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Message From FXDD

  • #1
  • First Post: Oct 12, 2006 4:07pm Oct 12, 2006 4:07pm
I got this message from FXDD on my message board.

I returned the message asking what if my target is 15 pips. This messes up my risk reward ratio.

Any one else with fxdd get this?

Dave
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  • #2
  • Oct 12, 2006 4:18pm Oct 12, 2006 4:18pm
hm strange i didnt get this message, so does it mean now that we cant place a stradle 10 pips away from the price?
  • #3
  • Oct 12, 2006 4:22pm Oct 12, 2006 4:22pm
Yes , i got the same..
  • #4
  • Oct 12, 2006 5:49pm Oct 12, 2006 5:49pm
I just spoke to FXDD and the guy said he don't know why we'd get that message.

He said there shouldn't be a problem placing any orders 2x the pip spread away from market price. And placing take profit 2x the pip spread away from market price.

He said we can take 4 pips profit on euro$, 6pips on gbp$, 4 pips on $jpy. So on and so forth.

I am going to ignore the message recieved.

Dave
  • #5
  • Oct 12, 2006 6:36pm Oct 12, 2006 6:36pm
Today I tried my hand at trading the NZD/USD Retail Sales news release. My broker is FXDD - I have demo and live. The Buy Stop I placed to trigger at 0.6619 was triggered instead at 0.6613!!!!! Luckily this was on my demo account as the price rapidly went against me. When I called FXDD and asked them why my Buy Stop order placed for 0.6619 was filled at 0.6613 instead, and especially since the high of the day was only 0.6617, I was told that the MT4 platform only shows the bid price and they looked and swore they saw it hitting 0.6619 in the ASK price or Offer ! ???? What kind of an answer is that?

Now, I get three emails from them - the first two say "...Due to the expected market volatility and in order to maintain the highest quality of order execution for a limited period of time, stop and limit orders should be placed no less than 20 pips outside of the current market spread...." AND MOST RECENTLY THE 3RD EMAIL CAME IN SAYING IT'S NOW 15 PIPS !

What in the heck is going on at FXDD?

Between this and the increasing frequency of the lost connections and server going down when in a live trade situation, I am thinking of going elsewhere. The only other broker I know of with MT4 that has small spreads is Interbankfx. I just want to place my trades and not get messed around with all the double talk, or better said, conflicting answers.

This is beginning to remind me of Las Vegas at the crap table.

They are making up the rules as they go AFTER THE FACT, and pulling fast ones - WHY the change? I thought FXDD was a better broker than most of the others. This screws up my strategy too
  • #6
  • Edited 10:24pm Oct 12, 2006 6:42pm | Edited 10:24pm
I think they may be sending this message to selective clients. Clients who may be setting Limit orders during news times. I saw this message in the platform mailbox right before this morning's trade balance news and sure enough i couldn't set a limit order within 20 pips of the current price until about 5 minutes after the news volatility was over.

They certainly are up to something over here.
  • #7
  • Oct 12, 2006 6:49pm Oct 12, 2006 6:49pm
Quote
Between this and the increasing frequency of the lost connections and server going down when in a live trade situation, I am thinking of going elsewhere. The only other broker I know of with MT4 that has small spreads is Interbankfx.

I use Interbankfx and I don't recommend them using MT4.
They have a lot of problems interfacing with it.
Sometimes it takes me two or three minutes before I can have an order acknowledged.
I have tried closing orders only to watch them go against me 10 or 20 pips before the order was executed.
  • #8
  • Oct 12, 2006 8:19pm Oct 12, 2006 8:19pm
Quote
I think they may be sending this message to selective clients. Clients who may be setting Limit orders during news times. I saw this message in the patform mailbox right before this morning's trade balance news and sure enough i couldn't set a limit order within 20 pips of the current price until about 5 minutes after the news volatility was over.

They certainly are up to something over here.

I received the same email and my account is only a week old with just a handful of trades. None of them were scalping type trades or had a TP under 20 pips.
  • #9
  • Oct 12, 2006 8:24pm Oct 12, 2006 8:24pm
I don't understand what there is to think about. I have been trading since 1985.

Can you imagine getting an email from a broker where you trade with cme, cbot, etc telling you that limit orders cannot be placed with in the spread and not be filled unless x amount of ticks below or above your limit?

on stop orders there can be slippage because a stop order becomes a MARKET order and thus you get 'next' price available.

