anyone using MB TRADING with NINJA?!? Need help!

[reggiedonald]

If so can someone PLEASE help a fellow newbie out with understanding the benefits of using MB TRADING as they are an ECN broker and hype up the fact you can enter at the BID etc..

I have read your info on using an ECN and only paying the commission you charge for limit orders.

I currently use their feed with ninjatrader for a demo acc and execute trade entry via the SUPERDOM.

TRADE EXAMPLE: I wish to enter a trade when PRICE IS ABOVE the current bid price - so lets say for example GBPUSD is currently 1.6030'3 and I wish to enter when PRICE reaches 1.6034'3. On ninja IN my ladder DOM I place a BUY STOP LIMIT at this price of 1.60343... price goes up and fills me.
HOWEVER it fills me once the ASK touches it, so once in the trade I am in the negative (so basically paying the spread). I was under the impression this was not meant to be the case, and I would not be put in negative and would just pay a flat rate commission to MB TRADING???

Do I always get filled at the ASK? if thats the case I do not understand the benefits? Please help explain if I am on the right track - or completely way off with what I thought was meant to happen!

Now, I have been in touch with MB TRADING, and all they reply with is how Ninja is a 3rd party app bla bla, use at own risk as they are ont responsible etc etc.. same old copied generic text...
I get that, but Ninja is just providing an alternate means to execute - the actual feed is still provided by MB TRADING and so should the way it trades be - i.e/ being able to have the same benefits to trade using you as an ECN and getting filled in the same way at the BID.

Maybe I am just not understanding the benefits AT ALL?!? I am confused lol..
here's info on their benefits anyway..

http://www.mbtrading.com/pricing.aspx

Thanks for the help

[koganam]

If so can someone PLEASE help a fellow newbie out with understanding the benefits of using MB TRADING as they are an ECN broker and hype up the fact you can enter at the BID etc..

I have read your info on using an ECN and only paying the commission you charge for limit orders.

I currently use their feed with ninjatrader for a demo acc and execute trade entry via the SUPERDOM.

TRADE EXAMPLE: I wish to enter a trade when PRICE IS ABOVE the current bid price - so lets say for example GBPUSD is currently 1.6030'3 and I wish to enter when PRICE reaches 1.6034'3. On ninja IN my ladder DOM I place a BUY STOP LIMIT at this price of 1.60343... price goes up and fills me.
HOWEVER it fills me once the ASK touches it, so once in the trade I am in the negative (so basically paying the spread). I was under the impression this was not meant to be the case, and I would not be put in negative and would just pay a flat rate commission to MB TRADING???

Do I always get filled at the ASK? if thats the case I do not understand the benefits? Please help explain if I am on the right track - or completely way off with what I thought was meant to happen!

Now, I have been in touch with MB TRADING, and all they reply with is how Ninja is a 3rd party app bla bla, use at own risk as they are ont responsible etc etc.. same old copied generic text...
I get that, but Ninja is just providing an alternate means to execute - the actual feed is still provided by MB TRADING and so should the way it trades be - i.e/ being able to have the same benefits to trade using you as an ECN and getting filled in the same way at the BID.

Maybe I am just not understanding the benefits AT ALL?!? I am confused lol..
here's info on their benefits anyway..

http://www.mbtrading.com/pricing.aspx

Thanks for the help

When you place a limit order, you are stating the worst price that you will take for your order. In the market, you will generally be filled on buys at the ASK, on sells on the BID. That is, the broker wants the spread. So yes, if you make a buy limit order, you will most often be filled when the market ASK reaches your price.

The reference to buying on the bid, just means that you can SEE the bid, and so place your order there, which will be the bid, at the time that you place the order. It will most likely be filled only if the ASK retreats to that price, so at the time that you get filled, you will still be getting your stated price. It is just that it will also be the market ASK price at the time that it is filled. It is just a reference to price improvement: I do it all the time when I trade (to open) options on TOS: I just place my buy order on the bid, and wait for the market to fill me or not. Same with sells: I place the order on the ask, and wait. How I get out is a different kettle of fish.

[reggiedonald]

When you place a limit order, you are stating the worst price that you will take for your order. In the market, you will generally be filled on buys at the ASK, on sells on the BID. That is, the broker wants the spread. So yes, if you make a buy limit order, you will most often be filled when the market ASK reaches your price.

The reference to buying on the bid, just means that you can SEE the bid, and so place your order there, which will be the bid, at the time that you place the order. It will most likely be filled only if the ASK retreats to that price, so at the time that you get filled, you will still be getting your stated price. It is just that it will also be the market ASK price at the time that it is filled. It is just a reference to price improvement: I do it all the time when I trade (to open) options on TOS: I just place my buy order on the bid, and wait for the market to fill me or not. Same with sells: I place the order on the ask, and wait. How I get out is a different kettle of fish.

Hey, sorry late responding, I am still not 100% sure I get this..

Please take a look at the attached image - I just did this now as an example, As you can see, I placed a LIMIT ORDER just above BID and below ASK.. moments later it was filled, the ASK never had to come down, it simply filled.. so this therefore meant my BID price was much closer to my fill resulting in LESS spread payment.

This is under the MB TRADING demo 'pay for limit' account..

I suppose I am asking - Does this not happen with other brokers then?

If I place A BUY STOP ABOVE current price - it will FILL ON THE ASK hitting it, so to me if you are quick with limit order entry, you have an advantage here.. this is what I am asking and am believing to be the ADVANTAGE of using MB TRADING. But, as a newbie am unsure lol!!

Anyone else using them?

[koganam]

Hey, sorry late responding, I am still not 100% sure I get this..

Please take a look at the attached image - I just did this now as an example, As you can see, I placed a LIMIT ORDER just above BID and below ASK.. moments later it was filled, the ASK never had to come down, it simply filled.. so this therefore meant my BID price was much closer to my fill resulting in LESS spread payment.

This is under the MB TRADING demo 'pay for limit' account..

I suppose I am asking - Does this not happen with other brokers then?

If I place A BUY STOP ABOVE current price - it will FILL ON THE ASK hitting it, so to me if you are quick with limit order entry, you have an advantage here.. this is what I am asking and am believing to be the ADVANTAGE of using MB TRADING. But, as a newbie am unsure lol!!

Anyone else using them?

Which just goes to make the point. The DOM is not the correct place to be watching price action if looking at bid and ask action. If you were watching the Time&Sales window, you would probably have seen the quick dip of the ask below your limit price; the fill; then the rebound. That is what is meant by acting as the MM. In a fast market, you get quick dips, so many times, if the spread is small, you can try to buy at the bid, and will be filled by a quick dip.

Putting the limit order between the bid and ask is just being less aggressive in trying for price improvement. It simply depends on how anxious you are to get into the market.

If you want to watch price action at the bid and ask, you need to be watching prints, not a GUI. The graphical display is just not fast enough to follow action in a really quick market: it is a computing resource limitation.