efx group

[Don4 10]

is anybody here using efx non dealing desk for a live account if so what are your thoughts. just wondering (demo seems unstable)

[torero 10]

Hi don4, I use MBTrading, which is based on the same platform as EFX (check these 2 sites and you'll see what I mean, I'm also in the yahoo group that is using the API on this platform and they mentioned MBT and EFX interchangeably). No problems for live account, best non-dealing desk so far, fills are immediate and very consistent quotes.

 

You can setup a mini-account and test it out yourself. Been with them 3 years now, 6 months with their FX platform.

[Don4 10]

thanks torero,thats prob what i will do ,start with a small account and see how i like it, do u think the level 2 window has any value in the world of forex.

[torero 10]

My opinion is level 2 is just as unreliable on stocks and futures as it is in forex, lots of head game as well. I don't even look at level 2 for either market, only charts and Time and Sales for futures (more reliable because it recorded all the transactions instead of likely transactions). Unfortunately, forex has no time and sales nor volume, so only charts and a few indicators (pivots, fibs, S/R) are the only tools I use. But then again, most if not all forex traders have no access to T&S nor volume either.

[Anonymous 11]

My opinion is level 2 is just as unreliable on stocks and futures as it is in forex, lots of head game as well. I don't even look at level 2 for either market, only charts and Time and Sales for futures (more reliable because it recorded all the transactions instead of likely transactions). Unfortunately, forex has no time and sales nor volume, so only charts and a few indicators (pivots, fibs, S/R) are the only tools I use. But then again, most if not all forex traders have no access to T&S nor volume either.

 

I was about 2 seconds from opening an account with them. I wouldn't even think about a forex broker that does not have volume. Volume is activity and thus tick volume works fine. Since e-signal is a partner of MB trading and they offer volume information, why can't you get it Torero?

 

For good and bad, I understand the importance of volume now. The good is I can track what the Smart Money is doing. The bad, I am shackled to the few brokers that are willing to lift the veil of secrecy and make the playing field more even.

 

P.S. I don't use Time & Sales, but after seeing what it has done for Soultrader, I would love a Forex broker that had that too. Maybe the EC is the contract to trade (see other thread).

[torero 10]

From what I understand, forex does not provide volume (true volume) because of the decentralized marketplace. If you get volume, then it might be incomplete or not true representation of the entire picture of all the transactions that go on. Maybe Buk and Tex can clear this up as they have been trading forex longer than I have (many times over), I'm just starting out and from research it's what I understood.

 

EC because it's traded in an exchange, all volume is recorded there, so if volume is paramount for your strategy, then you might be better off with EC rather than forex itself. I'm just more comfortable with forex now than ever, even without volume. One thing that comforts me is that no one see true volume (except banks that see their own clients' order flow, but their own clients only and not the entire marketplace) so we're almost at level playing field. For the moment, without volume, I'm doing ok, it comes down to price action and a few indicators suffice for now.

 

Of course, all this yapping from me can be wrong. What do I know? I'm just a newbie.

[email 10]

Hello Fellow traders,

 

I hope everyone has had a great weekend. As far as I know Tick volume from a good data vendor is a good sub. for volume in Forex.

 

Many Regards,

Emile

[Don4 10]

thanks email, never really thought of it like that. i will keep my eye on it.