Is There an FX Broker That Has a DOM Like Futures?

[traderkeith 10]

I am fairly new to TL and am surprised that no one has mentioned the eSignal QuoteTrader package with reference to the DOM. This has also been integrated into eSignal itself and they apparently have over 1000 people using it. It connects to MBT, FXCM, IB and other brokers I believe. I have it working on MBT and this dom has a volume profile like chart that builds up intra day. Setting up can be tricky and time consuming but it is a useful way of additing the DOM to FX trading. As far as I am concerned this is the way this stuff HAS to go. Also spoke to JDFX recently, who have an ok platform (excellent fills though) and they say they are planning to add the DOM (the sooner the better).

 

I have not checked out the Ninja interface yet and must do so shortly, but I do like the eSignal one that I am using with MBT Navigator at the moment.MBT are great except their commissions do eat into profits, whereas providers like Currenex, JDFX, and Hotspot are a fraction of the price, though you need a much larger account to open up their. MBT offer choice fills on a $400 account, so one must not complain too loudly!

 

I think the reason the DOM has not been added to most FX broker platforms is that many FX brokers take the other side of the trade against the client (who in most cases loses his/her account eventually) and therefore the DOM may be slow to arrive on the desks of the FX trader as it gives the trader a much easier shot at order entry and profitability (imo!):crap:

 

However with Hotspot and other bigger players adding the DOM perhaps the other slouches will catch up and give some value to us poor FX traders!

Edited October 30, 2008 by traderkeith
Increased clarity and spelling corrections.

[BlowFish 10]

 

I think the reason the DOM has not been added to most FX broker platforms is that many FX brokers take the other side of the trade against the client (who in most cases loses his/her account eventually) and therefore the DOM may be slow to arrive on the desks of the FX trader as it gives the trader a much easier shot at order entry and profitability (imo!):crap:

 

Exactly. It is not a software issue it's a 'broker' issue. There are only few retail brokers (and they tend to provide market depth information). Most are actually bookies and these do not provide it as they are simply running a book.

 

Incidentally how do you find Quotetrader?

[traderkeith 10]

Don't even have to open it to know what it is - have seen before. But on the flipside of the coin, these boards are full of people happy to admit they are 'scalpers' which translates in FX as latency arbers, trying to hit wrong prices. So I have little sympathy to be honest. Just better to deal with the situation as it actually is.

 

My $0.02

 

GJ

 

This is nonsense in a big way. Just because someone is a scalper does not mean they are a latency arber.

[agon 10]

If you use IB.

imho the best DOM is "ButtonTrader".

Google is your friend.

[BlowFish 10]

IB's own book trader has come on leaps and bounds too. It probably makes most of the order front ends obsolete for all but the most advanced functions. Having said that I use bracket trader mainly for historical reasons.

[bootstrap 47]

Currencies are all I trade.

 

Mainly futures but do watch/trade the OTC FX markets, especially on announcement days. If I was a newb, and know what I do, there is no way I would enter the FX market. The pond is full of sharks. The pond may seem big, but there be big sharks in these waters.

 

On the flip side....Just as any futures trader keeps an eye on the spot market. If you are an OTC FX trader, I would highly recommend that you watch the futures.

[Bearbull 10]

Currencies are all I trade.

 

Mainly futures but do watch/trade the OTC FX markets, especially on announcement days. If I was a newb, and know what I do, there is no way I would enter the FX market. The pond is full of sharks. The pond may seem big, but there be big sharks in these waters.

 

On the flip side....Just as any futures trader keeps an eye on the spot market. If you are an OTC FX trader, I would highly recommend that you watch the futures.

 

On CME currency futures, do you feel there is enough liquidity to get fills without much slippage. Which pairs do you trade and on which timeframe.

[bootstrap 47]

AHHH. the million dollar question....EUR, CHF, CAD, JYP....

 

time frame...all of the above....10 mins.....

 

slippage is part of the business son..make your orders stick to them, protect them, but run like the devil when wrong.

[traderkeith 10]

I believe that eSignal connects to a number of brokers and their Trade Manager has a nice DOM. Also Ninja has a DOM that connects to several FX Brokers.:doh: