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250 pips slippage on Currenex - ODL Securities

  • #81
  • Apr 22, 2007 8:37am Apr 22, 2007 8:37am
Oh yes, about Currenex. First of all, i've called them, and informed them of what has happened. All they did was contact ODL, and then told me to speak to ODL Directly. I've called currenex another time, this time trying to get the couterparty details, which they also told me i have to get directly from ODL. My other broker, however informed me that it's possible to pressure Currenex to give out the details, but for some reason they will not give them out at first request.

Also something else occured to me. My trading server is in NY, so theoretically my order was supposed to be processed first, however i know a guy in Switserland, who got a better quote then me. In this case i wonder how their order processing works?!

Best regards,

Vlad
  • #82
  • Apr 22, 2007 10:16am Apr 22, 2007 10:16am
dam....that some really big loss in 1 hour...i used forex.com and never have a problem like this..no spikes. not even widening of spreads...so i suggest this
  • #83
  • Apr 22, 2007 2:04pm Apr 22, 2007 2:04pm
I think this has more to do w/ news trading and trying to catch the spike using auto click software.

Interesting how I started this thread before I ever got an off market fill on Currenex

http://forexfactory.com/showthread.p...ghlight=ticket
  • #84
  • Apr 22, 2007 4:21pm Apr 22, 2007 4:21pm
Yes turbo, i get what you're saying. But people could have stop losses or standing orders which could be affected. You've got te feel sorry for them?!

Best regards,

Vlad
  • #85
  • Edited 5:20pm Apr 22, 2007 4:24pm | Edited 5:20pm
Quoting zek132
Yes turbo, i get what you're saying. But people could have stop losses or standing orders which could be affected. You've got te feel sorry for them?!

Best regards,

Vlad
Well this is the problem and I think that is why most ECN's Hotspotfxi,Lava,etc don't have these stoploss order fuctions.
  • #86
  • Apr 22, 2007 10:58pm Apr 22, 2007 10:58pm
I did not know that. Interesting
  • #87
  • Apr 23, 2007 2:55am Apr 23, 2007 2:55am
I've come to the conclusion that ECN's are worse than retail brokers (market makers). I don't think I could ever get slipped hundred of pips with my retail broker without them busting the trade. ECN's dont seem to have any rules in place for adjusting these type of grossly exagerrated off market quotes. I don't know after reading this thread why people think ECN's are a step up. They are not unless you are looking to trade very big volumes and even in the example above they lack liquidity. You would just be leaving the 'wild west' of retail brokers for the 'wild wild west' of ECN brokers. For the moment, even though I could afford to open with an ECN, I prefer to stick with my retail broker .
  • #88
  • Apr 23, 2007 3:05am Apr 23, 2007 3:05am
Quoting PipStar
I've come to the conclusion that ECN's are worse than retail brokers (market makers). I don't think I could ever get slipped hundred of pips with my retail broker without them busting the trade. ECN's dont seem to have any rules in place for adjusting these type of grossly exagerrated off market quotes. I don't know after reading this thread why people think ECN's are a step up. They are not unless you are looking to trade very big volumes and even in the example above they lack liquidity. You would just be leaving the 'wild west' of retail brokers for the 'wild wild west' of ECN brokers. For the moment, even though I could afford to open with an ECN, I prefer to stick with my retail broker .
Huh??
  • #89
  • Apr 23, 2007 5:33am Apr 23, 2007 5:33am
i think he's talking for volatile market conditions. Cuz i know u cant beat ECN 's spreads
  • #90
  • Apr 23, 2007 11:31am Apr 23, 2007 11:31am
after this thread and all those other thread about forex brokers conspiration against clients i'm seriously thinking to start forex options :

Now, serious, 250 pips lost is an imense lost for me personally. I don't know if i could recover from such a hit.
Hope you can recover your money someday, vlad
"Abandon all hope, you who enter here" La Divina Commedia, Dante Alighieri
  • #91
  • Apr 23, 2007 7:36pm Apr 23, 2007 7:36pm
Brokers will always be brokers. We get slippages ever so often and we should know why. Slippage happens everywhere, stocks, futures, why do we wanna complain?

Abt ODL being shady and manipulating orders, well i think this is a case to dispute but to blame all the brokers on slippage? Read back the contract that you have signed, oh well, you'd rather stop trading all together if you cant take stuffs like these.

Even trading index futures, market orders are never recommended, all orders should be limit orders... isn't that the first most basic level of trading taught? Another time you make a market order always take this scenario as one of thos worst case senario so that you dont get trigger happy.

Visualise trading as if you are a fisherman, harvesting your daily catch in your small boat but always trying to aware of not getting caught in a storm coz you know that when your boat tumble and you fall into the sea, you will be food for the fishes. Its a risk we all take, so whats your stake?

regards
jest
  • #92
  • Apr 24, 2007 12:51am Apr 24, 2007 12:51am
Point a) Slippage might occur when you are traded an exchanged product, however, an off-market fill can not. Again, because you're trading the market.

Point b) I love you phylosophical approch, it reminds me of a braveheart movie.

