Choosing an online broker

discussion on brokers, order execution, order automation and everything broker-related

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Dracozny
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Postby Dracozny » Wed Jan 30, 2008 8:15 am

Hi again,
I have now tried the EFX trade demo platform and have a couple questions that may be stupid but anyways,
When I give an order it does't execute it immediatelly. Does this mean that they are trying to find a match through the banks?
Welcome to the real market, if you are trading smaller than standard lots in this case EFX considers standard lots to be 10k, then yes you will expect more delays. also consider how price is moving at the time of entry.

Also the pips do not move simultaneous, why?
pips move simultaneously??????? what are you talking about here?
What does the red, yellow and green indicators mean under currencypairs?
this is refering to the spread you can customize this to whatever you prefer, might i suggest you explore the platform closer

(I have looked for indo in software under help but couldn't find any)
navigator help site

GL!

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lady4x
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Postby lady4x » Fri May 16, 2008 4:50 am

I am happy with forex-metal.com broker.
They have tight spreads, MT4 platform, demo accounts.

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TheRumpledOne
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Postby TheRumpledOne » Fri May 16, 2008 11:39 pm

I trade with www.efxgroup.com

They are an ECN. THERE IS NO FIXED SPREAD IN FOREX. Tell them THE RUMPLED ONE sent you.

You can google and find out what I really think about "FIXED SPREAD BANDITS".

I'll leave it at that so I don't get banned.

How do I avoid the spread?

I explained this to someone yesterday in an IM.

With EFX you pay a commission rather than having a "FIXED SPREAD".

It's "apples and oranges" so don't try to compare. "THE MATRIX HAS YOU" and you need to "FREE YOUR MIND" to understand what I am about to explain.

Let's say the current bid/ask is 1.5010 x 1.5015

The current spread is 5 pips.

You want to SHORT.

You SHORT at 1.5010.

You set a TP at 1.5005.

Bid/Ask becomes 1.5005 x 1.5009 and the current spread is 4 pips.

At EFX, you will get filled if the bid is 1.5005 and someone TAKES your offer.

Bid/Ask is now 1.5004 x 1.5009 and YOU HAVE YOUR PROFIT.

Note: the ASK never reached 1.5005. THIS IS IMPORTANT!

If you entered this order at a FIXED SPREAD BANDIT, whoops I mean broker, your order is STILL OPEN!!

The bid/ask must become 1.5000 x 1.5005 and your order HITS the Ask.

DO YOU GET IT?

If not, then read this over and over and over again until the LIGHT BULB goes off!!

The day I found out about EFX is the day I opened an account there and stopped trading with FIXED SPREAD BROKERS.

The simplest thing to do is to load up a demo account at EFX Group and see it with your own eyes.

When you place your TP Bid offer at 1.5005, your bid is displayed on Level II.

The point is with EFX your offer gets hit.

With FIXED SPREAD BROKERS you have to wait to hit their offer.

Maybe this might help:

First:

1.5010 x 1.5015

and price drops...

1.5009 x 1.5014

1.5008 x 1.5013

1.5007 x 1.5013

1.5006 x 1.5012

1.5006 x 1.5011

1.5005 x 1.5011 You may get hit

1.5005 x 1.5010 You may get hit

1.5004 x 1.5009 YOU COVERED 5 PIP GROSS PROFIT

AND LET'S CONTINUE

1.5003 x 1.5008

1.5002 x 1.5007

1.5001 x 1.5006

1.5000 x 1.5005 YOUR FIXED SPREAD BROKER FILLS YOUR ORDER.

Does that make it clearer??

What about the commission cost?

The commission varies depending on the pair trading.

It is $.50 per 10k minilot on USDJPY. So if I gross 2 pips, I am making money.

From the EFX site:


Commission Rates

Fixed spreads are a way for FCMs to markup or markdown the best bid or offer. FCMs do this to hide their fee into the price of the currency pair instead of displaying their best quote. Common sense tells you that no one works for free, so when you see an FCM claim they have ?no commission?, that should be a red flag. So how are they getting paid? Its simple: they are making money with the built-in markup/markdown in the spread.

Our FCM, MB Trading Futures, has nothing to hide. They offer tighter spreads with no markups/markdowns and openly display a low commission rate.

Commissions are based on total dollar amount traded: $5 per $100,000 traded.


Remember, tell EFX that THE RUMPLED ONE sent you.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!

Please do NOT PM me with trading or coding questions, post them in a thread.

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TheRumpledOne
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Postby TheRumpledOne » Tue May 27, 2008 12:38 am

I use EFX.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



Please do NOT PM me with trading or coding questions, post them in a thread.

moneymarkets
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Postby moneymarkets » Mon Apr 27, 2009 3:48 am

I tried to signon, and says not accepting applications? Can know what to do?

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