Regulatory Action against Tradestation Securities

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

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AgeKay
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Postby AgeKay » Wed Feb 28, 2007 7:42 am

slableak wrote:Hi Michal,

How do you find out what brokers do this?

David


If you're broker is a dealing desk, then they will do it eventually. If your broker is not EFX Group, Interactive Brokers or HotspotFx, then it's a dealing desk.There are more brokers though that claim that they are a non-dealing desk, but these guys just foward the orders to a another dealing desk. There are 4 easy ways to spot dealing desks. If your broker does not provide Level 2 Quotes or offers fixed spreads or does requotes or you can use MT4 with your broker, then it's definitely a dealing desk. Level 2 Quotes are only available to non-dealing desks and MT4 does not support non-dealing desks. EFX tried to work with MT4, but found that it was impossible since MT4 is made for dealing desks. Non-dealing desks do not offer fixed spreads and do not do requotes.

Also if your broker is on this list then it's a dealing desk.

What Michals said is true. Dealing desks don't steal money from you from the beginning, so it's not obvious at first, only if you are consistently profitable, because then you are making money off of them.

Edit: Forgot to mention one way to identify dealing desks: If your broker does not explicitly charge you commission or claims "commission-free" trading then it's a dealing desk. Dealing desks make people believe with"commission-free" that the dealing desks does not make money with this, like they were a charity or something, completely ridiculous.

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Patch
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Postby Patch » Wed Feb 28, 2007 7:33 pm

AgeKay & Michal

Thank you both for your informative replies. They are not "dealing desks" but double dealing desks. And the blog about dealing desks you list AK is a great help: http://nondealingdesk.blogspot.com/2006 ... chive.html

A few minutes ago I found out that EFX Group shares a border with Phoenix, so I will have to make time to ramsack them while I am plundering AZ for my Pirate Beach Chair this weekend. I love it when a trading plan comes together profitably.

I am so excited -- It feels like Christmas and my birthday.

Jeff in VA
ENOUGH being a Yalie for me Back to the Sea. "What i can lose, i can win" "YES YOU CAN" - dragon33 -"Pick one method and one pair and stick with them until you master it. "The choice is yours - success or failure." TRO

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michal.kreslik
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Postby michal.kreslik » Fri Mar 02, 2007 6:12 am

flash9911 wrote:AgeKay & Michal

Thank you both for your informative replies. They are not "dealing desks" but double dealing desks. And the blog about dealing desks you list AK is a great help: http://nondealingdesk.blogspot.com/2006 ... chive.html

A few minutes ago I found out that EFX Group shares a border with Phoenix, so I will have to make time to ramsack them while I am plundering AZ for my Pirate Beach Chair this weekend. I love it when a trading plan comes together profitably.

I am so excited -- It feels like Christmas and my birthday.

Jeff in VA


As far as I know, Avery has already arranged for a meeting with EFX executives in Scottsdale for kreslik.com pirates on Monday. So if you stay until Monday, you can see first hand their headquarters in Scottsdale.

Which reminds me, once in Scottsdale, I hope we'll have some spare time to visit the local Bentley dealership there :)



Michal

stuart18020
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Postby stuart18020 » Fri Mar 02, 2007 10:48 am

Friends, don't be fooled. This is not a Bentley but a Kreslik. Invert the license plate and see the transparently coded mark of the beast. The arch critic of deal desks is a poser, the master of double-think. Satan runs all deal desks! :twisted:

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