Quote:
Originally Posted by fytron
How is this progress ?? Promoting your own brokerage as if it is a third party ? You are trying them out ? while you are the owner ?
I am trading live with JadeFX purely for the reason they stated that it is a brokerge by trders for traders..
Truth is this a brokerge by a trader.
We have had major issues on slippage on the AUDNZD pair and I am not talking bout 2 pips her and 3 pips there this is varying from 3 pips to over 20 pips at a time and this on Limit orders. The other pairs seems fine although i have not tried them out yet.
After numerous complaints by numerous traders about the AUDNZD issue JadeFX at one stage addmitted that there was an issue between their bridge and the liquidity provider and this was being fixed. I myself and another trader claimed compensation for the losses we incurred but the same old story always comes back... NO they have no way to compensate because the Liquidity provider does noe compensate for slippage, ok accepted.. I then asked why not refund the commissions on the losing trades that were caused by THEIR fault... answer NO -- reason Commission is to pay for the upkeep of the brokerage, uhhh.
Now we are given lessons as to the liquidity of the AUDNZD.
Brokerage by traders for traders my ASS.
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The liquidity of any market controls how easy, or difficult, it is to get in and out of a trade. For example: The "Pork Belly" market is a very thin market; the Bid/Ask can fluctuate quite a bit. It's not that hard to get in but it can be a bit tricky getting out.
You can get stuck in a Live Hogs trade sometimes too; two days limit down. Been there. Done That one.
The spread is like riding a roller coaster in the case of a thin forex market. From what I can tell the AUD/NZD is rather thin so the spread is going to suffer.
New future traders are told to go where the action is and I assume the same advice holds for the FX traders as well.
As an ex-commodity trader this is just my opinion.
RT...
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