Forex Broker

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StratMan
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Forex Broker

Postby StratMan » 14 Jun 2013

Among the few forex brokers available with MultiCharts, which ones do you use for real accounts that give you complete satisfaction?
Thanks in advance,

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MAtricks
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Re: Forex Broker

Postby MAtricks » 16 Jun 2013

FXCM is my choice if you're funded enough and trade enough to receive lower spreads. Great data package through MC, although I've looked at their historical data and it could use some cleaning. The connection between MC and FXCM is perfect. Support at FXCM is second to none. Spreads are awful unless you qualify for better rates.

IB is decent.. but you need to deal with buggy TWS and IB's horrid support.

MB is where I've been for over 2 years and I finally gave up on them. Terrible everything except for trade cost. Connection is ok, support is worse than IB, and data feeds change between accounts and times of the month.

StratMan
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Re: Forex Broker

Postby StratMan » 17 Jun 2013

MAtricks thank you for that answer.

I tested fxcm but I found several malfunction of MC with this account.
For example, sometimes a stop loss order can not be modified or canceled on MC ...
Another bug, this is for example when I use Master Strategy with 3 levels, so 3 Stop Loss:
if the 3 stop loss are executed, instead of being flat, the position goes into partial reverse !
All this of course is not systematic!

In fact, MC team knows the problem and blames the FXCM API.
" So, until this is resolved, the issues concerning FXCM API will not be supported in MultiCharts anymore."

I agree with you about MBT and IB. Then it becomes difficult to find a 'serious' forex broker that is accessible with MC ...

I'm curious to know why MC can not connect to forex broker such as Oanda or Dukascopy or etc ...
What are the constraints (financial?) limiting the use of MC to 2 or 3 forex brokers, while the majority use the FIX API?

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MAtricks
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Re: Forex Broker

Postby MAtricks » 17 Jun 2013

I must admit that I never saw an that issue with FXCM, but my trading style is.. different.

If I'm not mistaken, Oanda has just released their public API. *MC can now work with them on a connection*.

You could try MB.. There were so many bugs when I first started using Multicharts with MB. Since then I've reported every bug I found and the Multicharts team did such a great job in ironing out the connection. My issue here MB Trading as a brokerage and how unprofessional they are. If the trading is personal, go for it, if it's for client accounts I cannot recommend them! The only technical suggestion I'd have for you here is to restart MC once a day just after 5pm eastern and you're good to go.

StratMan
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Re: Forex Broker

Postby StratMan » 17 Jun 2013

Thank you again for that.

Indeed, I found that MC could not bear to stay on too long ...
I understand your suggestion to restart every day, but it is a huge constraint when trades are open on several currencies, on several accounts and for several days ...
In my opinion, a forex trading system must be able to remain on H24 with only one stop on weekends to maintenance .
Just to stop on weekends, MC needs nearly an hour when it is able to stop without a final crash !

With FXCM, do you use the manual trading or the automated trading of MC ?
And if you have not had my problems, then I guess you do not open multiple orders on a single trade?

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Re: Forex Broker

Postby imoneyfish » 21 Jun 2013

LMAX, if you are scalping. Long term trader forget it. Dukascopy alright, tight spread, but have some bugs.

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Re: Forex Broker

Postby StratMan » 21 Jun 2013

Thank you imoneyfish !

What is the problem of LMAX with long term trader ?
And what are the bugs with Dukascopy ?

The opportunities to trade forex with MultiCharts can be counted on one finger of one hand?

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Re: Forex Broker

Postby imoneyfish » 21 Jun 2013

Thank you imoneyfish !

What is the problem of LMAX with long term trader ?
And what are the bugs with Dukascopy ?

The opportunities to trade forex with MultiCharts can be counted on one finger of one hand?
LMAX won't allow you to set stoplost or takeprofit order more than 2% away from market price.
Dukascopy FIXAPI sometime can't communicate with MC well. e.g. the order was canceled by Dukas, but still showing in MC etc.

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t-rader
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Re: Forex Broker

Postby t-rader » 23 Aug 2013

As a fellow forex trader,

I was using MBT and agree with MATricks. Connection issues and their support is terrible.

I've moved over to LMAX and before leaving MBT I was comparing the 2 by running the same system and same trade size on both brokers. From an execution and price perspective LMAX outperforms MBT every time. From a support perspective I've found LMAX very helpful and accommodating. For example they don't have sub accounts like MBT but I asked for a secondary account (and later more accounts) that would have less money than the minimum required just to test systems with and they happily obliged.

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Re: Forex Broker

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