Direct trades without a round trip back to USD

Discussion in 'Forex Brokers' started by b1tr0t, Dec 6, 2005.

  1. b1tr0t


    I am trying to find a broker that will support the following style of trading:

    1. On day one, you decide to go long JPY, so you sell USD and end up with a position that is long JPY, short USD
    2. A week later, you are ready to take your profits. After careful analysis you decide that GBP is a better place for your money to be than USD. You could move your GBP back to USD and then from USD to GBP, but then you pay two commissions rather than one. Plus you risk losing a few PIP if there is much motion in the USD/JPY and USD/GBP rates between your trades.
    3. Another week later, you are ready to return to USD, so now you can sell your GBP and return to a long position in USD.

    More concisely, I might want to:

    Day 1: LONG USD/JPY
    Day 7: SHORT GBP/JPY
    Day 14: SHORT USD/GBP

    Is this possible? If so, what broker has a trading system that will let me do this?
  2. b1tr0t


    trader42, thanks, that might be what I'm looking for.

    Can someone with an IB Universal Account confirm that my trades are possible on the platform?
  3. I think you will lose all you profit on the spread from Ideal.
  4. b1tr0t


    Is there a way to get quick fills and a reasonable spread?
  5. KS96


    There is also lots of slippage on IdealPro's
    stop-orders recently, even on periods of low volatility.
    I had stops executed with slippage of 5-7pips on EUR/USD
    and 10pips(!) on EUR/CHF.

    I contacted them about the *very*annoying* 10pips
    slippage on EUR/CHF, and they replied with the typical
    bullsh*t that "price is not guaranteed"!
    We all know that!!!!!

    What happened implies that
    either the EUR/CHF spread "opened up" from 1 (typically) to 10pips
    when my stop was hit,
    or it took some time (at least 7-10secs) before my stop-order
    got activated.
    In either case, VERY RISKY.
  6. Why would any broker provide you with a way to circumvent their charges while leaving them with odd lots all over the place? The FX market has gotten along fine with out such a silly system in place. If you want GBP buy it, if you want JPY then buy that. So to answer your question, no brokers are going to provide this but if you were looking to break into the market you can make this your niche. You will have very little competition.

  7. You'll have to be:

    Day 14: Long USD/GBP
  8. Actually, no. His Day 7 needs to be reversed:

    Day 7: LONG GBP/JPY

    Then Day 14 would be correct as shown:

    Day 14: SHORT USD/GBP

    The direction of one individual currency out of the two must remain the same at each step.
    #10     Dec 7, 2005