Interbankfx slow to process orders at news time | Forex Factory

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Interbankfx slow to process orders at news time

  • #1
  • First Post: Apr 27, 2007 9:19am Apr 27, 2007 9:19am
Anyone else notice how slow Interbankfx was to process orders today about 3-7 min after the news release? Wanted to close my position at 540 profit would let me sat on my screen for ever so I cancelled tried again and again. No luck. Lucky it reached my TP for $800 so I gained but would have been brutal the other way.

First time I have noticed it that bad anyone else? Might be time to look for another broker.
  • #2
  • Apr 27, 2007 9:55am Apr 27, 2007 9:55am
From time to time these sort of things happen with even the best brokers...and this isn't confined to the Forex market either.

I'm not saying that you should stay or should go from IBFX, but let me put it in perspective...if you move to another broker, you will undoubtedly feel better about the situation initially, especially if this is a common occurrance with IBFX...however, you can almost be assured that you will have a similar problem (a server disconnect at an inconvenient time for you, slippage, news release spreads, deposit/withdrawal problems, spread increases, TP not being taken, SL not being hit, SL being hit too early and the list goes on and on).

Forgive me for picking on you, Gman, but you're the most convenient target at the moment. I just notice that this sort of thing happens a lot here on the Factory. Someone will rightfully complain about something that occurs seemingly for the first time to them, and then suggest that it's time to switch brokers. Not that they're unjustified in thinking so, but it makes me wonder how much due diligence anyone puts into deciding on a broker. If this is a one time deal and you're ready to jump ship, then 1 of 3 things is true: 1) you DIDN'T do your due diligence and this sort of thing happens all the time 2) you DID do your due diligence and this sort of thing happens all the time, but you took a risk 3) you DID do your due diligence and this sort of thing doesn't happen all the time and you're living in a glass house where you want everything to be perfect when it really isn't...ever.

There are few things that you need to be keenly aware of at all times and that is that problems occur with every broker, and you have to have a plan to handle each situation. If this is the first time for this sort of problem, then take note of the issue. If the problem continues to occur and you can't live with it, then ponder a switch. However, by all means, BEFORE you switch next time, make sure you get a good handle on what types of problems regularly occur with your candidate brokers and have a plan to overcome those challenges. And then, in the event of a future disaster rinse and repeat.

Quoting gman29
Anyone else notice how slow Interbankfx was to process orders today about 3-7 min after the news release? Wanted to close my position at 540 profit would let me sat on my screen for ever so I cancelled tried again and again. No luck. Lucky it reached my TP for $800 so I gained but would have been brutal the other way.

First time I have noticed it that bad anyone else? Might be time to look for another broker.
  • #3
  • Apr 27, 2007 10:28am Apr 27, 2007 10:28am
Thanks for the comments. You did put somethings into perspective for sure. I am relatively new and have made my fair share of mistakes so far. Just happened to me for the first time and was a real pain in the ass. Worked out for the better this time, just concerned for the future is all when it goes in the opposite direction. But you are right it is not confined to one broker for sure. Thanks again.
  • #4
  • Apr 27, 2007 10:35am Apr 27, 2007 10:35am
Gman,

no problem, my friend...I think you're justified to be concerned, for sure. I definitely would be. I just wanted to make sure that you were keeping it real, and not just lashing out at which point you may make a move that might COST you money (obviously if you're in a rush to find a new broker, you may not do the proper due diligence...which might have you yearning for the "good ole days" with IBFX) :-)

But make no mistake...I wasn't just responding to you...I was responding to many posts that happen around the Factory. Again, everyone of those posters are justified in their paranoia...but I want them to make sure they do the right thing next time around.

Quoting gman29
Thanks for the comments. You did put somethings into perspective for sure. I am relatively new and have made my fair share of mistakes so far. Just happened to me for the first time and was a real pain in the ass. Worked out for the better this time, just concerned for the future is all when it goes in the opposite direction. But you are right it is not confined to one broker for sure. Thanks again.
  • #5
  • Apr 27, 2007 11:58am Apr 27, 2007 11:58am
I think we are spoiled in Forex with almost instant fills and conformations most of the time. Several years ago I traded futures and had one instance where the confirmation that a trade was closed came hours later. Even though I used an on-line brokerage firm, the actual order processing was manual (pit or floor-based) and there was "some" backlog.
  • #6
  • Edited 6:55pm Apr 27, 2007 6:54pm | Edited 6:55pm
Very good points made. I think this is why it is so difficult for new traders to find a good broker to start trading with. For every single broker that is available to us, there is at least 1 complaint about them. This gets even worse if two people on the same forum had a similar bad experience with a particular broker. Then it usually becomes a bash session about the broker. I have decided that ALL brokers will cause you headaches from time to time, it is just a matter of how often these headaches occur. I speak with a friend of my daily who is also trading Forex and we both use different brokers. We keep notes and compare experiences with our brokers and decide when it is time to move on together. Just trying to surf the forums for that 'perfect' broker will give me much more of a headache then a re-quote



Quoting mrmikal
From time to time these sort of things happen with even the best brokers...and this isn't confined to the Forex market either.

