Getting Started - piecing it together
I have now spent several hours trying to piece together all the information on how to get automation running. My first observation is that FXStat is the best tradecopy/signal/mirror service and I found somethings I'd really like to run in portfolio. It took me quite some time to realize you don't need MT4 + bridge to trade it (that's bad if say your connection goes down, you need the client always on).
Instead I found http://blog.fxstat.com/index.php/tag/fxstat-managed-account/ , which shows the interface for what I figure is the FXStat portfolio manager. This appears to be broker independent, but it will send signals to your account at a participating broker if you have an "IB" account and it will run all the time signals to the broker even if you are not online (correct me if I'm wrong).
http://www.fxopen.com/FxStat.aspx#fxTabS1N3 , implies that a FXOpen account (the broker which sent me to FXStat) can get free signals (I don't really understand what that means, or how it is "free"). I heard there is an ECN account and a regular account for IB, I'd like to do a regular account and put 100 USD in it and run some tests with 0.01 lots to make sure it is working.
I was going to do the Managed Book, but I only see Tradebook ("Sign up for Tradebook using the registration form below") shown on the FXOpen page related to this. How can I do the Managed Book automation starting with 100 USD to see it in action ? Anyone suggest other brokers that are easy to setup with this ? I really want to check out the actual performance on FtradersFX Fund automation.
It seems to me, that FXOpen is not for the US ![[erm]](/themes/default/images/smiles/erm.png)
. I am having trouble actually finding forex brokers in the US with support for FXStat autotrade, and there is no mention anywhere of how to select between Managed Book (20% of profits => 75% to signal manager, I think it would be my preferred) vs. Tradebook pricing (11$/lot => 50% to signal manager?). Anyone from the USA have a good setup running autotrade ? I would like to start with low balance 100-200 USD, 0.01 lots setting only requires 20 USD margin so I should be able to run certain portfolios with no issue. But, if anyone has superior experience with ECN based account, I'd be interested to hear the comparison too.
http://www.fxopen.com/FxStat.aspx#fxTabS1N3 , implies that a FXOpen account (the broker which sent me to FXStat) can get free signals (I don't really understand what that means, or how it is "free").
It means u dont have to pay for autotrading Fees. So autotrading is free if u open an account with fxopen.
I was going to do the Managed Book, but I only see Tradebook ("Sign up for Tradebook using the registration form below") shown on the FXOpen page related to this.
There r different brokers that offer managedbook and tradebook. I know one broker who is offering managedbook. Varengold is that broker.
The good or ill of a man lies within his own will. – Epictetus
http://www.fxopen.com/FxStat.aspx#fxTabS1N3 , implies that a FXOpen account (the broker which sent me to FXStat) can get free signals (I don't really understand what that means, or how it is "free").
It means u dont have to pay for autotrading Fees. So autotrading is free if u open an account with fxopen.
I was going to do the Managed Book, but I only see Tradebook ("Sign up for Tradebook using the registration form below") shown on the FXOpen page related to this.
There r different brokers that offer managedbook and tradebook. I know one broker who is offering managedbook. Varengold is that broker.
The good or ill of a man lies within his own will. – Epictetus
In this matter fxstat is IB of fxopen so they will get their commission through spread the user paying to fxopen
I was also looking at Alpari PAMM accounts today and I realized one major thing here is the execution of a regular spread based account vs. a larger balance ECN account vs. the person who is actuallly trading on the signals (signal provider). I would like to hear opinion on this, but it seems that in a PAMM account since your investment becomes part of their account balance, they can execute on it at their highest efficiency; compare with mirroring, you could get just about anything depending on the broker and account type (in other words milage varies from the actual signals and timing). The 20% ManagedBook is competive, many PAMM fees are > 20% except for large deposits so there's a lot to think about.
But, then I go to register and there is no US in the country list... and their US site has no mention of PAMM. Must be a regulatory thing. It seems US residents don't get access to some of these things, it's quite frustrating since some of these strategies have proven track records and low risk.
There r different brokers that offer managedbook and tradebook. I know one broker who is offering managedbook. Varengold is that broker.
Nope. Can't open an account in the US with them. However, now I know how the process works (with a gmail account I have to keep using variations since fxstat doesn't let you have your regular login AND a broker specific login on the same email). Once you are in the <broker>.fxstat.com that's bascially the platform and then you double back and open an account with the broker; it was pretty obscure from this site, until I actually did it once. Now I am on the hunt for a US broker with ManagedBook support, if such exists. Update: "FxStat supports any broker offer MT4 trading platform" after reading one of the pages again it suddenly occured to me that MT4 is just a widely used protocol for sending the orders to the broker when a signal is generated; however, I had thought this meant you had to trade from MT4 for brokers that are not "natively supported" and it was all very confusing. I believe that I can open a US account and add it to the PAYG account (I didn't really want to pre-pay but there seems to be no other way), then I can add to portfolio and the signals will autotrade with the broker. The cost as long as you are using 100k lots appears to be a pip only (so no micro accounts that will destroy it), that is fine it takes $20 margin for 0.01 lot. I would still prefer a broker who has an IB account with FXStat, but since there appear to be none in the US this may be the only way to trade it.
One issue that is US specific is that US brokers have to follow the FIFO rule, so not all stategies on this site are likely to execute properly. I don't think that was considered since the site really doesn't seem to cater to US traders that much (too much trouble all the regulations? I agree..)