OmniTrader Professional Forum OmniTrader Professional Forum
forums calendars search
today this week
 
register logon control panel Forum Rules
You are currently browsing as a guest.
You should logon to access more features
A Self-Moderated Community - ALL MEMBERS, PLEASE READ!
Vote for Members who contribute the most to your trading, and help us moderate content within the Forums.


  Current location        Thread information  
OmniTrader Professional Forum
OmniTrader Pro General Discussion
OT FOREX TRADER - Am I dreaming???
Last Activity 9/15/2018 4:32 AM
28 replies, 2201 viewings

Jump to page : 1 2
Now viewing page 1 [25 messages per page]
 
back reply
Printer friendly version

^ Top
julesrulesny

Legend
100100100100252525
Posts: 498

Joined: 8/28/2009
Location: NYC

User Profile
 
Subject : OT FOREX TRADER - Am I dreaming???
Posted : 7/1/2016 7:27 PM
Post #26155

So, a couple weeks ago i get this email about OT FX trader.. I read it, and to be honest, I said to myself "too little, too late, Nirvana is no longer in a position to compete with other platforms based on the direction Nirvana took in recent years...literally every forex broker has a solid platform with free feeds"...

But they still all miss OT's backtesting and signaling capabilities which is why I always held out hope. including all the money I spent over the years, i didnt want to put Good money after bad if Nirvana remains an EOD US stocks platform...

Sorry, to be so blunt, but there were a few of us let down, albeit maybe just a handful which didnt merit enough desire to change direction...

So, i read the second email.. Ofcourse it was very vague.. went into ZERO detail on Capabilities, brokers suppprted (other than 3 free months of OData and that it said "BROKERS supported" - which I still dont know what that means... bc it was my understanding its ONLY Interactive Brokers... which is hardly multiple broker(s)...

so after reading the recent pre-release updates, i became more intrigued... basically saying OT can now calculate PIPs and LOT sizes???

so with this -
1 - do NTB charts fully work with Forex?
2 - will Portfolio Simulation work?
3 - Strategy Wizard?
4 - Voteline P&L calculations?
5 - Paper Trading? And commissions accurately reflected??

And, yes... if OT is not configured proably ALL of the above will give false or at best inaccurate signals from.time to time that may interfere with a proper entry or exit.. and even Strategy Wizard wont work properly.. bc it was always calculated in $$ or Net/chng$$ and not in PIPS.. not to say the charts itself cant be traded... but testing, prospecting, signals were jus not up to todays standards...

6 - How is "IB" supported for FOREX if Interactive Brokers doesnt use Contributor FXCM??? ***This will be the last time i say this, it is an unneccesary risk to be using two DIFFERENT feeds. one from OT using FXCM, and the other from your broker,(wpmever IB uses) in this case, IB. i dont care if there has been some great trades made, I dont care if the PIP spreads are so close its miniscule this may cause potential problems in the long run...
Example - EURUSD using FXCM can be at 1.184575 in your OT Chart... but place a trade and the broker, IB could show EURUSD at 1.184550.. good luck getting filled and you could experience undue slippage...

***Years ago i ran many tests, using different comtributors... it mostly affects using entry and exit stops(they wont get filled unless its stop market).. Amd roughly 5-10% of trades were were affected, ie not filled or slippage..

FX markets in recent years however have become even more liquid and prices even tighter.. so maybe its not much of an issie to worry anymore as it once was...

For what its worth - FXCM is the BEST feed to have bc it represents more individual traders than bigger banks.. its very popular, highly liquid..
Fwiw, also using a composite feed may help show you the greater differences in price.from.across approx. 50 banks. (Norvana doesnt have this jus usimg FXCM..).. Where AN AVERAGE COMPOSITE on EURUSD can fluctuate from FXCMs HIGH of 1.11257 and to a low of 1.11240 .... but an average composite(of all banks) can show you other banks where the avg HIGH maybe 1.11300 and a LOW of 1.11200 (just a casual example of what one may expect)...

Now cutting thru the red tape and slow pace... of N hooled up with FXCM or other Forex brokers the skies the limit. less and less are tradimg stocks, while Forex grows (individual traders/investors)...

I wish you all the best of luck and congrats to Nirvana - bout freaking time!


^ Top
Barry Cohen

Icon
1000500100100100100
Posts: 1906

Joined: 1/1/1900

User Profile
 
Subject : RE: OT FOREX TRADER - Am I dreaming???
Posted : 7/5/2016 4:07 PM
Post #26156 - In reply to #26155

Hi Marc, I had a feeling I would see a post from you about this soon. I can answer your questions.

1. No, except for Heikin-Ashi.
2. Yes.
3. Yes.
4. Yes.
5. Yes.
6. Until recently submitting a Forex trade to IB would fail with an error. We have fixed that so now you can trade Forex pairs directly to IB, with their live, paper, & trial accounts.

