I hate commission, thats why I trade with mgforex, they have their fixed spreads(3pip EURUSD, 4JPYUSD) and I am happy with their execution. BEST PART OF ALL no commission.
How are they fixed exactly if interbank spreads aren't fixed? Does this mean I can always execute even during a volatile market?
Happiness is a warm gun. You are paying double or triple in spread costs what you'd typically pay in combined spread and commission costs with an ECN. You are also paying double or triple what you'd pay in spread costs with even a market maker like Oanda (0.9 pip EUR/USD, 1.6 USD/JPY).
your broker, what was their spread yesterday when the news came out that the interest rates were cut???
Better yet, were you able to execute in the 3 seconds following the announcement? Or for the following five minutes, for that matter? Unless you can actually execute on a price, 'fixed spreads' are a joke. You end up paying more during normal, liquid market conditions, and you can't even touch a trade during strong volatility. How much is MG paying you to advertise, itrader911?
i wish they were paying me, but I only reply when I am addressed, now I use two traders. One I use during the news(mg) and another during the slow times, which is OandA. Its not a joke, i was able to execute at 3 pip spreads, but you did not answer my question, how wide was your spread with your ECN when the news came out yesterday?
Taking a look at IB's time and sales reports... Well, if you're brazen enough to trade in the seconds following a bigtime surprise like the FOMC 50bp cut, you would've seen spreads on the EURUSD as high as 12 in the 15 seconds that followed. After 35 seconds, the spread dropped to 3. After 120 seconds, 2 and lower. I indeed traded within seconds of the report, long a significant amount and got filled at 1.3912 on my market order. I would wager that there's no way in hell you could've gotten 1.3912 if you had bought in the moments following the FOMC on any fixed spread broker.
Now its either you work for them, or you just made all the mumbo jumbo up. 12 pip spread for EURUSD with IB? ouch
Please stop the incessant verbal diarrhea. We all know that you're just being an asshole to get your posts count up and/or are an interested party in MG. Now then... if you weren't such a dumb prick, you would know that ECN's provide Time and Sales reports. I can look at Time and Sales reports at any given moment of the day to see what people were bidding and asking for a given currency pair. That, and I actually executed on these prices. Let's make a little test: next time the FOMC rolls around, let's each try to execute at least 100k in the seconds following the report.