arco
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Spreads may vary, and are usually higher at important news times. But this is mostly the same with the majority.
Aussie Broker using ForexMeta Platform & FX Tax?
- Thread starter kristyna
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Spreads may vary, and are usually higher at important news times. But this is mostly the same with the majority.
white_goodman
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hmm true that... though how safe is any bank these days...
If NAB goes bankrupt , at least I can knock on Kevin Rudd's door until I get my money back . In the US , I will have no hope & I will get second class treatment. However, I will have to do more research on Go Markets Financial standings before I move my accounts.
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Senaka,
Those disadvantagous, regular requotes aforementioned in this thread aren't sufficient to dissuade you?
Those disadvantagous, regular requotes aforementioned in this thread aren't sufficient to dissuade you?
el caballo,
Those re-quotes do not bother me. I got accounts with FXCM, IBFX and MBT. Trust me , I get re quotes or bad fills with all of them . My main account is with IBFX. Just on Friday, I tried to close my IBFX- GBPJPY trade 21 times unsuccessfully and I had to call through to close that position. The trade moved 237 pips against me by the time I managed to close it over the phone , but still it was profitable. I don't hold the re quotes against my broker, specially when the market is moving 100miles/ph. May be that's the reason I survived in this forex jungle as a full time trader for the last 3 years. I must also mention that when I tried to close my IBFX, GJ position, FXCM spread was 35 pips , MBT was 28pips but IBFX 9 pips.
Also, I do not scalp, do not take any news trades and my target profit is around at least 120-150 pips on every trade . Therefor few re-quotes on normal market condition wouldn't bother me.
What matters to me most is , a broker should have good phone support 24hrs and apart from platform problems, they should play a fair game. Here's an example of the fair game I would expect from my broker,
Friday I entered a AUDJPY short trade and when the pair moved +75 pips, I moved the SL @ entry. Very next second the trade was closed @ $0 when the price was nowhere near my Entry/Stop loss.While the trade was dropping 300+ pips from my entry I called through to IBFX immediately , and after checking their records , they deposited $12600 ( for 300+ pips @ 4 lots) for that trade into my account. Didn't even take 5 minutes. Now thats fair game.
Most re-quotes or off quotes occurs due the internet speed. You need at least 2000 Kbs upload speed (not download) in order to trade online. My ADSL2+ or Telstra Cable barely gives me 1500Kbps. It's too bad that we Australians got slower internet speeds than rest of the world
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Senaka,
You make sensible points - and not being a scalper, the requotes should not harm you that much. Three years full time is a good effort - best wishes with it.
You make sensible points - and not being a scalper, the requotes should not harm you that much. Three years full time is a good effort - best wishes with it.
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I am not questioning you Senaka but I just cannot understand why this problem seems to be in epidemic proportions with forex only, and seemingly only on real accounts.
Well done for being succesfull while contending with that issue, do you have an approximation of what that may be costing you, ie, potential profit vs actual because of requotes.
I run Webiress linked to two stock accounts and I run Marketech software on a stock and index CFD trading account, I never have these problems of the type that only seem to appear with forex (I am just going on what I hear and read with that opinion re forex).
My (possibly oversimplistic) view is that the speed at which you get the data presented to you should be the speed at which you should be able to act on it as is the case with both of the software systems just mentioned above.
A question for GO users (or any MT4 users), do these requotes occur if say you put in a pending order with a buy (or sell) limit a pip or two ahead of the market in its current direction, or, do requotes occur if you place an order with the maximum deviation from quoted price function enabled ?
This is from the MT4 help file...
and a piccy of the buy/sell window
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Hi Boggo,
Yes, the re-quotes and slippage can have a big impact on someone's profitability.
My main bread winning strategy is based on the daily bar and I usually place all my market or limit orders at the start of the daily bar around 8AM AEST with predefined Stop losses and Take profit limits. I also use an EA to move my stops at break even when the trades moves into positive territory. 99% of the I get my predefined levels filled upto the pip either take-profit or stop-loss. I only get the slippage sometimes when I try to manually exit the trade . I always avoid trading the news moves as well as never enter new trades during London and NY high volatile sessions.
What I'm trying to say is, I have changed and developed my trading strategy to overcome those broker platform obstacles. If you cannot beat the broker, you might as well join them
The re-quotes I mentioned on my earlier post was on Friday's under the extreme market situation , which we could only see once in a life time.
If you aren't a scalper and if you got a half decent trend trading strategy with good Money management, there are lots of money to be made in Forex regardless of the broker issues. If I worry too much about every single pip , which my broker steals from me, that will only add few more wrinkles to my face. But I can assure you that forex trading will be a pleasant experience if you play by their rules. And yes , still you can make consistent profit s even if you play by their rules.
