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MB Trading Futures - Introduction

  • #241
  • Dec 13, 2006 11:44am Dec 13, 2006 11:44am
Nice to hear so many good things about EFX. I've opened a live account with them recently, but I'm not going to fund it and here's why:
I'm mainly interested in the free API in combination with thight spreads, fast execution and odd lotsizes for some autotrade ideas I have.

I opened the account to start working on the API, they have a yahoo group to support the API. Once signed up I got access to a few ZIP files with some examples and a "help" file. Now it turns out that the API has serious problems with .NET software developments tools and they reccomend to use Visual Basic v6.0, which was introduced in 1998 (!) and is not really supported by Microsoft anymore. Basically, the rest of the world changed over to .NET years ago already.
When I mentioned that on the support forum, my message was deleted. It seems they don't allow any MB/EFX negative posts there. That in combination with the scarce information and limited support ("download the example files, have a look at it and you can figure it out by yourself") made me decide to go with an other ECN.
  • #242
  • Dec 13, 2006 6:34pm Dec 13, 2006 6:34pm
I too am having problems with the Pro platform. Freezing up on my while in trade,(costing me money) showing just zero's. If it ends up being at my end, I will post the facts, but right now, I am very nervous trading on the pro. Not trrying to put down EFX because I do like them, but I am having some sort of problems right now. To be honest, they are working with me diligently trying to find the issue.
I'll keep you posted.
Stan
Quoting hanz
i think the fx-pro is not working
  • #243
  • Dec 13, 2006 6:37pm Dec 13, 2006 6:37pm
I found that with the current version of Fx Pro, it won't work if your DPI setting is other than 96...which mine is. The application just hangs with a truncated window displayed.

Justin, I gather this is to be fixed in the next release....can you tell me when that is?
  • #244
  • Dec 14, 2006 9:45am Dec 14, 2006 9:45am
Hi Justin,

I am considering opening an account with your company but first I have a few questions to ask. Thanks in advance for your answers.

1) I have come across this broker called ECN Market (not posting the web address here as I am not sure if it is allowed) and it's also under MB Trading and the terms they offered are very similar to EFX. Are you guys the same company and if yes, why under seperate web addresses? If not, why so similar? (my impression is that they are the same thing). Any forum traders here have experience with them?

2) Does your company open and allow trading on U.S holidays? If not, clients will be subjected to risk (not able to do anything to their positions) while UK, Japan and Australia are still running their trading sessions. Are stops and limits (if already placed)still valid and be carried out in these situations? (i.e. broker is closed, while other parts of the world are still trading (e.g. during U.S holidays while UK, Japan markets are open or even on Sunday before 5pm EST when Australia session has already started 2, 3 hours earlier). We saw what happend the Sunday 2 weeks ago. Big gap happened when most brokers in the U.S open at 5 pm EST when most currency pairs have been traded a few hours already in other part of the world.

3) I am not a really short term trader. My holdings of a currency pair usually last 1 - 3 weeks. So, I have to take interests into account. I would think with long and short (for any single currency pair) the interests paid and gained would probably cancel each other out if I hold them for an equal length of time. If I long GBP/JPY for 2 weeks and then short GBP/JPY for 2 weeks (not at the same time) my net interests would be negative as I don't expect any broker would pay interest fairly, but I don't expect a very large difference. I wonder if EFX is pretty fair in this area. Imagine if I paid high interests rate shorting the GBP/JPY for 3 weeks while going long GBP/JPY for another 3 weeks (not at the same time) and then getting very few interests on the long pair while paying a lot on the same short pair then my cost of interests for medium-term trading is very high.

Your explanation for the above 3 points would very much be appreciated.

Thanks
  • #245
  • Dec 14, 2006 10:34am Dec 14, 2006 10:34am
Quoting Flyn
I found that with the current version of Fx Pro, it won't work if your DPI setting is other than 96...which mine is. The application just hangs with a truncated window displayed.

Justin, I gather this is to be fixed in the next release....can you tell me when that is?
Hi Flyn,

Yes, we are aware of the issue with non-standard DPI settings on the Pro. This will be fixed in a future update, although it requires a GUI change, and we are considering a few possibilities. For now, if you load the Pro and get a mangled screen, then right-click on your desktop and hit Properties…Settings…Advanced and change your DPI settings to Normal. This should fix the problem. This is most common on widescreen laptops.

Hope this helps,
  • #246
  • Dec 14, 2006 10:36am Dec 14, 2006 10:36am
Hi Justin,

Does EFX receive deposits via int'l non-US credit cards?

