Sybren said:Will rollovers ever be competitive? I still think 5 USD per 100k traded is a lot, but on the swaprates it's pure robbery. If one trades past cut off time EFX is very very expensive!
testandinvest said:Sorry for the bad language but am getting really confused, Let me explain if you will.
I perfected a scalping stratagy using a crown forex demo account. It worked really well due to the 1pip spread. I place 50+trades adays and make 50-80 pips (in my account) with a hit rate of 78% typical per day for the first 4-6 hours of trading. I'm based in the UK and I was up at 7am each day for testing .. I managed to keep this up for 5 days straight. Wooopi !!!! .
Then I find out that crown have a no scalping or we'll pip your ass and take you account policy.(even thow I would be making them 50-80pips per day in there spread) Buggered ! I thought, I need to to look into these platforms and find another one. What a can of worms was this, Pip manipulation, pip shading, dealing desks trading against you, Money markets and ECN's. I had the golden chalace of life .. now I have dirty cracked mug of s*&t.
My issue is - my system works, I want to use it! I am quite happy to pay a percentage of my profit if its clear and simple for me to understand what I am being charged (I'm not that good at maths, But I can analyse the **** of anything .. I have Asperges Syndrome a form of autism .. Its means complex physics and IT issues are easy but people are a pain in the **** lol)
So after my rant .. and sorry for that. Can some explain in real terms as in 'Cash in your pocket terms' what the hell there on about when it comes to $5 per 100,000 traded.
My confussion comes from.. I put $1000 in an account with EFX. AT 100:1 leverage I can bet $10 per pip. I understand this .. this is real money This I can cope with. At 1pip spread on a buy of $10 per pip I see my EurUsd chart go up by 2pips. Fantasic I've just made the platform $10 and myself $10. I decide to get out (as I want a beer or what ever).
What is the actual charge on my account, That corrisponds to the $5 per 100,000 traded.
And one other minor question about EFX. Do you get upto the second live streaming price feeds with all the spikes and flickers. A year Ago I had a direct feed from reuters and as you all will know USDJPY is a kamikaze market Wtih radical price flicker. After looking at 4 platforms at the same time I found that the amount of movement varied alot between platforms and so did the price quoted. Price difference was typically 2-4 pips and movement was slow compared to the movement jumps you actually get.
Anyway ... Thanks for readling this and Sorry to go on about it .. but this is my way out of the rat race. all replys are greatly appreciated.
Cheers TI
Sybren said:@testandinvest
By the sounds of your story I get the feeling you look at it as being a spreadbetter. Ofcourse there are a lot of similarities but as FXSCALPER2 says and explains is the way EFX works.
Depending on how much your are willing to deposit (1000 USD deposit against 1:100 leverage let's not buy you one lot of GBP/USD) there are better ECN's with cheaper commissions.
FXSCALPER2 said:Here is a GBPUSD trade with EFX:
sold at 1.9560. spread was 1 at the time . Price went down to 1.9558 offered and you get out. You made 2 pips, or $20 at $10/pip, right? Wrong! you paid a commission of $9.78 when you went short and $9.78 when you cover. So you make a princely 4 cents out of that transaction.
Sybren said:@testandinvest
By the sounds of your story I get the feeling you look at it as being a spreadbetter. Ofcourse there are a lot of similarities but as FXSCALPER2 says and explains is the way EFX works.
Depending on how much your are willing to deposit (1000 USD deposit against 1:100 leverage let's not buy you one lot of GBP/USD) there are better ECN's with cheaper commissions.
testandinvest said:hi Sybren you spot on lol.
I was involved with a sports tipping service that moved in to the forex market, but they charged alot for very little and I got more good info from my own research and limewire lol Well enough to turn a test daily profit regardless of news. lol
Do you know of any ECN with a small account opeing, As I would go with Dukascopy in a heart beat but I'm a small fish and $50K is way too rich for me. I need to buld up to it.
I've just beento currenex.com and they appear to be the gateway for platforms to use. do you know of anythat use the currenex network?
cheers and Thanks for the reply TI
fxtraderjustin said:Hi Guys -
Thanks to FXTrek, EFX is now able to offer a basic free Java charting package to our clients (demo or live) with our data feed incorporated. Take a look and let me know what you think.
http://efx.tradesecuring.com/misc/freeefx.asp
Regards,
jacinto said:hi,
honest feedback:
I really got to say that it is not very appealing. I am probably spoiled with the charting friendliness of metatrader, but that is what I now compare things to.
good you guys have put a chart with your feed, well done
j
Sorry I found the link. Can you post me a link to your policy on news trading again please as the link from Forex Factory has expired or missing.