Hi felow traders.
I want to write about broker I`m using now.GCI(www.gcitrading.com).
I can`t expres my frustration I`m having with them.I mean,I know you can`t always get best prices,sometimes you`ll meet slipage problems,but this is to much.Much to much.
They have nice java platform(but no charts),but their desktop charts sucks big time.Their customer service is fine(altough I can`t compare them with other,because I only used them).There are no problems with funding/withdrawing funds(you can even use e-gold).Altough there aren`t NFA registered they seem solid.
But their trade execution is awful.Oh,my God,you can`t imagine...
When working with 5min system,it`s not that bad.90% of the time you get your order filled at good price.Sometimes during fast markets you can get 10-20 pips slippage,but it`s not so bad.
The scary part is yet to come.
Daytrading with this broker is going to kill you.I think they don`t use automatic execution.There is some lame ass broker siting on the other side of the world,waiting for your order to come,and than he tries to fill it.
"What you see is what you get!". FORGET ABOUT IT (say it Doni Brasco style).When you click on but or sell,first thing you see is order creating in your order window,and than if market stays on same level for at least 10 seconds,there is posibility that you could get in.Constant requoting and requoting and requoting...There is greater posibility that you will get ephilepsia (sorry,I don`t know how to say it in english) from constant flashes of your order screen,than to get filled.
If you want to trade during London and NY session,you are going to whole new world of pain.I mean,if you want to get in the market during that session,click on buy or sell,than start swiming from London to NY,and when you arrive to NY,you`ll see that your order is just geting ready to get filled.
Lets say you want to sell EUR/USD at 1,2890.You will get requoted,and while EUR/USD is now at 1,2889 you`ll get option to cancel your order or get filled at 1,2884. what the heck,fill me at 1,2800,there are no problems.I`m trading so you can rip me off,don`t I?
When I daytrade,I have to use limit orders so I can get filled.But that isn`t much better.You need to have your order placed for at least 5-10 minutes for good execution.And how many times I saw my limit order standing there doing nothing,while market price is same as limit price.
So,my advice is:Stay away from this thiefs with license(Oh,I forgot,they don`t have one).Preserve your capital and your nerves.
And one question.Can you tell me what brokers you use,and what is your expirience with their execution?do you get what you see,or what?
I want to change my broker,so I need to know that.
Thanks friends,Alex.
I want to write about broker I`m using now.GCI(www.gcitrading.com).
I can`t expres my frustration I`m having with them.I mean,I know you can`t always get best prices,sometimes you`ll meet slipage problems,but this is to much.Much to much.
They have nice java platform(but no charts),but their desktop charts sucks big time.Their customer service is fine(altough I can`t compare them with other,because I only used them).There are no problems with funding/withdrawing funds(you can even use e-gold).Altough there aren`t NFA registered they seem solid.
But their trade execution is awful.Oh,my God,you can`t imagine...
When working with 5min system,it`s not that bad.90% of the time you get your order filled at good price.Sometimes during fast markets you can get 10-20 pips slippage,but it`s not so bad.
The scary part is yet to come.
Daytrading with this broker is going to kill you.I think they don`t use automatic execution.There is some lame ass broker siting on the other side of the world,waiting for your order to come,and than he tries to fill it.
"What you see is what you get!". FORGET ABOUT IT (say it Doni Brasco style).When you click on but or sell,first thing you see is order creating in your order window,and than if market stays on same level for at least 10 seconds,there is posibility that you could get in.Constant requoting and requoting and requoting...There is greater posibility that you will get ephilepsia (sorry,I don`t know how to say it in english) from constant flashes of your order screen,than to get filled.
If you want to trade during London and NY session,you are going to whole new world of pain.I mean,if you want to get in the market during that session,click on buy or sell,than start swiming from London to NY,and when you arrive to NY,you`ll see that your order is just geting ready to get filled.
Lets say you want to sell EUR/USD at 1,2890.You will get requoted,and while EUR/USD is now at 1,2889 you`ll get option to cancel your order or get filled at 1,2884. what the heck,fill me at 1,2800,there are no problems.I`m trading so you can rip me off,don`t I?
When I daytrade,I have to use limit orders so I can get filled.But that isn`t much better.You need to have your order placed for at least 5-10 minutes for good execution.And how many times I saw my limit order standing there doing nothing,while market price is same as limit price.
So,my advice is:Stay away from this thiefs with license(Oh,I forgot,they don`t have one).Preserve your capital and your nerves.
And one question.Can you tell me what brokers you use,and what is your expirience with their execution?do you get what you see,or what?
I want to change my broker,so I need to know that.
Thanks friends,Alex.