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OTC forex broker connectivity

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[2014-05-30 15:11:17] #1 [Go To First Post]
Arpad - Posts: 5
Dear Sierra Chart, You support quite a few trade services, futures brokerages. 1) What’s the reason you don’t support OTC forex brokers (besides FXCM and LMAX)? 2) OTC FX connectivity? There are quite a few forex brokers (retail brokers too) that support FIX-API connectivity. Does this mean it could be an easy and straightforward process for me to connect to ANY forex broker which offers FIX-API connectivity; or there would be need for intensive work on your or my part? Would it be a somewhat automatic thing to connect Sierra Chart to such a broker; or there would be need for extensive work done by Sierra Chart, so just because a broker offers FIX connectivity it doesn’t mean automatically that I could use Sierra Chart for trading at that broker? Thanks, Best, Arpad

[2014-05-30 17:47:49] #2 [Go To First Post]
Sierra Chart Engineering - Posts: 104368
1. Generally we have more interest in futures trading service compared with Forex. Although we do have requests to add support for IG Markets Forex trading. 2. FIX is not an exact standard. So the work is extensive to support a Forex service that uses FIX. There is also market data support that has to be set up and maintained on our backend. None of this is an automatic process. Sierra Chart Support - Engineering Level Your definitive source for support. Other responses are from users. Try to keep your questions brief and to the point. Be aware of support policy: https://www.sierrachart.com/index.php?l=PostingInformation.php#GeneralInformation For the most reliable, advanced, and zero cost futures order routing, change to the Teton service: Sierra Chart Teton Futures Order Routing Date Time Of Last Edit: 2014-05-30 17:48:04

[2014-05-30 18:29:13] #3 [Go To First Post]
Arpad - Posts: 5
Right now I don’t ask or suggest any particular OTC forex broker, I’m just curious: If there would be one where I would trade with Sierra Chart, would you consider making it possible, i.e. adding them besides your other services… or there’s no chance until you see quite a few other clients with strong conviction to trade also with them and/or substantial turnover?

[2014-05-30 21:42:19] #4 [Go To First Post]
Sierra Chart Engineering - Posts: 104368
We do not foresee, any time soon, probably not until the end of the year we might consider adding support for another trading service. Yesterday we were contacted by Oanda. Below is the communication from them and the response from us: While we certainly have a general interest in this, really it is at a point now for us, where it is not even feasible for us to be supporting any new trading services just due to the difficulty of supporting so many different implementations. This is why we have started an initiative to establish an open specification communication protocol for this industry. Please have a look at this website: http://www.dtcprotocol.org/ You need to ask yourself, why is it that we would integrate to your API rather that you integrating to an open specification protocol. Generally the answer is you are a much larger organization and you have more influence. However, it should not be looked at that way. The best approach is that there is a neutral open specification protocol that exists in this industry, that each side supports. Therefore, we ask that you join us in an effort to establish this protocol. I also want to point out that Sierra Chart is not only charting, but it provides advanced trading functionality as well. OANDA wrote: > Hi, > Would you be interested in integrating your charting platform with OANDA? We have recently released a new API (developer.oanda.com) and will be removing our fees previously applicable to any API users. We have launched a partner program along with a marketplace (marketplace.oanda.com) where we plan to showcase partners who have integrated with our API. > If you would like to discuss potential partnership opportunities further let me know. > Thanks, Sierra Chart Support - Engineering Level Your definitive source for support. Other responses are from users. Try to keep your questions brief and to the point. Be aware of support policy: https://www.sierrachart.com/index.php?l=PostingInformation.php#GeneralInformation For the most reliable, advanced, and zero cost futures order routing, change to the Teton service: Sierra Chart Teton Futures Order Routing Date Time Of Last Edit: 2015-10-09 07:47:08

[2015-10-09 00:00:14] #5 [Go To First Post]
Vizhouz - Posts: 6
Hey, to be honest I really don't like the way this is going, I've already read up on the last tries to get new brokers and saw that you got burned on IGMarkets/LMAX but lets be honest, IGMarkets was unfortunate and shit like that happens but I don't think you shouldve really expected that many people to use LMAX since its not that popular. And I also think just because you got burned on these two things you can now stop trying to get new brokers and instead just tell them "Yea use our protocol or we won't partner with you". I really really like your software and it's great but I don't think you're in the position to do that, since tbh, besides BMT I've almost never heard of SierraChart on popular forums and if a broker had to chose I'm quite sure they will rather implement the more used and easier to implement software and not adapt your protocol. The lack of advertising might also be a problem, not that big of a problem but like I said I think you're not that well known to get brokers to adapt your protocol. Right now you really lack good brokers, especially forex brokers. FXCM isn't really recommendable after the SNB fiasco and also there's no reason to use FXCM if you have to have a balance of 10k to even use FXCM live accounts with sierra since if you have 10k, you would rather use IB. And in the end IB is the only big name besides TD Ameritrade, which is only for stocks, in your broker list. You really lack these well known big brokers like Oanda, MB Trading, etc. and I don't think you can afford to just refuse to try your hardest to get these big brokers because in the end you'll die out if there are no big brokers left you could trade with. I really like Sierrachart and I hope you'll get brokers like Oanda someday, since I've also read that you asked people to send Oanda these dtcprotocl requests. Kind regards

