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Martin Gale's immeasurable contribution aside...... In terms of an introduction to the Forex Markets, I would recommend Day Trading The Currency Market by Kathy Lien....amazon.com has it for a reasonable price. It discusses many aspects of the Forex Market including some basic trading...

Thanks for the explanation.

Taboni, a quick question if I may. Is Hot Spot indeed a true ECN broker? I ask because they state the following in their FAQ: Who is the counterparty to my transaction? Hotspot FX is the counterparty to all transactions. I'm wondering if sclapers/short term traders would have problems...

I agree for the most part. IB is suited to traders who place short term trades of around 100k or more and don't hold overnight positions. Other types of traders are probably better off with a reputable single MM broker like Oanda or trading currency futures. I disagree when you say that...

EUR/USD and USD/CHF is my favorite and I usually make sure that confirmations exist in both currency pairs (in oppostie directions) before entering a trade in one of the currency pairs.

You can do this through Interactive Brokers using Buttontrader as a front end. I've been experimenting with Buttontrader in simulation mode....it seems to work very well for many different kinds of trades including breakouts.

I have indeed worked with their demo software. I was hoping to find some feed back from some one who had traded live with them. I agree their front is not impressive.

If I may, I don't believe there is much room for dispute in terms of the advatages of an ECN trading environment for one who places primarily short term trades. Brokers that trade against you (bucket shops) will inevitably use well known tactics to extract pips from and stop out profitable...

Frank, Would you mind sharing your opinions/experiences with MB Trading (if any). I've been considering them and would appreciate any feed back. Thanks

GWAC, Just as a point of clarification, when you refer to overnight trades, are you talking only about entering a trade on a given day and holding it past the 5pm est cut off or are you also seeing the same interest issues with a trade that would be executed at (for example) 10pm est and closed...

how about u help perhaps, instead of making it sound like big game hunter's post is unhelpful... too much to ask? I think you need to re read my post. I wasn't trying to degrade him or his post....I was merely stating what I had discovered in taking a look at the GFT and Velocity web...

In regards to Global Futures, it looks like they're Forex business is done with FX Solutions...a bucket shop. http://www.globalfutures.com/support/formcenter/egloforms.html#Funding_Instructions I don't see any mention of an affilitation with hotspot. I also don't see any mention of...

Over all I applaud IB for its Forex product and am particularly impressed that improvements are continually being made. However, I do agree with GWAC. Margins really should be lower...at least for intra-day trades.

Absolutely correct...very well put.

I'm looking at the TWS screen right before NY open. EUR/USD is mostly 1 pip wide with the occasional .5 pip and more rare 1.5 pip. Seems pretty reasonable to me. The spread will sometimes widen out to two pips during times of very low volume but this happened before the change as well.

Once you open the account, I believe the data fee is 10 dollars per month. This includes forex and all major US equities markets (if memory serves) including currency futures which could also be useful. The 10 dollar fee is waived if you do any kind of minimal trading. I have to agree with...

I really don't understand why some are so critical of IB employees participating in these forums. I, for one, have found their posts to be very helpful, accurate, and honest. Their tone is generally courteous and they focus on the positives of their platform rather than the obvious negatives...

Jim, although I do generally agree with what you've written here, it should be pointed out that any security traded on margin (including stocks) can result in the loss of more than one's initial deposit.

Hoi, Thanks for the detailed reply.....very impressive.

Hoi, Does buttontradeter address the first problem mentioned above......a set stop not being triggered by TWS? If so, how? Thanks