Herring, remember two things about CurreneX 1 True interbank spread is dynamic and ranges on the EUR 0-3 wide 2 stop/limits convert to market orders when the price is hit, so there will be slippage Make sure they are not charging you a spread and a fee like another big broker I know The ever helpful VIPER
$ 10K capital will sure come down to $ 5k or less quite soon if you trade spot forex. I shall give you a alternate idea .Currencies trend nicely for days/weeks unlike stocks. If you understand options,can play options on currency futures(not spot forex) with a reputed cheap commision broker like IB. But options play will materialise over a few days/week.No instant 10/20 pips profit. But no margin pressure or open ended risk.Just debit premium & watch the scene unfold! If you are a genius (I hope so) you will last more than a couple of months in currency trading with a small capital.
Yes you are wright! I asked Aarontrade and you must open an account with $25000 to use the currenex platform. So if you have only $10000 your only choice is Propfx! If I am wrong do not hesitate to correct me! Herringtrader
how can lmt orders be converted into mkt...they just cant by definition and default. and if u are talkin' about stop-lmt they dont either since u can put a celilin' as the max price u willin' to pay.
As herring had mentioned to get the interbank spreads you need to go up to $80-100k account size. Although the minimum is $25K at aarontrade.com the minimums for the expanded Currenex are 250K, 500K ,and 1 Million, 5 million +. At that point, depending your account size and liquidity needs you can have additional liquidity on top of what you see on the 25K account size. As it mentioned on their website there are other possible requirements for the expanded versions such as 1, 3-5, and 5+ yards a month. The largest of the expanded version appears to be if you trade more than 100 million, 500 million, and 1 yard+ at a clip. However, even on the $25K account Currenex the pip spreads are 1 pip sometimes choice. Starting at $30/Mio with NO pip markup. Maybe the pip spreads are tighter more often on the expanded Currenex. For example, maybe for 5 Mio its choice nearly all of the time. Not sure on that one or the minimums for Currenex API connectivity, But the minimums are $25K if you go via APIth through eir fully intergraded platform. Which will achieve the same thing as communicating through the Currenex API. Although you appear to need 5 million + for direct access into their system. Which judging by what I read they will accommodate but it appears to be for funds only for direct access into the system. This appears to be accessing a whole world of other liquidity outside of just Currenex even on the larger expanded version. So all in all you certainly arenât going to get all the bells and whistles for 25K but surely better off with Currenex or Hotspot etc. than going MM. If you only trading in the range of 25-50 K all that liquidity shouldn't really be needed anyway.
There is a lot of missundertstanding about Currenex. 1st it all depends of your broker and the credit lines this broker has with counterparty Only big name will have all the counterparty in place.So if you go with a smaller broker like Odl or other you may not see all the price people place on this platform.Same problem with Ebs with smaller banks. Also if you trade less than 1mio trade i dont know what kind of execution you will have i have never tried.
Lucky_Irish_man, Where do you see that mentioned on the website about that expanded access ? With Aarontrade you have an average spread of .9 on the EUR/USD and more than 30 million average at the best bid/ offer so more than enough to start for your 25000$ deposit.
How could anybody be considering to trade lots with only 25k...its just gambling. Scalping that would involve scaling stategies would be unappraochable with this scenario. Doesn't currenex want a 5 lot minimum per day from their traders? Michael B.