Discuss mbtrading.com (MB Trading)

[Boko Maru]

Thank you for the advice and taking the time to respond. Now, I don't mean to pressure you but why do you treat the name of your primary broker as if it were a national security secret? I mean, it is puzzling as we are all anonymous on this forum anyway. But no matter... am dying to learn who you think is even better than PFG.

So, would you be OK emailing it to me? I can set up a new gmail account and you could use that address so I won't know your real email address. How about that? Totally anonymous.

Ha, I'm smiling. Like I said I have my reasons, and it has nothing to do with anyone knowing who I am. I'm not treating it as a national security secret. I'd just rather not say, and I'd ask that you respect that.

Finding a broker that fits your criteria is kind of like rite a of passage for forex traders I think. The best brokers I've ever found are ones I came across from my own research; nobody told me about them. Some you can't even have accounts with anymore if you're in the US. If you happen to be outside the US, try Cantor Fitzgerald in the UK. I was with them in 2007 when they were BGC, and they were great.

Anyway, I know that's not the answer you were looking for, but hope it might help regardless...

Best wishes.

 

[matiplo]

Unfortunatelly I have to confirm that: PFG doesn't offer Currenex account...

 

[Triantus Shango]

Here's an addendum to my previous post... I decided to give MT4 a go after all... installed the damn thing and ... it works like a charm! I experienced none of the issues I reported earlier with the MBT Navigator platform. Curious to say the least.

 

[Triantus Shango]

Here is an addendum to the addendum... I decided I didn't like MT4... at first glance the UI seems good enough but then the order entry interface is just terrible... you end up wasting precious seconds to close your trade not to mention that if you have multiple orders open you close all of them with one click. Not good for scalping.

So now I am trying out JForex from Dukascopy and what a difference! Everything works more than fine. Brilliant. Not to mention that you can code whatever you want in Java and because it is Java based, no need to run crappy Windows. Well worth checking out.

 

[released]

MBT is not as they used to be, beware!

I've been trading with them for a few years, but had to stop about a year ago -- got tired to pay Ninja Trader. When they released their new "MBT Desktop Pro", I tried it on a demo and liked some of the options. I decided to trade with them again. To make sure it works as it supposed to and to get used to the software I placed a few different orders(and they have many types btw, so it is not that easy), canceled these orders, then left 2 to see how they would be executed. A bit later I have closed my 2 open positions with a little loss, once again clicked on "close all positions and cancel all orders". There were no open orders or position so I shut down the system. I always use a warning option if there are positions or orders left, btw and the software allowed me to exit without any such warning. Next day when I started MBT to trade I have noticed that my balance has a floating loss(red) of about 20% of my little account. There were no open positions thou so I had to contact customer service to find out what was the matter. The online chat did not react for about half hour, so I called there 800 number and after about half hour more a guy told me that I had 3 positions opened overnite. He would not listen to my explanations or complains, but agreed to close "my" positions as I could not do it from my side where they were still invisible. I have opened a support ticket explaining that the loss was caused by their software as I had closed 2 of my opened positions and never opened the third. So they first assured me that all was fine on the server, then when I insisted they took log files from my computer, but apparently never looked at them. I offered to reproduce on my computer how their software fails to close positions on my demo account but reports them as closed. There is no interest on their side thou. So after a month of correspondence with an incompetent technician -- nothing.
I could not expect that a regulated US broker would behave like that so still am in a bit of shock. It is not a big amount of money, but my principles will not allow me to let it go. I will complain to anywhere I can and would appreciate your advice, guys.

 

[Triantus Shango]

If it's checking more than just ECN numbers for best price, that (in theory) should be even better than just being an ECN. Personally, I'm wondering what the heck a "dark pool of liquidity" is.

The Forex Creature from the Dark Pool of Liquidity, coming soon to a theater near you.

my understanding is that the big boys use software that allows them to hide the actual size of their trades as well as who is behind the trade as well as not show it in level 2 market depth. someone correct me if i am wrong but i think that is a dark pool of liquidity.

now, again correct me if i am wrong, but most retail ECNs (even with STP, that is, ECN does not imply STP, that is, a deal desk can still be implemented in software without need of a human deal desk) are pens and what you see on the ECN deal book or level 2 are just the orders of the other retail traders using that ECN, not what is out there in the wider market. in other words, it isn't DMA (Direct Market Access).

