of the based currency per 100k traded. That should be ok if you have $3k account.

[MickMason]

Originally Posted by lamode

Hi Mick, for mbtrading

The spreads for GBPUSD is between 0 to 2 during normal condition and up to about 10 pips (for less than a min yesterday, while its 15 pips on 0anda) on news release times, but adds up commisions still should be around same as 0anda.

ok now, the min tade size, its 10k contract and $400 is the min deposit, commision is 5 of the based currency per 100k traded. That should be ok if you have $3k account.

Hi lamode

Don't be taken in by the sales pitch, who's taking the other side of your 10k trade, a bank? Mbtrading are an ECN-style broker is all. With all the negative hype surrounding marketmakers because 90% of traders lose money someone in a marketing department somewhere thought up a new sales pitch, and it's obviously working.

I've never seen a 15pip spread on Oanda, 10 on Cable during data, it's 2.8 now, and 1.5 on Eur/Usd. Mbtrading also have an each way commission don't they, in effect an extra pip on the cost of the trade.

What are the benefits though, how does an ECN-style broker improve your trading, fills, quotes, spreads, or bottom profit line?


Mick

[lamode]

Originally Posted by MickMason

Hi lamode

Don't be taken in by the sales pitch, who's taking the other side of your 10k trade, a bank? Mbtrading are an ECN-style broker is all. With all the negative hype surrounding marketmakers because 90% of traders lose money someone in a marketing department somewhere thought up a new sales pitch, and it's obviously working.

I've never seen a 15pip spread on Oanda, 10 on Cable during data, it's 2.8 now, and 1.5 on Eur/Usd. Mbtrading also have an each way commission don't they, in effect an extra pip on the cost of the trade.

What are the benefits though, how does an ECN-style broker improve your trading, fills, quotes, spreads, or bottom profit line?


Mick

i have attached a screenshot that shows 15 pips spreads on oanda, i am a customer of them aswell and i like them in general, but not the best choice when it comes to news release times and big amount of money.

I honestly do not know what banks take their trades, but one thing i do know is they allow you scalp as much as you like and you are able to trade during news releases time and i personally got filled on the price i wanted during fast market on mbtrading that 0anda rejected my order due to slipage.

In the conclusion is that after the two ways commison, it is still cheaper than 0anda because for 100k gbpusd traded is 10 pounds commision, which is about 18 dollars plus 10 pips news spreads, that is $100 + $18 = $118 for mbtrading (Yet, the spreads back to 0~3 pips in less than a min). For 0anda, 15 pips * 10 per pip = $150 ( and the spreads stay there for about 5 mins then back to 7pips for another 10 mins.).

[MickMason]

Originally Posted by lamode

i have attached a screenshot that shows 15 pips spreads on oanda, i am a customer of them aswell and i like them in general, but not the best choice when it comes to news release times and big amount of money.

I never saw it on the platform but then I'm not trading cable right now so probably missed it, 15pips is w-i-d-e!

I honestly do not know what banks take their trades, but one thing i do know is they allow you scalp as much as you like and you are able to trade during news releases time and i personally got filled on the price i wanted during fast market on mbtrading that 0anda rejected my order due to slipage.

I believe what you're saying it's just I've never experienced rejected orders or the kind of spreads you've seen, in fact I was wondering what happens when an order is rejected, do they requote or just out-and-out reject it?

In the conclusion is that after the two ways commison, it is still cheaper than 0anda because for 100k gbpusd traded is 10 pounds commision, which is about 18 dollars plus 10 pips news spreads, that is $100 + $18 = $118 for mbtrading (Yet, the spreads back to 0~3 pips in less than a min). For 0anda, 15 pips * 10 per pip = $150 ( and the spreads stay there for about 5 mins then back to 7pips for another 10 mins.).

Again I've not experienced that. I've only had an account there for around 3 months so I guess I'll have to wait and see, but so far I'm pleased with them.


Mick

[DW]

Mick, thank you for your response and your insite regarding my options. The brokerage I'm refering to is ACM. I'm using their own charts on their trading site. The lead is often much more than one or two pips. I won't trade when it's just one or two pips. The chart will often snap up or down 3-5 pips and still leave time (sometimes one or two seconds) to hit your fill direction. Like I said before, sometimes the platform price leads the charts and sometimes the chart price leads the platform. After a little observation you can figure it out pretty quickly. After the fill, if the price continues to run I will hold it and see where it will take me. A lot of the time that little snap plus another pip or two is all you'll get before it snaps back up to your fill price, once again leaving a split second to get out even or up a pip or two. I take several one pip losses, along with several break even trades, but in the end I'm coming out way ahead. This morning I pulled $7k in 30 minutes three hours after the New York open just to show myself that I can pretty much do this at will. I am not doing this (trading) during new release time, that is not my cup of tea. I tend to stay out of the market at those times, watch and wait for five or ten minutes and then join the crowd. No, the best results are a half hour before and up to about two hours after both the London and New York openings. GBP gives the best results on this platform and charting system. You can't do it very often with any other pair. They usually don't move quickly enough or when they move, it will be all at once. ACM does not have mini accounts. There have been several post that their demo system and their live system are two completely seperate animals. Or so I've read. So, I will try some of the other sites you recommended and try their demo system with various charting price feeds to see what happens. Oh, Onada was one of the sites talked about in . One fellow claimed he had been doing something similiar to this and was very profitable. He said he received a letter from them along with a check for his account balance and a phone call from a company rep that said he needed to hold his positions for more than five minutes??? I'm having a difficult time sorting out fact from fiction. Was it a traders imagination or did a broker in fact do something questionable.? I don't know. Anyway, I do appreciate your advice. I'm going to take your advice, thank you. We'll see how it goes. Any last thoughts or advice would certainly be welcome. I like this site and will continue to monitor it and learn from it, or from it's members I should say. Have a great and profitable day! Thanks Mick. A greatful DW

[MickMason]

Originally Posted by DW

This morning I pulled $7k in 30 minutes

Ah, ACM, I can't think of a more deserving target to get shafted!

I think the key for you will be moderation, $7k in 30 mins is going to be like waving a red flag and you will be closed down because it's their money you're scalping. Try to avoid the temptation to make as much money as quickly as you can, intersperse your scalping with regular trades if you can, blending in will reduce the chances of detection.

You're not the first to exploit latency and I don't doubt there are those who make a good living from it, the long-termers I expect have mastered the art of appearing innocuous

From an ethical point of view though it's unethical, there are unwritten rules that professional traders and brokers adhere to in order for us all to make money, there are endless tricks that brokers and traders can play but it's better for us all to play 'fair', that way we all make money and everyone's happy. Personally I prefer my broker did protect himself and close down these types of traders because it means they'll stay in business (nothing personal you understand!)

Good luck with it all the same

Cheers


Mick