Trader failed to execute order: Are some platforms controlled? | Forex Factory

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Trader failed to execute order: Are some platforms controlled?

  • #1
  • First Post: Jun 2, 2006 12:36pm Jun 2, 2006 12:36pm
I had an Entry Stop Buy at 1.8711 (GBP/USD) which price shot right through (8:30 Payroll announcement), but never triggered the position and after sliding back temporarily from its high to 1.8767 (50 pip difference), I chickened out and REMOVED the Entry (I couldn't close my position since it never got activated). We're not talking split seconds here, but price moved at a steady pace (3 minutes later). Why is this? As a Newbie it was not a nice experience. Here is my activity log (see the times):



1. 06.02.2006 08:25:20 Update ES order placed: GBP/USD BUY, Order ID: 5563885, Rate: 1.8711



2. 06.02.2006 08:34:34 Confirm Entry order removed: GBP/USD BUY, Order ID: 5563885, Rate: 1.8711, Lot:0.5



I've heard about glitches on this traders Demo model, but one should not have this problem on your live account. Any suggestions anybody and if I close my account where do I go from here?



I called them and they said since I closed my position they cannot help me. If I had called them (in the heat of the moment) they might have refunded me, but after holding for about a minute before I got to speak to a live person how could they refund me if I claim I wanted to close my position at 60 pips, although right now it slid back to a 30 pip profit???

Is this a common problem and which trader platforms are the best?
Ekvattiekakkie
  • #2
  • Jun 2, 2006 12:49pm Jun 2, 2006 12:49pm
Unfortunately that is the way some brokers and platforms work during non-farm.

Who is your broker?
- SAFE TRADING MONEY DUCK
  • #3
  • Jun 2, 2006 12:51pm Jun 2, 2006 12:51pm
Quoting Linus
I had an Entry Stop Buy at 1.8711 (GBP/USD) which price shot right through (8:30 Payroll announcement), but never triggered the position and after sliding back temporarily from its high to 1.8767 (50 pip difference), I chickened out and REMOVED the Entry (I couldn't close my position since it never got activated). We're not talking split seconds here, but price moved at a steady pace (3 minutes later). Why is this? As a Newbie it was not a nice experience. Here is my activity log (see the times):



1. 06.02.2006 08:25:20 Update ES order placed: GBP/USD BUY, Order ID: 5563885, Rate: 1.8711



2. 06.02.2006 08:34:34 Confirm Entry order removed: GBP/USD BUY, Order ID: 5563885, Rate: 1.8711, Lot:0.5



I've heard about glitches on this traders Demo model, but one should not have this problem on your live account. Any suggestions anybody and if I close my account where do I go from here?



I called them and they said since I closed my position they cannot help me. If I had called them (in the heat of the moment) they might have refunded me, but after holding for about a minute before I got to speak to a live person how could they refund me if I claim I wanted to close my position at 60 pips, although right now it slid back to a 30 pip profit???

Is this a common problem and which trader platforms are the best?
Yeah, STOP BUY ENTRIES...I've had similar problems during high volatility before. It has to do with how BUY ENTRIES are actually placed when the trigger is hit. It could be, depending on the broker, that your BUY STOP was actually triggered as a BUY LIMIT at the point of entry...obviously if there is even a 1 pip higher requote between the time that the price hits your trigger and the time that order goes "live", a BUY LIMIT would NOT execute...so for example...the price hits 1.8710 and then requotes to 1.8712 on it's way up...your trigger may be hit, but the entry price of the BUY LIMIT is 1.8711...with the price already higher than your limit, you never enter the market.

It just depends on how your entry stops are triggered.

Incidentally, the same problem could occur with your stops...your stop could get requoted through and never execute. Talk to your broker about how to ensure that your BUY STOP entry is actually a BUY STOP MARKET order and not a LIMIT order.

There are some brokers who make offer these distinctions with stop entries (FXSol for one).
  • #4
  • Jun 2, 2006 1:12pm Jun 2, 2006 1:12pm
Quoting Money Duck
Unfortunately that is the way some brokers and platforms work during non-farm.

Who is your broker?
"The information contained in this message may be privileged, confidential, and protected from disclosure" With this at the bottom of their reply I'm reluctant to disclose, but discussions about their poor demo model has been discussed on this forum. Is MT4 a good option?
Ekvattiekakkie
  • #5
  • Jun 2, 2006 1:17pm Jun 2, 2006 1:17pm
Quoting mrmikal
Yeah, STOP BUY ENTRIES...I've had similar problems during high volatility before. It has to do with how BUY ENTRIES are actually placed when the trigger is hit. It could be, depending on the broker, that your BUY STOP was actually triggered as a BUY LIMIT at the point of entry...obviously if there is even a 1 pip higher requote between the time that the price hits your trigger and the time that order goes "live", a BUY LIMIT would NOT execute...so for example...the price hits 1.8710 and then requotes to 1.8712 on it's way up...your trigger may be hit, but the entry price of the BUY LIMIT is 1.8711...with the price already higher than your limit, you never enter the market.

It just depends on how your entry stops are triggered.

Incidentally, the same problem could occur with your stops...your stop could get requoted through and never execute. Talk to your broker about how to ensure that your BUY STOP entry is actually a BUY STOP MARKET order and not a LIMIT order.

There are some brokers who make offer these distinctions with stop entries (FXSol for one).
Thanks mrmikal. Should I have removed the order and tried to open a new position again after price had already moved 70 pips - maybe not such a good idea - just a missed opportunity I guess.
Ekvattiekakkie
  • #6
  • Jun 2, 2006 2:26pm Jun 2, 2006 2:26pm
Quoting Money Duck
Unfortunately that is the way some brokers and platforms work during non-farm.

Who is your broker?
Since they did not reply to my question as to why it happened, I will tell you that it was VT Trader from CMS, in order to see if other people had the same experience?
Ekvattiekakkie
  • #7
  • Jun 2, 2006 4:37pm Jun 2, 2006 4:37pm
not an uncommon complaint
Nolite dormiens pungere ursum. -- Latan Proverb.
  • #8
  • Jun 2, 2006 5:03pm Jun 2, 2006 5:03pm
Quoting MrWhipple
not an uncommon complaint
Man I love double negatives :-) I reread this sentence like 6 times.
  • #9
  • Edited Jun 3, 2006 10:08am Jun 2, 2006 6:30pm | Edited Jun 3, 2006 10:08am
Quoting mrmikal
Man I love double negatives :-) I reread this sentence like 6 times.
Sorry dude, I keep forgetting that English in not the first language of a large part of this audience. (heck I can't even spell half the the time, but then I'm Mexican {sort of})
Nolite dormiens pungere ursum. -- Latan Proverb.
  • #10
  • Last Post: Jun 2, 2006 6:44pm Jun 2, 2006 6:44pm
If you are going to trade news, don't touch MT4 ! !
The techical analysis with the indicators are fantastic but trading wise I had lost a lot of money. Wining trades ran straight to loses because I cannot close the positions with reqoutes after reqoutes and then cancellations.
Better ask for more informations in the forum before you open any live account. Most live accounts do not perform as well as demo accounts. Demo works almost perfect but in live, cancellations are more obvious. I have experienced that already with 3 different brokers.

Yes, I smashed 3 screens and 2 logitech mouse. Was just damn MAD ! !

Highway -
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