Marvin, I was only commenting fxscalper2, mentioning the difference between the two. To be honest I don't know if they offer SB. I took it for granted as fxscalper2 said they are offering it. I suppose I should have checked it up myself.MarvinS said:
This so called "Non Dealing Desk" is not really an ECN as I understand it. Still invention by the dealer in some cases, from what I have read on different forums. OK, I haven't been actually trading with them, so it is quite easy to have preconception about this company.neil said:
FXSCALPER2
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I said no such thing. CMC do and I was using them as an example.
gle101 said:
neil said:
Anyone experienced bad fills back? I cannot believe they would be any different if they are not a DMA platform! Again i ask the question what is the difference between them and Spread betting. FXscalper believes they do no ttreat you any different if you win, has anyone been treated any different on this BB?
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Marvin, it is illogical to expect them to be different from SB companies if you understand their Raison detre . They are exactly the same as any SB firm. I already gave the example of CMC. CMC FX (CFD) and SB are exactly the same from a traders point of view. FXCM are exactly the same as CMC's FX hand. Therefore CMC's SB and FXCM are the same thing. This is not a belief, it is a fact.
In terms of being treated differently, all brokers (except MBtrading (an ECN)) I have ever traded with are either impractical because of spreads or requote or reject you to death if you try to scalp. This is a fact.
Here is something that is not a fact but my personal belief: other than scalping, no broker will treat you differently simply because you are a winner. I say it is not a fact because I don't know what happens if you traded 50 mio with a retail broker, for example.
In terms of being treated differently, all brokers (except MBtrading (an ECN)) I have ever traded with are either impractical because of spreads or requote or reject you to death if you try to scalp. This is a fact.
Here is something that is not a fact but my personal belief: other than scalping, no broker will treat you differently simply because you are a winner. I say it is not a fact because I don't know what happens if you traded 50 mio with a retail broker, for example.
MarvinS said:
FXSCALPER2 said:
Do retail brokers like FXCM have larger pockets? I do not think so! I think the general perception is that SB firms do not want winners and this is wrong. 100% wrong. In my whole hearted truthful opinion. But you may think of this as towing the company line!
neil said:
OK so if you are not guarenteed on an FX price with such a reputable market maker as FXCM why should one be guarenteed a price with an SB firm. Being a trade or a stop/limit order. I really do not understand. WS will endevour to offer a 1 pip instant execution spread during normal trading conditions, so why are traders so concerned with getting guarenteed trades before and after a figure? If WS price feed is as good as all the other SB firms and offer a 1 pip spread, my god why are you not trading. Again towing the company line...
Compliance and Risk warnings flashing in my face of course.
Regards
Marvin
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People who always expect guaranteed fills at the price they want, at all times, do not know how the markets work. If you trade with an ECN, you will get slipped all the time trying to use market orders at fast times. You can get slipped or partialled quite a bit even at relatively quiet times. With retail brokers and SB, you get requoted or rejected. It is a matter of which you prefer, but expecting a fill at the exact price requested at all times just shows the 'trader' shouldn't be trading because he/she doesn't understand the basic workings of the market. Trader should not expect guaranteed fills, ever. It is nonesense.
MarvinS said:
I agree, this is the way the market works.FXSCALPER2 said:
You have DMA and you have Market Makers, there are advantages and disadvantages with both business models. All retail Forex are Market Makers and all SB's are Market Makers. What is the difference between the two (except that one is taxable)? The quality of the service they provide of course, that is what sets them all apart. I think the quality of service differs in varying degrees between the Market Makers. I have had my own share of MM's, and some certainly do not live up to basic standards, on how they should operate on the financial market. I guess, this opinion also differs among clients, on what they consider to be basic standards for dealing with financial instruments, using their years of trading experience as a principal guideline.
After trading with quite a few of the Market Makers I can tell you, it is like day and night between some of them. There are real people behind each of them, the owners of these MM companies all have different backgrounds and goals they setup for the company, that reflect in which direction they want their company to progress and how they will go about reaching that goal.
Marvin, if you are talking about other retail Forex brokers, I have experienced bad fills. Not with WS as the worst you can get is a re-quote, and one has a choice to reject that offer. In fact a re-quote is to be preferred instead of a bad fill, the latter will put your position in a very bad situation.MarvinS said:
Well if you win at FXCM for instance, by taking advantage of lagging quotes, they will certainly not like that at all. The speed of the feed is what matters, and very few, if any SB's are as fast as Worldspreads. If a SB has a fast feed there isn't much to take advantage of, resulting in lesser re-quotes. So it is my belief, that a fast feed is in the long run a win-win situation for all concerned, even if you are missing out on those easy wins due to lagging quotes.
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This is not my experience with good Market Makers, if this occurs there is usually a reason for this, such as a lagging feed, that one takes advantage of too often, or high volatility during news releases. Not many SB's have 1 point spread. If there is a broker with 1 spread or less, I guess scalping can be restricted in some way or the other, usually through the user agreement. I am glad to notice Worldspreads has no such specific restrictions for short term traders, at least not as far as I can tell.FXSCALPER2 said:
gle101 said:
This was the only answer i needed to why clients were coming from abroad and FXCM to use WS system at a 1 pip spread. I suppose with a broker like FXCM who charge 3 pips the abililty to day trade is great. How about that on a 1 pip spread scalpers are welcomed with a feed that is more robust than most SB firms.
Happy trading!
Marvin, I am quite sure that WS with 1 point spread would have been flooded with applications from the US if spread betting was allowed over there. A sizable Forex broker like Oanda charges 1.5 pip spread, and is considered to be among the best. They have restrictions during news releases, and widen their spread considerably. As we know spread betting is tax free and that is also an advantage to consider when choosing a broker.MarvinS said:
Hi Eddie,punter99 said:
We all have our ways of expressing ourselves. I remember you asking me concerning WS in Ireland. I haven't seen you commenting on WS introduction of the new spreads in Ireland. You were kind of upset because you couldn't get the same kind of spread in Ireland as in the UK. Are you trading with WS in Ireland now?
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FXSCALPER2
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It certainly is very very strange. It is very odd indeed for someone to go on promoting a place in which he has no vested interest. If that is really true, it is hard not to think gle is a bit deranged.
punter99 said:
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