I know that some of you "scalp" on Currenex (I believe Viper is one).
As I mentioned on some of my prior posts, we have been in the process for quite some time of finding a permanent home for our scalpers. We are almost done with a customized front end to execute on Currenex which we will then use to access aggregate liquidy accross different systems (HotSpotFxi, Lava, etc.) - at least that's the plan.
The problem is that various sources at these firms have told me that no matter how we mask our orders, one or more banks will eventually ask the broker to kick us out or to remove them from the available list of liquidity providers IF our trades are less than 30 seconds in duration (I was even told this by a guy at HotSpotFxi, where trading is supposed to be anonymous - unlike on Currenex where each trade gets a traceable ID).
Our trades are usually being generated when the market is moving extremely fast and they normally stay open for less than 30 seconds. It does not give banks much time to act.
A guy at another Currenex broker told me that our only possible solution will be trading on something like FXAll if we enter trades with one bank and choose to exit with another - but I really don't want to go through this hassle.
I have spent a lot of time, energy, and money on this project and the last thing I want is to get shut down a few months down the road because we are making too much money (it has happend to us with some firms in the past).
Consequently, I would like to know if any of you are successfully using Currenex to scalp as I described; that is, exiting most trades in less than 30 seconds - and haven't been kicked out. How about HotSpotFxi, Lava, and FXAll?
If you are doing this type of scalping successfully, are you doing it with size? We need to be able to do this type of fast scalping with at least 100 lots ($10M) per clip per broker.
Is this really possible? Is anyone truly doing this and how?
As I mentioned on some of my prior posts, we have been in the process for quite some time of finding a permanent home for our scalpers. We are almost done with a customized front end to execute on Currenex which we will then use to access aggregate liquidy accross different systems (HotSpotFxi, Lava, etc.) - at least that's the plan.
The problem is that various sources at these firms have told me that no matter how we mask our orders, one or more banks will eventually ask the broker to kick us out or to remove them from the available list of liquidity providers IF our trades are less than 30 seconds in duration (I was even told this by a guy at HotSpotFxi, where trading is supposed to be anonymous - unlike on Currenex where each trade gets a traceable ID).
Our trades are usually being generated when the market is moving extremely fast and they normally stay open for less than 30 seconds. It does not give banks much time to act.
A guy at another Currenex broker told me that our only possible solution will be trading on something like FXAll if we enter trades with one bank and choose to exit with another - but I really don't want to go through this hassle.
I have spent a lot of time, energy, and money on this project and the last thing I want is to get shut down a few months down the road because we are making too much money (it has happend to us with some firms in the past).
Consequently, I would like to know if any of you are successfully using Currenex to scalp as I described; that is, exiting most trades in less than 30 seconds - and haven't been kicked out. How about HotSpotFxi, Lava, and FXAll?
If you are doing this type of scalping successfully, are you doing it with size? We need to be able to do this type of fast scalping with at least 100 lots ($10M) per clip per broker.
Is this really possible? Is anyone truly doing this and how?
