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Talk about a way to start a day off

  • #1
  • First Post: Oct 17, 2006 1:28pm Oct 17, 2006 1:28pm
Ok..

This morning before I left to go to school I placed a take profit on the EURUSD at 2507, that would of been a 1 pip profit on a short trade i made yesterday that I realized was not going to go my way any time soon. I check my platform at around 1:45PM and I see that I am now -45 pips in loss...I check back and I see that the bid of the price at around 8AM that morning did actually reach 2505. So I called my broker and they told me that

"Even though the bid did actually reach that price the ask was most likely a little higher."

I asked well what was the ask price

and they said:

"I am not sure, but I am sure it was a little higher"

I cant believe they are brushing me off with a "Im not sure, but im right" type sentence.

So I called back about 15 minutse ago and I got another person this time...he said that the EURUSD spread actually reached like 12 pips at that exact minute and the lowest the ask got was 2517...

First of all, how come he was able to give me a number but the other people couldnt tell me...it sounded like he was just telling me something he made up


Assuming all this is true...ok...But they could at least give me a professional answer.


And for christ sakes, it was for 1 pip profit!


I dunno what to think...I think I am gonna actually hold my short order on the EUR/USD until the fat lady sings...at least its gaining interest lol

What is yall take on this?


oh and btw the broker was IBFX

and yes this is a live account
Nothing is hard, some things just take more time and discipline.
  • #2
  • Oct 17, 2006 1:42pm Oct 17, 2006 1:42pm
Quoting TheRumpledOne
Tell your broker you want to see a level II quote and time/sales from 8:25 am - 8:35 am est.

If the balk at your request then you know they are hiding something.

Ask which bank had your order.

On eSignal, you can pick what feed to look at. I believe you can find what you are looking for.
I cant seem to find the code for IBFX for esignal

unless you are saying get the feed for whichever bank had my order


And retail brokers are able to provide LevelII quotes?
Nothing is hard, some things just take more time and discipline.
  • #3
  • Oct 17, 2006 1:43pm Oct 17, 2006 1:43pm
you said you posted a take profit at 1.2507? right? so, thats what the ask price should have reached. And, on your platform, it shows the daily lowest bid as 1.2505, right? If the broker doesn't have a 2 pip spread, than it shouldn't have been closed, cause the lowest ask reached was 1.2508 or higher. ex: fxcm shows lowest bid as 1.2507, hence lowest limit honored was 1.2510. whats the spread on your platform?
  • #4
  • Oct 17, 2006 1:44pm Oct 17, 2006 1:44pm
Quoting theroller
you said you posted a take profit at 1.2507? right? so, thats what the ask price should have reached. And, on your platform, it shows the daily lowest bid as 1.2505, right? If the broker doesn't have a 2 pip spread, than it shouldn't have been closed, cause the lowest ask reached was 1.2508 or higher. ex: fxcm shows lowest bid as 1.2507, hence lowest limit honored was 1.2510. whats the spread on your platform?

EURUSD had a 2pip spread with IBFX

lol otherwise i wouldnt be making such a big fuss
Nothing is hard, some things just take more time and discipline.
  • #5
  • Oct 17, 2006 1:47pm Oct 17, 2006 1:47pm
oh i see; 2 pip spread, but because it was during news, they had wider spreads. Do they advertise that they HONOR all trades AT ALL market conditions? If they do, they HAVE TO honor yours. It should state this on your aggreement. if they do not Guarantee, than, believe theres not much to do.

ps. i wouldn't hold eur/usd shorts; take the loss and close. has upside potential; just 2 cents
  • #6
  • Oct 17, 2006 1:48pm Oct 17, 2006 1:48pm
Its slowly starting to look like this will be my first posistion/carry trade


Because at least on the long term (Monthly) EURUSD is on a down trend....right


Should I change my TP to the low that EURUSD had about 11 months ago

1.1640?

hahaha?

it is positive +.72 of a pip interest everday

right right?