Tks
  • #247
  • Dec 14, 2006 11:04am Dec 14, 2006 11:04am
Quoting forex778
Hi Justin,

I am considering opening an account with your company but first I have a few questions to ask. Thanks in advance for your answers.

1) I have come across this broker called ECN Market (not posting the web address here as I am not sure if it is allowed) and it's also under MB Trading and the terms they offered are very similar to EFX. Are you guys the same company and if yes, why under seperate web addresses? If not, why so similar? (my impression is that they are the same thing). Any forum traders here have experience with them?

2) Does your company open and allow trading on U.S holidays? If not, clients will be subjected to risk (not able to do anything to their positions) while UK, Japan and Australia are still running their trading sessions. Are stops and limits (if already placed)still valid and be carried out in these situations? (i.e. broker is closed, while other parts of the world are still trading (e.g. during U.S holidays while UK, Japan markets are open or even on Sunday before 5pm EST when Australia session has already started 2, 3 hours earlier). We saw what happend the Sunday 2 weeks ago. Big gap happened when most brokers in the U.S open at 5 pm EST when most currency pairs have been traded a few hours already in other part of the world.

3) I am not a really short term trader. My holdings of a currency pair usually last 1 - 3 weeks. So, I have to take interests into account. I would think with long and short (for any single currency pair) the interests paid and gained would probably cancel each other out if I hold them for an equal length of time. If I long GBP/JPY for 2 weeks and then short GBP/JPY for 2 weeks (not at the same time) my net interests would be negative as I don't expect any broker would pay interest fairly, but I don't expect a very large difference. I wonder if EFX is pretty fair in this area. Imagine if I paid high interests rate shorting the GBP/JPY for 3 weeks while going long GBP/JPY for another 3 weeks (not at the same time) and then getting very few interests on the long pair while paying a lot on the same short pair then my cost of interests for medium-term trading is very high.

Your explanation for the above 3 points would very much be appreciated.

Thanks
Hi forex778 ~
<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o></o>

Thank you for your post.
<o></o>

1) EFX is the arm of MB that specializes in Forex. MB Trading offers all asset classes (stocks, options, futures, Forex) and thus offers software solutions that suit traders for all markets. Many of the owners of MB also own EFX, but EFX is set up to train people that are largely Forex-only traders.

• MB and EFX both use the same execution technology and pricing.

• Both have the same Help Desk for off-hours support.

• Both EFX and MB have the Navigator software as a front-end option.

• Only EFX has the Forex Pro software as a front-end option.

• EFX’s daytime help desk and on-line tutorials are designed to help you learn how to use our platforms. We’ll spend as much time as possible walking you through how to trade on the system.

• Any upgrades to the overall execution platform that MB implements will also apply to EFX.

• EFX may add software upgrades, new front-end, or even advanced Forex-only order routing via our front ends that MB may never offer.

That’s pretty much the way to look at it.<o></o>

<o></o>
2) We stay open for all holidays; your concerns should not be an issue with us. <o></o>

3) The short of the GBP/JPY would pay you interest on our platform and the long would charge you interest. The difference is slightly in favor of the long position for the banks, but not by much as you were hoping. <o></o>

<o>Best Regards, </o>
  • #248
  • Dec 14, 2006 11:08am Dec 14, 2006 11:08am
Quoting cesarnc
Hi Justin,

Does EFX receive deposits via int'l non-US credit cards?

Tks
Hi cesarnc,

EFX Group only accepts wire deposits or checks.

Sincerely,
  • #249
  • Dec 14, 2006 11:40am Dec 14, 2006 11:40am
HI Justin,

Thanks for your fast reply. But you haven't addressed my point 1) actually. Probably it will be clearer if I stated the web address and I hope the moderator doesn't mind as Justin didn't address my point in my original post. I noted that there is another broker (www.ecnmarket.com) and it says it is also under MB Trading (in its very first page). I checked them out and basically their offers and terms are very much like yours. Are you guys the same company? If yes, why is there a need for the same company to be under different web addresses and if no, why MB Trading branched out 2 ECN brokers? Is there such a need?

