IB FX Buy/Sell Stop/Limit order 411 | Forex Factory

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IB FX Buy/Sell Stop/Limit order 411

  • #1
  • First Post: Jan 4, 2008 6:51pm Jan 4, 2008 6:51pm
Does anyone running Interbank FX MT4 platform know if they disable the Buy/Sell Stop/Limit orders 15 minutes before big news ?

I got up at 05:00pst to trade on the NFP news.

GF, GU and UJ

I was going to set Stop/Limit orders for GU and UJ and then just trade the GY 'live'.

Well, a few minutes before hand, go to set my orders and it would NOT allow me to 'Place' the orders.

Getting frustrated, double checking my ways and realize, I'm NOT doing it wrong, it just won't PLACE the orders.

Well, seconds before the news was supposed to break ( I have an Atomic clock set to UTC), still won't place, I jump over to the GY chart.

Well, the damn news was realeased a few seconds early and you know how that goes.
It had already dropped 100+ pips and I ended up missing out lots of pips, on three pairs.
Didn't want to chance getting in after the chaos started, so just sat on the sidelines and mourned my two trades that go stopped out by just 2 pips, overnight.......

Minutes after the mayhem slowed, I WAS able to place stop/limit orders just like usual.

Well, lesson learned.

Is this a normal thing that brokers do ? (just started trading in December)

I'd love to know others thoughts of this.

Personally, I think it's totally bogus.
But then again, losing out on about 1K in Pips would do that to someone.

Cheers,

Kurt
  • #2
  • Jan 5, 2008 12:42am Jan 5, 2008 12:42am
Can any other IB FX users weigh in on this ?????
  • #3
  • Jan 5, 2008 1:01am Jan 5, 2008 1:01am
Quoting kujo17
Does anyone running Interbank FX MT4 platform know if they disable the Buy/Sell Stop/Limit orders 15 minutes before big news ?

I got up at 05:00pst to trade on the NFP news.

GF, GU and UJ

I was going to set Stop/Limit orders for GU and UJ and then just trade the GY 'live'.

Well, a few minutes before hand, go to set my orders and it would NOT allow me to 'Place' the orders.

Getting frustrated, double checking my ways and realize, I'm NOT doing it wrong, it just won't PLACE the orders.

Well, seconds before the news was supposed to break ( I have an Atomic clock set to UTC), still won't place, I jump over to the GY chart.

Well, the damn news was realeased a few seconds early and you know how that goes.
It had already dropped 100+ pips and I ended up missing out lots of pips, on three pairs.
Didn't want to chance getting in after the chaos started, so just sat on the sidelines and mourned my two trades that go stopped out by just 2 pips, overnight.......

Minutes after the mayhem slowed, I WAS able to place stop/limit orders just like usual.

Well, lesson learned.

Is this a normal thing that brokers do ? (just started trading in December)

I'd love to know others thoughts of this.

Personally, I think it's totally bogus.
But then again, losing out on about 1K in Pips would do that to someone.

Cheers,

Kurt
No offense, but there's really a pretty simple explanation: you're trading at a bucketshop dude (IBFX is one of the bigger ones, but still a bucketshop). That kind of stuff is standard fare at bucketshops; get used to it if you keep your account there. It won't happen all the time, but enough to be frustrating.

Bucketshops artificially manipulate the prices and spreads however they please whenever they please, diasable the platform minutes before big announcements like NFP, etc. They are definitely working against you, and have no interest in you being a profitable trader; quite the opposite: the more you lose, the more money they make and vice versa.

A bucketshop may work for you for a while, but I'd recommend going with an ECN broker that makes money from commissions, not from manipulating prices/spreads/platforms and taking positions against you.

Do a Google search for "forex broker reviews". The sites that come up should be useful to you if you want to explore other broker options...

Best wishes...
  • #4
  • Jan 5, 2008 4:55am Jan 5, 2008 4:55am
Quoting kujo17
Can any other IB FX users weigh in on this ?????
my broker freeze any pending order about 1-2 minutes before/after big news like NFP, after that it would take me 1-2 minutes to place market order. But never 15minutes.
  • #5
  • Jan 5, 2008 8:42am Jan 5, 2008 8:42am
Quoting TC East
No offense, but there's really a pretty simple explanation: you're trading at a bucketshop dude (IBFX is one of the bigger ones, but still a bucketshop). That kind of stuff is standard fare at bucketshops; get used to it if you keep your account there. It won't happen all the time, but enough to be frustrating.

Bucketshops artificially manipulate the prices and spreads however they please whenever they please, diasable the platform minutes before big announcements like NFP, etc. They are definitely working against you, and have no interest in you being a profitable trader; quite the opposite: the more you lose, the more money they make and vice versa.

A bucketshop may work for you for a while, but I'd recommend going with an ECN broker that makes money from commissions, not from manipulating prices/spreads/platforms and taking positions against you.

Do a Google search for "forex broker reviews". The sites that come up should be useful to you if you want to explore other broker options...

Best wishes...
wait a min i have to defend interbankfx not wanting profitable traders, i have a 400k account with these guys and 2 weeks ago i withdrew 80k in profit have been doing so for years with ibfx with no problems, however i don't trade the news im a swing / day trader and they give me no problems, ibfx is the real deal, if you want to just trade the news your better off with a ecn type broker. b.t.w. i also hold a account with odl who doesn't like news traders at all, but are very good for swing and day trading.
If I Go Broke Trying Then I Will die happy.
  • #6
  • Jan 5, 2008 11:05am Jan 5, 2008 11:05am
Thanks for the comments guys.
No offense taken at all TC East.
I'm new to the game and just figuring stuff out.

I'm not intending on being a NEWS trader at all.
Want to just Day trade/Swing trade for the most part.

I just new there would be some large amount of Pips to be had with this one and was trying to build up my acct's capital.

Greed kills, huh.......

Sticking to my 10%/day goal now and when the account is built up, I'll look into other brokers for sure.

Now I know what they do and we'll play the game around them.

Thanks guys.

kj
  • #7
  • Jan 5, 2008 12:59pm Jan 5, 2008 12:59pm
Quoting Moe
wait a min i have to defend interbankfx not wanting profitable traders, i have a 400k account with these guys and 2 weeks ago i withdrew 80k in profit have been doing so for years with ibfx with no problems, however i don't trade the news im a swing / day trader and they give me no problems, ibfx is the real deal, if you want to just trade the news your better off with a ecn type broker. b.t.w. i also hold a account with odl who doesn't like news traders at all, but are very good for swing and day trading.
Well good point Moe, and since you have an account there and I don't, you're better qualified to evaluate them anyway. Congratulations by the way!

I do trade the news along several other strategies, so they might not be the best for me, but glad they're working for you. I just have a bad taste in my mouth over what I consider "bucketshops" as I almost lost my entire account at Tradex Swiss AG (closed my account 3 weeks before they went under and everyone lost their money).

But it's all good...appreciate your input
  • #8
  • Jan 5, 2008 2:19pm Jan 5, 2008 2:19pm
Quoting TC East
Well good point Moe, and since you have an account there and I don't, you're better qualified to evaluate them anyway. Congratulations by the way!

I do trade the news along several other strategies, so they might not be the best for me, but glad they're working for you. I just have a bad taste in my mouth over what I consider "bucketshops" as I almost lost my entire account at Tradex Swiss AG (closed my account 3 weeks before they went under and everyone lost their money).

But it's all good...appreciate your input
If I Go Broke Trying Then I Will die happy.
  • #9
  • Jan 5, 2008 8:57pm Jan 5, 2008 8:57pm
I use IBFX. I have never placed a pending order before news, but on Friday I closed one right at 8:30am est and it went through no problems. I also have made money using IBFX and had 3 withdrawals, which are extremely fast. So far I'm pleased.
  • #10
  • Jan 5, 2008 11:22pm Jan 5, 2008 11:22pm
Quoting Moe
i have a 400k account with these guys and 2 weeks ago i withdrew 80k in profit
If you have an account with any forex broker and you keep 400K in it, then that is really astounding.
  • #11
  • Last Post: Jan 6, 2008 4:59am Jan 6, 2008 4:59am
Quoting PipStar
If you have an account with any forex broker and you keep 400K in it, then that is really astounding.
why worry, trade and be happy.
If I Go Broke Trying Then I Will die happy.
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