Ensign with FXCM data feed

[AgeKay]

	Quote:	torero
	I double-checked the volume, it's almost exactly as PP's eSignal. Also, I saw the change in the tick, volume jumps 10 to 20 then 5 to whatever on each of the tick change so might be different than what I imagine. Also, I checked the last price, it's about 1-2 pips off from MBTrading quotes, much better than what I see with TS quotes, freaking 3-4 off (Gain Capital feed I believe).

There is NO volume for forex since it's not traded on an exchange. Even the volume of the forex futures that are traded on the CME is irrelevant since you don't get all the volume, just the volume traded in the futures, which is a very small portion of overall forex volume.

Don't get me even started with FXCM
No professional trader would trade spot forex through any of these retail brokers, including MBTrading, which is the best of those (FXCM is the worst, btw). If you really want to trade forex, trade the forex futures, unless you won't to get fucked by your broker.

[smwinc]

	Quote:	AgeKay
	There is NO volume for forex since it's not traded on an exchange. Even the volume of the forex futures that are traded on the CME is irrelevant since you don't get all the volume, just the volume traded in the futures, which is a very small portion of overall forex volume.

Actually, you are able to obtain spot/forward FX volume. The reality is it's irrelevant for the majority of traders, let alone retail traders.

EBS (who is now owned by ICAP) is the dominant force for the major currency pairs, followed by Reuters D2.

There are always big numbers thrown around with regards to FX liquidity, however anyone who actually TRADES the spot will tell you their is a big difference between total liquidity and accessible liquidity.

[FX_Cowboy]

I have used Ensign for several years now, and have been relying on the FXCM as my data source for Ensign charting for perhaps six months. In general, the combination is very stable and reliable (and if you're already plunking down $40/month for Ensign, it's free!), but you should be aware of a few anomalies in terms of data availability.

Obviously, this data is made available on FXCM's schedule, which it turns out is different (and slightly more limited) than the data provided from other sources. For example, FXCM data cuts off at 4:00 pm EST on Fridays, compared to a market close of 5:00 pm on the FX futures markets and some other spot FX brokers such as OANDA. The data flow only resumes at 12:01 am EST Monday morning, compared to 6:00 pm Sunday night for futures and as early as 1:00 pm Sunday afternoon for OANDA (just two other sources I have experience with).

On major holidays (I noticed this over Christmas and New Year's, but there may be other examples as well), FXCM will stop its data feed altogether, so unless you have alternatives, you're forced to take the day off too. That may not always be a bad thing, but it's nice to have alternatives.

Obviously, these quirks are going to leave you with some "gaps" in your data. If you trade on the basis of price action and pay attention to support and resistance areas, this means that you'll have a few blind spots. You can compensate for these blind spots, of course, by referring to other data sources, but that data will remain outside of the charting package.

Just a couple of things to consider if you are evaluating this combination. These limitations may not affect your style of trading at all. Personally, I consider all this to be a disadvantage, but again, if you are using Ensign and like that charting package, you can't beat the price of FXCM as a data source.

[torero]

I agree with Cowboy, I've noticed the feed was quite reliable in high volatility period (last NFP and interest rate news). Please don't take as FXCM brokerage package, quotes and feeds only (I placed a rating for these guys on another part of the forum). I have a second feed as back just in case, but FXCM seems more reliable so far.

[BlowFish]

	Quote:	AgeKay
	There is NO volume for forex since it's not traded on an exchange. Even the volume of the forex futures that are traded on the CME is irrelevant since you don't get all the volume, just the volume traded in the futures, which is a very small portion of overall forex volume. Don't get me even started with FXCM No professional trader would trade spot forex through any of these retail brokers, including MBTrading, which is the best of those (FXCM is the worst, btw). If you really want to trade forex, trade the forex futures, unless you won't to get fucked by your broker.

I thought MB gave direct access to most of the interbank networks and you just pay a regular commission?

[torero]

It's true, they make money from commissions and not from spread rigging. I think he AgeKay meant the professionals go for institutional category platforms. There are beginning to have some decent retail forex brokers out there. I think exchange-based traders are still uncomfortable with trading forex markets.