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Pepperstone Forex

  • #2,381
  • Oct 14, 2013 11:14am Oct 14, 2013 11:14am
This morning and a morning last week I was unable to maximise my Pepperstone MT4 client. It just stayed minimised in my taskbar no matter how many times I clicked on it. I had to download the client and reinstall it to get it working - extremely frustrating as I scalp the Frankfurt open and missed some trades. Has anyone else experienced this issue?

I'm not sure if it's an MT4 issue rather than a Pepperstone MT4 issue, but I have another broker's MT4 client with an identical setup and that has been opening fine.
  • #2,382
  • Oct 15, 2013 12:03am Oct 15, 2013 12:03am
Quoting TheMaxx
This morning and a morning last week I was unable to maximise my Pepperstone MT4 client. It just stayed minimised in my taskbar no matter how many times I clicked on it. I had to download the client and reinstall it to get it working - extremely frustrating as I scalp the Frankfurt open and missed some trades. Has anyone else experienced this issue? I'm not sure if it's an MT4 issue rather than a Pepperstone MT4 issue, but I have another broker's MT4 client with an identical setup and that has been opening fine.

That's odd..

It actually sounds like a Windows problem, or, more specifically, how Windows keeps track of app window placement.

Try this:

1. Right click on the MT4 time in your task bar (which you should see as MT4 is running)
2. Select move
3. before doing anything else, tap one of the arrow keys on your keyboard
4. move your mouse around and see if the window is being dragged with it.

(If right clicking on the taskbar entry does not give you a 'move' option, just hold shift down while you right click on the MT4 task bar item. This might be needed on pinned entries under windows vista, 7, 8, etc..)

I do this all the time when I have a window that was displayed on a 2nd monitor but that monitor isn't plugged in anymore so it appears "off screen" with minimize and restore doing noting. The "move" + arrow button + mouse always lets me move it to the main screen still in use.

Hope that helps.
FXGears.com
  • #2,383
  • Oct 15, 2013 3:55am Oct 15, 2013 3:55am
Thanks Jack - I'll give this a go next time the problem reappears (if it ever does).
  • #2,384
  • Oct 22, 2013 8:26am Oct 22, 2013 8:26am
Huge slippage 30 pips
I already send a case to them to investigate, let's see how they solve my case. ASIC regulate
If they can't solve it, i will open a case and send it to ASIC
Attached Image (click to enlarge)
Click to Enlarge Name: 22-10-2013 7-50-00 CH.png Size: 15 KB
  • #2,385
  • Oct 22, 2013 9:07am Oct 22, 2013 9:07am
Quoting love.l0ve
Huge slippage 30 pips I already send a case to them to investigate, let's see how they solve my case. ASIC regulate If they can't solve it, i will open a case and send it to ASIC {image}
Hey man, I'm glad I'm not the only one. I was mocked on the other page because of a 16 pip slippage. This broker is much much worse than is advertised in this thread. Looks like huge slippage is normal ECN operation for a lot of people in this thread and to tell you the truth I even doubt their posting reasons.

Beware people! Please eveluate this broker a much as you can before putting in big amounts of money!

Ah and to not forget, it's not only slippage. Also spread is way bigger during news time compared to other brokers.
Trading = a mirror to your human flaws. Fix them or be fixed.
  • #2,386
  • Oct 22, 2013 10:12am Oct 22, 2013 10:12am
I don't trade news, but just in case i always put SL to minimize my loss. But huge slippage can't work it out
Let see how they answer me
  • #2,387
  • Oct 22, 2013 10:31am Oct 22, 2013 10:31am
Yup. i have traded with them. While i cannot comment on price feeds and sort but i got to give it to them for good customer service (live chat), and they have this multiple account function so you don't have to re-verify if you wanted to open another account in another currency. Razor account, definitely. And when you trade gold, apparently they don't charge commission.
  • #2,388
  • Oct 22, 2013 10:33am Oct 22, 2013 10:33am
Quoting love.l0ve
I don't trade news, but just in case i always put SL to minimize my loss. But huge slippage can't work it out Let see how they answer me
When I queried, I got nothing from them, other than some feed and when I asked how can I check with their liq. providers that this is indeed their feed and not something they calculated in house, they popped up with that confidentiality agreement. I mean come on, if you ask me 30 pips slippage + spread widen on eurusd = PLAIN STEALING.

