ECN's....ha!

:

I caution all about interbank fx's platform...I've been consisantly around 40ish pip avrage on eur/jpy and 60ish on
gpb/usd and eur/usd....Interbank fx uses(like other brokers are starting to...) the metaquotes metatrader charts(I've been using them for months as they are FREE...haha and thousands of indicators available)...

Well I need to tell ya'll what happens if you start to beat the brokers(even so-called ECN/stp brokers..)...
I've been using a system which combines trend confirmation segments with my special keltner/bollie squeezes...a 34ema filter and special Ma crosses....I figured some special MA crosses for long/short confirmations and set alerts on them...so most of the stuff is hidden except the squeeze, the trend segments, and the 34ema filter, all one will see is the buy/sell arrows...this took a couple of days to set up and test...a fairly simple and direct system...this was the first test on a paper account(I also trade my live one's simultaneously)..great day 150pips single lots on the gbp/usd....next day 35 pips usd/cad...next 60pips on eur/jp...things went like this on and on..I was prepared for the usual drawdown(as we all will soon get)...and lo and behold after being up 'bout 70 some pips...I decided to set a trailing stop...really why not try to grab a 60pip trade in a coupla hours....well then it happened....

interbank fx(so-called ecn) blocked out all access to the setting of a stop loss....as well as denied access to closing the trade(I had 3 lots up my usual 70ish pips)....keep in mind this wasn't during any news event...I try to look at the lean conservative side of trading(extremely minimal lot/position sizes,...minimal news trading, small margin,...etc)...I am comfortable in knowing that I can get my required 60ish pip daily avg I try not to go over into extremes...well this is just a lesson that even so-called ecn's have their faults...haha

When did all of this happen?

ibfx is not a ecn, thy may say tht, but they are not, they are a dodgybucketshop.
there is real ecns out there, im starting a account w one soon, i'll let u know how it goes.

Mr Smith..this week

r you using mbt as an ecn?

Mr. Smith is correct. There are only 3 brokers that claim to be ECN's with any validity, as far as I know - 1) CoesFX (going under), 2) MB Trading/EFX Group and 3) Interactive Brokers.

IBFX claims to have STP, but, that has been debunked for some time now.

It seems likely that the reason you couldn't move your stops is because IBFX, like all other US-based brokers, were shut down for the 2nd largest US holiday - Thanksgiving Day.

yeah I coulda figured that could be the case...except the fact this was before thanks giving

For a list of MMs and ECNs, have a look at http://www.goforex.net/forex-broker-comparison.htm

Personally, I think EFX/MB Trading is at the first place of ECNs. Oanda is the 1st of MMs.

Well, that's why I asked when this all happened. IBFX may have closed early as well. Since I don't have any other info other than this occurred last week, I'm afraid I don't have any ideas for you. Why not contact them and ask why via chat? Then, you could post the chat transcript here. It might be an interesting read.

Sorry....what is an ECN and a MM?

This might help.

http://efxgroup.com/about-STP-ECN-definitions.html

HI, thanks for the post. I read through the definition of a ECN and I am still a little bit confused. Can you elaborate it a little better?

STP or Straight Through Processing means your order will be conducted
electronically without the need for any manual intervention. The
purpose of this is to shorten the processing cycles, lower cost, and
provide the client the ability to trade directly with the banks, thus
eliminating the need for a deal desk which trades against your order.

An ECN or Electronic Communications Network is a computer network
which bypasses the market makers (or banks, in this case) and link
buyers with sellers. This will allow traders to place trades between
the bid/ask, potentially cutting the spread to as low as 1/10th of a
Pip. Customer limit orders reflect directly in the quote for other
customers to see and hit for execution purposes.

For example: Say the quote on the EUR/USD was 1.2108 / 1.2110, and you
wanted to go long. Typically the trader would place a market order and
get filled at the ask (1.2110) and immediately be out 2 pips on the
spread. On the other side someone could be trying to go short and get
filled on market at 1.2108, so both traders have a 2 Pip spread. On
traditional platforms, the deal desk keeps the 2 pip difference
between the buyer and the seller. On a STP platform, the customers got
those prices electronically as the best prices that the banks were
showing, and the platform does not make the 2 pips.

Let's say you didn't want to go long at 1.2110, instead you wanted to
go long at 1.2109. You would place a limit order to go long at 1.2109,
and that order would immediately show up in the quote as the best bid.
Now the quote is 1.2109 / 1.2110, this is much more attractive to the
person about to short at 1.2108 so they submit an order to go short,
they get filled at 1.2109, you get filled at 1.2109 and now both
traders have just received a fill 1 pip better then they could have
previously received.

I hope this helps answer your questions.

For example: Say the quote on the EUR/USD was 1.2108 / 1.2110, and you
wanted to go long. Typically the trader would place a market order and
get filled at the ask (1.2110) and immediately be out 2 pips on the
spread. On the other side someone could be trying to go short and get
filled on market at 1.2108, so both traders have a 2 Pip spread. On
traditional platforms, the deal desk keeps the 2 pip difference
between the buyer and the seller. On a STP platform, the customers got
those prices electronically as the best prices that the banks were
showing, and the platform does not make the 2 pips.

Justin who makes the 2 pip spread. its my understanding that the broker who's offering the ecn does. correct me if im wrong.

i'll be try efx very soon, i'll let you all know my experiences, so far I've had horid experiences with ibfx, cmsfx, and fxcm, i make money from all and am not complaining to much, I just hate some of the dodgy ass stuff that happens, like with cms, i enter, and no trade shows up, this happens on a regular basis, i have to restart cms, then the trade is there, i'm just sick of this cheap ass operation style, i want a solid platform.

I will continue doing research because I dont really understand it still.