Before anyone ask, I use MGFX as broker. It is most important that there is a fixed spread. In one account I daytrade while in another account I position/swing trade. I also trade currencies on cme futures.

If the day comes where I cannot find a brokerage that jerks me around with spreads that widen during volatile periods and/or that will not allow 'limit' orders inside spread then I will no longer trade fx markets.

There is movement about that would allow a hookup between cme and interbank where there would be just one price. Now some have said this will put fx brokers out of business but I doubt that as I pay $30 per lot with euro/usd and $50 with gbp/usd. Honest brokers would welcome this as they could offset there trades in a centralized (exchange) interbank system.

Just my 2 cents worth. NO ONE has to put trades on in forex. So find a good broker with fixed spreads and look at their prices. There should never be any 'spikes' out side of normal fx prices. (It is real easy to check that prices are same or within a pip or two by using esignal filtered prices and a demo with other brokers)
  • #10
  • Oct 12, 2006 8:48pm Oct 12, 2006 8:48pm
Quoting xxDavidxSxx
I got this message from FXDD on my message board.

I returned the message asking what if my target is 15 pips. This messes up my risk reward ratio.

Any one else with fxdd get this?

Dave

Maybe that is why the 3rd message I received said 15 instead of 20 like the first 2.

I wasn't sure what to think of the messages. How could it be a mistake? Very odd.
  • #11
  • Oct 12, 2006 9:36pm Oct 12, 2006 9:36pm
Quoting Snuffleupagus
Maybe that is why the 3rd message I received said 15 instead of 20 like the first 2.

I wasn't sure what to think of the messages. How could it be a mistake? Very odd.
Me too, me too, I was wandering why the third message said 15 instead of 20 like the other 2 . Now I guess I know. I just ignored them anyway......Valerie......
  • #12
  • Oct 13, 2006 2:10am Oct 13, 2006 2:10am
Quoting billbss
I use Interbankfx and I don't recommend them using MT4.
They have a lot of problems interfacing with it.
Sometimes it takes me two or three minutes before I can have an order acknowledged.
I have tried closing orders only to watch them go against me 10 or 20 pips before the order was executed.
executions have been very slow lately at ibfx. whats up with that.
If I Go Broke Trying Then I Will die happy.
  • #13
  • Nov 27, 2006 8:15pm Nov 27, 2006 8:15pm
Quoting zeetz
Today I tried my hand at trading the NZD/USD Retail Sales news release. My broker is FXDD - I have demo and live. The Buy Stop I placed to trigger at 0.6619 was triggered instead at 0.6613!!!!! Luckily this was on my demo account as the price rapidly went against me. When I called FXDD and asked them why my Buy Stop order placed for 0.6619 was filled at 0.6613 instead, and especially since the high of the day was only 0.6617, I was told that the MT4 platform only shows the bid price and they looked and swore they saw it hitting 0.6619 in the ASK price or Offer ! ???? What kind of an answer is that?

...
This is beginning to remind me of Las Vegas at the crap table.

They are making up the rules as they go AFTER THE FACT, and pulling fast ones - WHY the change? I thought FXDD was a better broker than most of the others. This screws up my strategy too
A bit old, but thought I'd say soemthing about this comment.

In MT4 go to Properties (F8) -> Common and select "Show Ask line". That will show the ask line on the chart. This will allow you to see what the ask is, as it's not visible just by looking at the candle/bar. If the spread widened to 6+ pips (NZD/USD right now without news/etc is 5 pips) then the ask would have hit your buy stop. Think of it this way:

The ideal trading is buy low, sell high.
With most brokers you buy high, sell low, meaning your stop is going to be triggered by the high (Ask) price, and your sell by the low (bid) price. Since by defaul you only see the bid, you may have had your stop triggered exactly as they say. Note, they don't say fixed spreads, just low spreads, so I'd bet their spread widened on the report and sucked you in on the ask.
  • #14
  • Mar 3, 2007 8:22am Mar 3, 2007 8:22am
i have received this same eror message from FXDD several times.
i have also tried to ssend them mail each time to ascertain the meaning of that ungodly message but they have never replied.
can anyone else reccomend another MT4 platform that can perfom better?
  • #15
  • Last Post: Mar 3, 2007 12:09pm Mar 3, 2007 12:09pm
Before you go send this guy an email to see if he can resolve the issues - I've found he is helpful. He's a director there.
Do not focus on making money; focus on protecting what you have.
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