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What FOREX brokers do not creat their own market?
- Thread starter mjl
- Start date
I have no experience trading forex with any broker other than Interactive Brokers. Works great for me. They have several liquidity providers for each currency pair, and although they list themselves as one of them, I don't think in general that they are taking the other side of the trade. I only use limit orders and I have plenty of them executed with price improvement which would not be the case if the broker was taking the other side of the order.
Quote from Hurricane:
I only use limit orders and I have plenty of them executed with price improvement which would not be the case if the broker was taking the other side of the order.
I would estimate that 5% of IDEALPRO limit orders...
Are executed with price improvement...
Sometimes with > 1 pip.
With limit orders IB pretty much plays it straight...
But when hitting bids/offers...
You're order appears to be telegraphed and may be faded.
Quote from DeeDeeTwo:
I would estimate that 5% of IDEALPRO limit orders...
Are executed with price improvement...
Sometimes with > 1 pip.
I expect you're talking about the major crosses like EUR/USD. I can tell you that on some of the cross trades (e.g. AUD/NZD), the price improvement is probably 25%+ of the time. Often less than 1/2 pip but at times 2-3 pips. About a week ago when some announcement was unexpectantly made, USD/JPY fell and I had a small ($100k) limit order to close a position executed 20 pips in my favor.
Quote from Pippi436:
So send a marketable limit-order 1 pip on the outside?
I've made over 1,000,000 stock trades...
Then did about 300 IDEALPRO trades last week USD.CAN...
As an experiment.
I'm not really interested in playing inside the spread...
Because then you step on a lot of toes...
But I find that limit orders outside the spread...
Are non-threatening and executed fairly.
What you're really asking is...
What is the optimum scalping pip size?
That depends on your market and size...
But I've been easily scalping small trades for 7-8 pips on average...
So that's several pips on the outside.
Quote from Hurricane:
They have several liquidity providers for each currency pair, and although they list themselves as one of them, I don't think in general that they are taking the other side of the trade.
They only list themselves as they may match your order with another IB customer.