Another buddy of mine that trades good money with pepper just told me that he's already looking for another broker. Take care.
Trading = a mirror to your human flaws. Fix them or be fixed.
  • #2,389
  • Oct 22, 2013 11:04am Oct 22, 2013 11:04am
Slip 30 pips mean their liq is not good. I know some broker also pass stop, limit order direct to the bank so the order can enter exact a price they want and a little slippage if it happen
  • #2,390
  • Oct 23, 2013 2:24am Oct 23, 2013 2:24am
Quoting love.l0ve
Huge slippage 30 pips I already send a case to them to investigate, let's see how they solve my case. ASIC regulate If they can't solve it, i will open a case and send it to ASIC {image}
Based on your screen cap, it looks like you were stopped out during the NFP news release.

This particular release had a lot of uncertainty behind it, thanks to the data being delayed due to the US government shutdown.

http://i.imgur.com/L8uvdcu.png

News can cause gaps like this, especially when there's a lot of price sensitivity around the release like we saw with NFP. I mean, NFP is normally a very volatile, gap-inducing, release, let alone when we have a unique situation like this delayed release that has most market participants on edge.

When price gaps through your stop (say, on a news release that shocks the market), there simply isn't liquidity available to fill you at your stop's trigger price, and the broker can only execute the order at the next best price. If the next price in the market is 30 pips away, the broker can't do anything about it but execute your stop at that price.

This is the danger of trading through news releases. This is also why it's important to review pending news before you put on trades that could run into a news release in the future.

If you are in a longer term trade and a major news release is approaching that you aren't trying to play with your position, you can always just hedge out of your exposure and let the outcome of the news settle before putting the exposure back on.

Not all news causes this, but shocks (releases that most people didn't expect, like economic results not lining up with analyst's expectations,) can create situations where price gaps are possible.

This really isn't a broker thing, I mean, sure, some brokers fill better than others during this sort of news based price gap, but in the end, if there's simply no liquidity to fill your order at the desired price in the market, the broker can't change that.. they can only process the order at what the market has available.

Hope that helps explain what happened. Let us know what Pepper says about it...
FXGears.com
  • #2,391
  • Oct 23, 2013 2:58am Oct 23, 2013 2:58am
Quoting soso
Hey man, I'm glad I'm not the only one. I was mocked on the other page because of a 16 pip slippage.
I don't think anyone mocked you... I do remember a few people trying to explain the market mechanics around news and how slippage can happen during news releases. If you just feel mocked since they disagreed with your assessment, you really shouldn't.. most people here are just trying to inform and help a fellow trader understand the complexities of these markets.

Quoting soso
This broker is much much worse than is advertised in this thread.
To be blunt, I don't recall ever hearing anyone advertise that Pepper fills your orders at prices the market gaped through during news releases. That would be silly if anyone made that claim here, especially since Pepper is a DMA/ECN style broker, not a MM. The only way a broker is going to do that is by offering GSLOs (Guaranteed Stop Loss Orders) (which cost a premium, like insurance against slippage, and are expensive enough to negate most of their advantage as the MM's who offer them aren't dumb.)


Quoting soso
Ah and to not forget, it's not only slippage. Also spread is way bigger during news time compared to other brokers.
I refuted your claim back when you compared spreads of Oanda vs Pepper during, and post, news releases. Grabbed a screen cap and pointed out resources showing evidence that what you said just didn't hold up. I stand by it, and refer back to my post here:

http://www.forexfactory.com/showthre...89#post6990089

--

Pepper isn't perfect... I have issues/annoyances with them myself (if you'd like, I can list a few,) but I do feel your expectations of them (when it comes to filling orders that were affected by news) are too high... Consider this, other prominent brokers were reported to have slipped their clients 33, 37, and 43+ pips on the same news release love.l0ve was caught in.. perhaps Pepper was actually the better performer here.

If fills during news that shocks the market were perfect, then everyone would just straddle trade each news event and print money. The market just doesn't work that way.