but some ECNs, for ex. ECNs that use a platform such as Integral, will aggregate orders and connect with other ECNs and try matching those orders across the feeds they get from order books on 1 or more other ECNs. and then there is the whole parallel universe of liquidity providers who want to stay under the radar and never show up on the ECNs mentioned above.

here is a link to one of the companies that provides the IT infrastructure that powers some ECNs: White Label FX Trading and Liquidity Aggregation Systems from the Trusted Technology Partner

by reading through their product offerings:

Optimize liquidity, create your own private, branded FX trading system

and the solutions they provide to margin FX brokers

Integral's margin FX solutions offer you a variety of options to address business opportunities in the fastest growing eFX segment

you will gain a better understanding of what is possible in this market and how the retail trading segment is really at the mercy of the brokers' goodwill.

 

[Triantus Shango]

released

could you please tell us what the total order size was in lots or mini lots?

as to taking action against MBT it is my understanding that one has to lodge a complaint with the NFA. sometimes even the little guy gets some measure of redress. To wit: FXCM was recently fined USD 2M for playing with their feed. still! can you imagine? even after all these years of horror stories, that company is still playing games with their customers despite claims of not being a market maker anymore but a 'true' NDD ECN. and they are listed on the NYSE. it kills me they can get away with this kind of crap year after year! outrageous doesn't even come close to describe how i feel whenever i start thinking about this. ok i better stop before i pop a blood vessel.

 

[jamestrack]

Guys listen carefully ! Do NOT use MBtrading ! I,m a 6 yrs forex trader, not newbie

Guys listen carefully ! Do NOT use MBtrading ! On 2/11/12 i planing to trade the news Non farm employment ( guys i,m not few mts trading , i,m into my 6 yr of trading).
I place a pending Order at a price 122.75 GPB vs JPY. the market start moving and it move like the price was 122.30 Ok when the news out .. the market goes to 122.63 . and all the sudden my oredr was executed !! ! WTH: mad: and in a split seconds my order was also close ! A lost of $1400 !
when I call them, they say is a margin call ? Bull **** ! if margin is the iusse ! my order should not have been excuted in the first place ! .
Then they bring out spread and ask me do i understand what is spread ? WTH i,m not few mts trading !.. I,m in my 6 yrs of forex trading !and this is totally bull **** !
A pending Order was executed when the price was not even there !! !
and in less than a split sec my order was close !Trust me i have more than 3 screen on forex charts all showing the price not there at ALL ! !]
What kind of bull **** reason they give ?? Margin ?? spread
BTW guys i,m using a ECN mt4 platform ! the spread can go 11 pips for ECN ?? What kind of bull **** !
Anyway guys .. my above experience is 110% real . If you guys carry on with Mbtrading .. sooner you will regret
Cheers and best of luck

 

[Triantus Shango]

A

Guys listen carefully ! Do NOT use MBtrading !
Anyway guys .. my above experience is 110% real . If you guys carry on with Mbtrading .. sooner you will regret
Cheers and best of luck

Well. My experience is exactly the opposite of yours. The other day when there was coordinated CB action, last NOV 29 or 30, i forget, i got 45 pips in positive slippage! And made a total of 145 pips instead of 100 as planned initially by my T/P stop.

Furthermore, customer service is great--sure not the best yet, but their people try a lot more than some cust serv at other brokers i was with.

Overall, Barron's review of MBTrading still makes sense to me.

As to widening spreads, you must be joking right? During NFP of course it's going to be nuts.

 

[Antny]

A

Well. My experience is exactly the opposite of yours. The other day when there was coordinated CB action, last NOV 29 or 30, i forget, i got 45 pips in positive slippage! And made a total of 145 pips instead of 100 as planned initially by my T/P stop.

Furthermore, customer service is great--sure not the best yet, but their people try a lot more than some cust serv at other brokers i was with.

Overall, Barron's review of MBTrading still makes sense to me.

As to widening spreads, you must be joking right? During NFP of course it's going to be nuts.

I am going to have to second that. i have seen spreads as wide as 50 pips before during news time. Wide spreads during news is pretty well common knowledge.

I have been considering trading with MBT lately, which is why i have been reading through all this. Just not sure. I have a system that uses limit orders to enter AND exit the market, which would seem to be perfect to use MBT for. I really just wish someone would post a serious detailed response about MBT, including order execution speeds, and tick rates. Those two things tell a lot more about a broker than most people realize.