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Unless you can't afford the CME IMM contracts due to their size (as the
mini-contracts are illiquid), or unless you're doing BIG size, you're
better off trading currency futures @ CME.
With the possible exception of OANDA, all the other retail forex
platforms have been very, very, very "problematic" (ie stops get hit at
prices which never existed in spot forex market, orders are shown as
pending until a fast move ends and then you know if you;re filled or not
etc)
Either trade on the interbank market (if you do lots of volume) or
simply the CME.
If you NEED to trade mini-contracts to keep risk very small, the only
outfit I'd consider is OANDA. All the rest are basically catering to
gamblers, not traders.
If you really want to hear about all the horror stories of people with
various forex companies, go read EliteTrader.com
marc miller wrote:
>
> Does anyone have experience with REFCO/FX or FXCM 'dealing stations'?
> I am wondering how efficient they are regarding the following:
> 1) Let's say yesterday, Oct. 8th- Friday, I had an order in to purchase
> EUR at 1.2285. I had the order in the DEMO platform 5 minutes before the
> unemployment report came out. I also had a LIMIT (exit) entered at 1.2345.
> So, now the report is out, and the low I think I saw on the platform was an
> offer at my price. Now the report is out and the EUR shoots up to 1.2350-60
> ish. I did NOT receive confirmation of my purchase for some time. When I
> did receive it, the position showed up in my "Open Positions" window. What
> did NOT show up was any evidence that my target for exit, or limit had been
> filled. Usually an order that is being worked/filled shows up in a
> highlighted blue hue in the "Orders" window.
> So I saw it trading up to 1.2370. Not seeing a fill on the limit, I hit the
> "Close" area on the position in the "Open Positions" window. Now I am
> wondering if I was double-filled, and net short. Well, after a while I got
> a confirmed exit- at 1.2370- my clicking on the position had closed the
> trade- and, my exit (LIMIT) that was in there with the order when I put it
> in-before the move- of 1.2345 never was seen or heard from again...
> 2) Is this a common occurrance?
>
> Does anyone here have any experience with Real $$ on these platforms, and,
> if so, have you ever had problems with getting a fill on your price (they
> say they "guarantee" a fill if your order is in there- for entry, limits AND
> stops.
> 3) Have you ever NOT been filled on an ENTRY?
> 4) Have you ever NOT been filled on an EXIT?
> 5) Have you ever had a STOP in that was either a) run over with nothing
> done
> b) filled at a price other than where your stop was ?
> 6) Have you ever "mouse clicked" on an order, say a MARKET order and been
> screwed? Slipped? Not filled? Filled, but unsure if filled- and had to wait
> 2,3,4, 10 minutes while you saw were up $10K, then down $15K when you
> finally find out that yes, you DO have the position???AAARG! you know what I
> am talking about!
> 7) Have you ever had ANY PROBLEMS? Or are there any 'tips' or things to
> avoid, or things to do to ensure that you don't get totally , you know, put
> out of business or have some HUGE loss due to the "Platform"? Have you
> ever thought beyond a preponderance of a doubt that you didn't get your fill
> because the the firm didn't want to give you your trade because they knew it
> was going to go your way? (please don't think I am some kind of 'conspiracy'
> theorist [i do have many friends on the floors of different exchanges- now
> I have heard stories that would- well, never mind those fictional stories..]
> 8) If I am trading real $, of course, I would have my ENTRY, STOP and LIMIT
> in the order before it was placed and filled on the entry. Then I would do
> a printout of my OUTSTANDING ORDERS, (timestamped of course by the
> Refco/fxcm servers) would that do any good?
> T.I.A. for all input, or any suggestions of any better platform or way to
> trade the FOREX.
> I am enjoying this beautiful fall weekend!
> I have been trading the demo for a while, as I have been doing research only
> on the Forex markets since May of this year, and am getting ready to go real
> $.
> I just need to know how best to protect myself against those evil 'server
> problems' yeah.right.
> Best Wishes,
> Marc Miller
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