Good morning.
First of all this entire forum and website is absolutely the best resource I've found for FX trading. Mega-kudos to everyone here! I have been lurking about this forum for quite a few weeks now and I finally have something to ask and/or discuss. I placed a couple of EUR/USD orders (buy and sell entry stops) on 7/24/06 at approximately 10pm US central time. None of these were filled during the 7/25/06 European and early US sessions so I cancelled both of the orders at just after 9am US central time. I logged off of my platform.
I went about my day and checked back around 3pm US central and was dismayed to see that if I had left my sell stop in at 1.2589 I would have been ahead a couple pips. No biggie though. I again logged off of my platform (that's twice now).
At 10pm central 7/25/06 I logged back onto my trading platform and what did I see??? A live trade! I was filled at my sell entry stop price of 1.2589 from the previously cancelled trade....apparently I was filled at 11:20am eastern! This was filled well after my pending unfilled orders were cancelled.
I was glad to have been ahead the 8 pips plus the 5pm rollover. But I was freaked out that I was in play throughout the afternoon US and nearly the entire Asian session while my trading platform showed me flat two times during that timeframe.
I called my broker (not sure if I can name the broker, but would be happy to if it isn't against forum rules) right away after exiting the trade for some answers. Keep in mind that although I was in a profitable trade, I was completely blindsided and bewildered that I would be filled after cancelling an order. The gentleman I spoke with at my brokerage ran a ticket inquiry and emphatically stated that I had not cancelled the sell entry stop, only the buy entry stop. He did not have a clue why my platform did not cancel both orders as I requested nor did he offer any reason why a live trade would not appear on my trading platform when I logged in to check the action at 3pm. He chalked it up to a "glitch" and advised me that I call back right away if it happens again. If it happens again I'm calling to get my funds out, gain or loss. End of discussion.
Has anybody experienced a similar situation? I've been trading FX for a few months and haven't had any problems nor have I heard of anything such as this. Again, I'm glad to have made a few bucks, but I could have just as easily been deep in the hole during this time and not even known about it! It's not like I'm playing with major dollars - a complete account-killing trade isn't going to make me bat an eye, but come on!
I used to hold a Series 3 license when I worked at a commodities firm in Chicago and currently hold a Series 7 and 63 license at a mutual fund company where I presently work with the investing public. I would be skinned alive with a dull, dirty spoon if I filled a client's cancelled order - profit or not. Okay, if it was profitable maybe I'd just be beaten senseless, but it still would be quite serious - I could definitely lose my job. I have seen people fired for much less.
I am aware that FX brokers (dealers really if it's a retail account) aren't reknown for their shining reputations with requotes, stophunting, etc., but I really think that filling a cancelled order and then not displaying the live trade for 12 hours is outrageous.
Maybe it was just a glitch, but if I can't trust a broker/dealer in the most basic aspects of trading I cannot justify continuing the relationship. Any info you can share with me would be appreciated. Thank you in advance!
-=DAVE=-
First of all this entire forum and website is absolutely the best resource I've found for FX trading. Mega-kudos to everyone here! I have been lurking about this forum for quite a few weeks now and I finally have something to ask and/or discuss. I placed a couple of EUR/USD orders (buy and sell entry stops) on 7/24/06 at approximately 10pm US central time. None of these were filled during the 7/25/06 European and early US sessions so I cancelled both of the orders at just after 9am US central time. I logged off of my platform.
I went about my day and checked back around 3pm US central and was dismayed to see that if I had left my sell stop in at 1.2589 I would have been ahead a couple pips. No biggie though. I again logged off of my platform (that's twice now).
At 10pm central 7/25/06 I logged back onto my trading platform and what did I see??? A live trade! I was filled at my sell entry stop price of 1.2589 from the previously cancelled trade....apparently I was filled at 11:20am eastern! This was filled well after my pending unfilled orders were cancelled.
I was glad to have been ahead the 8 pips plus the 5pm rollover. But I was freaked out that I was in play throughout the afternoon US and nearly the entire Asian session while my trading platform showed me flat two times during that timeframe.
I called my broker (not sure if I can name the broker, but would be happy to if it isn't against forum rules) right away after exiting the trade for some answers. Keep in mind that although I was in a profitable trade, I was completely blindsided and bewildered that I would be filled after cancelling an order. The gentleman I spoke with at my brokerage ran a ticket inquiry and emphatically stated that I had not cancelled the sell entry stop, only the buy entry stop. He did not have a clue why my platform did not cancel both orders as I requested nor did he offer any reason why a live trade would not appear on my trading platform when I logged in to check the action at 3pm. He chalked it up to a "glitch" and advised me that I call back right away if it happens again. If it happens again I'm calling to get my funds out, gain or loss. End of discussion.
Has anybody experienced a similar situation? I've been trading FX for a few months and haven't had any problems nor have I heard of anything such as this. Again, I'm glad to have made a few bucks, but I could have just as easily been deep in the hole during this time and not even known about it! It's not like I'm playing with major dollars - a complete account-killing trade isn't going to make me bat an eye, but come on!
I used to hold a Series 3 license when I worked at a commodities firm in Chicago and currently hold a Series 7 and 63 license at a mutual fund company where I presently work with the investing public. I would be skinned alive with a dull, dirty spoon if I filled a client's cancelled order - profit or not. Okay, if it was profitable maybe I'd just be beaten senseless, but it still would be quite serious - I could definitely lose my job. I have seen people fired for much less.
I am aware that FX brokers (dealers really if it's a retail account) aren't reknown for their shining reputations with requotes, stophunting, etc., but I really think that filling a cancelled order and then not displaying the live trade for 12 hours is outrageous.
Maybe it was just a glitch, but if I can't trust a broker/dealer in the most basic aspects of trading I cannot justify continuing the relationship. Any info you can share with me would be appreciated. Thank you in advance!
-=DAVE=-
I couldnt even access the order. Luckily for me I was on a platform that was order cancel order (you couldnt have more then 1 trade in effect at once) so i entered an order opposite what i thought it was running and they cancelled each other out. the order ran over the weekend though, scared me to death. I have only seen this happen on requotes though.