I'm not saying that you should stay or should go from IBFX, but let me put it in perspective...if you move to another broker, you will undoubtedly feel better about the situation initially, especially if this is a common occurrance with IBFX...however, you can almost be assured that you will have a similar problem (a server disconnect at an inconvenient time for you, slippage, news release spreads, deposit/withdrawal problems, spread increases, TP not being taken, SL not being hit, SL being hit too early and the list goes on and on).

Forgive me for picking on you, Gman, but you're the most convenient target at the moment. I just notice that this sort of thing happens a lot here on the Factory. Someone will rightfully complain about something that occurs seemingly for the first time to them, and then suggest that it's time to switch brokers. Not that they're unjustified in thinking so, but it makes me wonder how much due diligence anyone puts into deciding on a broker. If this is a one time deal and you're ready to jump ship, then 1 of 3 things is true: 1) you DIDN'T do your due diligence and this sort of thing happens all the time 2) you DID do your due diligence and this sort of thing happens all the time, but you took a risk 3) you DID do your due diligence and this sort of thing doesn't happen all the time and you're living in a glass house where you want everything to be perfect when it really isn't...ever.

There are few things that you need to be keenly aware of at all times and that is that problems occur with every broker, and you have to have a plan to handle each situation. If this is the first time for this sort of problem, then take note of the issue. If the problem continues to occur and you can't live with it, then ponder a switch. However, by all means, BEFORE you switch next time, make sure you get a good handle on what types of problems regularly occur with your candidate brokers and have a plan to overcome those challenges. And then, in the event of a future disaster rinse and repeat.
  • #7
  • Apr 27, 2007 8:16pm Apr 27, 2007 8:16pm
Well, interbankfx doesn't have a dealing desk (automated or manual, whatever as they claim) but I find it very easy to close a losing trade. Requotes are rare but that also happens. Requotes at a winning trade sometimes becomes not so easy and sometimes, it's pretty much time consuming.
  • #8
  • Apr 28, 2007 12:36am Apr 28, 2007 12:36am
Trust me...it's in your head that way. Of course, closing a losing position seems easier. You probably lose more often.

Quoting sukhen
Well, interbankfx doesn't have a dealing desk (automated or manual, whatever as they claim) but I find it very easy to close a losing trade. Requotes are rare but that also happens. Requotes at a winning trade sometimes becomes not so easy and sometimes, it's pretty much time consuming.
  • #9
  • Apr 28, 2007 5:21am Apr 28, 2007 5:21am
About dealing desk of IBFX, information can be verified from different sources even in some other forums in various threads, I have nothing against, they basically are all the same more or less. This requote thing was too frequent a few days ago also, now less though but definitely if someone trades with any ECN broker, the perception may change. I hear that capital flight started to brokers like EFXGroup, Currenx etc. Here I am just sharing my opinion and fact and not promoting any particular broker.
  • #10
  • Last Post: Apr 28, 2007 7:05am Apr 28, 2007 7:05am
Well said i was about to hammer dude but you put everything in perspective. one point did you notice they all complain these strange things happens around news time, think about it guys, you think you or the only ones who's closing and opening trades around this time, this goes back to my question or you a trader or a whiner. im so sick of broker complaints it's making me sick, if i was a newbie and i came to this site i would be confuse as hell, good thing i spend most of my time trading and not complaining. and im out.


Quoting mrmikal
From time to time these sort of things happen with even the best brokers...and this isn't confined to the Forex market either.

I'm not saying that you should stay or should go from IBFX, but let me put it in perspective...if you move to another broker, you will undoubtedly feel better about the situation initially, especially if this is a common occurrance with IBFX...however, you can almost be assured that you will have a similar problem (a server disconnect at an inconvenient time for you, slippage, news release spreads, deposit/withdrawal problems, spread increases, TP not being taken, SL not being hit, SL being hit too early and the list goes on and on).

Forgive me for picking on you, Gman, but you're the most convenient target at the moment. I just notice that this sort of thing happens a lot here on the Factory. Someone will rightfully complain about something that occurs seemingly for the first time to them, and then suggest that it's time to switch brokers. Not that they're unjustified in thinking so, but it makes me wonder how much due diligence anyone puts into deciding on a broker. If this is a one time deal and you're ready to jump ship, then 1 of 3 things is true: 1) you DIDN'T do your due diligence and this sort of thing happens all the time 2) you DID do your due diligence and this sort of thing happens all the time, but you took a risk 3) you DID do your due diligence and this sort of thing doesn't happen all the time and you're living in a glass house where you want everything to be perfect when it really isn't...ever.

There are few things that you need to be keenly aware of at all times and that is that problems occur with every broker, and you have to have a plan to handle each situation. If this is the first time for this sort of problem, then take note of the issue. If the problem continues to occur and you can't live with it, then ponder a switch. However, by all means, BEFORE you switch next time, make sure you get a good handle on what types of problems regularly occur with your candidate brokers and have a plan to overcome those challenges. And then, in the event of a future disaster rinse and repeat.
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