Nothing is hard, some things just take more time and discipline.
  • #7
  • Oct 17, 2006 1:49pm Oct 17, 2006 1:49pm
Quoting theroller
oh i see; 2 pip spread, but because it was during news, they had wider spreads. Do they advertise that they HONOR all trades AT ALL market conditions? If they do, they HAVE TO honor yours. It should state this on your aggreement. if they do not Guarantee, than, believe theres not much to do.

ps. i wouldn't hold eur/usd shorts; take the loss and close. has upside potential; just 2 cents
I dont think they honor all trades on all market conditions

you might be right


But I just wanted a more professional answer


And what time frame are you basing your analysis from
Nothing is hard, some things just take more time and discipline.
  • #8
  • Oct 17, 2006 1:49pm Oct 17, 2006 1:49pm
At about 8:30.20 (give or take a few seconds the Bid/Ask did hit 1.2507/1.2510. I know because I had a limit order placed on a sell position from the night before of 1.2510. .2507 was the lowest it hit this AM and my order was executed at .2507/2510. Something sounds fishy.....Level II request is the way to go. Just wanted to let you know my experience...
  • #9
  • Oct 17, 2006 1:53pm Oct 17, 2006 1:53pm
Quoting ccmike
At about 8:30.20 (give or take a few seconds the Bid/Ask did hit 1.2507/1.2510. I know because I had a limit order placed a sell position from the night before of 1.2510. .2507 was the lowest it hit this AM and my order was executed at .2507/2510. Something sounds fishy.....Level II request is the way to go. Just wanted to let you know my experience...

Well if that is the lowest you got, then they are right

I need a bid ask at around 2505/2507 for my point to be correct
Nothing is hard, some things just take more time and discipline.
  • #10
  • Oct 17, 2006 1:56pm Oct 17, 2006 1:56pm
Quoting NipthePips
Well if that is the lowest you got, then they are right

I need a bid ask at around 2505/2507 for my point to be correct
relooked at your original post. If the limit order was set to .2507 then you would have needed the bid to hit .2505.

Sorry....tough break on that one
  • #11
  • Oct 17, 2006 1:59pm Oct 17, 2006 1:59pm
Quoting NipthePips
Its slowly starting to look like this will be my first posistion/carry trade

Because at least on the long term (Monthly) EURUSD is on a down trend....right
Draining your account to teach your broker a lesson probably won't work. Exit the position, pull your pants up, and come out fighting tomorrow.
  • #12
  • Oct 17, 2006 2:00pm Oct 17, 2006 2:00pm
Quoting ccmike
relooked at your original post. If the limit order was set to .2507 then you would have needed the bid to hit .2505.

Sorry....tough break on that one
See thats the thing...bid did hit 2505 on my platform...they are claiming the spread widen to 12 pips though
Nothing is hard, some things just take more time and discipline.
  • #13
  • Oct 17, 2006 2:02pm Oct 17, 2006 2:02pm
Quoting philmcgrew
Draining your account to teach your broker a lesson probably won't work. Exit the position, pull your pants up, and come out fighting tomorrow.
I dont know if its to teach them or lesson...its just...i really believe EURUSD is on a long term down trend....and I dont want to come back 2 weeks later and its like all the way down past my origianl take profit and i took a loss of (now 38pips) for no reason...when it could of been profit
Nothing is hard, some things just take more time and discipline.
  • #14
  • Oct 17, 2006 2:09pm Oct 17, 2006 2:09pm
Quoting NipthePips
I dont know if its to teach them or lesson...its just...i really believe EURUSD is on a long term down trend....and I dont want to come back 2 weeks later and its like all the way down past my origianl take profit and i took a loss of (now 38pips) for no reason...when it could of been profit
"The markets can remain illogical longer than you or I can remain solvent."

