DUKASCOPY or MB TRADING ???

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Tresor
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Postby Tresor » Sat Jun 12, 2010 5:41 pm

billie-on-air wrote:The user understands that the business model of the SWFX Swiss Forex Marketplace consists in ensuring best execution


This is excellent! But in this provision Dukascopy fails to tell you whether it (i) ensures best execution on the ECN market (many players, including banks and hedge funds and John Smiths like you or it (ii) only ensures best execution within Dukascopy...


billie-on-air wrote:Dukascopy is counterparty of each trade and counter trade.


In this provision Dukascopy informs you that it will ensure all your trades will be made between you and Dukascopy or Dukascopy's clients, NOT between you and hedge funds / banks and other brokers' clients. Therefore your execution prices will not be best. Can Dukascopy offer the best prices in the world 100% of the time? - I rather doubt it.


billie-on-air wrote:In some circumstances,Dukascopy may not hedge entirely or may not hedge at all certain trades.


This is contradictory to previous' being counterparty (market maker) to all your trades. What it means is that in some cases Dukascopy may be ECN.


billie-on-air wrote:Any course for concern regarding that statement. Sounds to me like how most bucketshops operate if i understood that statementment well.


Based on the information you provided I conclude that you were offered a hybrid full market maker quasi-ECN agreement to sign between you and the broker. The broker decides at its will whether you will be executed via ECN or you will be playing a market maker's video game.

If I were a broker who offers such agreements to its clients I would:

1. execute profitable clients via ECN (I wouldn't take the risk of betting against such clients);

2. execute non-profitable clients with myself (I would be happy to bet against losers).

Hope this helps.

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webmail4tom
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Postby webmail4tom » Sat Jun 12, 2010 6:21 pm

Hi Tresor,

thanks for pointing out your views, interesting indeed!

What ECN or broker are you using or would be recommended?

Tresor
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Postby Tresor » Sat Jun 12, 2010 6:45 pm

webmail4tom wrote:What ECN or broker are you using or would be recommended?


I am not in a position to recommend any broker. There are a number of brokers who claim to:

(i) be ECN - for sure trades of some clients they are executed via ECN

(ii) provide ''a true ECN-platform'' - how good is an ECN platform that you don't get ECN prices on it and ECN execution via it?

(iii) provide ''ECN-style trading experience for their customers'' - I like these ones particularily :smt044 - it's like telling that ''you will expeience butter-like style while eating margarine''.

In fact such ECN-style brokers do not provide you with fixed spreads like market makers (''market maker-style'') but with floting spreads (''ECN-style)''and charge both visible commission and invisible spreads.

Frankly speaking, my problem is exactly like yours. I do not know who to trust and I am tired of reading countless agreements of ECN-style brokers only to find out that what is offered to me is a de facto market maker agreement.

Michal Kreslik did best and get himself connected directly to interbank market.

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Postby webmail4tom » Sat Jun 12, 2010 8:21 pm

:smt041 :smt046 Okay, at least we are sitting in the same boat!

Thanks again for being so specific with your thoughts!

Right now I am testing TOS Thinkorswim and Dukaskopy.

While TOS provides fixed spreads and commsission based FX trading, it just isn´t funny to watch your market order move with the market till you get executed 2 or 3 pips away from your original idea. Well, they say this could also be in your favour but the favour hits you 1 out of 10 times...

Dukas, hmm well, I was rather disapointed to see that the EURUSD spread will move to 1.5 to 2.0 as soon as something happens. And as long as your adjustable slippage is below 1.0 you are in danger to stay unfilled. Slippage at 1.0 will give you a fairly good chance for a fill but 2.0 spread and 1.0 slippage makes 3.0 behind the market.

So what? I have no idea! :cry:

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Postby Tresor » Sat Jun 12, 2010 9:09 pm

webmail4tom wrote:So what? I have no idea! :cry:


If I can make any recommendation, go for a broker who claims to be ECN / ECN-style, ECN-price based / ECN-based something / ECN-whatever. At least you will not see ''Requote - Invalid prices'', which can piss off. Choose a broker that offers Metatrader. Of all ''free'' platforms I tested this one is okay.