Also, if you look from their point of view, generally forex is at least 100 times more volatile than most volatile stock instrument on ASX. If you look at level 2 or 3 FX platforms such as Currenex, Ducascopy or Hotspotfx, you will see how fast the price can fluctuate. sometimes you get dizzy even by looking at it for 5 minutes . What we get on MT4 is the filtered and frozen price. Therefor , during the volatile times brokers are also battling to keep the price steady with the Inter bank fluctuations.
About MT4 Demo vs Live, again Live is filtered and Demo is non filtered. There's is a slight difference in the price feed.
It's not a problem, it's a business model!!!
two words: Bucket Shops. aka "Market Makers".
The Broker is making the market - you're not trading directly with the real FX participants which are primarily banks, you're trading inside a market ruled by an army of traders at a broker. As they make the market, they can effectively do whatever they want with your trade (owing to the nature of the FX market: no central exchange, over the counter and little regulation). Re-quotes happen when the market moves quickly and the broker's also doing the same - they're getting in first then they start accepting positions from you as they've started hedging.
Remember a "no commission" broker is being paid by the spread - that means they're most likely taking the same/similar trades as you but on a different platform with another institutional platform (when you are winning, they are losing, so they need to also "win" to make money - they do it with someone else).
i.e Market Maker offers 8 pips on AUD/JPY, the Market Maker gets a spread of 0.5 on AUD/JPY from another platform. You take a short, the MM takes a short - they're getting about 7 pips from you (as they will pay a commission to their broker)....
Factor in when you've put an order in for a short on 8 pip spread, they broker halts your trade temporarily - "re-quotes" - in the meantime the broker has executed at the same time as you but gives you a quote 4 pips lower - they've just made 11pips off you.. etc etc etc. This is a very simple and crude example, but one to highlight the shenanigans which goes on.
The up shot is: why deal with these scumbags in the first place? I re-iterate: MetaTrader 4 = Bucket shop city. Go straight to an ECN like Currenex - you can open Currenex Margin accounts for $2.5k with ADM Derivatives and not have a manipulated feed, tighter spread from the beginning compared to MMs and when you start hitting volume targets and equity targets, you can start negotiating spreads (yes, that's right - anyone has the ability to negotiate spreads if you meet certain requirements, just not with Market Makers), commissions and the like.
$0.02
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Thank you for that Senaka.
In theory I don't think that re-quotes should be too much of an issue for me then. My intention and what I am looking at with my current exercise is to use 30min, 60min an 4hr charts.
In the example below my signal appears during the formation of the second last bar, during the build of that bar (updated every 1 min) I get my entry and stop however I have to wait until it is complete and a new bar has commenced before the entry and stop points are finalised.
In this example then I have plenty of time to place my order with the size (0.4), the entry and my stop all at the same time.
From your experience with different brokers should my stop be executed at my preset point in this case or does that area become an area of re-quotes as well ?
Sorry for dragging this out, I appreciate your time and input.
(60 min chart of AUDUSD, click to expand)
In theory I don't think that re-quotes should be too much of an issue for me then. My intention and what I am looking at with my current exercise is to use 30min, 60min an 4hr charts.
In the example below my signal appears during the formation of the second last bar, during the build of that bar (updated every 1 min) I get my entry and stop however I have to wait until it is complete and a new bar has commenced before the entry and stop points are finalised.
In this example then I have plenty of time to place my order with the size (0.4), the entry and my stop all at the same time.
From your experience with different brokers should my stop be executed at my preset point in this case or does that area become an area of re-quotes as well ?
Sorry for dragging this out, I appreciate your time and input.
(60 min chart of AUDUSD, click to expand)
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Thanks tayser, good insight into how it works.
Basically, you can make money as long as someone else gets some of it by you having to play by their modified rules.
Sounds familiar, I tried trading CFD's with a popular CFD "provider" whose first name had more than one and less than three letters and I gave up in frustration at their games and software "problems" when things started going my way.
Actually I was asked to leave one of their "seminars" in the Adelaide Hyatt when I asked one too many questions about software hiccups, stops, risk/reward and other concepts that were foreign to them. It was suggested to me that I was being disruptive, funny thing was about six other people who I didn't even know got up and left with me.
I reckon that move made his already existing bad case of teen acne even worse
Ta
Basically, you can make money as long as someone else gets some of it by you having to play by their modified rules.
Sounds familiar, I tried trading CFD's with a popular CFD "provider" whose first name had more than one and less than three letters and I gave up in frustration at their games and software "problems" when things started going my way.
