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MB Trading Futures - Introduction

  • #861
  • Jul 9, 2007 2:56pm Jul 9, 2007 2:56pm
Hi everyone ~

I've spoken with the Powers That Be over here, and I have set up something that I think you'll find useful in regard to Project Omega. One of the original concept planners for Omega will be presenting at the Forex show in Las Vegas in September about the future of forex, and he has agreed to give a preview webinar of that discussion and also talk about Omega. I know many of you have attended our Navigator webinars, but this will be something very different. We have tentatively set this up for Tuesday, July 24 at 8 pm EST/5 pm PST. I will be posting a link for this item on our Webinar page on the EFX website soon.
  • #862
  • Jul 9, 2007 8:54pm Jul 9, 2007 8:54pm
justin i notice mbt/efx group has been pushing there forex side of business, how's the other side of thing going stocks,futures,options, i haven't seen no advertisement for them lately, is mbt getting away from that side of things, that use to be the backbone of mbt business.
If I Go Broke Trying Then I Will die happy.
  • #863
  • Jul 10, 2007 8:09am Jul 10, 2007 8:09am
Quoting Moe
justin i notice mbt/efx group has been pushing there forex side of business, how's the other side of thing going stocks,futures,options, i haven't seen no advertisement for them lately, is mbt getting away from that side of things, that use to be the backbone of mbt business.
It would definetly be nice to have MB offer something like IB's universal account, stocks, futures, options, bonds and FX in on a reliable platform (hopefuly project omega), tradeable out of a single account, and MB's good customer support.
  • #864
  • Jul 10, 2007 10:43am Jul 10, 2007 10:43am
Quoting Moe
justin i notice mbt/efx group has been pushing there forex side of business, how's the other side of thing going stocks,futures,options, i haven't seen no advertisement for them lately, is mbt getting away from that side of things, that use to be the backbone of mbt business.
Moe-

I'm not really here to comment on MBTrading stock business, but they're doing quite fine. They have a solid client base and tied for top on-line broker this year in Barron’s.
  • #865
  • Jul 10, 2007 8:56pm Jul 10, 2007 8:56pm
Quoting shrike
It would definetly be nice to have MB offer something like IB's universal account, stocks, futures, options, bonds and FX in on a reliable platform (hopefuly project omega), tradeable out of a single account, and MB's good customer support.
i 2nd that, but project omega will be for exf group clients only, i believe.
If I Go Broke Trying Then I Will die happy.
  • #866
  • Jul 11, 2007 6:37am Jul 11, 2007 6:37am
Justin,

Thank You for explaining this:

@Moneda – The reason that your original post was pulled is because direct e-mails between yourself and our office come with an attachment that says that they are private communications that cannot be displayed publicly for legal reasons. It’s best in the future to just describe your situation rather than post a confidential e-mail chain with that disclaimer

BUT.....

You made no mention of the way customer service handled my situation. If you read my post again #846 you will see that my original post was edited to meet the rules. Perhaps you can explain why your Customer Service Dept. chose to deal with my situation they way they did. It just doesn't make sense to me...I switched from MBTrading to EFXGroup because I was under the impression that you were more invested in taking care of the forex client.

Thank You
Unus pro omnibus, omnes pro uno
  • #867
  • Jul 11, 2007 9:51am Jul 11, 2007 9:51am
I do trade news using auto click, so is the liquidity before the news big to fill my orders? With EFX or AB And what currency has good liquidity?
....
  • #868
  • Jul 11, 2007 4:04pm Jul 11, 2007 4:04pm
Quoting moneda
Justin,

Thank You for explaining this:

@Moneda – The reason that your original post was pulled is because direct e-mails between yourself and our office come with an attachment that says that they are private communications that cannot be displayed publicly for legal reasons. It’s best in the future to just describe your situation rather than post a confidential e-mail chain with that disclaimer

BUT.....

You made no mention of the way customer service handled my situation. If you read my post again #846 you will see that my original post was edited to meet the rules. Perhaps you can explain why your Customer Service Dept. chose to deal with my situation they way they did. It just doesn't make sense to me...I switched from MBTrading to EFXGroup because I was under the impression that you were more invested in taking care of the forex client.

Thank You
Moneda-

Sorry, I didn't realize that there was still an issue. I've gone back and read your board #846 thoroughly again, and I'm still confused. You were notified that the platform was having an issue that was outside of our control. MB's policy is that they will stand up and fix errors that occur on our/their end, as they recently did with an interest rate situation. But, per all account documents, we can't just give money to people that have issues out of our control.

Now, you seem to be making this argument: "It's only $12, I can't believe EFX can't give me $12. That's not good customer service because it is such a small amount."

