MBTrading

[BrianSNJ]

Originally Posted by 4xStar

I've run into a snag with my new MBT account .. I was going to fund it and find they only accept wire transfers OR checks that are mailed (not even online checks!) and they have a 10 day hold for checks unless you send them a bank statement showing the check has cleared .. which means at least a 5-7 day hold. There is no quick way of funding without paying the $25 or more wire transfer fees each time.
Not good in the 21st century!

So I may have to look elsewhere even tho I did want to trade with an ECN.

Hey 4xStar.

I was going to sign on with EFX myself. I called them today and found out that EFX is going to disappear and it will all be just MB Trading.

I was not prepared for that. I like the things I have read about MB Trading. But this was an unexpected curveball so now I am going to have to check out other ECNs as well.

I don't really know of any others at the moment. Do you know of any with a great platform as well? Maybe even charts? Most ECNs do not provide that so I do not expect it....but it would be nice.

Please share if you don't mind what you find. My money is in a separate dedicated trading bank account, now I have to find a broker.

[TheRumpledOne]

Originally Posted by BrianSNJ

Hey 4xStar.

I was going to sign on with EFX myself. I called them today and found out that EFX is going to disappear and it will all be just MB Trading.

I was not prepared for that. I like the things I have read about MB Trading. But this was an unexpected curveball so now I am going to have to check out other ECNs as well.

I don't really know of any others at the moment. Do you know of any with a great platform as well? Maybe even charts? Most ECNs do not provide that so I do not expect it....but it would be nice.

Please share if you don't mind what you find. My money is in a separate dedicated trading bank account, now I have to find a broker.

Not to worry, Brian. EFX and MBT merged. The president's of both companies were college roommates. The staff at EFX/MBT will still be there. The merger makes them stronger. Just click here:

They are an ECN. THERE IS NO FIXED SPREAD IN FOREX.

You can google and find out what I really think about "FIXED SPREAD BANDITS".

I'll leave it at that so I don't get banned.

How do I avoid the spread?

I explained this to someone yesterday in an IM.

With EFX/MBT you pay a commission rather than having a "FIXED SPREAD".

It's "apples and oranges" so don't try to compare. "THE MATRIX HAS YOU" and you need to "FREE YOUR MIND" to understand what I am about to explain.

Let's say the current bid/ask is 1.5010 x 1.5015

The current spread is 5 pips.

You want to SHORT.

You SHORT at 1.5010.

You set a TP at 1.5005.

Bid/Ask becomes 1.5005 x 1.5009 and the current spread is 4 pips.

At EFX/MBT, you will get filled if the bid is 1.5005 and someone TAKES your offer.

Bid/Ask is now 1.5004 x 1.5009 and YOU HAVE YOUR PROFIT.

Note: the ASK never reached 1.5005. THIS IS IMPORTANT!

If you entered this order at a FIXED SPREAD BANDIT, whoops I mean broker, your order is STILL OPEN!!

The bid/ask must become 1.5000 x 1.5005 and your order HITS the Ask.

DO YOU GET IT?

If not, then read this over and over and over again until the LIGHT BULB goes off!!

The day I found out about EFX is the day I opened an account there and stopped trading with FIXED SPREAD BROKERS.

The simplest thing to do is to load up a demo account at EFX Group and see it with your own eyes.

When you place your TP Bid offer at 1.5005, your bid is displayed on Level II.

The point is with EFX/MBT your offer gets hit.

With FIXED SPREAD BROKERS you have to wait to hit their offer.

Maybe this might help:

First:

1.5010 x 1.5015

and price drops...

1.5009 x 1.5014

1.5008 x 1.5013

1.5007 x 1.5013

1.5006 x 1.5012

1.5006 x 1.5011

1.5005 x 1.5011 You may get hit

1.5005 x 1.5010 You may get hit

1.5004 x 1.5009 YOU COVERED 5 PIP GROSS PROFIT

AND LET'S CONTINUE

1.5003 x 1.5008

1.5002 x 1.5007

1.5001 x 1.5006

1.5000 x 1.5005 YOUR FIXED SPREAD BROKER FILLS YOUR ORDER.

Does that make it clearer??

What about the commission cost?

The commission varies depending on the pair trading.

It is $.50 per 10k minilot on USDJPY. So if I gross 2 pips, I am making money.

From the EFX/MBT site:


Commission Rates

Fixed spreads are a way for FCMs to markup or markdown the best bid or offer. FCMs do this to hide their fee into the price of the currency pair instead of displaying their best quote. Common sense tells you that no one works for free, so when you see an FCM claim they have “no commission”, that should be a red flag. So how are they getting paid? Its simple: they are making money with the built-in markup/markdown in the spread.

Our FCM, MB Trading Futures, has nothing to hide. They offer tighter spreads with no markups/markdowns and openly display a low commission rate.

Commissions are based on total dollar amount traded: $5 per $100,000 traded.

