Anyone know a good FX platform?

[Buk]

switching long, short, long, short to realize loads of traders are making multiple scalp trades aiming for small pips every day. And the dealers are getting a spread on each one of those.

which is o.k to a point (for the shops), whilst the punters are trading small size.....start cranking up the bucks, with a (reasonably) consistantly successful strat & they begin to fidget uncomfortably in their seats

even the one's who barely whisper their approval of so called 'scalpers' will inform you that they can (& undoubtedly do) discourage/unsettle their grinning customer if that customers "trading style" conflicts with the shops interests.........in other words "whoa there Joe, time to change horses or we'll have to stick the brakes on"

 

[BroadSword]

....if that customers "trading style" conflicts with the shops interests.........in other words "whoa there Joe, time to change horses or we'll have to stick the brakes on"....

So this comes back to the situation with the SB Co's. If they (the retail shops) make money from the spread AND lay off their net book in the market, they would be OK about clients consistently winning big wouldn't they?

So I guess the question boils down to: Do the retail FX brokers hedge in the market or not? If the answer is 'Yes' then I see no vested interest, if 'No' then I see plenty of vested interest in not seeing big players win consistently.

 

[ERA]

So I guess the question boils down to: Do the retail FX brokers hedge in the market or not? If the answer is 'Yes' then I see no vested interest, if 'No' then I see plenty of vested interest in not seeing big players win consistently.

I'm not sure B'sword, but this is my brokers policy off their site;

......''OANDA is counter-party to trades executed over FXTrade. Trades are matched, and any net exposure above predefined thresholds is hedged with partner banks at the current market spread.''........

Makes sense to me.

 

[JTrader]

Capital Spreads told me that EURUSD, GBPUSD trades of 2000,000 and above would be individually hedged - but this would not affect the client in terms of speed of execution of the trade. While Capital Spreads are a spreadbet company and not a retail forex broker - the principals may be the same. Perhaps one could expect a specialist retail forex broker to not start hedging until the position size is somewhat greater to the Capital Spreads threshold.

This should not affect me in any case - because I do not intend to progress above 1000,000 size lots.

Cheers

jtrader.

 

[Torch]

I'm not sure that Oanda's hedging policy is similar to that of that of other retail shops. There is much about this company that strikes me as 'the exception to the rule'. Their transparency impresses relative to others.

There is definitely a wild west feel to these shops; only if the proverbial really hits the fan and someone has to be left holding the baby will all parties involved really know who must carry the can. Traders and retail shops alike seem to be just pressing on in the relatively new world of private FX just kind of hoping for the best. As can be clearly seen for example the contradictions present in the stated policies of individual shops can be quite bemusing.

JTrader, assuming your success rate in consistent FX profitability gets better and better over the coming years are you sure you and the accountant in your head won't be tempted to keep on past the million size lot? Especially if the rewards of your own hard slog tightening your strategy (ie larger more regular profits and smaller more minimal losses) are backed with the extra assurance of the negative debit protection the big boys can offer?

(p.s. I just realized it might not be possible to hold a baby and carry a can at the same time ... )

 

[Buk]

So I guess the question boils down to: Do the retail FX brokers hedge in the market or not? If the answer is 'Yes' then I see no vested interest, if 'No' then I see plenty of vested interest in not seeing big players win consistently.

to the majority of (in their terms) small/avg sized punters, whether they hedge or not is of little importance. The successful (retail platform) punters - whether they be regular intradayers or mid term swingers, will hold a selection of accounts according to their strat/purpose?

the 'big players' you speak of, if dealing reasonable size (& adhering to more conventional account risk parameters), will undoubtedly be trading off the Interbank arena anyway, where they'll receive tighter trading benefits.

 

[Torch]

There's an element of emperor's new clothes about this.
The basic question and many variations on it are asked time and again and NOBODY on this forum or elsewhere provides clarity either because

1) They just don't know

or

2) They do know but are cautious/frightened of stating their knowledge

or

3) They do know but have a vested interest in not stating their knowledge.

Clarity will be forced into this game at some stage; in the meantime companies that actively push their policies and business model to the fore must be singled out and acknowledged IMVVHO.

 

[Buk]

The basic question and many variations on it are asked time and again and NOBODY on this forum or elsewhere provides clarity either because

1) They just don't know

or

2) They do know but are cautious/frightened of stating their knowledge

or

3) They do know but have a vested interest in not stating their knowledge.

there's no mystery or hidden agenda's far as I know Torch.....if you ring & speak to one or two of the brokers/shops & put the questions to them, they'll tell ya. Certainly if you're cranking heavy size thru on an intraday/scalp strat on multiple round trips - specailly via STP platform - the middlemans 'suppliers' will most certainly spot your game plan!.....as has been pointed out to me - they can at any time refuse to take your trade & it's been known & experienced by more than a few punters that the silly games (delays/non-confirmation of trades/refusal of price) are prevelant.

as I say, it aint gonna be such a problem for the vast majority.....but if you begin to "stick out like the proverbial sore thumb" then you either change your strat hat....punt multiple platforms or slide across to another arena!

