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I have used CMC and Saxobank, two of the largest ones. Both are fully
electronic platforms that work well. I also have a futures/fx account with
PFG; it is less automated...I don't like as well. PFG will expand the b-a
spread much more liberally when things get volatile. And PFG's system shuts
down for a while in the evening for futures acctg.; further PFG does not do
cross rates. My experience with all of the above is that their quotes are
fine. Actually, they are faster than my futuresource fx feed. What has
happened lately is that the CME has greatly improved its product. The b-a on
cme futures is much tighter around the clock than it used to be, so it has
become much more competitive price wise. Still, the stops on the electronic
platforms I like better than a globex stop. Personally, I could not trade
globex futures without real fx quotes.
And I could not trade using the quotes any of the sites provide alone. Not
because of of bad data, just the charting is not at the same level as TS.
FX quotes are an issue themselves. They are typically the midpoint of bid
and ask. And they are from multiple contributors with different bid ask,
different mkt opinions, etc. There are lots of bad quotes. Futuresource
fixes most of them for you. Esignal does not. TS2000i does not work as well
for fx quotes, as they set it up to chart bid and ask, not the midpoint. So
the data is more choppy, given multiple contributors, than it really should
be if it were charting the midpoint.
Drop me a line if you have any questions.
Chris
----- Original Message -----
From: "jdfo" <jdo1@xxxxxxxxx>
To: "Omega List" <Omega-List@xxxxxxxxxx>
Sent: Sunday, August 04, 2002 10:41 AM
Subject: Forex
> Does anyone on the list have any information or experience with Forex
> trading? I have seen several sites that provide real time quotes and
> charting capabilities, but I am worried about where their market quotes
> originate and, in many cases, their commission structure.
> I believe that many of these organizations principal the trade, thus
in
> effect they are making a market from the larger bank market and using
their
> own bid/ask with the appropriate markups. This, combined with a
commission,
> would make it very difficult to turn a profit.
> Does anyone have any suggestions as to where to locate a good,
reliable
> site/broker? And, any comments on trading the Forex also would be
> appreciated.
> Thanks in advance,
> JohnO
>
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