[secondmouse]

I'm new to Forex and have a couple of quick questions. Would appreciate feedback.

I've heard that ECNs are preferable to work with, instead of market makers, because ECNs don't have dealing desks (and therefore no conflict of interest). But I've also been advised that you don't get good fills with ECNs. Any thoughts?

Also, does anyone have any experience with the newstrading system, StraddleTraderPro?

Lastly, anyone know about mirror trading and a platform called Tradency?

Thanks,
SM

[Mysticforex]

Originally Posted by secondmouse »

I'm new to Forex and have a couple of quick questions. Would appreciate feedback.

I've heard that ECNs are preferable to work with, instead of market makers, because ECNs don't have dealing desks (and therefore no conflict of interest). But I've also been advised that you don't get good fills with ECNs. Any thoughts?

Also, does anyone have any experience with the newstrading system, StraddleTraderPro?

Lastly, anyone know about mirror trading and a platform called Tradency?

Thanks,
SM

When I was starting out, for the reason's you list, I opened an account with an ECN...
I found them to be no better or worse than the Market Makers I use now. ECNs do charge commission, which is why I stopped using them. I have never traded more than 5 standard lots at a time, so I never had a "Fill" problem with either.
You will experience "Re Quote" issues with just about any broker using MT4.

Sorry, no experience with Tradency.

[keymoo]

Originally Posted by secondmouse »

I'm new to Forex and have a couple of quick questions. Would appreciate feedback.

I've heard that ECNs are preferable to work with, instead of market makers, because ECNs don't have dealing desks (and therefore no conflict of interest). But I've also been advised that you don't get good fills with ECNs. Any thoughts?

Also, does anyone have any experience with the newstrading system, StraddleTraderPro?

Lastly, anyone know about mirror trading and a platform called Tradency?

Thanks,
SM

Forget news trading with market makers, the spread will widen and/or they will requote. You can new trade with ECNs, but just like any real market liquidity will dry up just before the event with the effect of a large spread, but it won't be as bad as the market makers.

[Mysticforex]

Oh yes, Forgot that, Agree with Keymoo compleately!

[secondmouse]

Thanks for the feedback, Mysticforex and keymoo.

[peterfx]

Originally Posted by secondmouse »

I'm new to Forex and have a couple of quick questions. Would appreciate feedback.

I've heard that ECNs are preferable to work with, instead of market makers, because ECNs don't have dealing desks (and therefore no conflict of interest). But I've also been advised that you don't get good fills with ECNs. Any thoughts?

Also, does anyone have any experience with the newstrading system, StraddleTraderPro?

Lastly, anyone know about mirror trading and a platform called Tradency?

Thanks,
SM

That is true, a real ECN broker does not have dealing desk and it sends the client's orders directly to the markets. This is a huge advantage comparing to market maker which sometimes trades against its own clients. I disagree with your second comment because with a real ECN you can enter the market any time (but not always in the price you ask- when spreads are widen) . Market maker on the other hand, is more often to send you requotes because it has fix prices and it cannot supply when the market is too volatile. As I said, there are many brokers that considered as ECNs but they are not really ECN brokers- just a gimmick. From my experience, I found out that, sunbird fx and alpari are real ECN brokers, also I know that Sunbird has mirror trader, anyways, try a demo account first when you try any new broker. Good Luck..

[secondmouse]

peterfx -
Thanks for the advice and recommendations.

Cheers

[jdevron]

Originally Posted by secondmouse »

peterfx -
Thanks for the advice and recommendations.

Cheers

The litmus test for good fills is if they are a direct market access broker.
If they fill out of their own inventory then you will be getting jerked around some
of the time. I noticed that if placed an order with a broker that fills out of his own
inventory they tend to delay, hold, and fondle your order if you go in the direction
of what they consider the trend to be. If you place an order against what they consider
the trend to be then you get quick fills. It sucks to have your own broker trade
against you. If your fills aren't instant then your broker either isn't DMA or is jerking you around. When you order does eventuall fil you can always check the time and sales
tape to verify they are giving you the best inside market.

The SEC allows a broker up to 3 minutes to fill a market order. 3 minutes can be a
lifetime in a fast moving market and can be plenty of time to jerk you around for a
nickel or dime per share in a slow moving market.