That really has no bearing on the situation. It doesn't matter if you feel that you lost an extra 4 pips and that cost you $12 or $20,000. We treat all customers equally. We can't make exceptions for you because it is "only $12." That would not be fair to the trader that had the same problem that cost them $20,000. I don't see where customer service failed. The policy is the same across the board, and I don't see that it was handled poorly at all based on what you posted. Please be aware that the risk of trading includes technology issues. If your Internet connection goes down and you can't place a trade, is that your fault, our fault, or your ISPs fault? In reality, it might be your ISPs fault, but they aren't going to pay you money for your trading issues that arose out of the situation. It's the same thing here.
  • #869
  • Jul 11, 2007 4:29pm Jul 11, 2007 4:29pm
Quoting tdion
This is not true. Most ECNs do not include weekends on Wednesdays.
All the prime brokers I deal with do
  • #870
  • Jul 12, 2007 3:24am Jul 12, 2007 3:24am
Quoting moneda
I tried to exit my trade GBP/USD at a -4pips loss but again it Navigator was not executing it.... I called him again and he acknowledged the fact that it Navigator did not executed and that there was nothing else he could do for me....
I was in a similar situation yesterday - I needed to close a position, but the system wouldn't accept the order - and the same as you, at the time I also had a 'stuck' open order from before, which refused to be canceled from the screen - although the support staff on the phone confirmed that there were no open orders. Every time I tried to cancel the order, there was a message in the Orderbook : "Cancel Rejected: No such order" - but that message should not even be possible, because if there is no such order then how could the client have possibly submitted the Cancel? It isn't possible to submit a cancel if the order isn't showing on the screen! Therefore instead of giving the error message, the system should be figuring out why the client is trying to cancel an already cancelled order, and fix it...

It seems that once an order gets stuck in 'open orders', it can stop further orders from being executed, which is why in both our situations we were unable to close the positions (although this doesn't seem to always be the case, I have successfully closed positions while there are 'stuck' open orders)... However I had a much better outcome with my trade yesterday - I simply asked the telephone support person to close the position immediately, so there was no problem (in fact I made a nice 80 pips on the trade). I don't understand why your support person would say there was 'nothing else he could do for me', since you can definitely close a trade on the phone if your platform isn't working. Since my call was outside the Customer Service Hours, I called the Trade Desk (which I believe goes directly to MBT). Perhaps that is the difference?

In any case, I am very happy with EFX. The occasional glitch with EFX/MBT is so much better than the intentional bad practices of Dealing Desk Brokers... So long as I can close a trade on the phone in case of this type of situation, then I am more than satisfied with EFX.

Jin.
  • #871
  • Jul 12, 2007 4:14am Jul 12, 2007 4:14am
not the first time i heard stories like that, not good at all, when it comes to money every little glitch matters.
If I Go Broke Trying Then I Will die happy.
  • #872
  • Edited 6:46am Jul 12, 2007 5:02am | Edited 6:46am
Justin,

Why am I not surprised that you, with all of your experience in dealing with clients would not come up with "party line" answer? I was willing to just drop this issue but the way you responded needs to be addressed if for no other reason than to put the focus back where it belongs and not on comments made that you seem to have the "answer" for... please read the red.

Moneda-

Sorry, I didn't realize that there was still an issue. I've gone back and read your board #846 thoroughly again, and I'm still confused. You were notified that the platform was having an issue that was outside of our control. MB's policy is that they will stand up and fix errors that occur on our/their end, as they recently did with an interest rate situation. But, per all account documents, we can't just give money to people that have issues out of our control.
I am not asking you to give money without a good reason. For you to make that statement makes it sound like my issue is unreasonable/ridiculous. The fact is if you had looked into it by checking my account, you would see that my issue occurred at a different time than the one stated by your representative.
Now, you seem to be making this argument: "It's only $12, I can't believe EFX can't give me $12. That's not good customer service because it is such a small amount."
Please....do you really think that this is about $12? Again, you use something I said and turn it into a silly/unreasonable point.
That really has no bearing on the situation. It doesn't matter if you feel that you lost an extra 4 pips and that cost you $12 or $20,000. We treat all customers equally. We can't make exceptions for you because it is "only $12." That would not be fair to the trader that had the same problem that cost them $20,000.
Really? I am not even going to take it any further...

I don't see where customer service failed. The policy is the same across the board, and I don't see that it was handled poorly at all based on what you posted. Please be aware that the risk of trading includes technology issues. If your Internet connection goes down and you can't place a trade, is that your fault, our fault, or your ISPs fault? In reality, it might be your ISPs fault, but they aren't going to pay you money for your trading issues that arose out of the situation. It's the same thing here.
Once again your are pointing the obvious and your focusing on a premise that you decided to take in order to prove your point.. I disagree that your customer service did not failed.... I think it has...not because you did not reimburse me the lousy $12 but because you have failed to really explain the reasons why my situation occurred.. Again, you are responding to occurrences that are "out of your control" while I am addressing a timeframe that seemed to have occurred when you did. I guess that I should feel sastified in knowing that you would have dealt with W.Buffet in the same manner that you have dealt with me..right?
Unus pro omnibus, omnes pro uno
  • #873
  • Jul 12, 2007 7:13am Jul 12, 2007 7:13am
Quoting Moe
when it comes to money every little glitch matters.
Obviously it's EFX/MBT's responsibility to provide a stable platform, and to address any software/system bugs with rapid fixes (like the stuck open orders problem).

