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  • #41
  • Sep 8, 2006 12:07pm Sep 8, 2006 12:07pm
Quoting ycomp
I know this is a stupid question... but I have to ask.

Do brokers usually allow you to cancel you order live? I mean in this 2 minutes held thing, can you click the cancel button? I assume the answer is no... but I would like to know for sure.

Also, if you can't cancel.. is that standard practice? or are there some brokers who let you cancel and some who don't?
By the time I tried to, GFT wont allow me to cancel it. YET, the order is still unfilled! Then and there I realized GFT is up to no good!

I dont know about other brokers.

PS. They allowed me to cancell My Sell Stop order though. But not the Buy Stop.
  • #42
  • Sep 8, 2006 12:15pm Sep 8, 2006 12:15pm
Quoting BurgerKing
By the time I tried to, GFT wont allow me to cancel it. YET, the order is still unfilled! Then and there I realized GFT is up to no good!

I dont know about other brokers.

PS. They allowed me to cancell My Sell Stop order though. But not the Buy Stop.
Ok, I understand what your complaint is...but let me throw something at you...

if you bought in, regardless of slippage...aren't you sitting pretty now?? I thought the entry was at 1.1140?? even with slippage...that's still a good trade...the price kept going all the way up to almost 1.1200...that would be a 60 pip gain...

I know 20 pips is a decent amount of slippage...but you still should have bagged a great trade...

Did you not have faith in the numbers? Or did you just shotgun and expect things to go your way? I'm not sure what you were hoping to happen? You would have cut your profits way too short if you mean to say you got in at the wrong price and didn't expect it to move up.

I think you're a victim of news trading, man...
  • #43
  • Sep 8, 2006 12:21pm Sep 8, 2006 12:21pm
Quoting ZedHashPip
Like I already mentioned numerous times I'm with FXCM and yes they did refund me €750 and called it a good faith adjustment. .
Thanks. Sorry I was too lazy to read your earlier posts. I am glad you are profitable, I wish to be in that category someday too. Sorry if you felt I flamed on you.
PS-I can't believe nobody thinks my manual execution/girlfriend analogy is brilliant. Obviously I am not as clever as I think I am.
Happy trading
  • #44
  • Sep 8, 2006 12:35pm Sep 8, 2006 12:35pm
It is soo easy to say this when you have HIND SIGHT.

When I was filled at 1.1140, the price kept going DOWN! and even touched 1.1113! Thats 27 pips loss!

IF I know at that time that price will go way up further north to 1.1200 surely I would have placed MARKET order in the first place. HECK no one is that good.

USD may have been very strong for the week. And so is CAD.

LOL. I am not a victim of news trading but BAD broker practice. Look around and guess who made money on CAD empliyment news! They were using FXCM, InterbankFX, NorthFinance, Forex.com, OANDA?... But no GFT out there!

I was informed (by GFT deal desk just now) that ALL GFT traders who made orders were filled at 1.1140. Either the deal desk was being idiotic to claim "we spare no one", or being sarcastic "not only you loose", or being honest and console me "you are not the only one"....




Quoting mrmikal
Ok, I understand what your complaint is...but let me throw something at you...

if you bought in, regardless of slippage...aren't you sitting pretty now?? I thought the entry was at 1.1140?? even with slippage...that's still a good trade...the price kept going all the way up to almost 1.1200...that would be a 60 pip gain...

I know 20 pips is a decent amount of slippage...but you still should have bagged a great trade...

Did you not have faith in the numbers? Or did you just shotgun and expect things to go your way? I'm not sure what you were hoping to happen? You would have cut your profits way too short if you mean to say you got in at the wrong price and didn't expect it to move up.

I think you're a victim of news trading, man...
  • #45
  • Sep 8, 2006 12:37pm Sep 8, 2006 12:37pm
Quoting squat1962
PS-I can't believe nobody thinks my manual execution/girlfriend analogy is brilliant. Obviously I am not as clever as I think I am.
Happy trading
HEY!

Actually you made me laugh amidst the chaos GFT unleased on all of us.