[BrianSNJ]

@RumpledOne

Yes, I do agree with you about MB Trading and I will probably go there. Especially because I want to try to watch cnalde patterns and scalp 5 pips here and there, 3 or 4 times a day. (Wish I could find a system like that in a forum to read and learn from....lol)

But I was thrown off and I will say their downloadable demo NAVIGATOR is horrible!!! It crashes on me all the time and sometimes refuses to allow changes or preferences tweaks. The staff says they are "working on it" but I have read that in other posts dating back to January of 2007. THAT CONCERNS ME. lol

How is their Remote system? Do you like it? Do you find it to be reliable and responsive?

They do not offer a demo so I cannot test it for myself which really disappoints me.

I think MB Trading is a diamond in the rough...a lot, A LOT, more polish is necessary and they could be a gem!

[TheRumpledOne]

Originally Posted by BrianSNJ

@RumpledOne

Yes, I do agree with you about MB Trading and I will probably go there. Especially because I want to try to watch cnalde patterns and scalp 5 pips here and there, 3 or 4 times a day. (Wish I could find a system like that in a forum to read and learn from....lol)

But I was thrown off and I will say their downloadable demo NAVIGATOR is horrible!!! It crashes on me all the time and sometimes refuses to allow changes or preferences tweaks. The staff says they are "working on it" but I have read that in other posts dating back to January of 2007. THAT CONCERNS ME. lol

How is their Remote system? Do you like it? Do you find it to be reliable and responsive?

They do not offer a demo so I cannot test it for myself which really disappoints me.

I think MB Trading is a diamond in the rough...a lot, A LOT, more polish is necessary and they could be a gem!

I have been using the NAVIGATOR for over 2 years.

Demo works fine most of the time. During heavy traffic, real money customers get preferences.

Usually, most problems lie on the user's computer rather than with the NAVIGATOR software.

I didn't like what I have seen of the remote. I prefer the NAVIGATOR.

IMHO, the NAVIGATOR only needs ONE CHANGE and it would be perfect ( for me ): ONE CLICK ON THE PRICE IN THE LEVEL II WINDOW to buy/sell. Now, I have to click on the price THEN click on the buy or sell button.


Just click here to get started with the NAVIGATOR:

[tonymand]

I think it is worth saying yet again that if you are trading below 100,000 base currency or in part lots of any size your order cannot be routed direct to the fx market no matter what your broker says or shows on their platform, end of story

[4xStar]

Originally Posted by BrianSNJ

Yes, I do agree with you about MB Trading and I will probably go there. Especially because I want to try to watch cnalde patterns and scalp 5 pips here and there, 3 or 4 times a day. (Wish I could find a system like that in a forum to read and learn from....lol)

What about Tymen's thread .. you are in there as well, that is a great place to learn to scalp candle patterns

But I was thrown off and I will say their downloadable demo NAVIGATOR is horrible!!! It crashes on me all the time and sometimes refuses to allow changes or preferences tweaks. The staff says they are "working on it" but I have read that in other posts dating back to January of 2007. THAT CONCERNS ME. lol

I think MB Trading is a diamond in the rough...a lot, A LOT, more polish is necessary and they could be a gem!

I agree Brian, they are honest, but frankly pre-historic. After not being able to fund my account with them rapidly I ended up going with FX Solutions, opened & funded the account in less than 2 hours! So far I REALLY like them, spreads are good, executions much better than FXCM, and I love their trading platform.I agree with Tony, if you have less than 100k in an account the ECN thing does not make that much difference.
You might check out FX Solutions, they had some problems a few years back but have turned their act around and so far I find them the most professional platform for traders who want to get in & out quickly. They have even have one click to reverse a position, (close a short and go long simultaneously) which I have used several times. I like them.

MBT has to drag itself into the 21st century & figure out how an internet works, then they may become one of the best brokers out there .. but not yet IMO

[BrianSNJ]

Originally Posted by 4xStar

What about Tymen's thread .. you are in there as well, that is a great place to learn to scalp candle patterns

Oh yes, and I am not leaving that thread either. But I also need to experience other systems, styles, ideas. Even if I do not use them, I will certainly learn from them and that is just as valuable as getting pips. lol

I agree Brian, they are honest, but frankly pre-historic.

Yeah, I really find it strange too. I do like them and they are on the top of my list but when I see what others are offering and the conveniences...it makes me wonder.

They have even have one click to reverse a position, (close a short and go long simultaneously) which I have used several times.

Now that would be SWEET!

MBT has to drag itself into the 21st century & figure out how an internet works, then they may become one of the best brokers out there .. but not yet IMO

I do agree with that also. Again, I like them but I think that they have to get it together more. And yet, they are on my top 5 list. I probably won't trade small quick scalps, but I like the idea of being able to buy and sell 5 quick pips if I see a reversal pattern. I don't want to have to worry about spreads. I do not mind the commission. I am really disappointed with the lack of many things that I feel MB should offer since every other broker offers them.

Does FX Solutions let you get in and out quickly on something like a 5 pip grab cause their spreads don't look that great, especially compared to GFT? How long have you been with them?