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This is how I am researching to pick a Forex Broker
- Thread starter whirl
- Start date
Quote from jimrockford:
IB does not act shady. FOREX is IB's newest offering. IB is slow to update documentation. This is why IB's website is more informative about other product offerings, than it is about FX. Inadequate and unprofessional documentation has been a longstanding problem at IB. Shitty documentation, yes, but shady, as you suggest, no. IB is your best bet.
I also think that some of the information you seek is on the IB website, but perhaps because of poor organization, you couldn't find it. Or maybe you didn't look hard enough, I don't know.
I wasn't suggesting IB was shady. Just saying the website acts that way. I haven't heard anything back on email.
If you have details, I would love to know.
What are their spreads on the majors (on "normal" conditions). What type of orders do they provide besides market, limit, do they offer trailing stops?
Do they offer any features at all? Or is it just a quote and execution system. ie news feeds etc.
Again, because they don't provide any info (that I can find) on their website, it's very difficult just to decide to plunge real money to open an account w/o knowing what I would get.
in the meanwhile still trying to figure out which broker fits my needs.
thx again for feedback guys
IB order types for IDEAL PRO forex:
http://www.interactivebrokers.com/en/trading/exchanges/usIB-pro.php?ib_entity=llc
http://www.interactivebrokers.com/en/trading/exchanges/usIB-pro.php?ib_entity=llc
Whirl,
I don't want to speak for IB, and I don't know all the details about their FOREX offering.
Try sending a PM to Steve_IB thru EliteTrader.
I don't want to speak for IB, and I don't know all the details about their FOREX offering.
Try sending a PM to Steve_IB thru EliteTrader.
I use Oanda, InterbankFx, and Interactive Brokers/TWS to trade Forex.
IB has trailing stops which can be activated in TWS either by following the instructions in the help file, or by using a front end program such as Bracket Trader, AutoTrader, or Button Trader, and probably others. The spreads seem continually to be tightening, and the commission is small. However, the method used to account for the trades is obscure when one first uses it. Interest is credited or debited once daily, but not on cash held in USD unless above a minimum amount. One can trade almost anything in the universal account, pit trading being the exception with changes in even this having been forecast.
Interbank credits or debits interest once daily, none on unused USD cash, and trailing stop implementation is straightforward and incorporated in the software, which must be running for the trailing stop to be activated. Limit orders must be 10 pips away from the current price, and spreads are wider than other dealers. The Metatrader software includes straightforward accounting and reporting.
Oanda debits or credits interest continuously, including cash in USD; spreads are narrow, no commissions, and, as far as I know, no trailing stops. As I have used the charting features over time, they are more than adequate for making trading decisions. There are a number of not obvious features such as opening charts or trading data in new windows.
I have never been aware of any of these firms gunning my stops or misquoting, and within the differing pip spreads the quotes seem to be the same. One is dealing with essentially unregulated "money changers" in all cases and should learn to deal with that fact in mind, since that is the way it is.
As you will read in ET, currency pair futures circumvent a number of the drawbacks mentioned above; the "carry" features involving interest mentioned above are not pertinent in futures, and the margin requirements are somewhat different.
Good trading. Don't be so up tight about these issues, but rather concentrate on your skill in predicting direction, which is the real key to success, as usual.
IB has trailing stops which can be activated in TWS either by following the instructions in the help file, or by using a front end program such as Bracket Trader, AutoTrader, or Button Trader, and probably others. The spreads seem continually to be tightening, and the commission is small. However, the method used to account for the trades is obscure when one first uses it. Interest is credited or debited once daily, but not on cash held in USD unless above a minimum amount. One can trade almost anything in the universal account, pit trading being the exception with changes in even this having been forecast.
Interbank credits or debits interest once daily, none on unused USD cash, and trailing stop implementation is straightforward and incorporated in the software, which must be running for the trailing stop to be activated. Limit orders must be 10 pips away from the current price, and spreads are wider than other dealers. The Metatrader software includes straightforward accounting and reporting.
Oanda debits or credits interest continuously, including cash in USD; spreads are narrow, no commissions, and, as far as I know, no trailing stops. As I have used the charting features over time, they are more than adequate for making trading decisions. There are a number of not obvious features such as opening charts or trading data in new windows.
I have never been aware of any of these firms gunning my stops or misquoting, and within the differing pip spreads the quotes seem to be the same. One is dealing with essentially unregulated "money changers" in all cases and should learn to deal with that fact in mind, since that is the way it is.
As you will read in ET, currency pair futures circumvent a number of the drawbacks mentioned above; the "carry" features involving interest mentioned above are not pertinent in futures, and the margin requirements are somewhat different.
Good trading. Don't be so up tight about these issues, but rather concentrate on your skill in predicting direction, which is the real key to success, as usual.
Quote from whirl:
Is the only advantage, the trailing stops? Otherwise I can just use IB's default software.
So nobody can give details on what IB offers?
I'm sure Steve_IB will give you details. Did you PM him the way I suggested? Don't you think that it would make sense to wait for him to respond, since this is the Christmas holiday weekend?
I do not use QT for its trailing stops. I use it for its charting. It has lots of advantages besides trailing stops.
Quote from jimrockford:
I'm sure Steve_IB will give you details. Did you PM him the way I suggested? Don't you think that it would make sense to wait for him to respond, since this is the Christmas holiday weekend?
I do not use QT for its trailing stops. I use it for its charting. It has lots of advantages besides trailing stops.
I'll wait for his reponse, was just hoping others who have used IB could give their feedback as well, on my questions.