as the title goes I am looking for reliable broker to place trades for $5 million eur/usd......previously using globex futures but since opening trades during asian session have been quite disappointed with crummy fills for 40 lots........WOULD TRULY APPRECIATE GOOD ALTERNATIVE!!!!..........THANKS IN ADVANCE !!!
I believe anything over 5 million you are not going to get good fills like you do with much smaller lots. If you do the math, you can see that if you take every currency pair (not just EUR/USD but all of them) you will see that about 2.3 million dollars trades hands every second. So of course trying to trade 5 million in one specific currency will not get you an insta-fill unless you are lucky. You will always get worse and worse prices the more you scale up. Gotta adapt the more you grow.
interactive brokers fills that size and much more with no slippage. they send your order to a couple of banks to obtain the best fill. spread of 1pip max and 0.5pip in some cases. If you scale up dramatically, then i would suggest cutting off the middle man by trading directly with a major bank, say for instance deutsche bank which does a lot of business in the eur.usd pair around the clock. GLOBEX currency futures are not suitable in any case because it lacks volume.
generally I trade the euro either during the daytime US hours, or after midnight eastern. So I'm struggling a little to recall size during the hours you mention. During the times I trade, you could easily do 40 lots within 1 tick of the bid-offer, if not the offer. What kind of strategy are you trying to employ? Are you doing breakouts for instance, where execution is always going to be a problem? OldTrader
some major moves happen during this time obviously.. but if your trading at $500 a tick dont you have better things to do than scalp fx during dinner?
OK, I'm looking at the euro on globex. I'd say trading at either bid or ask right now, worst case scenrio is 1 tick slippage on part of a 40 lot. OldTrader