Interbankfx's strange behaviour at Friday closing | Forex Factory

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Interbankfx's strange behaviour at Friday closing

  • #1
  • First Post: Feb 28, 2010 7:03am Feb 28, 2010 7:03am
Hi there,

I have written a EA which is doing ok (but still working to control the drawdown which is a potential account-killer).

The thing I cannot explain is that at closing Friday-evening (21:59h) closes a number orders resulting in a net loss although no SL has been set. Only TP has been set and but it has not been touched. No ordersend either.

any idea why my broker (InterbankFX) closes those orders. Note that this is demo.

I've attached my statement and MT4-Log.

All the trades at 21:59 were not closed by me, but by my broker. You can see there is no SL, and the TP has not been respected.

All information or suggestions are more than welcome. I have mailed interbankfx support, but since this is a demo account I'm not sure they will help me.

Regards
Yvan
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  • #2
  • Feb 28, 2010 7:20am Feb 28, 2010 7:20am
Quoting docnavy
Hi there,

I have written a EA which is doing ok (but still working to control the drawdown which is a potential account-killer).

The thing I cannot explain is that at closing Friday-evening (21:59h) closes a number orders resulting in a net loss although no SL has been set. Only TP has been set and but it has not been touched. No ordersend either.

any idea why my broker (InterbankFX) closes those orders. Note that this is demo.

I've attached my statement and MT4-Log.

All the trades at 21:59 were not closed by me, but by my broker. You can...
I haven't been through the docs you posted so don't know for sure, but remember IBFX only allows intraday hedging, and all hedges have to be closed by 10pm GMT if they're not, then they are closed for you. This is the email sent every night to the platform:

If you intend to close any hedged positions they must be closed before swap is paid. Any hedges left open will automatically be netted out just before swap is paid at approximately 4:59 PM ET

The IBFX Team

Could that be the reason? The time seems to match up.
  • #3
  • Feb 28, 2010 8:48am Feb 28, 2010 8:48am
Quoting luckylady
I haven't been through the docs you posted so don't know for sure, but remember IBFX only allows intraday hedging, and all hedges have to be closed by 10pm GMT if they're not, then they are closed for you. This is the email sent every night to the platform:

If you intend to close any hedged positions they must be closed before swap is paid. Any hedges left open will automatically be netted out just before swap is paid at approximately 4:59 PM ET

The IBFX Team

Could that be the reason? The time seems to match up.

I think you are right. I was unaware of this. Apparently it only happens friday-evening, and not the other days. I never noticed those email (stupid me !!!)

Thank you very much !!!
  • #4
  • Feb 28, 2010 8:56am Feb 28, 2010 8:56am
Quoting docnavy
I think you are right. I was unaware of this. Apparently it only happens friday-evening, and not the other days. I never noticed those email (stupid me !!!)

Thank you very much !!!
It should happen every day not just Fridays, as the new US NFA ruling meant they couldn't offer hedging at all at first, but now they have a work round but are not allowed to charge swap on hedges thats why they have to be closed every day before swap time.
  • #5
  • Feb 28, 2010 9:15am Feb 28, 2010 9:15am
Quoting luckylady
It should happen every day not just Fridays, as the new US NFA ruling meant they couldn't offer hedging at all at first, but now they have a work round but are not allowed to charge swap on hedges thats why they have to be closed every day before swap time.
I have checked again, and the mail you're talking about is only sent Fridays. Maybe IBfx support may clear that up. If I know more I'll post it here.

I assume other european brokers do allow unrestricted (in terms of time) hedging ? I'll be doing forward testing with other brokers, first checking out alpari.

Thanks again !
  • #6
  • Last Post: Feb 28, 2010 9:40am Feb 28, 2010 9:40am
Quoting docnavy
Hi there,

I have written a EA which is doing ok (but still working to control the drawdown which is a potential account-killer).

The thing I cannot explain is that at closing Friday-evening (21:59h) closes a number orders resulting in a net loss although no SL has been set. Only TP has been set and but it has not been touched. No ordersend either.

any idea why my broker (InterbankFX) closes those orders. Note that this is demo.

I've attached my statement and MT4-Log.

All the trades at 21:59 were not closed by me, but by my broker. You can...
i think they wouldnot bother.its a demo(imho)
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