[2015-10-09 00:34:42] #6 [Go To First Post]
User742717 Mike - Posts: 86
Like I said before, never trust an OTC broker! That oanda email, is pure advertisement spam! From the little I know OTC brokers are 'in general' very closed off to anything open or common. I guess they like to be in control when they manipulate price feeds. @Vizhouz "besides BMT I've almost never heard of SierraChart on popular forums" BTM is now futures.io, that should tell you most BMT users are futures trader and not forex. Also most people on forums, are beginners. MT4 is the worse trading software but it serves a purpose for OTC brokers, hide the order book and spread. NT, is the next common step up, but it's very limited and no surprise you get them coming here. SC, is the "Sherman tank" of trading platform (it's not pretty, but does most things very well) and not suitable for users without experience. EDIT: it's not pretty, I mean the using & configuration learning curve, I like the minimalistic, win32 UI look. It's not a popularity contest, especially in the OTC retail space lol Date Time Of Last Edit: 2015-10-09 01:11:15

[2015-10-09 00:43:13] #7 [Go To First Post]
Sierra Chart Engineering - Posts: 104368
We will be responding to post #5 shortly. But in regards to this: (it's not pretty, but does most things very well) Have a look at the new ability to customize the Control bar through Global Settings >>Customize Toolbars >> ToolBar # >> [choose button from Selected ToolBar Commands] >> Properties. You can customize the text, the background color, and the graphic. Almost certain you are not going to find this capability anywhere else. We would be willing to add trading support for LMAX which does not use the FIX connection which would have some advantages. That should not really be particularly difficult. There are couple ways we can do this. Sierra Chart Support - Engineering Level Your definitive source for support. Other responses are from users. Try to keep your questions brief and to the point. Be aware of support policy: https://www.sierrachart.com/index.php?l=PostingInformation.php#GeneralInformation For the most reliable, advanced, and zero cost futures order routing, change to the Teton service: Sierra Chart Teton Futures Order Routing

[2015-10-09 04:30:41] #9 [Go To First Post]
Sierra Chart Engineering - Posts: 104368
First of all, the DTC Protocol is not our protocol. It is an effort initiated by us, but this is for the industry. It is a "neutral" protocol. It is not Sierra Chart specific. You should not underestimate our ability to get this adopted. In our last most recent conversation with Oanda they are not completely opposed to the idea of supporting DTC, unless they are only being polite with us. We will talk with them again sometime in the spring of 2016. Their basic explanation is that there is not demand for it but they do regard it as a better technical solution. We guess their web-based API users, whether they are commercial software programs or not, find their web-based API acceptable. But is our position that the DTC Protocol is a much better designed protocol and really it is. And we do not agree that there are other programs which are easier to integrate to at least with a proper reliable and quality integration for market data and trading. Just the opposite. To our knowledge there is no other charting or trading program that provides a protocol based network socket interface implemented in a proper, logical and efficient way for market data and trading, like Sierra Chart. I don't think you can afford to just refuse to try your hardest to get these big brokers because in the end you'll die out if there are no big brokers left you could trade with. We will not die out. The Sierra Chart user base is expanding. And without going into too many details, we want to point out that we were contacted by an exchange in Europe about potentially working with them to provide Sierra Chart. If we are well regarded enough to work with an exchange, we think eventually there is going to be some adoption of the DTC Protocol. We also want to make another thing very clear, there is 0% chance that support will ever be added for Oanda in Sierra Chart unless Oanda makes some effort to at least partially adopt the DTC Protocol. Sierra Chart Support - Engineering Level Your definitive source for support. Other responses are from users. Try to keep your questions brief and to the point. Be aware of support policy: https://www.sierrachart.com/index.php?l=PostingInformation.php#GeneralInformation For the most reliable, advanced, and zero cost futures order routing, change to the Teton service: Sierra Chart Teton Futures Order Routing Date Time Of Last Edit: 2015-10-10 22:32:05