The Liquidity providers and banks are in place to profit from quoting prices, and making a market. They are going to avoid standing in front of a freight train of orders during news if they'll be on the wrong side of it. Or, put another way, why would they fill your order at your trigger price when they see the market itself trading 30+ pips away?? They wouldn't be in business long doing that.
FXGears.com
  • #2,392
  • Oct 23, 2013 4:35am Oct 23, 2013 4:35am
I already trade many broker, different broker so do different slippage, some good, some bad
Which good, i do bussiness with them, which bad, i keep my money low and wait for their improvement
And Pepper got alot thing to do with that

Here what they said

Thank you for your email and trade inquiry.

At 15:30, exactly when your trade was closed, there was a release regarding non-farm payrolls out of the US. This release is the biggest news announcement for the currency markets on a monthly basis and is notorious for causing large spikes and gaps in pricing. We have investigated the tick data and it shows that there was a gap from one tick to the next that caused the slippage.

Pepperstone is a 'Market Execution' broker and as such we are at the mercy of the market when orders are sent to be filled. This is one of the realities of ECN trading in Forex - Slippage can happen when there is not enough liquidity at the requested price to fill your order so the bank fills at the next best available price.

What has happened is your stop loss order was triggered according to your original price and a request was sent to our server - unfortunately by the time the order arrived at the banks the price you requested was not available due to the market moving so fast and the trade was then closed at the next best available price. So your trade was closed however there was slippage due to the extremely fast moving market. Please bear in mind that stop loss and take profits are not placed in the spread and are subject to market movements to when the price requested is hit.

These prices have been verified by our liquidity providers and therefore we cannot compensate for this slippage.


Here FXCM case about slippage
http://forexmagnates.com/nfa-fines-f...-clients-back/

For Immediate Release
August 12, 2011

For more information contact:
Larry Dyekman (312) 781-1372, [email protected]
Karen Wuertz (312) 781-1335, [email protected]

NFA levies $2,000,000 monetary sanction against FXCM and orders refunds to customers

August 12, Chicago - National Futures Association (NFA) has issued a Decision imposing a $2,000,000 monetary sanction against Forex Capital Markets LLC (FXCM) in settlement of a Complaint issued by NFA's Business Conduct Committee on August 12, 2011. The Complaint cited FXCM for retaining gains derived from asymmetrical positive price slippage; failing to adopt or carry out adequate procedures to ensure the efficient execution of all customer orders; failing to treat all customers equally when giving price adjustments; failing to adequately investigate suspicious activity in several customers' accounts; and - together with its principal Dror Niv - failing to supervise. FXCM is a Futures Commission Merchant, Retail Foreign Exchange Dealer, and Forex Dealer Member located in New York, New York.

In addition to the $2,000,000 monetary sanction, FXCM must credit the accounts of its customers the amount of asymmetrical positive slippage which its customers experienced on their trades from and after June 18, 2008 and provide verification to NFA of these credits. In the future, FXCM is prohibited from engaging in price slippage or margin liquidation practices, as described in the Complaint. FXCM must also enhance existing procedures to ensure efficient execution of customer orders and compliance with NFA's anti-money laundering requirements.

The complete text of the Complaint and Decision can be found on NFA's website (www.nfa.futures.org).

NFA is the premier independent provider of innovative and efficient regulatory programs that safeguard the integrity of the futures markets.
  • #2,393
  • Oct 23, 2013 4:42am Oct 23, 2013 4:42am
Quoting Jack_Larkin
....
I wasn't asking for any Guaranteed Stop Loss feature, but 30 pips slippage on EURUSD even during NFP is plain stealing. You can come with whatever technical explanations of DMA/ECNF style brokers. The moment they can't prove their feed it doesn't matter anymore.

Oanda does it too, that's where I come from, but at least they admit they are a MM. And I don't remember having EVER a 30 pip slippage on EURUSD on Oanda. In years of live trading with them. I ran from Oanda because of spread widening and now it seems I fell in a even bigger hole.
Trading = a mirror to your human flaws. Fix them or be fixed.
  • #2,394
  • Oct 23, 2013 4:46am Oct 23, 2013 4:46am
Sweet Liquidity.

