Our trading platform, FxSpyder, is unique in a number of respects not the least of which is that it is the first of what we believe to be a new generation of foreign exchange (forex) trading platforms designed by traders for the benefit of traders and accommodated only by broker/dealers offering API access. Three years in testing and development, the platform’s lead designers are all seasoned traders.
For those unfamiliar with Application Programming Interface (API) trading, it is really nothing new. Institutional and advanced traders have been using APIs to execute their privately developed and automated trading routines for years. In our opinion, what is new is that the trading transparency, heretofore, afforded only the API trader is now available to many wishing to trade forex - even the mini trader.
Every trade – big or small – is executed just like the automated trading routines developed by the professional trader. Robots (automated trading programs) submitting orders through a broker’s API do not transmit standing orders, e.g., stop loss and/or take profit orders, through the broker/dealer’s trading platform. Instead, they are processed directly with the broker/dealers back office and are only transmitted when the price of the currency pair has been reached.* This is the exact method used when each trade is processed via the FxSpyder platform.
In the process of developing this platform, we realized that affording every trader the advantage of trading transparency was really only the tip of the iceberg when it comes to meeting trader needs. As a result, we have incorporated three additional platform components – a signal delivery and verification system, a robotic trading module, and a module that accommodates fixed options trading.
Regarding the development of the signals component, our thinking was simply this. Not only do successful signal providers and money mangers need a reliable, third party means to legitimize their services, traders considering an investment in or (in the case of a signal caller) subscription to their services, need the means to verify provider trading records. We believe FxSpyder’s signal delivery and third party verification module more than addresses both needs.
Since we offer the service for free, we are hard pressed to think that any legitimate provider will not jump the chance to take advantage of it. Traders, of course, who ask providers to enroll and take advantage of this service, can draw their own conclusions about those who elect not to participate.
Recognizing the increased sophistication of the small trader, we also recognized the need to afford traders the ability to automate their trading strategies so we built a robot trading module to accommodate them as well. Currently we are working on the development of an application that will provide MT4 users the means to convert their existing MT4 robots to Jscript. We are hoping to offer that capability in early June. In the meantime we will be happy to assist you in converting your current robots into our platform.
Lastly, in anticipation of an industry move to offer traders additional hedging opportunities, we designed a module to accommodate fixed options trading as well. After May 15, 2009, forex customers of US FCMs will no longer be allowed to open "hedged" positions in their accounts. Read more about the new NFA rule prohibiting hedging here.
If you desire a US account with hedging you may find a solution using sub accounts within FxSpyder-Oanda. You may read about sub-accounts here.
We welcome any and all recommendations related to platform refinement and/or the development of additional tools. Please submit your comments to our programming staff via the Helpdesk.
* For the novice trader it’s important to understand that limit orders are filled at your requested rate or not at all and stop loss orders are processed as market orders. Unless the market the trader is trading against is extremely stable, odds are there will be some slippage on stop orders.