But the laughter was easily silenced by the thunder of pain!
  • #46
  • Sep 8, 2006 1:00pm Sep 8, 2006 1:00pm
it is nice to know that someone out there is frustrated with GFT as I am. Not only the slippage will happen at news time..... my stop loss was not fill. and I am not News trading... It was set hours before news .. Thanks Burger king.
or McD....lol
  • #47
  • Sep 8, 2006 1:08pm Sep 8, 2006 1:08pm
Quoting squat1962
Thanks. Sorry I was too lazy to read your earlier posts. I am glad you are profitable, I wish to be in that category someday too. Sorry if you felt I flamed on you.
PS-I can't believe nobody thinks my manual execution/girlfriend analogy is brilliant. Obviously I am not as clever as I think I am.
Happy trading
No problem. I didn't felt attacked at all! I can be pretty lazy too! I'm only profitable not a role model in any way! It's a nice analogy, but I never had a girlfriend so it was difficult for me to relate to your story. LOL!

Quoting ycomp
I know this is a stupid question... but I have to ask.

Do brokers usually allow you to cancel you order live? I mean in this 2 minutes held thing, can you click the cancel button? I assume the answer is no... but I would like to know for sure.

Also, if you can't cancel.. is that standard practice? or are there some brokers who let you cancel and some who don't?
There are no stupid questions. At FXCM , and all other brokers I assume, once the market price goes beyond your entry order the trade is being processed. There is no way to do anything about it at that moment. You just wait to see if you got filled at the desired price. You can imagine how bad it feels when after a few minutes the trade appears on screen and it being filled much higher while the market turned against you long ago.

@ mrmikal

I really wish i was still in that trade, but unfortunately I'm not yet at the stage to see my account down for more than a thousand dollar without getting too emotional. I still have a lot of work to do. The numbers were clearly USD bullish, but nothing is certain in FOREX.
  • #48
  • Sep 8, 2006 1:13pm Sep 8, 2006 1:13pm
Have been trading a while first at fxcm sucks then at interbank great success all the time on the news straddle
Quoting sovo1970
it is nice to know that someone out there is frustrated with GFT as I am. Not only the slippage will happen at news time..... my stop loss was not fill. and I am not News trading... It was set hours before news .. Thanks Burger king.
or McD....lol
Attached File(s)
File Type: doc Interbank FX.doc   68 KB | 360 downloads
THE MAN
  • #49
  • Sep 8, 2006 1:19pm Sep 8, 2006 1:19pm
Quoting mrmikal
Ok, I understand what your complaint is...but let me throw something at you...

if you bought in, regardless of slippage...aren't you sitting pretty now?? I thought the entry was at 1.1140?? even with slippage...that's still a good trade...the price kept going all the way up to almost 1.1200...that would be a 60 pip gain...

I know 20 pips is a decent amount of slippage...but you still should have bagged a great trade...

Did you not have faith in the numbers? Or did you just shotgun and expect things to go your way? I'm not sure what you were hoping to happen? You would have cut your profits way too short if you mean to say you got in at the wrong price and didn't expect it to move up.

I think you're a victim of news trading, man...
mrmikal,
The move from 1.1140 up was not depending from the news at all...

trucco
  • #50
  • Sep 8, 2006 1:20pm Sep 8, 2006 1:20pm
You have to know your broker and How to USE them. I personally have GFT and know how to trade the news with them. I tried to trade the USD/CAD on this mornings report and didn't lose any money. I know for a fact the USD/CAD dries up very quickly on news reports so it is infact very hard not to get slipped, no matter who your broker is. Strattlers Beware!!! Do not strattle with GFT. They are not the type of broker to do that. This is how I trade the news with them. I open a direct order ticket. Do this by clicking CTRL +D. Once the news came out and I saw that it was a buy signal I clicked buy and it went pending for about 20 seconds. Then because they could not get me the price I clicked at, my request got rejected. No biggie to me because it retraced way back from where I clicked buy. Usually when I use a direct order on a news report and it slips me, before it actually executes the slip a window pops up asking me if the new price is ok? I then have 8 seconds to accept the new entry. If you don't like the new price then cancel the order or let the 8 seconds go by. Simple as that.
My rep at GFT told me this trick after I lost money on a news report. Like many, people do not know how orders get executed and they just complain about them. Market orders, stop orders, limit orders have to go through the dealing desk in order to get executed and in volitle times during a news report you will have to wait in line essentially to get filled. Direct Orders get filled automatically. Now during non news releases any type of order is fine, you dont have any delay. I hope this helps.

