This is how I am researching to pick a Forex Broker
- Thread starter whirl
- Start date
Sure you can use the IB-default software, if it fits your needs. But because IB handles Forex-trading as Budget-transfers, it will not show FX-positions and it will also not show real-time P&L. If you are used to this way of trading it's no problem at all to use their TWS.
But most traders like to see ForexTrading with Position-Management and real-time P&L tracking. If you want that then you can use a specialized front-end like ButtonTrader.
See this screenshot, which I just made for you: it has a running-strategy with a Trailing-stopLimit. It shows the FX-future side-by-side with the IDEALPRO-ticker, so you can benefit from the additional info of the movement of the EUR.USD future and its MarketDepth, while trading IDEALPRO.
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whirl,
what info are you seeking? For starters, it is the christmas weekend and we are lightly staffed until tonight when the US markets open again. Thus if you mailed the question over Xmas, you most likely would not have rec'd a response yet.
FYI, we are posting a live snapshot of 5 currency pairs on our home page. We won't place any comments on our site such as "guaranteed 2 pip spread, guaranteed stops etc". Why? We have a number of banks making markets and they compete for price. As a result we tend to have great spreads which have remained tight during announcements. Other shops who state guarantees usually have a little asterisk next to such comments.
On our site I believe you'll find most of your answers: start looking under products and the sub-menu forex. You can also try a search from the home page using the key word "FOREX".
Steve_IB has posted a number of interesting and educating comments on this site in regards to FOREX which you may want to search for. If you have other specific questions, we'll certainly endeavor to provide answers.
what info are you seeking? For starters, it is the christmas weekend and we are lightly staffed until tonight when the US markets open again. Thus if you mailed the question over Xmas, you most likely would not have rec'd a response yet.
FYI, we are posting a live snapshot of 5 currency pairs on our home page. We won't place any comments on our site such as "guaranteed 2 pip spread, guaranteed stops etc". Why? We have a number of banks making markets and they compete for price. As a result we tend to have great spreads which have remained tight during announcements. Other shops who state guarantees usually have a little asterisk next to such comments.
On our site I believe you'll find most of your answers: start looking under products and the sub-menu forex. You can also try a search from the home page using the key word "FOREX".
Steve_IB has posted a number of interesting and educating comments on this site in regards to FOREX which you may want to search for. If you have other specific questions, we'll certainly endeavor to provide answers.
Looks like IB is really popular here, so I am doing as much research as possible.
I see that IB just put some forex quotes on their homepage. How do we find out how many pairs are available, and what the "typical" pip spread is?
Can we trade precious metals and oil w/ IB?
Also, since IB doesn't have position management for Forex. What are some of the most popular front ends that FOREX trader's use?
thanks
Hi Whirl,
I sent you a PM. The currency products are listed here, most pairs of these are available:
http://www.interactivebrokers.com/en/trading/exchanges/usIB-pro.php?ib_entity=llc
Typical pip spreads - I've posted screenshots at these links:
http://www.elitetrader.com/vb/showthread.php?s=&postid=893650#post893650
Yes, you can trade Gold and Silver futures on the CBOT, and Oil futures on the ICE, and mini-Oil futures on NYMEX.
I don't have any direct experience with the position management tools of other front-ends. I know that Hoi's software handles this, I'm not sure if any others do, you may wish to PM Hoi directly
There are a lot of Front-ends for IB (and more will come), but most are focused on Futures day-trading.
Forex is relatively new to IB and its API-tools. And actually very complex for tools to implement (it took ButtonTrader 3 full months to develop its Forex-features). As far as I know is ButtonTrader the only one with Position-management (but that might change in the future).
Hoi could you provide a definition of position management or PM me a web link that explains it?
You can read the release-email of version 7.00.34.6 on the Website (download-page).
http://www.buttontrader.com/content.asp?page=29
In short: it converts all your non-base currency budgets into two-side-contracts (FX-pairs). So if you have USD as base, and have also budgets in JPY, EUR, and GBP, it will create and manage tradable pairs in USD.JPY and/or EUR.USD and/or EUR.JPY (and all other combinations with GBP). These pairs are P&L-monitored during their life-time. Extremely complex stuff but it works great.
Hoi,
Thanks for your reply. I would very much like to be alerted in this or another thread or via PM when the following article has been completed and placed on your website. I think many other traders would find this information valuable as well, in particular the answer to the question, "when should I trade forex futures and when should I trade spot forex?":
Forex-trading with ButtonTrader
Thanks for your reply. I would very much like to be alerted in this or another thread or via PM when the following article has been completed and placed on your website. I think many other traders would find this information valuable as well, in particular the answer to the question, "when should I trade forex futures and when should I trade spot forex?":
Forex-trading with ButtonTrader