Currenex, HotSpotFxi, Lava - Pimps for the Banks? - No Scalpers

Discussion in 'Forex Brokers' started by danger66, Dec 21, 2006.

  1. I know that some of you "scalp" on Currenex (I believe Viper is one).

    As I mentioned on some of my prior posts, we have been in the process for quite some time of finding a permanent home for our scalpers. We are almost done with a customized front end to execute on Currenex which we will then use to access aggregate liquidy accross different systems (HotSpotFxi, Lava, etc.) - at least that's the plan.

    The problem is that various sources at these firms have told me that no matter how we mask our orders, one or more banks will eventually ask the broker to kick us out or to remove them from the available list of liquidity providers IF our trades are less than 30 seconds in duration (I was even told this by a guy at HotSpotFxi, where trading is supposed to be anonymous - unlike on Currenex where each trade gets a traceable ID).

    Our trades are usually being generated when the market is moving extremely fast and they normally stay open for less than 30 seconds. It does not give banks much time to act.

    A guy at another Currenex broker told me that our only possible solution will be trading on something like FXAll if we enter trades with one bank and choose to exit with another - but I really don't want to go through this hassle.

    I have spent a lot of time, energy, and money on this project and the last thing I want is to get shut down a few months down the road because we are making too much money (it has happend to us with some firms in the past).

    Consequently, I would like to know if any of you are successfully using Currenex to scalp as I described; that is, exiting most trades in less than 30 seconds - and haven't been kicked out. How about HotSpotFxi, Lava, and FXAll?

    If you are doing this type of scalping successfully, are you doing it with size? We need to be able to do this type of fast scalping with at least 100 lots ($10M) per clip per broker.

    Is this really possible? Is anyone truly doing this and how?
  2. yigal


    CME futures maybe?
  3. Don't think futures will work. One of our traders is a successful futures scalper and he told me that we won't have the liquidity we need if we go that route.
  4. I will use my first public post ever to tell you that your information on the marketplace's above is severely misguided. Your information on Hotspot, Currenex, and Lava are all incorrect. While some of your post contains relevant information, its attribution to certain marketplaces is inaccurate.
  5. Fxsomebody,

    Please elaborate !
  6. I stand corrected. Thanks fxsomebody for clearing up a lot of things about Currenex, HotSpot, and Lava on the phone. I really appreciate it. I'm a little more at ease now about proceeding with our little Currenex experiments. If all is as you say, and I see no reason why it shouldn't be, we should be able to successfully scalp on Currenex as planned. Please keep me up to date on any new projects that the guys at Currenex have planned. We will test anything you come up with or give you our opinion of it if you need.

    Happy Holidays!
  7. Please excuse the intrusion, but I hope you make lots of money.

    Good Trading to you in 2007...keep us informed ok?

    Michael B.

  8. lol. what a farce
  9. If you are getting kicked out then you must have an edge.
  10. trade the futs and spread your bets across pound/eur. u may not be able to trade 100 lots but u may get away with 30-50. still better than trading trough a bucketshop.
    #10     Dec 21, 2006