From the IB website

"Direct Access to Interbank Quotes

No hidden price spreading, no markup, no kickbacks. Just the combination of real time prices from 14 of the world's largest FX dealing banks plus a transparent, low commission that avoids the conflict of interest of FX platforms which deal for their own account."

To change the size of trade you simply change the dollar amount to whatever you want if you wanted to trade mini or micro lots or anything in between.

Here is a link to the page that gives the bullet points.
https://www.interactivebrokers.com/en/index.php?f=759

IdealPro

IB’s venue for executing Forex trades, referred to as IdealPro, operates as an exchange-style order book, assembling quotes from the largest international Forex banks as well as other IB clients and market makers. IB imposes no markup to the quoted spreads but rather charges an explicit commission ranging from 0.2 to 0.10 basis points of the trade value depending upon your monthly trade amount, subject to a per order minimum of USD 2.50.

Odd Lots

For purposes of maintaining adequate scale and competitive spreads, a minimum size of USD 25,000, or equivalent, is imposed on all IdealPro orders. Orders below this size are considered odd lots and their limit prices are not disclosed through IdealPro. While odd lot marketable orders are not likely to be executed at the inter-bank spreads afforded to IdealPro orders, they will generally be executed at prices only slightly inferior (1-3 ticks).

^ Top
Buffalo

Legend
50025
Posts: 543

Joined: 7/11/2007
Location: stafford, va

User Profile
 
Subject : RE: OT FOREX TRADER - Am I dreaming???
Posted : 7/7/2016 4:14 PM
Post #26172 - In reply to #26155

Mark

Do we know who IB uses for a feed? For example, tradeKing uses the GAIN prices, and you can get that thru omnidata, so you can download/test/build strats etc using the same price data as TK broker. But we can't trade using OT with TK yet, so we need to get the same data IB uses.

[Edited by Buffalo on 7/7/2016 4:22 PM]

^ Top
Buffalo

Legend
50025
Posts: 543

Joined: 7/11/2007
Location: stafford, va

User Profile
 
Subject : RE: OT FOREX TRADER - Am I dreaming???
Posted : 7/7/2016 4:23 PM
Post #26173 - In reply to #26156

Barry

Now we can set up our lot sizes in OT. Question is HOW do we change the lot size?
^ Top
Barry Cohen

Icon
1000500100100100100
Posts: 1906

Joined: 1/1/1900

User Profile
 
Subject : RE: OT FOREX TRADER - Am I dreaming???
Posted : 7/7/2016 4:47 PM
Post #26174 - In reply to #26173

Why do you feel that the lot sizes need to be changed now? Can you give me an example of what you want to do?

If you want to use micro lots for example, just use trade sizes in increments of 1000.

^ Top
Buffalo

Legend
50025
Posts: 543

Joined: 7/11/2007
Location: stafford, va

User Profile
 
Subject : RE: OT FOREX TRADER - Am I dreaming???
Posted : 7/7/2016 7:25 PM
Post #26175 - In reply to #26174

so lets say just set the order size in port sim or your tradeplan to 5000?
^ Top
Barry Cohen

Icon
1000500100100100100
Posts: 1906

Joined: 1/1/1900

User Profile
 
Subject : RE: OT FOREX TRADER - Am I dreaming???
Posted : 7/7/2016 7:33 PM
Post #26176 - In reply to #26175

Yes exactly, if you want trades in 5 micro lots.
^ Top
Buffalo

Legend
50025
Posts: 543

Joined: 7/11/2007
Location: stafford, va

User Profile
 
Subject : RE: OT FOREX TRADER - Am I dreaming???
Posted : 7/7/2016 8:10 PM
Post #26177 - In reply to #26172

IB uses "Ideal FX" - not sure if their data is a composite or something like FXCM/GAIN. Arggggh
^ Top
mgerber

Member

Posts: 22

Joined: 3/30/2006
Location: Issaquah, WA

User Profile
 
Subject : RE: OT FOREX TRADER - Am I dreaming???
Posted : 7/9/2016 7:21 PM
Post #26178 - In reply to #26156

Barry, thanks for the information.

I've been in the same boat as Marc. Without being explicitly informed, each of us seems to have to reinvent the wheel, so-to-speak, as we go along.

The journey has been very frustrating so far, and the end is not in sight.

O.K., I understand IB uses IdealPro, and we have to have a minimum order of USD 25,000 or its equivalent to utilize their normal (non-odd lot) flow.

Question: ForexTrader (FT) utilizes 'units' in an order to be placed. If I understand correctly, these 'units' are units of the pair in question, NOT USD. If I want to place an AUDCAD trade, obviously neither of which is USD, how do I ensure that I meet the >= USD min requirement for normal flow?