Now considering they are a market maker with a dealing desk they are by far the best in my opinion. I personally rather have this feature than not knowing how much the spread is going to be seconds before the news is released like Oanda. I hear it was 15 pips.
  • #51
  • Sep 8, 2006 1:28pm Sep 8, 2006 1:28pm
total direct deals to central banks
Quoting SD2DFW
You have to know your broker and How to USE them. I personally have GFT and know how to trade the news with them. I tried to trade the USD/CAD on this mornings report and didn't lose any money. I know for a fact the USD/CAD dries up very quickly on news reports so it is infact very hard not to get slipped, no matter who your broker is. Strattlers Beware!!! Do not strattle with GFT. They are not the type of broker to do that. This is how I trade the news with them. I open a direct order ticket. Do this by clicking CTRL +D. Once the news came out and I saw that it was a buy signal I clicked buy and it went pending for about 20 seconds. Then because they could not get me the price I clicked at, my request got rejected. No biggie to me because it retraced way back from where I clicked buy. Usually when I use a direct order on a news report and it slips me, before it actually executes the slip a window pops up asking me if the new price is ok? I then have 8 seconds to accept the new entry. If you don't like the new price then cancel the order or let the 8 seconds go by. Simple as that.
My rep at GFT told me this trick after I lost money on a news report. Like many, people do not know how orders get executed and they just complain about them. Market orders, stop orders, limit orders have to go through the dealing desk in order to get executed and in volitle times during a news report you will have to wait in line essentially to get filled. Direct Orders get filled automatically. Now during non news releases any type of order is fine, you dont have any delay. I hope this helps.

Now considering they are a market maker with a dealing desk they are by far the best in my opinion. I personally rather have this feature than not knowing how much the spread is going to be seconds before the news is released like Oanda. I hear it was 15 pips.
THE MAN
  • #52
  • Sep 8, 2006 1:49pm Sep 8, 2006 1:49pm
Somebody can help me to understand who is behind a dealing desk ?

I mean, Are there persons or is a server system ?

if are people, how can they be so quick and efficient to execute your order when they get thousands of orders in a second ?!

Based on what they execute their orders ?
Wouldn't be a server system much more efficient and quick ?

Thanks for clarification
  • #53
  • Sep 8, 2006 2:01pm Sep 8, 2006 2:01pm
Quoting trucco
mrmikal,
The move from 1.1140 up was not depending from the news at all...

trucco
Do tell us what created that move if it was not some traders utilizing that economic report to place the USDCAD orders to drive that price up? I suppose a company could have happened to fill a huge order and needed to convert CAD into USD. that's a 60 pip move though, must have been alot of jobbers placing orders this morning.

BUT, I fundamentally believe in this stuff so I am quite biased. I placed a buy usdcad limit order at about 1.1150 but the price never looked back and poor oversleeping me missed out.

But seriously, trucco. what do you think created that move? (created a situation where the buyers drove the price up)
  • #54
  • Sep 8, 2006 2:12pm Sep 8, 2006 2:12pm
Quoting mrmikal
Ok, I understand what your complaint is...but let me throw something at you...

if you bought in, regardless of slippage...aren't you sitting pretty now?? I thought the entry was at 1.1140?? even with slippage...that's still a good trade...the price kept going all the way up to almost 1.1200...that would be a 60 pip gain...

I know 20 pips is a decent amount of slippage...but you still should have bagged a great trade...

Did you not have faith in the numbers? Or did you just shotgun and expect things to go your way? I'm not sure what you were hoping to happen? You would have cut your profits way too short if you mean to say you got in at the wrong price and didn't expect it to move up.

