currently im trying to open an account , but just cant decide which one to go, MG group?or GFT? so does anyone can help me out this???? thanks so much....
I actually now finally have an account open at GFT, and MB TRADING FX. I like the platform on gft and the spreads arent to bad, but sometimes the delay of the order a few seconds I dont like. Plus remember they are a deal desk so they are counter party to your trades. They do have good customer service. I also opened up at MB trading for FX becuase they have the ecn model I like and it takes the deal edsk out of it since there is none. They have pretty tight spreads most of the time and its easy to get hit when you float your limit orders in between the spread. Since they have tight spreads they charge a commission, which pretty much makes it the same as gft or other brokers spread wise. But its worth the price for piece of mind knowing they arent the counter party for your trades.
so what are you saying that GFT is going to give you false data? i'm not trying to be sarcastic just not sure what you mean. how is gft or other brokers going to cheat you please be more specific and tell me if you use them are going to be able to successfully trade?
i saw gft too as well. their demo is very good.. i sometimes wonder though with these special platforms that they don't manipulate the chart data. like dealbook and metatrader for example. i love their platforms but i question their control of it and how they route their orders. can someone provide more detail please....
One thing to consider in these times is safety of your assets. IB gets a fairly high mark in that area ... at least that's what they tell us.
No I am not saying at all GFT is cheating someone. I have an account there as well. But I just like to trade with peace of mind of an ECN as well. I am a bit of a scalper sometimes, so I really do not want to do that with a deal desk, I need something with tighter spreads for scalping, thats why I use MB for that. Gft I use more for swing trades, still intraday. And yes you can be sucessfull with GFT the same as an ECN. It just proper money management and know when to trade and when not to trde with a FX broker.
i heard about them. i'd actually like to use them but i don't have the money. i'm hoping to work my way up to an IB though another broker but i need more information and hopefully insightful advice.
ok thanks for the response. i think i'll use GFT then until i can work my way up unless i hear different information it sounds fair enough. hopefully i'll work my way up to an ECN which requires much more money.. i don't have 10k laying around. i know the importance of having enough money as well and proper money management. i have a little system i use where i restrict my trades. that is one of the first survival techniques you have to learn. as long as i can trade pairs with an ecn and i have the money i'll likely be moving that way. i don't like how stand alone currencies trade i much more like the volatility of a pair. i haven't heard if you can scalp at gft or not and they don't say anywhere on their page. i imagine it's allowed but you probably don't get tight spreads... i've heard some deal desk don't allow scalping.
Trader Neal, GFT is a good broker so please dont get me wrong. We have all heard the story of stop hunting and holding trades. But its just some people who do not learn where to put there stops yet or not put your stops. When its a broker its sort of a game where I do not show my stops until I am ready. But to beleive they will bring the market to your stop for our losy few lots is not the right line of thinking. If you read on some forums or info about the structure of Forex brokers and the interbank, they run stops as a whole as traders would anywhere. It takes a lot of money and its a part of trading. They are not gunning for our stops but stop levels where they think a majority of stops could be, like the even levels ,i.e 00 50 75... I have traded emini indicies for a while and the same thing happens there. I try to use price action to pick points where I think traders were buyin or sellin and see if they hit the stops above or below those points before I get into a trade. Its part of my entry strategy. So I just try and trde with the flow of the PA. GFT has been good, stable, and there platform is really nice. So I do use it but like I said sometimes I need the quickness and feel the ability to get in and see the level 2 and put my orders in between the spread has a better ability of being hit on the ECN.