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Broker With Guaranteed order execution?

  • #21
  • Jan 9, 2007 5:16pm Jan 9, 2007 5:16pm
CME currency futures can be traded on Globex almost 24 hours . Globex closes for maintenance from 4-5 pm central time.
  • #22
  • Jan 11, 2007 6:26pm Jan 11, 2007 6:26pm
Quoting mikhaildgreat
Hello,

Im currently trading in FXDD and right now i jsut lost -54 pips because of NFP. But these trades should have been +125 pips. I had both sell and buy stop orders, my sell stop order got fulfilled 30 points away from my order, then since the TP is now above the open price, then they close the position at the TP price ending in a loss.

Quite ridiculouse in the way I see it. Im now looking for another broker since this is the second time this happened, whats the use of pending orders if they will not be executed at the requested price.

Does anybondy here know any good brokers with guaranteed order execution?

Thanks,
Mikhail
I had the same issue happen to me this morning in the GBP/USD. I should have made good money, but instead, Xpresstrade opened my oder 50 pips above my entry price, and it was also above my TP level, so immediately upon opening my order, it was closed at a 40 pip loss.

My thoughts are that they should adjust my TP to match the entry slippage, or better yet, if they can't honor my entry price, just cancel the order for me.

I understand that entry prices can fluctuate during news, but there should be some way to adjust the TP or to cancel the order if it will create an immediate loss for the customer. Can anyone recommend a broker that won't allow you to have 50 points slippage, even when your order was placed a day or two before? MT4 brokers would be preferred.
  • #23
  • Jan 11, 2007 6:57pm Jan 11, 2007 6:57pm
Quoting lordo
CME currency futures can be traded on Globex almost 24 hours . Globex closes for maintenance from 4-5 pm central time.
HotspotFXi does the same
  • #24
  • Jan 11, 2007 7:02pm Jan 11, 2007 7:02pm
For anybody that got slipped pretty bad today around the news I just hope everyone was using good MM....

Don't feel to bad I lost too. -80pips but not from news slipage

I can't say I didn't tell ya so the news can be a beast and should be traded w/ caution and not taken for granted. I don't know how many people tried to tell me this week how they use tight stops... (as if it couldn't happen)
  • #25
  • Jan 11, 2007 8:35pm Jan 11, 2007 8:35pm
If your issue was like mine, you could have had a 5 pip stop and it wouldn't have made a difference. Luckily prices only opened 40 pips above my TP or I could have lost more. If prices had of gapped 100 pips above my TP, I would have lost 100 pips. A decent broker should have some options to cover their customers on something like this. I can think of a couple of quick and easy solutions for prices gapping past a TP entry.

1.) Don't execute the order, but simply cancel it.

2.) Cancel the TP and send an alert to the customer as to what happened so that they can log into their account and add a new TP.

3.) The best option would be to automatically adjust the TP to match the slippage. Now that would be fair to all in my opinion and it makes the most sense as well.
  • #26
  • Jan 11, 2007 10:15pm Jan 11, 2007 10:15pm
Quoting lordo
I have been trading futures for over 10 years mostly currencies thru the CME. While futures are subject to the same volitility as forex, I think it is easier to get a decent fill during news releases.
sure, if you are trading the most liquid contracts, but day in and day out, i think you get worse news fills trading futures. news fills everywhere suck though, its just a matter of what is worse
Relax and be happy.
  • #27
  • Jan 12, 2007 7:29am Jan 12, 2007 7:29am
Quoting fx4fun
My experience with Oanda FXTrade is the same. With a total of nearly 1,700 trades and numerous NFPs, using limit orders, I have only ever had slippage once and then of just 2 pips. I had 11 trades TP between 08:30:01 EST thro 08:30:58 EST today with no slippage at all.
Update to my last post. Yesterday I got 25 pips slippage on EUR/GBP at Oanda on the UK Interest Rate hike announcement. Fortunately the slippage was positive on two trades taking profit so I gained. I bet many others were not so lucky if their SL's were hit.

This is the first time I have seen such slippage with FXTrade in now almost 1,800 trades and guess it was due to the unexpected rate hike. The price spike occurred in a single tick and I am sure that no other Broker would have closed trades any better.
  • #28
  • Jan 14, 2007 1:30am Jan 14, 2007 1:30am
Yes, I used to think pending orders is the way to go, but now I no longer use pending orders because of these issues. The only solution I could think of is to stop using pending orders completely. I programmed all my EAs to use market orders instead. At least if EA misses a market order trade because of slippage it wont lose money.

Also I will change broker to PFGFX. they have set of rules in their website that guarantee execution of SL and TP even if there is a GAP in the market. they also guarantee limit orders, but they still don't guarantee sellstop and buystop orders during news time.

-Mikhail

Quoting mccullek
I had the same issue happen to me this morning in the GBP/USD. I should have made good money, but instead, Xpresstrade opened my oder 50 pips above my entry price, and it was also above my TP level, so immediately upon opening my order, it was closed at a 40 pip loss.

My thoughts are that they should adjust my TP to match the entry slippage, or better yet, if they can't honor my entry price, just cancel the order for me.

I understand that entry prices can fluctuate during news, but there should be some way to adjust the TP or to cancel the order if it will create an immediate loss for the customer. Can anyone recommend a broker that won't allow you to have 50 points slippage, even when your order was placed a day or two before? MT4 brokers would be preferred.
  • #29
  • Jan 15, 2007 1:36pm Jan 15, 2007 1:36pm
Mikail,

I like the idea of the EA, but I"m not sure I understand how that helps with a market order. Let's say your EA uses a market order, and you get in 50 PIPs higher than you planned, does the EA allow you to move your TP as well, is that how you would set up the trade? My current broker did guarantee my TP limit order, they just didn't guarantee my entry stop, and I got 50 points of slippage. So my entry price actually was higher than my TP limit order, so I was immediately closed out for a 40 pip loss.

I looked at PGFX and I like what they are offering, but it still seems that they don't guarantee the entry stops, so that's the problem. I need a work around of that issue because I use daily trades that are set to scalp 10 - 20 pips on a break of support or resistance. Any additional help you could offer on how to set up the EA would be helpful.

Thanks!
  • #30
  • Jan 16, 2007 2:33pm Jan 16, 2007 2:33pm
Market order will not be executed with TP in the wrong side of the open price, unlike what happens with pending stop orders. What will happen is you would simply miss the trade if slippage is insanely high.

-Mikhail
Quoting mccullek
Mikail,

I like the idea of the EA, but I"m not sure I understand how that helps with a market order. Let's say your EA uses a market order, and you get in 50 PIPs higher than you planned, does the EA allow you to move your TP as well, is that how you would set up the trade? My current broker did guarantee my TP limit order, they just didn't guarantee my entry stop, and I got 50 points of slippage. So my entry price actually was higher than my TP limit order, so I was immediately closed out for a 40 pip loss.

I looked at PGFX and I like what they are offering, but it still seems that they don't guarantee the entry stops, so that's the problem. I need a work around of that issue because I use daily trades that are set to scalp 10 - 20 pips on a break of support or resistance. Any additional help you could offer on how to set up the EA would be helpful.

Thanks!
  • #31
  • Last Post: Jan 20, 2007 5:58pm Jan 20, 2007 5:58pm
Ahhh, that makes sense now. So if you use a market order and the price jumps your TP level, then the order is simply voided and not taken. Is that correct?
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