Also, I have a question regarding the widening of spreads during news time. As mentioned I don't trade short-term and so I don't trade news often. But I know ECN reflects closely the actual bank rate and during volatile news period it may just reflect the actual wide spreads at that time. If it's as much as 20 - 25 pips bid/ask spread (which I noted that it can happen even at ECN), will my stop loss be triggered just because of the spread being widen? Suppose I long EUR/USD at 1.3000 and my stop loss is at 1.2900 and before NFP it's trading at 1.2920 and then because of the volatility the spread is widening for a minute or two at your ECN network to 12895/12920. If the spread is just widening and touch or pass through my stops but there is no actual trading passing my stop, will my stop be triggered under your company with something similar to the example above? I think during normal time the stop will be triggered by spread (given that the bid/ask spread is tight like 2 - 3 pips apart), and my point is I wonder if stops will be triggered when it is hit by the widening spread during volatile periods, but not actual trading during news announcement when the spreads is widen (as with most dealing desk brokers and even ECN).

Thanks.
  • #250
  • Dec 14, 2006 1:27pm Dec 14, 2006 1:27pm
Quoting forex778
HI Justin,

Thanks for your fast reply. But you haven't addressed my point 1) actually. Probably it will be clearer if I stated the web address and I hope the moderator doesn't mind as Justin didn't address my point in my original post. I noted that there is another broker (www.ecnmarket.com) and it says it is also under MB Trading (in its very first page). I checked them out and basically their offers and terms are very much like yours. Are you guys the same company? If yes, why is there a need for the same company to be under different web addresses and if no, why MB Trading branched out 2 ECN brokers? Is there such a need?

Also, I have a question regarding the widening of spreads during news time. As mentioned I don't trade short-term and so I don't trade news often. But I know ECN reflects closely the actual bank rate and during volatile news period it may just reflect the actual wide spreads at that time. If it's as much as 20 - 25 pips bid/ask spread (which I noted that it can happen even at ECN), will my stop loss be triggered just because of the spread being widen? Suppose I long EUR/USD at 1.3000 and my stop loss is at 1.2900 and before NFP it's trading at 1.2920 and then because of the volatility the spread is widening for a minute or two at your ECN network to 12895/12920. If the spread is just widening and touch or pass through my stops but there is no actual trading passing my stop, will my stop be triggered under your company with something similar to the example above? I think during normal time the stop will be triggered by spread (given that the bid/ask spread is tight like 2 - 3 pips apart), and my point is I wonder if stops will be triggered when it is hit by the widening spread during volatile periods, but not actual trading during news announcement when the spreads is widen (as with most dealing desk brokers and even ECN).

Thanks.
1) Hi...ECN Market is actually a true IB of MB, and it's a group that is primarily going to be doing business in China, even though their site is in English. EFX has largely the same ownership of MB and was initially set up as the FX arm of MB. Our job is to take the "forex-specific" trader and help them as much as possible with education and support, and also to develop software solutions that a forex-only person would like (such as the Forex Pro, which MB customers can't use). Hope that answers that question.

2) You have a correct understanding of how your stop orders would execute, to any extent. Our system has many safeguards in place that don't immediately execute based on a bid or offer that is "out of range." This prevents bad executions due to one bank showing a price spike or error.

However, if the best bid or best offer stays at a price for more than one quote, that is assumed to be real, and your order would trigger.

Now, let me however expand the conversation. There are a lot of platforms out there that claim to be "ECNs" because they float their spreads. In reality, they could very much be deal desks and/or simply one or two banks.

What we are seeing now is that our spreads are not widening as much during news, and here is why.

A true ECN is an electronic network where client orders interact with each other. It is very true that banks "lighten" their liquidity ahead of news, and can you blame them? They are just as concerned about what might happen as you are. But, let's say that the EURUSD is 1.2950 by 1.2951 five minutes ahead of news. As the news gets closer, due the banks cancel ALL of their orders 50 pips in either direction? No. And, since we have about a dozen banks in our system, whatever pieces they leave compile to still have a decent amount. What I would say is that you might see the spreads widen from the banks to 5-10 pips, but from that point, you'll still see plenty of liquidity, just not as much as usual. On the EURUSD, that might mean 1500 lots per pip for a minute or so instead of 5000 or more.

But that still isn't the complete picture. So let's say that the banks lighten up and cancel things immediately near where the price was. That takes their quote to 1.2946 by 1.2954. Here's the key. In a true ECN, with lots of customers, it is UNLIKELY that our customers would all cancel their nearby orders to buy and sell, especially since many of them like to try to trade on news. Since their quotes are part of the main quote on our system, we have not been seeing much in the way of wide spreads at all ahead of news.

Now, understand that if the news is a big surprise, let's say everyone puts in sell orders at the market. There are going to be a lot more people selling instantly than there were customer limit orders in the system, so you can immediately see customer limits get hit and take out in a flash all the way down to where the banks still had liquidity in the system, and then the game is on.

In terms of 50 pip spreads on the majors, I haven't seen that in ages.
  • #251
  • Edited 5:49pm Dec 14, 2006 5:39pm | Edited 5:49pm
Hi Justin,

Again thanks for your answers. From your answer do you mean EFX is a FX arm of MB Trading, and then that company ECN Market is another FX arm of MB Trading doing business (or will be doing) business in China? If I haven't misunderstood you is this what you meant?

1) And in that web page this is their operating hours(EST):

Main session:
Opens: Sun. at 5:00 p.m.
Closes: Fri. at 4:58 p.m.

Trading suspended:
Mon. - Thurs. 4:58 p.m. - 5:06 p.m.
Sun. - Thurs. 11:58 p.m. - 12:03 a.m.

Since EFT is also under MB Trading, does your company operate under the same operating hours? Please address this point because I want to know if I can place order between Mon. - Thurs. 4:58 p.m. - 5:06 p.m. (due to rollover?) and Sun. - Thurs. 11:58 p.m. - 12:03 a.m.(due to what reason? System maintenance?)

2) And since my positions will be mid-term,(1- 3 weeks), I think what you implied in one of your previous posts is that if my long position of EUR/USD is 1.3000 and stop-loss is at 1.2900 and then on Sunday 4 pm EST (before your company opens at 5 pm EST but trading has begun already in some part of the world like Australia), the pair trades from Friday's close of 1.2960 to 1.2850 before 5pm EST, will my stop (or a buy limit order) still be triggered as long as I already placed the stop-loss (or say, buy-limit) in my order (e.g. the previous Wednesday) before your company opens at 5pm EST Sunday? I want to know this because I saw the big gap on Sunday 2 weeks ago and by the time many US brokers open at 5pm EST that Sunday most currencies were already trading far away from what they were on Friday's close.If stop-loss were not executed then you can imagine a big-loss if the position is of many lots. If buy-limit order is not executed before 5pm EST Sunday then it will be profits not captured. Would you please provide some details regarding orders being executed between Friday's close and before 5pm EST Sunday when trading session already begins in another part of the world for a few hours before 5pm EST on Sunday. No concern for holidays now (even on July 4th?) as you said you are open even on all holidays (if not all, please let me know on which holiday you will be closed, when some markets(Uk, Australia) are opened. No concern if all are closed). Personally I prefer brokers that open earlier than 5pm EST on Sunday but most brokers do not in the U.S. I knew usually trading is light on Sunday and is of no concern but as we can see anything can happen like what it did on the Sunday 2 weeks ago. If stop-loss, buy limit order can still be executed before 5 pm EST (as long as trading is in session in other part of the world) I think most traders will be fine with the fact that the broker is not open until 5 pm EST on Sunday.

Again thanks.
  • #252
  • Dec 15, 2006 8:56am Dec 15, 2006 8:56am
I hope Justin doesn't mind me helping here.

As Justin stated, ECN Market is an IB (Introducing Broker), meaning they have their own clients, but use MB Trading's platform and executions for trading.

ECN Market is not owned by MB Trading, nor are they "part" of MB Trading. They are an independent brokerage, simply using MB Trading's trading platform and services for trading.

1) EFX's hours are the same, since they're also using MB Trading's services.

2) I believe you'll find that, since the broker is closed (and the servers are "offline"), nothing gets executed until the broker opens and the servers are back "online". So, between Friday and Sunday (when they're closed), your orders would not be executed.

So, it seems to me, that if there is a big move before EFX opens on Sunday, then as soon as they open you'll get stopped out (or your Buy order will be executed). However, you may not get executed at your actual Stop/Buy, but, rather, at the first available price when they open.

This is why many people close out their positions before the weekend and re-enter them once they see where things stand on Sunday night.

Keep in mind that the same thing would happen in other countries when their brokers' close. So, it's not unique to the U.S.

Justin should be able to clarify this for sure, but it makes sense to me.


Quoting forex778
Hi Justin,

Again thanks for your answers. From your answer do you mean EFX is a FX arm of MB Trading, and then that company ECN Market is another FX arm of MB Trading doing business (or will be doing) business in China? If I haven't misunderstood you is this what you meant?

1) And in that web page this is their operating hours(EST):

Main session:
Opens: Sun. at 5:00 p.m.
Closes: Fri. at 4:58 p.m.

Trading suspended:
Mon. - Thurs. 4:58 p.m. - 5:06 p.m.
Sun. - Thurs. 11:58 p.m. - 12:03 a.m.

Since EFT is also under MB Trading, does your company operate under the same operating hours? Please address this point because I want to know if I can place order between Mon. - Thurs. 4:58 p.m. - 5:06 p.m. (due to rollover?) and Sun. - Thurs. 11:58 p.m. - 12:03 a.m.(due to what reason? System maintenance?)

2) And since my positions will be mid-term,(1- 3 weeks), I think what you implied in one of your previous posts is that if my long position of EUR/USD is 1.3000 and stop-loss is at 1.2900 and then on Sunday 4 pm EST (before your company opens at 5 pm EST but trading has begun already in some part of the world like Australia), the pair trades from Friday's close of 1.2960 to 1.2850 before 5pm EST, will my stop (or a buy limit order) still be triggered as long as I already placed the stop-loss (or say, buy-limit) in my order (e.g. the previous Wednesday) before your company opens at 5pm EST Sunday? I want to know this because I saw the big gap on Sunday 2 weeks ago and by the time many US brokers open at 5pm EST that Sunday most currencies were already trading far away from what they were on Friday's close.If stop-loss were not executed then you can imagine a big-loss if the position is of many lots. If buy-limit order is not executed before 5pm EST Sunday then it will be profits not captured. Would you please provide some details regarding orders being executed between Friday's close and before 5pm EST Sunday when trading session already begins in another part of the world for a few hours before 5pm EST on Sunday. No concern for holidays now (even on July 4th?) as you said you are open even on all holidays (if not all, please let me know on which holiday you will be closed, when some markets(Uk, Australia) are opened. No concern if all are closed). Personally I prefer brokers that open earlier than 5pm EST on Sunday but most brokers do not in the U.S. I knew usually trading is light on Sunday and is of no concern but as we can see anything can happen like what it did on the Sunday 2 weeks ago. If stop-loss, buy limit order can still be executed before 5 pm EST (as long as trading is in session in other part of the world) I think most traders will be fine with the fact that the broker is not open until 5 pm EST on Sunday.

Again thanks.
  • #253
  • Dec 15, 2006 9:26am Dec 15, 2006 9:26am
hi Justin,

does EFX offer interest free accounts? thx
  • #254
  • Dec 15, 2006 9:26am Dec 15, 2006 9:26am
Quoting forex778
Hi Justin,

Again thanks for your answers. From your answer do you mean EFX is a FX arm of MB Trading, and then that company ECN Market is another FX arm of MB Trading doing business (or will be doing) business in China? If I haven't misunderstood you is this what you meant?

1) And in that web page this is their operating hours(EST):

Main session:
Opens: Sun. at 5:00 p.m.
Closes: Fri. at 4:58 p.m.

Trading suspended:
Mon. - Thurs. 4:58 p.m. - 5:06 p.m.
Sun. - Thurs. 11:58 p.m. - 12:03 a.m.

Since EFT is also under MB Trading, does your company operate under the same operating hours? Please address this point because I want to know if I can place order between Mon. - Thurs. 4:58 p.m. - 5:06 p.m. (due to rollover?) and Sun. - Thurs. 11:58 p.m. - 12:03 a.m.(due to what reason? System maintenance?)

2) And since my positions will be mid-term,(1- 3 weeks), I think what you implied in one of your previous posts is that if my long position of EUR/USD is 1.3000 and stop-loss is at 1.2900 and then on Sunday 4 pm EST (before your company opens at 5 pm EST but trading has begun already in some part of the world like Australia), the pair trades from Friday's close of 1.2960 to 1.2850 before 5pm EST, will my stop (or a buy limit order) still be triggered as long as I already placed the stop-loss (or say, buy-limit) in my order (e.g. the previous Wednesday) before your company opens at 5pm EST Sunday? I want to know this because I saw the big gap on Sunday 2 weeks ago and by the time many US brokers open at 5pm EST that Sunday most currencies were already trading far away from what they were on Friday's close.If stop-loss were not executed then you can imagine a big-loss if the position is of many lots. If buy-limit order is not executed before 5pm EST Sunday then it will be profits not captured. Would you please provide some details regarding orders being executed between Friday's close and before 5pm EST Sunday when trading session already begins in another part of the world for a few hours before 5pm EST on Sunday. No concern for holidays now (even on July 4th?) as you said you are open even on all holidays (if not all, please let me know on which holiday you will be closed, when some markets(Uk, Australia) are opened. No concern if all are closed). Personally I prefer brokers that open earlier than 5pm EST on Sunday but most brokers do not in the U.S. I knew usually trading is light on Sunday and is of no concern but as we can see anything can happen like what it did on the Sunday 2 weeks ago. If stop-loss, buy limit order can still be executed before 5 pm EST (as long as trading is in session in other part of the world) I think most traders will be fine with the fact that the broker is not open until 5 pm EST on Sunday.

Again thanks.
Forex778-

In2blues is correct (thanks for the help…so many boards to find and reply to) on all counts. Let me also note that even if we opened three hours earlier, that doesn’t mean that you would be protected from a gap. The only time that the forex markets can “gap” is over the weekend, but they can certainly open on the earliest platform away from the closing price on Friday. One thing that we have noted is action before our open is so light that it usually (but doesn’t have to) retraces. In other words, if the EURUSD closes Friday at 1.3100 and some early trading occurs at 3 pm EST on Sunday that takes the executions to 1.3120, that volume is so light that the market will often end up back at 1.3100 once the real orders line up. Of course, this doesn’t HAVE to be the case if news is out there. For that matter, the EURUSD could open at 1.3300 if there was major news. I think I’ve seen a sizable gap twice in the last three years, so it’s rare.

Therefore, in2blues’ other point was also correct. We see a ton of people close out positions on Friday to avoid that risk.

In terms of our maintenance and settlement pauses, these typically last less than 5 minutes, and one of them is during a point in the session where almost no one is trading. However, your orders are moved to a back-up server and can still execute during this time. You just can’t place a new order for those minutes.<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o></o>
  • #255
  • Dec 15, 2006 9:27am Dec 15, 2006 9:27am
Quoting richy
hi Justin,

does EFX offer interest free accounts? thx
Hi Richy,

I'm sorry, we do not offer interest free accounts.

Regards,
  • #256
  • Dec 15, 2006 10:29am Dec 15, 2006 10:29am
[quote=jleblang]Dear fxfei ~ <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o></o>

I’m sorry you are having difficulties with our platform, but I suggest in the future you please reach out for help, instead of being so quick to judge. <o></o>

I will now take the time to address your concerns. <o></o>

1. Changing Stops / Limits / Trailing Stops. <o></o>

  1. Stop Loss - can be changed OR cancelled by RIGHT CLICKING on the order in the ‘Open Orders’ window and selecting Change or Cancel. This only applies to individual SL, not part of the TTO. <o></o>
  2. Limits - can be changed OR cancelled by RIGHT CLICKING on the order in the ‘Open Orders’ window and selecting Change or Cancel. This only applies to individual Limits, not part of the TTO.<o></o>
  3. Trailing Stops - can be changed OR cancelled by RIGHT CLICKING on the order in the ‘Open Orders’ window and selecting Change or Cancel.
  4. TTO - must be cancelled and replaced.

Hi Justin,

I am using demo account and I am seriously considering to open a real account with you. I have a problems. I try to change orders without TTO (change stop loss, target, etc) as advised above but it won't work. After a deal executed, the deal no longer in the Open Orders but they moved to order book, and in the order book, I can't change the order. I can change order in the Open Orders only if the trade haven't been executed but after the deal executed, I can't change order or add order (such as firstly I make a buy market order without stop loss, and later on after the trade executed, I want to add stop loss to the trade). Can you help me?

And for TTO order, you said we must change and replace TTO, can you tell me how to replace the TTO order after the order have been executed? such as I want to change the stop loss, target, etc.

Regards...Tommy

<o></o>

  • #257
  • Dec 15, 2006 11:12am Dec 15, 2006 11:12am
[quote=tommsu99]
Quoting jleblang
Dear fxfei ~ <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o></o>

I’m sorry you are having difficulties with our platform, but I suggest in the future you please reach out for help, instead of being so quick to judge. <o></o>

I will now take the time to address your concerns. <o></o>

1. Changing Stops / Limits / Trailing Stops. <o></o>

  1. Stop Loss - can be changed OR cancelled by RIGHT CLICKING on the order in the ‘Open Orders’ window and selecting Change or Cancel. This only applies to individual SL, not part of the TTO. <o></o>
  2. Limits - can be changed OR cancelled by RIGHT CLICKING on the order in the ‘Open Orders’ window and selecting Change or Cancel. This only applies to individual Limits, not part of the TTO.<o></o>
  3. Trailing Stops - can be changed OR cancelled by RIGHT CLICKING on the order in the ‘Open Orders’ window and selecting Change or Cancel.
  4. TTO - must be cancelled and replaced.

Hi Justin,

I am using demo account and I am seriously considering to open a real account with you. I have a problems. I try to change orders without TTO (change stop loss, target, etc) as advised above but it won't work. After a deal executed, the deal no longer in the Open Orders but they moved to order book, and in the order book, I can't change the order. I can change order in the Open Orders only if the trade haven't been executed but after the deal executed, I can't change order or add order (such as firstly I make a buy market order without stop loss, and later on after the trade executed, I want to add stop loss to the trade). Can you help me?

And for TTO order, you said we must change and replace TTO, can you tell me how to replace the TTO order after the order have been executed? such as I want to change the stop loss, target, etc.

Regards...Tommy

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Hi Tommy ~

Thank you for your post.

It looks like your demo needs to be reset. When the combos orders do not appear in the Open Order window it means that your demo is bad, so if you'll please send me your username and password to [email protected], I will submit a reset for you.

Once this is complete, lets set up a time to chat so I can walk you through the platform with regards to placing stops and limits.

Thank you,
  • #258
  • Dec 15, 2006 12:59pm Dec 15, 2006 12:59pm
I have the same problem. I've e-mailed you.
  • #259
  • Edited 9:07am Dec 16, 2006 8:34am | Edited 9:07am
Quoting jleblang
Forex778-

In2blues is correct (thanks for the help…so many boards to find and reply to) on all counts. Let me also note that even if we opened three hours earlier, that doesn’t mean that you would be protected from a gap. The only time that the forex markets can “gap” is over the weekend, but they can certainly open on the earliest platform away from the closing price on Friday. One thing that we have noted is action before our open is so light that it usually (but doesn’t have to) retraces. In other words, if the EURUSD closes Friday at 1.3100 and some early trading occurs at 3 pm EST on Sunday that takes the executions to 1.3120, that volume is so light that the market will often end up back at 1.3100 once the real orders line up. Of course, this doesn’t HAVE to be the case if news is out there. For that matter, the EURUSD could open at 1.3300 if there was major news. I think I’ve seen a sizable gap twice in the last three years, so it’s rare.

Therefore, in2blues’ other point was also correct. We see a ton of people close out positions on Friday to avoid that risk.

In terms of our maintenance and settlement pauses, these typically last less than 5 minutes, and one of them is during a point in the session where almost no one is trading. However, your orders are moved to a back-up server and can still execute during this time. You just can’t place a new order for those minutes.<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o></o>

Thanks In2Blues and Justin for the answers regarding my questions.
So, I think if I haven't misunderstood you 2 then I (and most other traders) should close all my positions before 4.58 pm (as your server is closed a few minutes earlier than 5pmEST on Friday) on Friday even the positions are for mid to long term holdings. This is to prevent any potential big gaps (though rare, but may happen, like a 200 pips gap due to very important news). I think you mean that the stop loss won't be executed if EFX is closed and not open until 5pm EST on Sunday though the stop-loss is already in place when I first place my order, say, the previous Thursday.
And I think Justin implied that it is not a unique situation for EFX but apply to all brokers that open at 5 pm EST on Sunday. If the above is not correct please point out to me as this is a real concern for me.

1) Just a curious question. In addressing my question about your daily settlement and maintenance down time, Justin pointed out that my orders will be moved to a back-up server and can still be executed (as long as I place it before 4.58 pm EST) during those down time and the only thing is that I just can’t place a new order for those minutes. If this can be done, isn't this could be applied to Sunday's situation as well? I mean, I just can't place an order when EFX is closed (not until 5pm EST Sunday), but my buy-limit or stop loss orders that are already placed before EFX closes the previous Friday can be moved to your back-up server and then still be executed just in case it is triggered before 5pm EST Sunday? Would this be feasible or will it be difficult for EFX to implement? I think this would attract some traders to open account with EFX because I have read in a few forums that many traders are complaining not able to carry out the stop-loss or take advantage of the move when they see what happend the Sunday 2 weeks ago. I have seen many times on Sunday that the a few pairs just move by 10 pips away from Friday's close at 3pm EST Sunday and then 35 - 40 pips already by 5 pm EST Sunday and never looked back (and probably 10 - 15 pips retracement from that point, still 20 - 25 pips away from Friday close and then it ran into their original direction continously). I would have just entered the trade at probably 5 - 10 pips away from Friday's close at 3 pm EST Sunday if I were allow to trade at that time but by 5pm EST when the broker opens I don't want to enter at a point where it is 35 - 40 (or 25 pips even if it retraces) pips away from Friday's close and then later in the day (or Monday) - it just go into that direction for 100pips and I am kicking myself. Most traders probably experience this before as well. I mean, not to have EFX opens earlier on Sunday but have your servers or back-up servers still operating while the world forex begins to trade on Sunday a few hours earlier then 5 pm EST . This protects the traders' positions by still having the ability to execute their stop-loss order that are already in place and also allow some traders to take advantage of their buy limit order if it can be triggered earlier. I think this features should be welcome by traders (especially when most Forex brokers in the U.S. opens at 5pm EST and would it hurt for EFX to carry out the aformentioned point if it is not costly?) . Just my suggestion and so I hope you don't mind as I am not sure if it's hard to implement.(or what if EFX sychronizes its operating time on Sunday when the world forex opens (like 2pm EST). Would it be very costly? But I think this move will attract some long and mid-term traders,like me who like to hold quite a number of pairs mid-term and not needing to close every of my position every Friday if traders have the peace of mind that their stop loss orders will be executed if there is a big move before 5pm EST Sunday. It also allows traders to act earlier (short or long) if they see a move at e.g. 3pm EST if there is major news.