--Mark G.

^ Top
Frank Birch

Member
25
Posts: 43

Joined: 3/25/2006
Location: UK

User Profile
 
Subject : RE: OT FOREX TRADER - Am I dreaming???
Posted : 7/10/2016 7:15 AM
Post #26179 - In reply to #26178

Hi to all,

This has been a long journey with omnitrader and forex.
But trust me we are very close!
nirvanas forex data is very good but as always is what broker uses what bank feed??
There are ways round this,
1/ the higher the time frame and looking to stay in the trade a pip here or there won't make any difference in my testing.
2/ if you are trading a shorter time frame then use ESignals forex data (you can choose all the different broker bank data) going this route of course is a little expensive but you get what you want.

Nirvana cannot cover every problem over night but what they have done for omnitrader for forex is a monster upgrade and a massive kudos to those guys!!

Regards
Frank Birch

^ Top
jsigalow

Member
25
Posts: 32

Joined: 3/4/2006
Location: Poughkeepsie,N.Y.

User Profile
 
Subject : RE: OT FOREX TRADER - Am I dreaming???
Posted : 7/10/2016 8:52 AM
Post #26180 - In reply to #26155

OT FX trader is light years better than before! Frank is absolutely correct as Nirvana has addressed 99% of all our past concerns.We made suggestions and they were very receptive to our concerns.Bravo to all at Nirvana!
Jerry Sigalow
^ Top
mgerber

Member

Posts: 22

Joined: 3/30/2006
Location: Issaquah, WA

User Profile
 
Subject : RE: OT FOREX TRADER - Am I dreaming???
Posted : 7/13/2016 1:11 PM
Post #26184 - In reply to #26178

Just got off the phone w/IB, asking about how they figure the USD 25,000 cut-off for the interbank vs odd-lot routing.

Basically, 'ya gotta figure it out yourself: It is actually CALCULATED on the base currency of a pair, at whatever the current exchange rate is.

So USD 25,000 for EURJPY is equivalent to $25,000 USD worth of EUR. And so on . . . A PITA to deal with!

If a trade is less than USD 25,000, the trade is NOT routed to the FX banks. It is counted as an odd lot, and IB becomes the dealer, matching customer orders, etc. IB says that the spread "should" be close to the interbank spread. But given the variables, nobody could know what the end resulting costs would be.


--Mark G.

[Edited by mgerber on 7/13/2016 1:14 PM]

^ Top
THOMAS HELGET

Legend
500
Posts: 510

Joined: 3/22/2006
Location: BALDWINSVILLE, NEW YORK

User Profile
 
Subject : RE: OT FOREX TRADER - Am I dreaming???
Posted : 7/13/2016 3:05 PM
Post #26185 - In reply to #26184

Mark G.:

Thanks for the information.

I too wondered about that $25,000 thing on the Trader Workstation interface.

Tom Helget
^ Top
Jim Dean

Sage
2000100010025
Posts: 3142

Joined: 3/13/2006
Location: L'ville, GA

User Profile
 
Subject : RE: OT FOREX TRADER - Am I dreaming???
Posted : 7/13/2016 3:08 PM
Post #26186 - In reply to #26185

Would be nice if FT provided the option to specify $25000 equivalent size as a minimum.
^ Top
THOMAS HELGET

Legend
500
Posts: 510

Joined: 3/22/2006
Location: BALDWINSVILLE, NEW YORK

User Profile
 
Subject : RE: OT FOREX TRADER - Am I dreaming???
Posted : 7/13/2016 3:36 PM
Post #26187 - In reply to #26186

Jim:

Yes, it would be super dandy wonderful!

Tom Helget
^ Top
mgerber

Member

Posts: 22

Joined: 3/30/2006
Location: Issaquah, WA

User Profile
 
Subject : RE: OT FOREX TRADER - Am I dreaming???
Posted : 7/13/2016 3:40 PM
Post #26188 - In reply to #26186

Especially considering that IB is the ONLY integrated broker now for forex trading with N's software . . . You are spot-on, Jim.


--Mark G.
^ Top
Barry Cohen

Icon
1000500100100100100
Posts: 1906

Joined: 1/1/1900

User Profile
 
Subject : RE: OT FOREX TRADER - Am I dreaming???
Posted : 7/13/2016 3:52 PM
Post #26189 - In reply to #26186

Would be nice if FT provided the option to specify $25000 equivalent size as a minimum.


There is in Port Sim. Set Min Shares to 25000. And can set Trade Increments to 1000.

Then one can set the Trade Calculator to use that Port Sim method.

If you just want a fixed trade size of 25000, you can easily set that up in Trade Calculator.