 

[JTrader]

Torch -
JTrader, assuming your success rate in consistent FX profitability gets better and better over the coming years are you sure you and the accountant in your head won't be tempted to keep on past the million size lot? Especially if the rewards of your own hard slog tightening your strategy (ie larger more regular profits and smaller more minimal losses) are backed with the extra assurance of the negative debit protection the big boys can offer?

Hi Torch

within my current mode of planning - when trading EURUSD - 1000,000 = $100 per pip. If I were to make an achievable 50-60 pips profit per week from intraday trading - This level of profit would more than be enough for me. I will also continue to stick to a strict 1% capital risk per trade. I may even stay below 1000,000 size - 700,000 for example. I cannot foresee myself going beyond this - given that 40% of profits will go straight to the taxman if making 50-60 pips per week - so will it really be worth the RISK increasing the stake sizes beyond 1000,000?

However, I do obtain the right to change my mind as and when I progress, and given the continued rise in the cost of living in the UK - this may become a necessity :!:

It is still early days though and such talk is hypothetical. I approach trading on a strictly day by day basis, and without complacency.

Cheers

jtrader.

 

[JRich]

Take a look......
Trading from Chart: Buy/Sell toolbar has Real-time Prices
Multiple Time Series: Intraday, Daily, Weekly and Monthly
Multiple Chart Types: Bar, Line and Candlestick
Powerful Drawings: Fibonacci Fan, Gann Fan and more
http://www.proedgefx.com/gp_demoreg.aspx?ref=JBAR

Not to sure about proedgefx... exact same company (address & all) online at apexforex.com... currently using their (apexforex) 60 day trial & made good money when the dollar dropped to a new low earlier this week.... but a little concerned they have more than one url... seems if they were on their ish they would have just one site

 

[Alex-the Gr8]

I have very little experience with these retail platforms - willing to test out a few to see how they tick. Any ideas? As an aside, I worked for a US bank on their trading floor - so I'm not super duper familiar with retail trading platforms. I worked with one, spread based - simple to use, not great charting - not horrible either. Want to move to ECN and figure out the fuss over MT4. Thanking you in advance for your input.
Alex

 

[trader545]

I use MT4 trading platform, and I like it. But I am a newbie, that's why I'd like to hear what other people say about other possibilities to trade!

 

[gc1]

I would recommend Etoro! It is pretty new I think. Been using it for a couple of weeks and I think it is great. You get up to 1000 $ bonus when you open an account too!
http://www.etoro.com/A18085_TClick.aspx

Your affiliate code I presume.

Have you read paragraph 4.9 of their T&C which says they can seize your funds if they consider your trading style "abusive" (whatever that means):

"and seizing all funds held in the associated user account".

 

[demeanor]

hi there !!..try gnutrade platform

 

[jaketraderboy]

Fxdd Currenex

 

[clorets]

my vote goes to OANDA, reliable execution, good spreads, but bad platform. I use MT4 for analysis and oanda for execution only.

 

[trader545]

And mine vote goes to Real Trade

 

[jtc172]

FXDD Currenex

 

[DonCardEst]

As i say before - you can look at some forex ratings around internet (for example forexpeacearmy, earnforex, 100forexbrokers) and look reviews.

 

[wisegambler]

I used 3...

... but it really depends on your interests and needs!
If you are new to online trading Etoro (www.etoro.com)might be your best choice. They offer a very simple Software with easy to understand controls and they feature an so called OPENBOOK where you are able the instantly see what the top performing traders of the last month are doing in the moment. Its updated every second so you can basically copy their actions. But for the serious beginners its more interesting to try to learn from them.. that means try to comprehend what they are doing and maybe start to chat with them.

Still for the more advanced ones a Platform with more options available and a more complex software that allows to adjust indicators in a lot of ways suits better.
AnyOption (www.anyoption.com )might be your broker of choice, as you are even able to real time trade stocks and some more commodities and indices than other tradeing platforms.

Maybe I should mention one last broker:
avaFX (www.avafox.com) ... they are becoming very big and popular offering a nice bonus and many options to trade as well as a nice interface. check it out....
I think they were awarded the "best online broker 2011".. just give it a look...

hope that helped a bit,
happy trading