vmodus 

Thanks for the advice. It totally makes sense, since forex data varies by vendor. I know we can use the TS data, but do you know if we can use TS data while also running TS online? In other words, can we connect to the data in Multicharts, while simultaneously running TS? ~vmodus

Yes, actually I think that is required - run TS and MC simultaneously for real time data.

If it is forex data only you are worried about, I'd probably develop and trade with MC's data.

For futures, I'd use Tradestation's, since you are already paying for it.

kevinkdog 

Yes, actually I think that is required - run TS and MC simultaneously for real time data. If it is forex data only you are worried about, I'd probably develop and trade with MC's data. For futures, I'd use TradeStation's, since you are already paying for it.

MC offers free forex data, though we do get that from IB for free as well. My main concern is that we won't have StratOp WFP. As difficult as the program can be, it provides us the best results with respect to optimization. We'll figure it out.

~vmodus

I was reading Trading Chaos, 1 ed. by Bill Williams last night and had to share this hilarious quote:

Quoting 

The early 1980s produced the $3,000 black box systems, RSI, stochastics, sentiment indexes, and so on. Then Trade Station (sic) and other program developers made back testing and curve fitting a fun project for new traders.

vmodus 

We tested Interactive Brokers We have developed a strategy for trading forex, so we have decided to setup an account with IB, since TradeStation does not offer forex trading in the US. This is also a great opportunity to have a second broker, so we don't have all of our eggs in one basket. Looking at IB pricing, they seem to be competitive for forex. So that will be a new facet of our trading business.

If your holding positions over the swap/roll/finance time line - whatever they call it - be careful - they might have great bid-ask spreads but they have some awfully unfriendly interest/swap rates.

SMCJB 

If your holding positions over the swap/roll/finance time line - whatever they call it - be careful - they might have great bid-ask spreads but they have some awfully unfriendly interest/swap rates.

Thanks for the info. Their 'pro' pricing is better than their 'lite', but we don't know what tier we are going to select. We will probably start with lite, just for proof of concept of our strategies and execution. Depending upon our volume, we may need to shop around. Oanda is also an option for us.

~vmodus

Take for example USD:EUR
If you buy USD sell EUR they pay you 0% on the USD balance and charge you 1.5% Pro or 2.5% Lite on the USD Balance. So you lose 1.5%/2.5% in financing charges.
Now if you sell USD buy EUR they pay you 0% on the EUR balance and charge you 1.55% Pro or 2.55% Lite on the USD Balance. So you lose 1.55%/2.55% in financing charges.
So doesn't matter whether you buy or sell their bid-ask on interest rates is so high that your paying a 1.5% (pro) or 2.5% (lite) financing charge.

The worst example is USD:INR (Pro Rates only)
If you buy USD sell INR they pay you 0% on the USD balance and charge you 12.5% on the INR Balance. So you lose 12.5% in financing charges.
Now if you sell USD buy INR they pay you 0% on the INR balance and charge you 1.55% on the USD Balance. So you also lose 1.55% in financing charges.

The silent way FX Brokers make money!

SMCJB 

Take for example USD:EUR If you buy USD sell EUR they pay you 0% on the USD balance and charge you 1.5% Pro or 2.5% Lite on the USD Balance. So you lose 1.5%/2.5% in financing charges. Now if you sell USD buy EUR they pay you 0% on the EUR balance and charge you 1.55% Pro or 2.55% Lite on the USD Balance. So you lose 1.55%/2.55% in financing charges. So doesn't matter whether you buy or sell their bid-ask on interest rates is so high that your paying a 1.5% (pro) or 2.5% (lite) financing charge. The worst example is USD:INR (Pro Rates only) If you buy USD sell INR they pay you 0% on the USD balance and charge you 12.5% on the INR Balance. So you lose 12.5% in financing charges. Now if you sell USD buy INR they pay you 0% on the INR balance and charge you 1.55% on the USD Balance. So you also lose 1.55% in financing charges. The silent way FX Brokers make money!

Thanks! So it seems like they don't do normal rollovers like other brokers? They do not have any information, so I understand it as you describe it.

We have found calculating our estimated costs (with any broker) exceedingly difficult, regardless. We are new in forex, though we have been in futures for a very long time and know that cost is only one part of the broker equation. If you have any suggestions around forex broker selection, I'm all ears (eyes).

~vmodus

I've never traded forex with IB or anybody else, my only experience is with futures. I'd love to try and build a non-correlated carry portfolio but it's not possible if all the FX brokers interest rates are so skewed. (INR lend at 12.5% but pay 0% on deposits!). In theory what IB does (charge margin rates and pay deposit rates) should have the same effect as a broker doing a rollover. The difference being IB does it on a portfolio basis while rollovers are currency pair specific. So theoretically if you bought USD sold EUR, and sold EUR bought GBP, and sold GBP bought USD, at IB your positions would net out and there would be no charges, but at a typical FX broker they would view that as 3 pairs and charge you rollover on each.

vmodus 

MC offers free forex data, though we do get that from IB for free as well. My main concern is that we won't have StratOp WFP. As difficult as the program can be, it provides us the best results with respect to optimization. We'll figure it out. ~vmodus

If the data from Tradestation works with StratOp WFP then why does StratOp WFP not work with the MultiCharts data?

Hemmo 

If the data from Tradestation works with StratOp WFP then why does StratOp WFP not work with the MultiCharts data?

StratOpt WFP is TradeStation only and the license is tied to the customer number. In other words, you cannot run StratOpt WFP without TradeStation. We could, in theory, do the optimization in TS and then move the code to MultiCharts, but instinct tells me we would get different results based on platform difference. However, you make an excellent point and we may look into this. We are in our infancy with MC, so I will add this to things we want to consider.

(I just realized that I have misspelled StratOpt WFP. Oops... my bad.)

~vmodus