This broker might be worth considering for Americans http://www.pfgbest.com/ they claim to be ECN and the funding requirement is only $500. Probably they are only ECN-style or ECN-yet something else, but at least they offer a stable MT4 platform. I only tested their demo that I liked - I do not know if their real-life performance is also good.

Duka could be a good choice for Europeans, and I thought also a good choice for me; the funding requirement is also low $1k, but the catch is their JForex is a stone age application as far as charting goes :smt067

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Postby trendme82 » Sun Jun 13, 2010 4:57 am

Yes the commission reduction is 1 of the main reasons for using Duka. I have been using FXCM Micro accounts for over 2 years, but unfortunately FXCM changed their spreads to Std Accounts. 2.4 ON EU. While Duka's ECN is offering a much better rate.

(ES/pip) I am alway an aggressive scalper. Execution is far better than mt4 while offering me to stack small positions together and close all orders as a Whole. It is far more superior than Mt4 when it comes to Trading manually. And At the moment, I am using a Mt4 bridge with Jforex for all my EA's, scripts etc...

While using this bridge, Duka's orders are placed Faster than The mt4 Demo account! Perfect for scalping!

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Postby webmail4tom » Sun Jun 13, 2010 9:35 am

This broker might be worth considering for Americans http://www.pfgbest.com/


I used PFG many years ago for Futures. At this time they did not offer FX so I left and I was not sure if I would regret it because they offered always real customer support, tech and trading desk was just a few rings away. So I might talk to them again.

I have only a Demo with Duka but whenever I ran into tech and trading issues nobody picked up the phone and the online chat help was no real help as well. It also does not help if a company tells you that if you go Live everything will be good. I am running on Demo because to test not only the software but to see how fast their response is just in case a problem occurs.

JForex is a stone age application as far as charting goes


That´s funny because I really like the simple and robust JForex platform. It provides trading off the charts and someone who is familiar with Java code could programm fancy stuff as well.

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Postby webmail4tom » Sun Jun 13, 2010 10:12 am

Michal Kreslik did best and get himself connected directly to interbank market.


How much money is involved for such a connection?

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dragon33
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Postby dragon33 » Sun Jun 13, 2010 10:55 am

I can assure you that the servicedesk of dukasopy is real and fast.
If there are issues i connect with them over skype and the problem is always solved very fast.

The spreads you like them or you don't every broker has his issues but in gods name stop spreading s**t when you even didn't try them. What is happening behind the scenes we will never know unless you have worked for some brokers.

Market makers DO NOT PLACE REAL TRADES, they can choose to do it or they just let you think they did it.

The execution is much faster as everyone else believe me. Commission is better then others especially trading high volumes. You never have requotes. If you have a problem with slippage just use limit orders and your problem is gone.

If you open a big account or open an account with IB you have a personal account manager you can contact.
Trading is like cycling, first you need to learn how.
Two options: you either lose or win!

webmail4tom
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Postby webmail4tom » Sun Jun 13, 2010 11:26 am

I can assure you that the servicedesk of dukasopy is real and fast.
If there are issues i connect with them over skype and the problem is always solved very fast.

Thanks for telling us your experience.
As I said before, I am on Demo and there my experience was not like yours. My Skype calls were never picked up, instead a chat window opened and the overall message was "Running Live is all different".
So all what I said was, that why bother going for a Demo if all is different when switching to Live.

Market makers DO NOT PLACE REAL TRADES, they can choose to do it or they just let you think they did it.

So what?

The execution is much faster as everyone else believe me.

Why should I?
See, fact is that you are happy with Dukas, good!
Fact is that Tresor pointed out some very strange details within their paperwork clients have to sign.
If this doesn´t bother you, because you either did not read or understand those parts or you just don´t care at all, good.

you have a personal account manager you can contact.

Yes, I know, my personal Dukas account manager calls me every week to ask how it goes and if I am ready to transfer money. No, he was not very interested to hear about platform, login and slippage problems. But he told me about a contest where I can win a golden watch ...

but in gods name stop spreading s**t when you even didn't try them

I am sure, if you think about your above statement again, you feel sorry and it was not your intention to behave like a dork. Apology accepted and I will not comment any further.

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