This NFP was a huge event. No one wanted to take on this risk event which is what happens. The whole forex market was waiting all week for it. If you were surprised by that, wait til you get slipped during central bank intervention .. Oanda reported max. 15pip spread during nfp.
  • #2,395
  • Oct 23, 2013 5:00am Oct 23, 2013 5:00am
Quoting love.l0ve
Here FXCM case about slippage
That example has absolutely nothing to do with being slipped during a news event. I do not understand why you brought it up.

That case against FXCM was over asymmetrical slippage, meaning they were not passing on positive slippage to their clients when positive slippage was had. The case was not about slippage caused by price gaps from news releases.

--

Hypothetically speaking, had you been long during the NFP release instead of short, and had your take profit order been where your stop was, you would have likely received positive slippage on your TP order... there is no problem with asymmetrical slippage at Pepper.

*shrugs*
FXGears.com
  • #2,396
  • Oct 23, 2013 5:03am Oct 23, 2013 5:03am
Quoting EmeraldEyes
Sweet Liquidity. This NFP was a huge event. No one wanted to take on this risk event which is what happens. The whole forex market was waiting all week for it. If you were surprised by that, wait til you get slipped during central bank intervention .. Oanda reported max. 15pip spread during nfp.
Exactly. It was a big deal, the market snapped, any and all liquidity near price before the release was either pulled or was quickly gobbled up as the market gaped up.

Frankly, I wouldn't have been surprised if EURUSD gaped even more.. I've seen it do worse and over less dramatic news.
FXGears.com
  • #2,397
  • Oct 23, 2013 6:10am Oct 23, 2013 6:10am
Here's a comparison example:

The December 6E futures contract (the Euro) bolted from ~1.3684 to ~1.3717 in just a few milliseconds. That's ~33 pips worth right there, and even then, within a second of the release the front month 6E contract saw 1.3730+ printing, so potentially as bad as +46 pips of difference depending where your hypothetical stop loss order got queued.

(Keep in mind that a futures' contract price is based on delivery in the future, so it won't be floating at the same quote as spot most of the time, but the price action should be nearly the same on the front month contract at least...) in other words, when 6E moves 10 ticks up, the EURUSD moved 10 pips up.)

Time and sales window on transactions taking place:

http://i.imgur.com/ZbDf6n2.png

Notice the time stamps between these order groups... they're the same second, or within the same second that is, just as NFP was being released.

In between these price points on the time and sales feed is just a huge cluster of crossed up buy orders that took out any and all offers on the book along the way up.

It's not a perfect comparison, since futures isn't spot... but it's interesting to see how that side of the industry fared on the same move.
FXGears.com
  • #2,398
  • Oct 23, 2013 6:52am Oct 23, 2013 6:52am
Quoting Jack_Larkin
{quote} That example has absolutely nothing to do with being slipped during a news event. I do not understand why you brought it up. That case against FXCM was over asymmetrical slippage, meaning they were not passing on positive slippage to their clients when positive slippage was had. The case was not about slippage caused by price gaps from news releases. -- Hypothetically speaking, had you been long during the NFP release instead of short, and had your take profit order been where your stop was, you would have likely received positive slippage...
I note that when i place limit order it always hit exact a price i want, but when i put stop order always have slippage
Yes sometime i have positive slippage but it just 1-2 pips, negative slippage is 3-30 pips
How reliable
  • #2,399
  • Oct 23, 2013 8:06am Oct 23, 2013 8:06am
Quoting love.l0ve
{quote} I note that when i place limit order it always hit exact a price i want, but when i put stop order always have slippage Yes sometime i have positive slippage but it just 1-2 pips, negative slippage is 3-30 pips How reliable
You traded NFP when there was no liquidity - what did you expect? Who is going to magically appear to take the other side of your trade?
  • #2,400
  • Oct 23, 2013 8:07am Oct 23, 2013 8:07am
I completely agree with Soso. 30 pip spread widening, slippage or whatever in that ball game for EURUSD is plain stealing. Period.

No technical explanation will ever do the job of convincing anyone otherwise.

This is a blunt case of a cheap broker administering their dirty little secrets.

I just hope that some people stop with the technical BS explanations.

Best.
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