However, a glitch can happen in any broker's platform, and it is unreasonable to expect any software to perform perfectly 100.00% of the time, that never happens in real life with any piece of software - and traders relying on electronic execution should take into account that problems will occur occasionally, no matter how reliable the platform is, that's just part of the job. The question is, are the platform providers working to fix any issues as rapidly as possible, and keeping clients informed of any potential problems (and solutions) until the problem is fixed...

As I said, I would rather have a system glitch and need to make a phone call, rather than experience the games of dealing desk brokers (requotes and artificially manipulated spreads and stop hunting and manual execution etc)...

I would appreciate Justin's response to the 'stuck open orders' problem...
Are the programmers aware of the problem, are fixes already being worked on, to prevent these situations from happening again?
  • #874
  • Jul 12, 2007 12:10pm Jul 12, 2007 12:10pm
Quoting jleblang
@clockwork71 – As has been discussed on these boards, Omega is slated for development and release in 2007. This is a major software development (not just a Nav update, we started from scratch). Based on where the product is currently at, we feel very comfortable with a 2007 release, and I don’t mean December 30. It will be sooner, and there will be a public Beta at some point.
Justin,

Can you tell me if Omega will have a mobile platform, or is it desktop only? I am currently in the middle of making broker decisions and this is a big factor for me.
  • #875
  • Jul 12, 2007 12:47pm Jul 12, 2007 12:47pm
Quoting moneda
Justin,

Why am I not surprised that you, with all of your experience in dealing with clients would not come up with "party line" answer? I was willing to just drop this issue but the way you responded needs to be addressed if for no other reason than to put the focus back where it belongs and not on comments made that you seem to have the "answer" for... please read the red.
At this point, I'm even confused with you. If there is still an issue, why don't you call Justin or someone at EFX and walk them through it? For whatever reason (boredom, I guess), I went back and read through your board and I don't understand the problem. But if it is over $12 and isn't a regular occurance, that seems like a dream compared to most platforms?!?! These guys bend over backward to help us and educate us, so why are you getting hostile over $12 when none of us can figure out exactly what your problem was either? I want to read about the industry on these boards, not hear about someone's trade glitch and $12 issue.
FXChant Singing the World of Forex
  • #876
  • Jul 12, 2007 1:01pm Jul 12, 2007 1:01pm
@moneda - Thanks for the comments.

@jin - Have you called in to EFX to report this so that we have your account number and can look at the problem. Obviously, you shouldn't give that personal information on these boards. Also, you may have resolved your issue in terms of the trade itself if you called the MB Trade Desk during our non-customer service hours, but in order for me to look into this, I need specific info about your account number, time of problem, description, etc. Please call in or e-mail to me and I will look into it. I think some people assume that just because they call the trade desk, report a problem, and have the trade desk close the position that the situation will be looked into further. The trade desk is there to run trades if you can't (platform issues, Internet goes down, you're on the road). They aren't necessarily there to check through the issue. That's more customer service and tech support.

@moneda - Same answer as Jin above.

@fxchant - Easy there. I have no problems answering their questions, I just wish people would put all of the relevant info (account number, time of problem, exact issue) into an e-mail or phone call to our office first. I never have a problem with talking about issues with the platform on these boards, and especially talking about problems found and then problems resolved, but communicating about a specific customer situation on these boards back and forth makes it much harder to fix.

@moneda - Please call me directly and I will put you on the phone with the proper person to go through the issue with you.

@joshdance - Yes. You should really attend the webinar that we will be doing on Omega on July 24.
  • #877
  • Jul 12, 2007 8:24pm Jul 12, 2007 8:24pm
Quoting fxchant
At this point, I'm even confused with you. If there is still an issue, why don't you call Justin or someone at EFX and walk them through it? For whatever reason (boredom, I guess), I went back and read through your board and I don't understand the problem. But if it is over $12 and isn't a regular occurance, that seems like a dream compared to most platforms?!?! These guys bend over backward to help us and educate us, so why are you getting hostile over $12 when none of us can figure out exactly what your problem was either? I want to read about the industry on these boards, not hear about someone's trade glitch and $12 issue.

Fxchant,

Next time that you are bored don't read my posts...you obviously did not read them thoroughly otherwise you would not be making such comments..

Unus pro omnibus, omnes pro uno
  • #878
  • Jul 12, 2007 9:09pm Jul 12, 2007 9:09pm
Ok, I think Justin has offered a way of settling this without disclosing personal infromation. It is time to move on and discuss broader matters.

Please can we move on to discussions about the product, and not personal accounts?

If you have a personal matter, I would think a private converstion with EFX is what should take place, not a public one...

Thanks,

Moderator
  • #879
  • Jul 13, 2007 3:22am Jul 13, 2007 3:22am
Quoting jleblang
@joshdance - Yes. You should really attend the webinar that we will be doing on Omega on July 24.
oooh my interest is piqued! Consider me there.
  • #880
  • Jul 13, 2007 11:03am Jul 13, 2007 11:03am
Quoting JoshDance
oooh my interest is piqued! Consider me there.
Hey Josh Dance ~

Did you make it to our webinar last night? If so, what did you think?
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