i use an overseas broker AND MB, and there are very mixed results one must watch for.
While you pay a commission that “theoretically” is smaller by a bit than trading the spread thru a broker, you are still trading with the spread unfortunately, so you now have BOTH to contend with, as MB spreads are fairly wide at this point.
“IN THEORY” you can split the spread and buy in the middle, but in REALITY, it is rare that it really happens — youre trading against some pretty hot traders, as well as the interbanks, and they dont want you eating their lunch — in fact, they want to eat yours !
another problem with the ECN’s is that you cannot “hedge” or open a counter trade in the same currency without a subaccount, which slows you down a lot since you have to open one, close the other, take your trade, close that one and open your main trade.
where this becomes a problem is where you may be holding a “core” position and want to scalp the ups and downs of the one minute chart, let us say — its just too hard to do with MB.
MB DOES work well if you ONLY work in one direction, but that is a VERY limiting way of trading.
a broker supplies charts, trading panel and news and takes the spread to pay for it all and make a profit, and at least for me, allows me to counter trade all day long without which ability, i may as well sell bagels on a street corner !
EVERYTHING in this world is a trade off — one simply spends the time and learns whether any particular “tradeoff” is worth it to THEM !
enjoy and trade well
mp
[B][I]Within the great hall at Elfinore stands a wondrous coffer, precisely four cubits square and securely latched against the outside world. Inside that repository, shut away from impertinent eyes, abides many an intriquing trading secret garnered from around the world and over the ages !
As a child, i used to watch from the darkness as the secrets were debated and annotated by the elders. No one there held a single thought of my presence – BUT I KNOW WHERE THEY HID THE KEY !! [/I][/B]