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Questions on PAMM accounts
Member Since Aug 20, 2009
256 posts
Aug 30, 2010 at 10:13
Elkart posted:
How far away can you place it on a ecn?
You can place limit and stop orders at the Bid/Ask price on a ECN.
Wealth Creation Through Technology
Aug 30, 2010 at 10:22
let's see...
kenny, I was referring to placing pending limit orders to open a position, not the SL and TP. the order entry window that pops up refuses to accept orders that are less than 3 pips away. other brokers like alpari (1.6-1.8 pips away), mig bank about 5 pips away, and etc etc. every broker is different.
pending (limit order), I should be able to place it 0 pips away from bid/ask.
if the broker is truly ECN, I should be able to place my limit order between the bid and the ask, and my size will be reflected accordingly, being the only one in the queue.
but I'm not that demanding in my search for a good reliable broker. just be reasonable, able to meet those few basic requirements in the earlier post. surely all traders will love to have such a broker right? let's see which of them becomes the first to step forward and win the crowd over.
kenny, I was referring to placing pending limit orders to open a position, not the SL and TP. the order entry window that pops up refuses to accept orders that are less than 3 pips away. other brokers like alpari (1.6-1.8 pips away), mig bank about 5 pips away, and etc etc. every broker is different.
pending (limit order), I should be able to place it 0 pips away from bid/ask.
if the broker is truly ECN, I should be able to place my limit order between the bid and the ask, and my size will be reflected accordingly, being the only one in the queue.
but I'm not that demanding in my search for a good reliable broker. just be reasonable, able to meet those few basic requirements in the earlier post. surely all traders will love to have such a broker right? let's see which of them becomes the first to step forward and win the crowd over.
"The first rule of forecasting should be that the unforeseen keeps making the future unforeseeable." - David McCasland (January 5,2012, Our Daily Bread)
forex_trader_7
Member Since Aug 01, 2009
895 posts
Aug 30, 2010 at 11:23
Well I dunno,
I'll just stick to the buckets shops for now. IBFX and O. Seems to be the only ones that can give me decent trade sizes.
I'll just stick to the buckets shops for now. IBFX and O. Seems to be the only ones that can give me decent trade sizes.
forex_trader_7
Member Since Aug 01, 2009
895 posts
Aug 30, 2010 at 11:37
(edited Aug 30, 2010 at 11:40)
O doesn't do MT4 but I think they are without doubt the best retail broker out there. Bucket shop or not!!
Member Since Aug 20, 2009
256 posts
Aug 30, 2010 at 11:58
Paul,
Yes you are correct about placing your order within the spread. Seems strange, maybe they are not ECN/STP then. Does the order window offer you a market order or an instant order?
Yes you are correct about placing your order within the spread. Seems strange, maybe they are not ECN/STP then. Does the order window offer you a market order or an instant order?
Wealth Creation Through Technology
Aug 30, 2010 at 12:45
compuforexpamm posted:
Paul,
Yes you are correct about placing your order within the spread. Seems strange, maybe they are not ECN/STP then. Does the order window offer you a market order or an instant order?
Kenny, they are a pseudo ECN at this point. I don't know if they are moving that route, but they give you 'market', but limit your in/out. Supposedly this is good for you, however, I find that they always jump in the wrong direction whenever I am unloading an entire basket! I usually lose a pip or two, but I am not a scalper, so I really don't care that much.
IBFX even if they move to UK may still require you to be NFA. Not sure on what that is or looks like when they do, but I know now they do require it, but probably because they are stuck with it. :(
I have IBFX, Forex.com and have tried a couple others, but Forex.com seems to do everything you want except the ECN. If you are a scalper, that doesn't work obviously.
Plus, like Kenny mentioned, they aren't the most honest business.
Gil
Be Open, honest and ethical and all the $$$ you want will come. (hint hint)
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