2) And Justin, do you know the offical time (earliert time) that the world starts trading Forex on Sunday? Is it 2pm EST? And also, what is the offical closing time for the world forex (last trading session) on Friday and is it 5 pm or 6 pm EST? I remember I've seen that a news service out there still shows the Forex quotes are ticking when it is 5:30pm EST Friday and I am not sure if it's an error or not.

Thanks again.
  • #260
  • Edited 11:09pm Dec 16, 2006 11:29am | Edited 11:09pm
Quoting forex778
So, I think if I haven't misunderstood you 2 then I (and most other traders) should close all my positions before 4.58 pm (as your server is closed a few minutes earlier than 5pmEST on Friday) on Friday even the positions are for mid to long term holdings. This is to prevent any potential big gaps (though rare, but may happen, like a 200 pips gap due to very important news). I think you mean that the stop loss won't be executed if EFX is closed and not open until 5pm EST on Sunday though the stop-loss is already in place when I first place my order, say, the previous Thursday.
And I think Justin implied that it is not a unique situation for EFX but apply to all brokers that open at 5 pm EST on Sunday. If the above is not correct please point out to me as this is a real concern for me.
Absolutely right.

Of course, closing your positions on Friday is discretionary, but it is a safeguard. Many people leave their positions open, too. It all depends on whether you can afford to lose the money if a major gap occurs over the weekend.

Quote
1) Just a curious question. In addressing my question about your daily settlement and maintenance down time, Justin pointed out that my orders will be moved to a back-up server and can still be executed (as long as I place it before 4.58 pm EST) during those down time and the only thing is that I just can’t place a new order for those minutes. If this can be done, isn't this could be applied to Sunday's situation as well? I mean, I just can't place an order when EFX is closed (not until 5pm EST Sunday), but my buy-limit or stop loss orders that are already placed before EFX closes the previous Friday can be moved to your back-up server and then still be executed just in case it is triggered before 5pm EST Sunday?

I think you're missing one important point here:

The Forex markets are not open during the weekend.

The entire markets are closed, not just the brokers.

Since the markets are closed, no orders can be executed, whether they're on a backup server or not.

You can't have a Buy order filled if there is nobody available to sell what you're buying. Nor can you have a Stop executed if there is nobody available to take the opposite side of your order.

Quote
2) And Justin, do you know the offical time (earliert time) that the world starts trading Forex on Sunday? Is it 2pm EST? And also, what is the offical closing time for the world forex (last trading session) on Friday and is it 5 pm or 6 pm EST? I remember I've seen that a news service out there still shows the Forex quotes are ticking when it is 5:30pm EST Friday and I am not sure if it's an error or not.

Here are some hours that I got from another site:

<st1:city><st1lace>Sydney</st1lace></st1:city> opens 5:00 pm to 2:00 am EST
<st1:city><st1lace>Tokyo</st1lace></st1:city> <st1lace></st1lace>opens 7:00 pm to 4:00 am EST
<st1lace>Europe</st1lace> opens 2:00 am to 12:00 pm EST (<st1:city><st1lace>London</st1lace></st1:city> opens at <st1:time hour="3" minute="0">3:00 am</st1:time>)
<st1:state><st1lace>New York</st1lace></st1:state> opens 8:00 am to 5:00 pm EST
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