Saturday, January 14, 2012

Canadian Forex Broker and MT4 – Questrade

Questrade offers MetaTrader 4 (MT4)
You heard it here first.
So after MF Global closed up shop I started looking for another broker.  I’ve already posted a little bit about this in the past month.  I want this broker to be covered under IIROC and CIPF.  MG Global was a member of CIPF and if they default on getting my money back to me, CIPF would have stepped in and refunded me 100%.  That wasn’t necessary, KPMG successfully got all the money back to me via a check mailed to me. 
I’ve tried FXCM and the Canadian broker they hooked up with called Friedburg Direct.  Well this set up is bullshit, you can’t open a MT4 account, you have to use FXCM-UK.  So after sending in the application and going through the process, the sale guy, YET AGIAN, was wrong wrong wrong wrong.  The lesson here is to call customer service of the parent company (usually US for the ones I was contacting), then new accounts, then customers service, get three different people to confirm the account set up.  Then call customer service in Canada and see if you get the same answer.  So I’ll probably open a small account to test new EA’s in a live platform.
I’ve been using Interactive Brokers and Questrade as well as TD Waterhouse (not to be confused with TD Ameritrade). 
Well TD sucks since the commissions are high, the platform is crap, and to get bracket order you have to pay to use the pro platform.  So those accounts are being moved now.
Interactive Brokers – great commissions, TWS platform is fine and very robust.They don’t allow RESP or RRSP but I do have an account with them.  To bad about the RRSP, had to find somewhere else for that, so I use Questrade.  BTW Trade Freedom was bought by some other company. 
So I’ve been with Questrade for a while now.  There basic platform is crappy too.  There is a new platform coming out shortly, I need to check to see if it will do OCA or bracket orders.  The big news here is they are covered under CIPF, regulated by IIROC, and they are BETA TESTING MT4.  Is that da bomb or what?
So I am about to start demo testing MT4 with Questrade.  I’ll keep you posted.

Wednesday, January 11, 2012

USDJPY not tradeable

I have stopped trading the USD/JPY. If you look at the chart you can see it’s flat lining with no price swings.  Take a look at the ATR on different time frames, the intraday isn’t that great either.

The average weekly range was around 430 points just prior to 2009, and since then it has fallen lower and lower, and now stands at a 117 points PER WEEK. The average daily trading range has often been in the 50-60 points region, sometimes more, but it has dropped off sharply to what must be close to an all-time low of just 31 points.

It is probably best to concentrate on the other major currency pairs instead, such as the GBP/USD and EUR/USD pairs for example, but watch that EUR slide!!


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