[2015-10-12 01:17:46] #10 [Go To First Post]
Vizhouz - Posts: 6
It's not a popularity contest, especially in the OTC retail space lol Yea, popularity itself isn't that much of a deciding factor whether a platform is good or not but it's important for a broker if he wants to satisfy as many of his customers as possible. First of all, the DTC Protocol is not our protocol. It is an effort initiated by us, but this is for the industry. It is a "neutral" protocol. It is not Sierra Chart specific. You should not underestimate our ability to get this adopted. In our last most recent conversation with Oanda they are not completely opposed to the idea of supporting DTC, unless they are only being polite with us. We will talk with them again sometime in the spring of 2016. Their basic explanation is that there is not demand for it but they do regard it as a better technical solution. We guess their web-based API users, whether they are commercial software programs or not, find their web-based API acceptable. But is our position that the DTC Protocol is a much better designed protocol and really it is. Okay, thanks for your answer, that sounds good! Of course I didn't know that you stayed in contact with Oanda after the initial mails you posted here. My post was more what I thought about the whole thing and I just wanted to keep on discussing about it since I think available brokers are an important feature/selling point. Overall you obviously know way more about all of this and it's nice to get some insights. And we do not agree that there are other programs which are easier to integrate to at least with a proper reliable and quality integration for market data and trading. Just the opposite. To our knowledge there is no other charting or trading program that provides a protocol based network socket interface implemented in a proper, logical and efficient way for market data and trading, like Sierra Chart. I realize this was a misconception by me. I thought it would be easier for a broker to integrate multicharts/nt/etc. since they already use the current "standards" and the broker wouldn't have to understand and use a new protocol. But since, from what I've read so far, there isn't really that one universal protocal it's different from what I initially thought and its more about understanding/learning one or another protocal and the DTC is better designed. So I understand why it would be beneficial for others to adapt it. We also want to make another thing very clear, there is 0% chance that support will ever be added for Oanda in Sierra Chart unless Oanda makes some effort to at least partially adopt the DTC Protocol. This on the other hand doesn't sound that promising, because I would really like to see Oanda+Sierrachart, but we'll see. Thank for you insights!

[2015-10-12 02:20:48] #11 [Go To First Post]
Sierra Chart Engineering - Posts: 104368
Part of the reason that we are not willing to do anything with Oanda unless they make some effort to adopt the DTC Protocol is technical. We did produce a video for them about the subject that maybe we could privately share with you if you want. The DTC Protocol is very well organized and thoughtfully designed and meant to establish a standard. When you look at the Logon Response message: http://dtcprotocol.org/index.php?page=doc/doc_DTCMessages_AuthenticationConnectionMonitoringMessages.php#Messages-LOGON_RESPONSE You can see that there are fields that indicate to the Client what the Server supports and how it behaves in certain cases so that a Client knows how to handle the data from the Server and what messages the Server supports. Sierra Chart Support - Engineering Level Your definitive source for support. Other responses are from users. Try to keep your questions brief and to the point. Be aware of support policy: https://www.sierrachart.com/index.php?l=PostingInformation.php#GeneralInformation For the most reliable, advanced, and zero cost futures order routing, change to the Teton service: Sierra Chart Teton Futures Order Routing Date Time Of Last Edit: 2015-10-12 05:03:41

[2015-10-12 04:57:11] #12 [Go To First Post]
Sierra Chart Engineering - Posts: 104368
We also may be adding support for LMAX using the JSON protocol which does not have a high monthly minimum like FIX does and also supports Position reporting. We have contacted LMAX about this now to see if it is reasonable. Sierra Chart Support - Engineering Level Your definitive source for support. Other responses are from users. Try to keep your questions brief and to the point. Be aware of support policy: https://www.sierrachart.com/index.php?l=PostingInformation.php#GeneralInformation For the most reliable, advanced, and zero cost futures order routing, change to the Teton service: Sierra Chart Teton Futures Order Routing

[2015-10-12 09:25:36] #13 [Go To First Post]
Sierra Chart Engineering - Posts: 104368
Looks like we will be able to add support for LMAX using their low-cost connection for trading. But we are still checking on this. Sierra Chart Support - Engineering Level Your definitive source for support. Other responses are from users. Try to keep your questions brief and to the point. Be aware of support policy: https://www.sierrachart.com/index.php?l=PostingInformation.php#GeneralInformation For the most reliable, advanced, and zero cost futures order routing, change to the Teton service: Sierra Chart Teton Futures Order Routing

[2015-10-12 17:01:27] #14 [Go To First Post]
Vizhouz - Posts: 6
Part of the reason that we are not willing to do anything with Oanda unless they make some effort to adopt the DTC Protocol is technical. We did produce a video for them about the subject that maybe we could privately share with you if you want. Yea I understand that and no need to share. Looks like we will be able to add support for LMAX using their low-cost connection for trading. But we are still checking on this. That would be REALLY great! Thank you very much for considering this! If this: https://www.sierrachart.com/supportboard/showpost.php?p=236443&postcount=37 is still true, or atleast partly that would be a great option for smaller accounts since IB and FXCM both require 10k (FXCM told me 25k for FIX per mail, I don't know if thats always the case).

[2015-10-12 17:34:10] #15 [Go To First Post]
Sierra Chart Engineering - Posts: 104368
We really are not sure of the LMAX account minimum. Please contact them and find out what it is. For FXCM the minimum balance is 10K. Not 25K. Sierra Chart Support - Engineering Level Your definitive source for support. Other responses are from users. Try to keep your questions brief and to the point. Be aware of support policy: https://www.sierrachart.com/index.php?l=PostingInformation.php#GeneralInformation For the most reliable, advanced, and zero cost futures order routing, change to the Teton service: Sierra Chart Teton Futures Order Routing

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