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Sledge

Searching: ECN Broker with Charting on Platform?

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All-

I am following up on some very good advice from Anna-Marie and Milliard for new potential brokers.

 

Here is my situation. I currently trade with a "Retail" Spot FX broker or known more commonly as a Market Maker (MM.) I am looking to upgrade from a "Market Maker" Broker to an "ECN." My difficulty lies in the fact that other than downloading 4 different demo platforms all at once to see I'd like to know if anyone knows if ANY ECN offers charting on any of their platforms? (MT4 if possible- but I'd take any ECN with Charting) Hoping someone here knows the answer to the 3 following brokers if they offer any charting in their platforms?

 

Here is my very short list of ECN Brokers that I am considering.

1. MB Trading (Last I knew- No charting- I did a demo about 6 months ago)

 

2. HotspotFX -I have read out on the net that they support MetaTrader4 platform (which I currently use and have a good "feel" for) but when you head on over to the site- I see NO mention of MT4.

 

3. London Capital

 

I have even headed to the MetaTrader website forum and it appears they are pretty hush hush about if you can get an ECN with MT4. Sort of some runaround about how it is in process or yes we do but we don't tell you who our clients are.

 

As with most human beings I don't like an abundance of change. If I could find an ECN who utilizes the MT4 platform I would be very happy.

My alternative is: If NOT, I need some techie help as to what the best charting/data feed combo works as I would have to have a charting screen up and an Order Platform.

 

Thanks in advance for replies!

Sledge

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HLM (our member) is currently using EFX (just bought out by MBTrading) which offer full charting services plus it's an ECN provider. I plan on migrating to them eventually if MBT don't plan on rolling out charting soon.

 

This actually brings me to the next question: how does one get an idea when volume with a retailer becomes a problem and need to go to a higher tier fx broker? 10, 50 or 100 standard lots a trade?

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Because of a discussion with Torero, I am moving to MBTrading from a bucket shop. MBTrading does have charting- it just sucks.

 

I don't know much about EFX, but you may want to go the two pronged approach. Have a broker to trade thru but a completely independent charting package. Like MBT plus Ensign or Intra Bank Fx and Esignal.

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HLM (our member) is currently using EFX (just bought out by MBTrading) which offer full charting services plus it's an ECN provider. I plan on migrating to them eventually if MBT don't plan on rolling out charting soon.

 

This actually brings me to the next question: how does one get an idea when volume with a retailer becomes a problem and need to go to a higher tier fx broker? 10, 50 or 100 standard lots a trade?

 

Torero-

It isn't about the 10, 50 or 100 for me personally. It is about getting a more level playing field at an ECN and getting out of the bucketshops. They (bucketshops) are great to learn or have all the bucketshop tricks played on you when you were new and didn't know better. When you really get to know how dirty that world is- and you have NOT been burned YET, you ahem... close out the trade, bank your $ and walk ;)

 

I heard about the buyout- wondering if with the buyout the company will become more MBT or EFX? The demo I did with EFX 6 months ago was good- I just had a hard time alt+tabbing from a charting package to an order entry platform. Probably more of a personal comfort zone issue than an issue with the platform or spreads (which were pretty decent 1 and 2 pips) I know in my head I was saying "uhh this is new, its uncomfortable.. ahh screw it, back to MT4 we go." My ultimate goal is to completely upgrade my PC and get a dual monitor system- then I won't care if I have two "platforms" running, I can look left and trade right.

 

CW-

Yup, this is the knowledge I seek. The answer to my question may be- "I have used "XYZ's ECN platform- no charting package but I use "ABC" for my charting and datafeed" or as you stated that "XYZ broker has charting software- but it sucks"

 

Very helpful gentlemen. Thank you!

Sledge

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slege, if you really talking about integrating entry order with charting, try Ninja. They have charting now and in the charts you can set to have entry order box and trade directly from the charts. I assume it works with forex if the broker is support by Ninja.

 

In this business it's not only about knowing the market but knowing what's out there to offer you the best and fairest for your money. In the end it's your money that they're sucking... commissions, spreads, a little slippage here and there, it adds up at year end when you go over them. The biggest thing I learned is the keep the overhead low enough to cover them then the rest is income, easy enough. It's a business, gotta keep the overhead low. I was with Tradestation for 4 years before I changed to MBT and Ensign. Realized I don't need all their package plus due their partnership with Gain Capital for forex quotes and brokering trades, I had to move out and move on.

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Torero-

So very true. Even with say a $6 in + $6 out commission plus 1 pip ($10) = $22 vs my current bid/ask of 3 pips ($30) saves me $8 on each trade. Figure 30 trades a month is $240+ a month. Money Saved = Money Earned!

 

Yes sir- it sounds as if you graduated! I am in my last semester here at "Broker College" and plan to get my degree, just as you did! I just passed on a broker who sent me a slick e-flyer while I was demoing their platform- it proudly states that they are now doing their forex clearing through "FXC*M" I uninstalled the demo and thanked them for their time.

 

Much thanks. I have spoken with another trader whose judgement I trust very much and he also uses Ninja to integrate his datafeed with his charting software.

 

Much Thanks!

Sledge

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