GAME OVER for FX dealers ?

I'm not sure, I think GFT does take the opposite side of your trades (or the traders part of the GFT network.
I was up 160%, couldn't make it in the TOP 15.
LONG the Euro @ 1.2148
 
Quote from swoop[TR]:

I'm not sure, I think GFT does take the opposite side of your trades (or the traders part of the GFT network.
I was up 160%, couldn't make it in the TOP 15.
LONG the Euro @ 1.2148
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nice work, swoop.

best,

surfer:)
 
So what is the deal? Does this broker really offer 1.5 pip spreads? Is it a stable place? If so, that is AWESOME. Seriously, the only reason why I haven't gotten into FOREX as much as I would have liked to was due to these 5 pip spreads. Almost impossible to trade without taking a large amount of risk.
 
Talk about loss of control, I was up 20 pips on that previous trade, get distracted two seconds, come back to being up only 7 pips. Try to get out of the trade, press the wrong button, get double whammed and then square my position but then forgot about my stop loss that got triggered, so I was like "COME ON ALREADY, FLATTEN MY POSITION..." finally get out at 1 pip loss, up 2 pips on a 20 pip move.
That was fuct up (pardon the language)
Long the Euro (AGAIN) 1.2145
 
Quote from Casey30:

So what is the deal? Does this broker really offer 1.5 pip spreads? Is it a stable place? If so, that is AWESOME. Seriously, the only reason why I haven't gotten into FOREX as much as I would have liked to was due to these 5 pip spreads. Almost impossible to trade without taking a large amount of risk.
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i am not sure, casey. there is a nice article on them in the latest sfo mag. www.sfomag.com the NFA action has me a little concerned, but i am CONVINCED that their ECN model with fair spreads is the future of FX.

best,

surfer :)
 
Quote from SethArb:

claim that you are guaranteed to be stopped out at your price

but what about gap openings over the weekend

:eek:
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They still fill at your price.....Ive seen people both lose and gain at this with take profits and stop losses being activated even tho price gapped hugely.
 
Quote from marketsurfer:



the spreads are the same as interbank ( EBS). this is the first ECN in the forex market. i am convinced it is the future of this market.

I think you will find that Hotspot is an ECN and has been around alot longer than Coes. I think the NFA action has been cleared up (I think it was due to undercapitalization) but I would be wary of a firm that claims "interbank spread, best anywhere" type stuff and then comes up undercapitalized.
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Quote from SethArb:

claim that you are guaranteed to be stopped out at your price

but what about gap openings over the weekend

:eek:
More...

Hi Everyone here is my latest story on this issue:

Well, Refco,Fxcm and some others offer guaranteed filling of stop and limit orders no matter what, in case the trade size is upto 10 million (refco, fxcm). I have funds under management both in Refco and in Commerce Bank (CB). CB doesnt guarantee fillings.
Here is the story:

I had 2 positions open previous week:

Long euro @1.2155
Short USDCHF@1.2765

By friday we were up about 10% on those positions, I moved stops to protect around 3-4%:

euro to 1.2200
swissy to 1.2720

As we know market opened with a huge gap of over 150 pips on euro.

So here's what happened: Refco clients enjoyed the benefit of "no slippage" guarantee and actually got those profits, shifting this month to 14% profits, and CB clients booked LOSS! yes, CB doesnt promise filling, and orders were filled on the first market price (which were the worst prices - because from the opening second, USD kept being sold), and CB accounts got actually a loss of around 1,8%...

How about that?! well, on the real interbank market there are no guaranteed fillings, and if you have an order, you will be executed on the first market price. But on the other hand, things like this one dont happen much (150 pps gap!!).
Guaranteed fills is a benefit which only retail forex traders can enjoy.

And couple words on ECNs like goesfx: I cannot give much feedback on this - only what I heared and read from others, and based on that - this is by far not a new thing, but no one of such ideas was successful till now without broker still interviening and trading on the other side. Seems that otherewise in the end, lack of liquidity is killing those ideas (unless broker steps in).

regards,

Rezo
 
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