Actually I was asked to leave one of their "seminars" in the Adelaide Hyatt when I asked one too many questions about software hiccups, stops, risk/reward and other concepts that were foreign to them. It was suggested to me that I was being disruptive, funny thing was about six other people who I didn't even know got up and left with me.
I reckon that move made his already existing bad case of teen acne even worse
Ta
BentRod
ZZZZzzzzZZZZzzzzzzzz
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Geez, almost 10 G's on 4 lots.
BentRod
ZZZZzzzzZZZZzzzzzzzz
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I now understand this comment.
I'll be giving these guys/all Mt4 brokers a miss from now on.
arco
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Check out the Cyrox forum site, theres a lot of good positive info on ADM there. You may need to register - (its free).
http://www.cyrox.com/forum/
Brokers thread and especially "Let us pick the Broker for Cyrox Simple Scalpers"
heres a copy of the first post
The Broker is ADM Derivatives, Inc.
Please test the platform at least a month before you take real trades - Currenex Pro and Lite
Currenex Pro:
- Minimum account size is $25,000 USD.
- 1:100 leverage.
- $4.0 per $100,000 USD traded (Round trip).
- No official volume sliding scale, but if you trade in excess of $500 million a month - you can negotiate a cheaper rate.
- Lowest Currenex spread. GBPJPY is 3-5 wide on average and the EURJPY is 1-2 wide etc and EURUSD is 0.5-1.5 wide.
- Minimum trade size 1 lot.
Currenex Lite:
- Minimum account size is $2500 USD.
- 1:100 leverage.
- Spread similar to the regular Currenex rates.
- $4.5 per 100,000 USD traded (Round trip).
- Negotiable volume scale.
- Lowest Currenex spread.
- Minimum trade size 1 lot.
NB! The Currenex lite is a market making platform, but same Currenex bank feed is directed through this platform - so no fixed spread like other market makers... similar but much better than MBT market making concept and commission structure...
Now all Cyrox Simple Scalpers can make money... No need to struggle with MBT or Oanda... Charge on and make millions...
Contact Greg Cieply directly and ask for demo for Cyrox Simple Scalpers...
Greg Cieply
Foreign Exchange Sales
ADM Derivatives, Inc.
e-Mail: gregory.cieply@admd.com
v-Mail: 312 242 7714
Fax...: 312 242 7715
NB! I am not an Introducing Broker - I just negotiated best price for our Cyrox Simple Scalpers... So all the profit goes into your pocket and make you filthy rich... If and only if you know what you are doing and you follow the Cyrox Simple Scalping Rules... Again - get familiar with the new platform (Currenex Lite or Currenex Pro) for at least a month before you take real trades...
arco
Boggo,
I haven't experienced any slippage / re-quotes on pre-defined TP or SL with IBFX.However I cant vouch for Go Markets since I never had a live account with 'em so far.
There are Pro's and con's on every broker platform.
What I don't like about Currenex is , their spreads can widen up to 15-30 pips on JPY pairs even during the normal market conditions at Asian session. This is what I have seen on Man Financial Singapore(Currenex), during my test drive few months ago.
Since most of my trades take place during the early hours of Tokyo, I wouldn't want to pay 10+ spread as well as a commission on my trades.
What I don't like about Currenex is , their spreads can widen up to 15-30 pips on JPY pairs even during the normal market conditions at Asian session. This is what I have seen on Man Financial Singapore(Currenex), during my test drive few months ago.
Since most of my trades take place during the early hours of Tokyo, I wouldn't want to pay 10+ spread as well as a commission on my trades.
arco
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GO.
Demo has been performing well so far this week.
Who has deposited real money with them so far ?????
Any problems
rgds - arco
Demo has been performing well so far this week.
Who has deposited real money with them so far ?????
Any problems
rgds - arco
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Demo has been without a problem.
My account was opened today, funds should be there tomorrow.
Their staff seem really helpful and always seem to answer the 1800 number every time.
Only area that I am wondering about is if the speed difference has any impact on the re-quotes issue.
The top pic is all that I can find at this stage on speeds etc.
This bottom pic shows the demo and the real overlaid, the top portion is the demo and the bottom is the real account.
My account was opened today, funds should be there tomorrow.
Their staff seem really helpful and always seem to answer the 1800 number every time.
Only area that I am wondering about is if the speed difference has any impact on the re-quotes issue.
The top pic is all that I can find at this stage on speeds etc.
This bottom pic shows the demo and the real overlaid, the top portion is the demo and the bottom is the real account.