^ Top
Jim Dean

Sage
2000100010025
Posts: 3142

Joined: 3/13/2006
Location: L'ville, GA

User Profile
 
Subject : RE: OT FOREX TRADER - Am I dreaming???
Posted : 7/13/2016 3:55 PM
Post #26190 - In reply to #26189

Thanks Barry

Can you explain how that translates to $25000 for a pair that does not include USD?
^ Top
Barry Cohen

Icon
1000500100100100100
Posts: 1906

Joined: 1/1/1900

User Profile
 
Subject : RE: OT FOREX TRADER - Am I dreaming???
Posted : 7/13/2016 4:05 PM
Post #26191 - In reply to #26190

It translates to 25,000 units of whatever Forex symbol it is.
^ Top
mgerber

Member

Posts: 22

Joined: 3/30/2006
Location: Issaquah, WA

User Profile
 
Subject : RE: OT FOREX TRADER - Am I dreaming???
Posted : 7/13/2016 4:06 PM
Post #26192 - In reply to #26189

Guess I'm a little slow . . .

IB's cut-off is USD 25,000 (that is, $25,000 USD), *NOT* 25,000 shares, unless trading something like USDJPY, where USD is the base of the pair.

Are you saying, Barry, that the software somehow has the capability to automatically calculate how much of the forex base pairing is equivalent to USD 25,000?

Ie. Automatically make a currency conversion when trading EURGBP??


--Mark G.
^ Top
Jim Dean

Sage
2000100010025
Posts: 3142

Joined: 3/13/2006
Location: L'ville, GA

User Profile
 
Subject : RE: OT FOREX TRADER - Am I dreaming???
Posted : 7/13/2016 4:08 PM
Post #26193 - In reply to #26191

That's what I thought.

Prior posts indicate need for $25000 equivalent size, regardless of the pair being traded, for the routing to be acceptable.

I was suggesting an automated means of assuring $25000 minimum regardless of pair.
^ Top
mgerber

Member

Posts: 22

Joined: 3/30/2006
Location: Issaquah, WA

User Profile
 
Subject : RE: OT FOREX TRADER - Am I dreaming???
Posted : 7/13/2016 4:20 PM
Post #26194 - In reply to #26191

O.K., that was what I was getting at, Barry.

IB uses *DOLLARS* US, and makes us do the conversion calculation.

N software does NOT do it for us; still gotta make a currency conversion on the fly.


--Mark G.
^ Top
Barry Cohen

Icon
1000500100100100100
Posts: 1906

Joined: 1/1/1900

User Profile
 
Subject : RE: OT FOREX TRADER - Am I dreaming???
Posted : 7/13/2016 4:31 PM
Post #26195 - In reply to #26194

Here are a couple examples of trades submitted to IB.

Here's a USDCHF trade for 25,000 (25 micro lots):


And how it is shown in TWS. Also shown is the TWS Trade Log:


Here's an EURJPY trade for 25,000 (25 micro lots):


And how it is shown in TWS. Also shown is the TWS Trade Log:


Attached file : QT USDCHF.jpg (59KB - 357 downloads)
Attached file : QT EURJPY.jpg (62KB - 364 downloads)
Attached file : TWS USDCHF.jpg (121KB - 380 downloads)
Attached file : TWS EURJPY.jpg (131KB - 358 downloads)

^ Top
Jim Dean

Sage
2000100010025
Posts: 3142

Joined: 3/13/2006
Location: L'ville, GA

User Profile
 
Subject : RE: OT FOREX TRADER - Am I dreaming???
Posted : 7/13/2016 4:45 PM
Post #26196 - In reply to #26195

Thanks Barry but there seems to be a failure to communicate - or I am misunderstanding something.

How do you propose that we automate trading such that the minimum US Dollars equivalent size of a EURJPY trade be set for at least $25,000 USD, to assure good routing in IB?
^ Top
Barry Cohen

Icon
1000500100100100100
Posts: 1906

Joined: 1/1/1900

User Profile
 
Subject : RE: OT FOREX TRADER - Am I dreaming???
Posted : 7/13/2016 4:51 PM
Post #26197 - In reply to #26196

How do you propose that we automate trading such that the minimum US Dollars equivalent size of a EURJPY trade be set for at least $25,000 USD, to assure good routing in IB?


Sorry for the confusion. There is no way to set a minimum USD equivalent trade size.

The best I can think of is if you know the highest minimum out of the FX pairs in your list, you could set that as your minimum share size.

Jump to page : 1 2
Now viewing page 1 [25 messages per page]
back reply

Legend    Action      Notification  
Administrator
Forum Moderator
Registered User
Unregistered User
E-Mail this thread to a friend
Toggle e-mail notification


Nirvana Systems
For any problems or issues please contact our Webmaster at webmaster@nirvsys.com.