250 pips slippage on Currenex - ODL Securities | Forex Factory

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Attachments: 250 pips slippage on Currenex - ODL Securities
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250 pips slippage on Currenex - ODL Securities

  • #1
  • First Post: Apr 13, 2007 2:16pm Apr 13, 2007 2:16pm
This has happened to me today. I was trading the Eur/Cad at the time of the CAD Trade Balance release. My order got filled at 1.5661, considering that the market never went above 1.5375 or so, i was VERY surprised. What i found even more surprising is that my broker (ODL Securites) will not do anything about it. Liquidity was low and you got a next best price - is what they have said. Crazy Friday 13th. No more trading using market orders for me. Being down 26k in an instant is really something!
  • #2
  • Apr 13, 2007 4:33pm Apr 13, 2007 4:33pm
wow.... that's pretty crazy. That is one hell of a spread.
I've heard from many people that ODL Currenex is pretty good.
Maybe this was just a freak thing during the big news release.

That sucks that they can't do anything. But I guess the spreads aren't guaranteed during news releases.
  • #3
  • Apr 13, 2007 5:15pm Apr 13, 2007 5:15pm
Quoting zek132
This has happened to me today. I was trading the Eur/Cad at the time of the CAD Trade Balance release. My order got filled at 1.5661, considering that the market never went above 1.5375 or so, i was VERY surprised. What i found even more surprising is that my broker (ODL Securites) will not do anything about it. Liquidity was low and you got a next best price - is what they have said. Crazy Friday 13th. No more trading using market orders for me. Being down 26k in an instant is really something!
So you were the one who BOUGHT my pending Short! THANKS!

Buttom line, dont trade news if you are Green (judging from the 1 post on your roster)
  • #4
  • Apr 13, 2007 8:30pm Apr 13, 2007 8:30pm
Quoting zek132
This has happened to me today. I was trading the Eur/Cad at the time of the CAD Trade Balance release. My order got filled at 1.5661, considering that the market never went above 1.5375 or so, i was VERY surprised. What i found even more surprising is that my broker (ODL Securites) will not do anything about it. Liquidity was low and you got a next best price - is what they have said. Crazy Friday 13th. No more trading using market orders for me. Being down 26k in an instant is really something!
Looks like ODL pocketed your loss:

http://www.forexfactory.com/showpost...&postcount=189
  • #5
  • Apr 13, 2007 9:25pm Apr 13, 2007 9:25pm
Quoting zek132
This has happened to me today. I was trading the Eur/Cad at the time of the CAD Trade Balance release. My order got filled at 1.5661, considering that the market never went above 1.5375 or so, i was VERY surprised. What i found even more surprising is that my broker (ODL Securites) will not do anything about it. Liquidity was low and you got a next best price - is what they have said. Crazy Friday 13th. No more trading using market orders for me. Being down 26k in an instant is really something!
What complete BS. Sorry you got screwed like that. This is the reason I like trading futures - the centralized market doesn't allow your broker to rape you like that.
TraceJ
  • #6
  • Apr 13, 2007 9:33pm Apr 13, 2007 9:33pm
Quoting zek132
This has happened to me today. I was trading the Eur/Cad at the time of the CAD Trade Balance release. My order got filled at 1.5661, considering that the market never went above 1.5375 or so, i was VERY surprised. What i found even more surprising is that my broker (ODL Securites) will not do anything about it. Liquidity was low and you got a next best price - is what they have said. Crazy Friday 13th. No more trading using market orders for me. Being down 26k in an instant is really something!
I wish you better luck...
  • #7
  • Apr 13, 2007 9:55pm Apr 13, 2007 9:55pm
Quoting Darkstar
Looks like ODL pocketed your loss:

http://www.forexfactory.com/showpost...&postcount=189
This is not aimed at you Darkstar but criticising a broker at FF these days will bring out of the woods quite a few broker supporters and other wisdom sayers.

From what I understand zek132 got a bad fill long eur/cad at 1.5661 with 250 pips slippage and broker refuse to adjust his trade and refund at least part of the loss
From link above, Turbokaos gets a great fill short eur/cad at 1.5661 with may be 250 pips profit and broker cancels his trade and his profit

So, this broker has taken back someone's profit and not refunded someone's loss relating to what may be the same transaction. If this is not daylight robbery, then what is it? Does anyone still wonder why brokers have such a bad name? Irrespective that someone placed a market order at the wrong time, how do you justify the above scenario? If I was zek 132, and aware of the above information that another trader on the opposite side got his trade cancelled, I would not let this matter rest. I'm sure he has some options.
  • #8
  • Apr 13, 2007 10:23pm Apr 13, 2007 10:23pm
Quoting PipStar
This is not aimed at you Darkstar but criticising a broker at FF these days will bring out of the woods quite a few broker supporters and other wisdom sayers.
I actually trade with odl on currenex myself. I have had MANY off market fills like this and ODL has taken my profit away on all but one of them. It's kinda bullshit that they do it and the reason I posted the link to Turbos post was so that Zek WOULD do something about it. They should either honor the market mechanics or they shouldn't. This willy-nilly, screw both parties is rediculous.

Zek, you should hit up Turbo for his trade ticket info and see if they match (if you want to cc me on both of them, so I have them in the event I ever find myself in your position, it would be appreciated as well ). If the tickets match and they still refuse to honor the trade, let us all know about it.

