Broker recommendation for a Canadian with specific requirements

Quote from def:


2. You can work a market. Ie. you don't have to pay the spread. You can place a bid or offer and let is sit on the book.
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Any statistics on how often a limit order is filled without the market crossing it vs the market trading through the limit price?

And since your first point says an LP could be resting between the displayed quotes (and this can give clients price improvements when crossing the spread,) then are clients also able to place limit orders between the exchange supported tick increments as well, or are they limited to 0.5 pip price levels while being front run by unlit liquidity providers?

How does IdealPRO handle order priority between LPs and Clients? FIFO or LP preference?

(Not a jab, I'm actually curious about how it works in detail.)
 
Quote from def:

Two comments on IB's spreads.

1. The minimum displayed value is .5 pips but you can get price improvement if one of the banks providing liquidity has a better offer (the additional digit doesn't display).
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def: do you plan on introducing decimal quotes instead of half-pips? IB is one of the last that still does this..
 
I feel like you might be repeating yourself as well but this is all too new to me to quite get it! LOL... I do want to thank you for your lengthy replies so this is very much appreciated.

I would like to attach a picture taken from an excerpt of the book I am referencing, and here is the PDF file incase anyone is interested. Because this is made freely available I feel ok with post this screen capture.

http://infofpas.files.wordpress.com/2011/10/excerpts-fpas-hr-27-11.pdf

Because the time scale on the bottom changes, this is obviously not a chart made up of time bars but rather tick bars. These are produced by www.prorealtime.com. So are these ticks made up of the volume as you are trying to explain to me since actual real tick data cannot be known? I hope I even asked that right! Basically, I just want to make sure that whatever broker I go with can produce charts in this similar manor so that the price action techniques I am learning I will be able to apply.

And second question if I may, the author states that it is advisable to not have your charting come from the same company as your order execution, meaning the broker I take it. Why the heck would this be? He states that you want to make sure that your charts match up the bid/ask prices to maybe within 0.1 or 0.2 pips because they will never be exact, but that it is advisable to have these separate. Does this make any sense and why?



Jack_Larkin said:
(I feel like I'm starting to repeat myself... :( )

MT4 is an 'off the shelf' platform for the front and backend trading requirements of brokers.. so most brokers who offer it do so as their primary platform. Oanda is an exception, since they have their own proprietary platform on the backend and instead add on MT4 as an alternative to access their price feed and execution.

Oanda doesn't have a minimum account size (well, it's 1 unit of currency I think...) and they say 1.2 during the NY London overlap session but it floats around 1.4 ish more often than not, with ~1.8 during less liquid sessions. Pepper comes in slightly better total cost wise, and if you're trading on positions larger than 100k per fill then IB is also as cheap if not cheaper (though with a different tick increment of 0.5 pips instead of 0.1 pips when price changes.)

Neither MT4 or Oanda's fxTrade support tick charts (not sure about IB either.) MT4 has a free 3rd party extension that does it, but again, it would be based on tick volume and thus useless in context of your book. The reason tick charts isn't popular with FX spot platforms should start to seem obvious by now.

(Even if you use a NinjaTrader setup with a broker that supports NT on spot currency, again, tick charts won't be constructed with actual transaction volume..)
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Oppps... chart didn't attach, let me try again.

All I keep getting is upload errors... but if you open up the preview PDF in the link, there is a sample chart posted on Page 6. Maybe the site is having trouble since today they upgraded the look of the forums.
 
def said:
2. You can work a market. Ie. you don't have to pay the spread. You can place a bid or offer and let is sit on the book.
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Def,

When a client places a limit order, on which book does it sit ?
Is it IB's book or is it the book of one of the banks ?
 
you are not allowed trading forex in Canada ,its illegal,you braking the law,i know it ,I live in in alberta and all my forex account were forcefully closed,some even without warning like oanda,and I still had opened trades at that time,can you believe it? they closed my account while trades were still open
 
softdown said:
Def,

When a client places a limit order, on which book does it sit ?
Is it IB's book or is it the book of one of the banks ?
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The "book" is created by all the liquidity providers as well as IB clients. If you place a non-marketable order for FX, it will sit on IB's servers and when it becomes marketable it will be shown to the liquidity provider for an execution - quite often fills are returned with price improvement as well. If an IB client sells at your price, you'll also get matched. Note that IB does show prices in 1/10th of a pip now as well.
 
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