Million Dollar Pips Discussion

Those timings are very good on Iamfx. Best i have seen anywhere as a matter of fact. I am getting 400ms with FXOpen but my VPS is a little over 1500 miles away from the server location.

One good thing about my ECN account is, my effective spread (spread plus commission). The real spread averages around 0.7 pip and the commission is 0.25pip. So my effective spread sits at about 1 pip.

fughe posted:
    Does anyone know of (or have experience with) whether or not MDP works with FXOpen's ECN account. As far as i am aware, there should be nothing hindering it from doing so. It meets the low spread and fast execution requirements. Plus there are no restrictions form placing pending orders close to the bid/ask price.

I have read in a couple places where people had some trouble with the stop orders getting rejected but they didn't say if the account was ECN or not. I know this EA would not work on their non ECN accounts because of the order closing in less than one bar and limitations on pending order placements.

Anyway....hopefully someone will know.

FXOpen ECN rejects most trading attempts by MDP. It gives Invalid Stoploss errors. This might lead some to believe that it is a pretend ECN broker. If you configure your hard and trailing stops to false, you will get more trades. FXOpen isn't working as well as it used to, probably because all the MDP users overwhelm the servers at the same time. This will likely be the case for all brokers, their success will be short lived once the MDP community learns of them. Think Forex for example has an average execution time of 29seconds these days (as of last week).

IAMFX will not take USA clients anymore.

So thats leaves me out and Im still using IBFX and fifo rules with 50:1 ratio and still doing well.
I emailed finfx and they say there is no speed difference betweeen a small $100 account and a big $250K account.

I might start a small account with finfx and try them on real money and compare to ibfx.
Any thoughts on finfx real accounts anyone?
Aloha

I have had pretty good luck with a finfx normal account. FXOpen seemed to have a little faster response than finfx. Maybe physical location vs server location though.

In all honesty, the fastest broker I have dealt with was FXCM. Their order execution was so fast it almost felt like the order was executed before I could even click the mouse. That was not with their mt4 platform though, it was their Trade Station II software. I have heard a few people say that the absolute fastest responding broker is MB Trading, but they don't work right with MDP.

Also, recently I have read some posts that Pepperstone has been lagging pretty badly. Previously, they were doing pretty well. One guy I talked to had a VPS at MammothVPS, which I believe is located in the same city as the Pepperstone server, and they were getting 1-2 secs of lag time.

It looks like MDP may never be a consistently viable EA unless you own your own brokerage.

do not ever think about FXCM...

mirusevxs33 posted:
    do not ever think about FXCM...

Why is that?

pls read in the broker's review section - i wrote some statistics about their slippage

mirusevxs33 posted:
    pls read in the broker's review section - i wrote some statistics about their slippage

will do

Just read it. That is true ECN/STP behavior. Unless there is super high volume and the market isn't moving fast, AND you have super fast order execution, slippage is pretty much guaranteed. I can say that FXCM is the only broker that I have received positive slippage with. Even this last week when the EURUSD gapped up about 150pips (i had a long position)....FXOpen's ECN platform gave me the order fill. It was, of course at my TP level, which was about 100 pips less than what the market opened at.

oh well
the story began with 5 digits pricing, then continue with stp/ecn.... can you guess why that happened? (hint-how more easy and 'legally' to steal pips)

just make an informative decision, thats all

yeah, i too got positive slippage, just compare

anyway, wish you luck with them :)

From what I understand, I believe the 5 digit pricing is available to us retail traders because that is how the interbank market prices everything. Without the 5 digit pricing, ECN and STP accounts are not possible.

listen fughe,
no interbank market for retail trader, just believe me... period

firstly, the 5 digits come to easiest markup thus get some more (fractional pips) in the benefits of the broker. then, ecn/stp come (or almost together) because it is *a way* more profitable for them to slippage than to re-quote
and even in huge slippage we have *legal* explanation that no one can argue - 'that is the way that market works' - so, pay us the slippage and keep silence
seems that it works for you?
did you ever wonder why there is no slippage control with these so-called stp/ecn? simple answer - the profits are few times more...
is that the way that market works? NOPE - there is no slippage control *only on exits* (that is also not 100% true btw)
so, just choose less greedy broker - is that easy? nope, it is not, but it is possible...
at lest avoid greediest of them - that is easy for sure

here is my 1 cent

best luck!

mirusevxs33, I am not sure where you are getting your information. I am getting mine from people that have looked into setting up brokerages, people who have worked at brokerages, and from people who work at the liquidity providers, like boston technologies. The accounts you really have to watch the brokers for is the 4 digit price feeds. Those are run through a dealing desk and the order fills are not actual market fills. A lot are taken by the broker in opposition to the trader. In the ECN/STP accounts, the brokers can't take the other side of the order and trade against the client....otherwise it isn't ECN/STP. The reason we get slippage in trading is because there are huge volumes of trades going on and the prices feeds are coming from potentially hundreds of sources that are aggregated by the liquidity provider. At this point the brokerage connects with the liquidity provider and either routes all their clients trades direct to the liquidity pool, or in the case of a 4 digit price feed, runs the order through a dealing desk. The slippage is caused by the multitude of different rapidly changing orders that are sent and filled. The only time you can generally get a fill with almost no slippage is at market open on sunday. You need to be able to see the market depth with a lvl 2 market depth viewer. Then you have to look at the order available, pick an order you are willing to accept, place the trade in the correct direction that exactly matches the requested lot size. And if you do this...you are somewhat likely to get a fill with no slippage. But only if someone else does place a trade that makes some alteration to any of the existing orders. If anything is entered into the market before your order hits the market, the price feed has already been altered before your order hits the market and you will get slipped.

 This is why people have such a terrible time trading profitably with MDP. They are trying to place and exit orders in very fast moving volatile markets. This is not possible to do manually. It requires machine speed to be able to do it. This is the same principle that the ultra-high frequency trading mainframes are based on that the big hedge funds use. The only difference is, they have a direct feed to the liquidity pool by being their own broker.

my info is from sources like yours. no worries, laying on 5 digits does not make a broker ecn/stp. oh, sorry, it makes... he makes it to look like that (and really to be). but then few questions appears... since there is no centralized exchange of, that that makes difference is: who are liquidity providers? so, you are right, one may be an ecn/stp - but straight to whom? ecn can allow interact the orders inside between clients, stp must pass them directly. in both cases we talk about these that are passed to liquidity providers, right? and being ecn, pass between clients (a client may be the same broker) ...
well, if i am real ecn, i can have only one liquidity and allowing trades between clients. the lack of opposite orders will cause price movement, thus slippage. am i right?
in the same time, my colleague (another ecn) has top 10 banks as liquidity provider and there is no slippage, is that make sense?

so, let say in other words: look for an ecn with good liquidity...

and also, pennies traded with MDP, cant move the price even 1/10 fraction of the pip, so forget about the analogy between HF trades and MDP

i know my english is not good and is not enough, but i am sure you got the point

Yeah...I think we are on the same page....just describing the same thing differently.

mirusevxs33 posted:
    pls read in the broker's review section - i wrote some statistics about their slippage

Could someone post a link to the broker review section - I can't find find it!

its just above that topic, next to 'Community' are 'Reviews' -> 'Brokers'

mirusevxs33 posted:
    its just above that topic, next to 'Community' are 'Reviews' -> 'Brokers'

Of course it is!!! - thanks :)

Has anyone actually tried to buy MDP lately? I've been getting the paypal error message that 'This recipient is currently unable to receive money' when clicking on the 'buy now' link on the MDP website.

...Seems strange and a little off-putting.