Ohh, and using market orders on currenex, durring news or otherwise, is plain bad business. Just don't do it.
  • #9
  • Apr 13, 2007 11:00pm Apr 13, 2007 11:00pm
if you guys can match these tickets i will be shocked by the pure chance of it all.

zek, can you ask your broker, who was on the other side of that trade? was it them, or another trader? most brokers will tell you in this kind of situation. you definetely got picked off by someone. the only potential wrong doing here is that whoever picked you off didnt get paid for it. id like to see proof of that though, because if this is true it is a very serious issue.
Relax and be happy.
  • #10
  • Apr 13, 2007 11:51pm Apr 13, 2007 11:51pm
Every order transacted on Currenex has a ticket and a trade ID. You don't even need to ask the broker as its hosted within the currenex platform. Just match trade ID numbers.
  • #11
  • Apr 14, 2007 1:05am Apr 14, 2007 1:05am
May be someone could ask Turbo whether he trades currenex with ODL. If he does that would be the perfect match, wouldn't it?

Seeing what happened above, may be I should never complain about my retail broker again I think that there is no chance of this happening on a retail platform given that the pair never traded at that price.
  • #12
  • Apr 14, 2007 7:22am Apr 14, 2007 7:22am
Ouch. This doesnt sound like slippage to me, more like a bad trade. I would insist that ODL sends you the times&sales, tick-history and nbbo-history for the time in question. That way you can see what really happened, and if it was a bad trade or really slippage.

Theres a section in your agreement with ODL about their policy about bad trades (usually stale quotes and such), read that carefully.
  • #13
  • Edited 7:43am Apr 14, 2007 7:27am | Edited 7:43am
I've PMed turbo. If it is him who got my trade, i will be amazed. What are the chances? Actually ODL has told me some other guy got an order at 1.6000 or something. If they are pocketing my loss I'm going to the FSA, or a lawyer. This is really unheard off! They would not tell me who the counerpary is, i was wondering why...

I still think that any trade at a price at which the market never traded should not be valued. Because then you are not trading the forex market, you are trading some private playground. Bank, MM are all there partly to stop such occurances.

Another question that bothers me is if i had a stop loss on EUR/CAD, would it be taken out also, because in theory it should, but i really doubt that it would in practice.

I'll keep you posted on what i hear from Turbo

P.S I've talked to my other broker (ADM) and they have said that such a deal should be busted. And also another broker i've talked to has informed me that thier clients who got filled at 1.5435, after a talk to the banks, had their fills changed to 1.5400. However ODL refused to talk to the banks on my behalf, which makes me even more anxious,
  • #14
  • Apr 14, 2007 9:38am Apr 14, 2007 9:38am
Quoting zek132
I still think that any trade at a price at which the market never traded should not be valued.
Absolutely true regarding the above. That's exactly what retail brokers tell us when the market gaps and we are slipped to the next best price at which the market trades. In your case, you were given a price that didn't exist. I highlight the last few words as it is a favourite broker quote. If I were you, I'd pursue this matter until they give me my money back.
  • #15
  • Apr 14, 2007 9:56am Apr 14, 2007 9:56am
Is it not challenge enough to beat the market consistently? How can individuals - that don't have an army of lawyers on retainer - hope to navigate through all of these hidden land-mines?
  • #16
  • Apr 14, 2007 10:56am Apr 14, 2007 10:56am
Quoting zek132
They would not tell me who the counerpary is, i was wondering why...
ODL would not tell you if it was them or another trader on the other side of that trade??? dont ask them who was on the other side, just ask if it was them or not. id be VERY surprised if they do not tell you this.

zek, i hate to tell you man, but you dont have a leg to stand on here. you got the next best price, that is how market orders work in every market in the world. market order litterally means "give me the next best price, i dont give a damn what it is!".

the only issue here is whether or not they gave the profit to the guy who picked you off (possibly turbo). if turbo picked you off, and they cancelled his trade and kept yours, that is beyond dirty, its criminal. thats why i would like to see some proof here, this is a VERY serious accusation.
Relax and be happy.
  • #17
  • Apr 14, 2007 10:58am Apr 14, 2007 10:58am
Quoting Darkstar
Every order transacted on Currenex has a ticket and a trade ID. You don't even need to ask the broker as its hosted within the currenex platform. Just match trade ID numbers.
havent used currenex so im a bit confused here dark. if one has the trade ID, how would they be able to find the counterparty without going through the broker?
Relax and be happy.
  • #18
  • Apr 14, 2007 11:28am Apr 14, 2007 11:28am
Quoting merlin
havent used currenex so im a bit confused here dark. if one has the trade ID, how would they be able to find the counterparty without going through the broker?
Basically if I and Turbo can match out trade IDs, that means he was the couterparty.

P.S I was thinking about how i can argue my case if at all. The only problem i see with such a trade that, if take to extreme, this means banks could enforce whatever price they like. Hell, they could quote the GBP/USD at 10 or whatever. What stops them adjusting the quotes so every single client goes bankrupt? It just does not make sense. ODL must have a master agreenet which sets out the terms.
  • #19
  • Apr 14, 2007 11:34am Apr 14, 2007 11:34am
yeah i realize that LOL. but if it was not turbo (which is most likely due to the chance of it all) then how would you match the ticket? wouldnt you have to go through ODL to do that? or does currenex offer another way?
Relax and be happy.
  • #20
  • Apr 14, 2007 11:40am Apr 14, 2007 11:40am
Merlin,

Actually, in a very strange way, i think it's quite likely to be turbo, where else would the 1.5661 come from, to the pip? But if it's not, i can call currenex directly, or odl for couterparty details.
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