Most of us have learned that the hard way, just not on a forum in front of everybody. Start using stoplosses, admit that you're going to be wrong 40% of the time, (sometimes by only 1 pip) and save your account to fight another day.
  • #15
  • Oct 17, 2006 2:31pm Oct 17, 2006 2:31pm
Quoting NipthePips
I dont know if its to teach them or lesson...its just...i really believe EURUSD is on a long term down trend....and I dont want to come back 2 weeks later and its like all the way down past my origianl take profit and i took a loss of (now 38pips) for no reason...when it could of been profit
Nip, I completely understand. So last week I sold the usd/jpy at 118.40, it went UP, sold again at 119.00 (because surely it was too high right), it went UP, sold again at 119.70 (can't keep going with no retracement right?), at this point I felt they were not getting anymore of MY MONEY!!!! LOL... well it kept going a little bit more. Average: 119.03... Hmmm, got out at 119.50 because 1) I was LOSING interest and 2) I thought it would continue GOING UP because I was oh so wrong...

Now, I took a big loss for my account on that, when all I had to do was wait 3 more days - even with the interest, I'd been ok. Now I am working my way back to my pre-sell order. Since I did get out, a small stop loss would've been better than what I did, I can tell you that. So you have to stick to your guns and keep the sell if you decide to not take the loss. Just remember that.
  • #16
  • Oct 17, 2006 2:42pm Oct 17, 2006 2:42pm
You are offering some truly sage wisdom there Phil.

Here is my sage wisdom contribution:

Never remain in a position when your reason for taking it is no longer valid.
Profit is where readiness meets Opportunity
  • #17
  • Oct 17, 2006 3:39pm Oct 17, 2006 3:39pm
Quoting NipthePips
Ok..

This morning before I left to go to school I placed a take profit on the EURUSD at 2507, that would of been a 1 pip profit on a short trade i made yesterday that I realized was not going to go my way any time soon. I check my platform at around 1:45PM and I see that I am now -45 pips in loss...I check back and I see that the bid of the price at around 8AM that morning did actually reach 2505. So I called my broker and they told me that

"Even though the bid did actually reach that price the ask was most likely a little higher."

I asked well what was the ask price

and they said:

"I am not sure, but I am sure it was a little higher"

I cant believe they are brushing me off with a "Im not sure, but im right" type sentence.

So I called back about 15 minutse ago and I got another person this time...he said that the EURUSD spread actually reached like 12 pips at that exact minute and the lowest the ask got was 2517...

First of all, how come he was able to give me a number but the other people couldnt tell me...it sounded like he was just telling me something he made up


Assuming all this is true...ok...But they could at least give me a professional answer.


And for christ sakes, it was for 1 pip profit!


I dunno what to think...I think I am gonna actually hold my short order on the EUR/USD until the fat lady sings...at least its gaining interest lol

What is yall take on this?


oh and btw the broker was IBFX

and yes this is a live account
The lowest IBFX EUR/USD offer that traded was right at 9:00 AM Eastern time during the TIC news announcement. The offer reached 1.2513, so you are not entitled to a fill. By comparison Oanda's lowest offer reached 1.25167 at that same time. The offer on the 8:30 news report reached as low as 1.2520 on IBFX and by comparison at that same time Oanda's offer reached as low as 1.25106 - which was in line with Interactive Broker's IdealPro low offer of 1.2510 at 8:30AM Eastern. You wouldn't have been filled on any of them. Bottom line: your position sucks. Hope this helps.
  • #18
  • Oct 17, 2006 3:44pm Oct 17, 2006 3:44pm
Dude, get out of the trade. The market doesn't care about you. "Getting back at" the market is an emotional disease.

As Phil mentioned, a lot of us have learned that lesson the hard way. I've lost a lot of money because of it, trust me.
Mr. Trend
  • #19
  • Oct 18, 2006 9:57am Oct 18, 2006 9:57am
So did anyone look at the Euro Lately


My point prooven


Glad I didnt close the trade
Nothing is hard, some things just take more time and discipline.
  • #20
  • Oct 18, 2006 10:01am Oct 18, 2006 10:01am
Quoting NipthePips
So did anyone look at the Euro Lately


My point prooven


Glad I didnt close the trade
The only points you've made so far are:

1. You don't know how your broker works
2. You can't admit when you are wrong
3. You can't spell proven.

Which one are we focusing on now?
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