hawaiiantrader wrote:Thanks Michal for the notation information - my problem is that the demo feed from MBT doesn't connect at all - i have to wait for the live account.
I haven't been able to resolve the lack of data issue with IQFeed; I fear it is just a lousy feed.
Regarding commissions:
It looks like MBT has a pretty low rate 5$ per 100,000 currency, which i think translates roughly to 1/2 pip. It is confusing to me, even though I can do the math, because they are calling a lot 10,000 currency when the metatrader platforms, and I think the Forex community at large, has 1 lot = 100,000 currency.
It's hard to understand IB's fee schedule - it looks like it is cheaper, for bigger tickets: 1,000,000 currency is $20.00, compared to MBT which would be $50.00. But IB has a minimum Ticket order of $2.50. So if you are trading only 1 "lot" of 10,000 currency (a minilot I supppose for the general community), which moves at a rate of 1$ per pip, for IB you have to pay $2.50 commission, plus the spread, but with MBT it's only $.50.
In general I was drawn to IB by all that they offer - but all their lists of fees, and minimums, and contingencies is hard to follow - MBT seems much more user friendly to me, at this time.
Do I have that correct? So unless I'm ready to be placing 100 minilot trades at a time, I should stay with MB Trading (or EFX - i think their rate is the same).
Makaha
Makaha,
yes, you're right, Interactive Brokers pays off only if you're trading
bigger positions. But then it pays off big time.
But then, I'm almost sure EFX would agree to charge
lower commissions, too, if one would trade bigger positions consistently and make a deal with them.
EFX demo feed works
fine with my NeoTicker. You should check your settings.
By the way, as you're from Hawaii - one of my friends whom I met in Miami is living in Hawaii and running a forex training business. Have you heard about him by any chance? His name is Derek Ching.
Michal