Newbie Questions Starting with the basics

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Student
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Newbie Questions Starting with the basics

Postby Student » Sat Jan 28, 2012 6:52 pm

I have spent a few months now (before joining) reading and keeping an open mind. Before I get stuck into trading any system I want to do my own due diligence..

I downloaded some EUR/USD Historical Data through Dukascopy.

1) Is Dukascopy still the most accurate of all the forex providers of historical currency data out there?

2) Which one of the Forex Brokers along with Dukascopy is best for trading.
Will this brokers feed be similiar to Dukascopys historical data feed?


3) I looked at some of the prices provided and here is a sample of them.

Time,Ask,Bid,AskVolume,BidVolume
02.01.2012 00:00:01.984,1.29475,1.29445,1.50,1.47
The spread here between ask and bid is 3 pips
Is this correct?

03.01.2012 07:00:00.585,1.29827,1.29817,1.50,2.25
Is the spread here 1 pip.

03.01.2012 08:00:00.064,1.29884,1.29876,1.50,3.38
The spread here is 0.8 pips

Which Broker will provide spreads similiar to this?

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denovo
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Postby denovo » Tue Jan 31, 2012 6:30 am

Hi Student -

1) I can't answer you categorically but, clearly, all historical data should be essentially the same, no matter the provider

2) Take a look at Oanda

3) You are correct on the pip spreads. Oanda provides similar spreads on this pair

Best Regards

Fingobob
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Postby Fingobob » Tue Jan 31, 2012 8:25 am

Does anybody trade the inside bar? and is there a forum thread that talks about it.

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Postby Student » Tue Jan 31, 2012 9:34 am

Thanks Denovo!
Fingobob can you setup your own seperate thread please.
I have my own personal list of stuff to go through, dont want it be brought down the wrong direction.. Thanks.

1) Denovo I am planning to use dukascopy for historical data purposes starting off, its important so the provider matches this. I know myself for the ES there is a massive difference in the way data is presented to you in relation to tick data. Different providers provide the data different.
I am going to leave this Question open and come back ltr to it.


2) I will add them to my watchlist.
Which brings me onto the next Question 4.


3) http://www.oanda.com/currency/live-exch ... es/EURUSD/
Above is the live quote from Oanda.
The spread here is approx 1.3-1.6pips
Quick glance at dukascopy historical data and this seems to reflect this same spread at this time of day.

For anyone, Is Oandas spreads a true reflection of what the spreads will be when you trade?


4) Fixed Price Brokers Vs ECN Brokers
I have read so many threads on this.
Basically if you dont want brokers trading against you, traders need to go ECN..
Is this still the case?

ECN brokers I have found are:
http://www.100forexbrokers.com/stp-ecn-brokers

Which of these are the best for
a) accurate pricing
b) overall dealings



Fixed price Brokers
Are anyone else.

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bredin
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Postby bredin » Tue Jan 31, 2012 3:53 pm

Student,

spreads arent provided by anybody.
They are a natural condition of an open marketplace and are simply the gap between the lowest sell price and the highest buy price currently in the order stack.

diferent brokers have access to different parts of the orderstack because of the distributed marketplace.

If you are trading the couple of pips between different brokers, and even the spread/commissions are irrelevant... if you are scalping they may be very important.

Any broker who charges no commissions is definitely playing with the spread and hiding the true price from you. Once they do this then there can be no trust in the price quotes, because you will never know by how much they have altered them.

However the only thing i really want a broker to do is give me my money when I ask for it ;)

This said, the less you get caught up in minutiae the better, and faster, you will learn.

G.
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Postby Student » Tue Jan 31, 2012 8:35 pm

thanks Bredin, purely scalping I want to get into.
The real thing I want is the true price?
Getting money back of course is important but surely if you stick with ECN's that is a given!

How is MB trading for trading the true price?

How is MB trading in relation to platform stability?

What do you need to provide to get your money out of MB trading?

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Postby Student » Tue Feb 14, 2012 11:49 pm

Time,Ask,Bid,AskVolume,BidVolume
02.01.2012 00:00:01.984,1.29475,1.29445,1.50,1.47

Following on from this

What does the 1.5 mean on the Ask volume and what 1.47 stand for on the Bid Volume.

How does one calculate the price that it actually traded at in forex?

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