Point c) There is nothing wrong with market orders, they can be usefull and at times necessary (i.e. price is moving fast and you have to react quickly in order to profit, avoid loss)

Best regards,

Vlad
  • #93
  • Apr 24, 2007 2:05am Apr 24, 2007 2:05am
Quoting zek132
Point a) Slippage might occur when you are traded an exchanged product, however, an off-market fill can not. Again, because you're trading the market.

Point b) I love you phylosophical approch, it reminds me of a braveheart movie.

Point c) There is nothing wrong with market orders, they can be usefull and at times necessary (i.e. price is moving fast and you have to react quickly in order to profit, avoid loss)

Best regards,

Vlad
It's easy for some to be philosophical when someone else's money is involved and not their own.
But don't you have any avenues of appeal regarding this situation, if even reporting this case to the NFA? Is ODL 100 per cent within their legal right to do what they have done and have you exhausted all your avenues? Or is the 30k involved too small for you to bother with this any more ? :
  • #94
  • Apr 24, 2007 3:29am Apr 24, 2007 3:29am
I'm considering reporting to the FSA. However various people have told me that ODL is within "legal" zone. 30k is a lot for me, and i few other people i know lost close to that (10-20k) We might do something collectively. I'll update as things progress.
  • #95
  • Apr 24, 2007 4:05am Apr 24, 2007 4:05am
Quoting zek132
I'm considering reporting to the FSA. However various people have told me that ODL is within "legal" zone. 30k is a lot for me, and i few other people i know lost close to that (10-20k) We might do something collectively. I'll update as things progress.
if they indeed reversed the trade on the counterpart but not for you, then reporting is the only option.
  • #96
  • Apr 24, 2007 4:09am Apr 24, 2007 4:09am
I just got a single-line reply from ODL that they will not disclose the counterparty of the trades as this is a "secret". Trades were done in the name of ODL, so they state to be the counterparty for regulatory and contractual purposes.

If a customer of a broker is dealing in the name of the broker, wouldn't that mean that the customer should finally be allowed to get all informations the broker has itself about his trades on a interbank market ?

PP


Quoting zek132
I'm considering reporting to the FSA. However various people have told me that ODL is within "legal" zone. 30k is a lot for me, and i few other people i know lost close to that (10-20k) We might do something collectively. I'll update as things progress.
  • #97
  • Apr 24, 2007 4:35am Apr 24, 2007 4:35am
Quoting zek132
I'm considering reporting to the FSA. However various people have told me that ODL is within "legal" zone. 30k is a lot for me, and i few other people i know lost close to that (10-20k) We might do something collectively. I'll update as things progress.
I think you have a serious thinking problem. Who really cares what "various people" have told you? If you're for real (I have strong doubts about your story), then you report them. You're going to swallow a 30k loss because of what "various people" told you? That defies all sensible thinking.
  • #98
  • Apr 24, 2007 5:49am Apr 24, 2007 5:49am
I still don't understand why people doubt that my story is real, when another guy on the forum, who turned out to be a couterparty to my trade, made a confirming entry before i started this thread.

I do not enjoy having a 30k loss. It's a LOT of money for me. And various people, are not some random people off the street, i've talked to other currenex brokers, i've called FSA, legal side of the question has been considered also. Only when you are in a similar situation do you realise how powerless you are in the hands of brokers. It's true and it's a fact. This market is unregulated, agreement which we have to sign are very composed by brokers and are written for brokers. If i though i could get my money back, i would. It seems like a very distant possibility, but i've not given up hope just yet. Before you make rush judgements, try to understand what is happening here. It's never easy for an individual to fight a corporation.


Best regards,

Vlad
  • #99
  • Apr 24, 2007 6:50am Apr 24, 2007 6:50am
Quoting zek132
I still don't understand why people doubt that my story is real, when another guy on the forum, who turned out to be a couterparty to my trade, made a confirming entry before i started this thread.

I do not enjoy having a 30k loss. It's a LOT of money for me. And various people, are not some random people off the street, i've talked to other currenex brokers, i've called FSA, legal side of the question has been considered also. Only when you are in a similar situation do you realise how powerless you are in the hands of brokers. It's true and it's a fact. This market is unregulated, agreement which we have to sign are very composed by brokers and are written for brokers. If i though i could get my money back, i would. It seems like a very distant possibility, but i've not given up hope just yet. Before you make rush judgements, try to understand what is happening here. It's never easy for an individual to fight a corporation.


Best regards,

Vlad
In any case, the FSA request should be done with the counterpart doing it at the same time...

The FSA ppl are not stupid, they will see two dispute request coming from two country, with two trader saying the same thing (except it's reversed)

The worst thing that could happen will be that your money will fall in the counterpart trader pocket and not in ODL but i would say that it's still better...
  • #100
  • Apr 24, 2007 7:00am Apr 24, 2007 7:00am
I just forwarded all of the details to currenex. They have said, as one would expect, that the trades are valid. That's exactly why i feel like we would be fighting a lost cause. The contact at currenex was very polite and understanding though.

Best regards,

Vlad
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