To one of the multibank platforms. Random example here: http://www.atcbrokers.com/index_forexpro.htm There are lots of other brokers who can provide this access too.
sln, open an account with a broker that provides CurreneX, and then allow me to trade it. As ES, Surf and Nick know, we are now producing 8000000000000000000000, percent a minute, which is why as of 1:00 pm est tomarrow I will run the whole world HEHEHe HAHAHAHAHAH AHAHAHAH. Oooops sorry for the detour into madness. Here are some options, in no particular order 1. aaron trade, a solid company in my opinion, will open an account with CurreneX for 25k but you have to trade 500k lots, to get $20 per side, normal price, $50 a side 2 Gain, PFG, etc 100k account size, $50 a side (PFG is our/my WLP). 3. IB, we are demoing their system with my personal account. They are very lean as far as data access, but I have yet not get a timely response to questions or problems, tech always picks up the phone after a few min. (They may know that I am the imfamous VIPER and are giving me special treatment) but so far no probs there. I wish the data fit better with my Neoticker but it is still a little funky. I understand that there is a widening of spreads during news events, I will check that tomorrow and se if it is the case. Also you special permission to trade over 5mio a pop. (Ow I was working with some Kung Pao chilies and rubbed my eye, OOOOh the HUMANITY) 4. Hotspot 7k minimum account low min trade size, I think it was like 10 k. But they have some sort of weird rule about high volume events and having to be 10 pips outside the market or something like that. Now with CurreneX and the new wizz bang order entry system you can limit where you order is hit, in other words, the stop limit or limit no longer convert to market orders when the price is hit, if the volume does not allow a trade at that level and you have a biiiiig gap, the trade just doesn't fill, which is ok, this means you won't get slipped 50 pips get filled at market then have it turn for a 30 pip reversal and you can not get out and get a 30-40 pip loss. This is how a real market works, there are no guaranteed fills. As everybody knows, I do not trade news, and do not reccommend it. Do not go by the fills in the simulators, the simulators are there just to learn how to use the order entry system nothing more. And then you have fixed spreads, ok if you have an honest broker, really bad if you don't. The Ever Interested In Helping VIPER
Why are people constantly making this stuff up? Come on, this is simple math. Neither is it significantly cheaper (au contraire, my friend) nor are futures more liquid than spot (how did you come to THAT conclusion). That holds true even for retail FX. Lets just compare a 1 Mio cable trade at IB (wont get much cheaper for retail clients, spot or future): For a spot-transaction you pay 0.2 pips per side, hence 40 USD commission for the RT. For a 1 Mio trade in futures you need 16 contracts (62.5k sterling per contract), that amounts to roughly 51 USD per roundturn. Thats 20% more expensive compared to spot. Next problem: especially on the pound-contract, and especially during euro-session, liquidity doesn't really look too bright. Often only a few contracts are on the best bid/offer, resulting in either only a partial fill (lmt) or a more expensive fill (mkt). Granted, EuroFX and Yen(to some extent) have good liquidity, but cable and CHF (let alone the other crosses) just don't cut it. I just don't see any reason to move over to globex.
We're talking about the difference between OANDA and trading futures with someone like IB. "Liquidity" on OANDA doesn't exist in any real sense - it's you against them. Spreads are generally one pip plus commission which is better than OANDA's 2 pips raised to 25 pips whenever they feel like shafting their customers. I agree that there's a liquidity issue for GBP/USD during the London open and we might be better off trading with IdealPro during this time. Spreads are generally better.
Nothing made up, just my own experience, applied to the OP's question & problem. He said he traded 6.5 standard lots of Aussie on Oanda with problems. Let him compare that to a trade of similar magnitude on Globex. He'll have his answer, which is exactly the same as mine. I don't know anything about IB's offering, except that it is an ECN or modeled that way, meaning it is stripped of the conflict of interest which tempts fx retailers to steal from their customers. And, apparently, given your illustration, it is cheap like (or even cheaper than) CME futures. No way a fx retailer is that cheap. Can't be if you take as true even a little of the retailers' hype about making their dough off the spread. I wonder if your example on IB works as well for Aussie as it does for cable. I understood that was the OP's trade.
Not looking for a bruising contest here, but how is it that a customer of a fx retailer, who at the most and very best is in thrall to a single seller and single buyer at any and every moment -- take that single buyer's/seller's price or trade not at all, in other words -- enjoys more liquidity than, say, a trader of CME futures? I have never understood that. Or is it I don't understand liquidity?
Hi everyone! And thank you for all your replies. Especially a lot of thanks for people who mention currenex, since the only broker I know who uses it is PropFX, and... well... I won't touch anything FXCM/Refco related with a 10' pole. And tradeviper, whoa... 8000000000000000000000... that's a whole lot of zeros. hahaha Thanks for the comparison, though. I've actually never heard of aaron trade or PFG, but if they allow me to get in after the news spike (for instance, on retrace), then that'd be awesome! When people are talking about IB on here, is it InterbankFX or Interbank Group? I was under the impression that there were two... and one of the two constantly calls me about getting my business. Calling me when I'm getting my sleep isn't exactly good business practice... [edit] Oh, and I looked at globex but had no idea what I was looking at. Ahhh, my ignorance really shines. All my fault for choosing pre-med in college. =P Take care, everyone!
sln, IB on the elite trader boards generally refers to Interactive Brokers, they are a a totally different animal than interbankFX or Inerbank Group. Interactive Brokers are, from my personal experiance so far, honest and a good platform to trade on, the other two, well lets say you might want to do some reseach on them. As far as the getting in on a spike retrace with CX, many times the retrace is easier to get into than the initial spike, don't forget that your entry depends on the liquidity on any one price. Think of it this way, everybody is in queue at one price level, on the bid there is 15mio, on the ask there is 5mio, unless sombody adds liquidity fast you will not get filled until the next tick, which in the case of news events might be 50 pips outside due to a massive gap. To tell if you can or could of gotten in, you need at least a tick chart set at 1 tick to see if there is a gap. The Ever Focused VIPER
Hi Viper, Thanks for replying. That is exactly my plan -- to use fibs to get in on retrace depending on deviation from consensus. Interactive Brokers looks like a pretty cheap (commission-wise) ECN. I'll try their demo. Anyway, if I get in on retrace, it seems like people are taking profits at that time, so an ECN should have no problems matching my price with someone taking profits, right? That's what I think, but I'm not sure. You probably have more experience in that matter; what do you think? Ok, take care!