I think you're a victim of news trading, man...

Before Burgerking was gonna trade this news.. he study and post last charts and as u can see this news spike from 30-80 pip in 1st 2 min

So i think its to easy to says : Yeaaa hey man the price go up... u victim of news trading man !!!
Charting Markets into the Future...MǎҖ€¥.
  • #55
  • Sep 8, 2006 2:25pm Sep 8, 2006 2:25pm
Brokers claim that:

* There are thousands of orders before each news - TRUE
* And it is impossible for humans (if not enough of them) to process these orders manually - MANUALLY TRUE - but with aid of computer, its as easy as one mouse click

But why are our positions not shown quick enough?

Broker claims Internet speed as problem.

How much bandwidth does each client consume to get your platform conected to the broker? I can connect with a DIAL UP.. this suggest a very low bandwidht usage. Either the Broker dont have enough bandwidth indeed (who wanna trade with a CHEAPO?) or plain playing us for fools.

So where is the slowdown?

The slowdown is for them to watch the market's move.
Peon: Boss, price peaked at 1.1143, now its totally going down. No way can they win sir.
Boss: Ok boys, fill them up at 1.1140!

Market Orders are routed directly to the automated system either traded against other traders or into the bank. This totally go with what SD2DFW said.

BTW. My 1st trade with GFT was a market order on the NFP. It was going too volatile that I was not able to straddle properly and clicked SELL instead and was entered at my price.

IF i totally know this, surely I would do market order instead. BUT I did not know... GFT did not bother telling me this... they dont want to let me know so they can leech money from me..
  • #56
  • Sep 8, 2006 2:48pm Sep 8, 2006 2:48pm
Quoting merlin
yeah my comments werent aimed at you burger, held orders is another issue altogether. GFT is not the best news broker, i would agree. but they are a very good broker overall, and very honest people in my experience.
On that note, How many of you have ever heard or been subjected to {whether you knew it or not} a Brkr stating "Not Held".

This stuff about complaining about Fills is as old as the Market.

Try explaining to half your clients that the fact they didn't get as good a "Fill" as the Other half of your clients was not your fault but life in the markets.
  • #57
  • Sep 8, 2006 3:05pm Sep 8, 2006 3:05pm
Quoting BurgerKing
Brokers claim that:

* There are thousands of orders before each news - TRUE
* And it is impossible for humans (if not enough of them) to process these orders manually - MANUALLY TRUE - but with aid of computer, its as easy as one mouse click

But why are our positions not shown quick enough?

Broker claims Internet speed as problem.

How much bandwidth does each client consume to get your platform conected to the broker? I can connect with a DIAL UP.. this suggest a very low bandwidht usage. Either the Broker dont have enough bandwidth indeed (who wanna trade with a CHEAPO?) or plain playing us for fools.

So where is the slowdown?

The slowdown is for them to watch the market's move.
Peon: Boss, price peaked at 1.1143, now its totally going down. No way can they win sir.
Boss: Ok boys, fill them up at 1.1140!

Market Orders are routed directly to the automated system either traded against other traders or into the bank. This totally go with what SD2DFW said.

BTW. My 1st trade with GFT was a market order on the NFP. It was going too volatile that I was not able to straddle properly and clicked SELL instead and was entered at my price.

IF i totally know this, surely I would do market order instead. BUT I did not know... GFT did not bother telling me this... they dont want to let me know so they can leech money from me..
As I said, you want to place a Direct Order (CTRL+D) during news times with GFT. Not a new market order. Direct Orders are much like a market order but for some reason they get executed faster. Oh and by the way, when your Direct order gets executed and you catch the spike and want to get out the best way to do that is to do another direct deal order for the same amount of lots for the opposite direction and that will offset the position. The do not allow hedging. There are many ways to execute orders through their platform.

Why would GFT bother to tell you? Its not their responsablility. They have a help section that talks all about direct deal orders on your platform. Plus my personal rep asked me when I signed up if I wanted to have a walk through with their platform. My rep and I speak quite freqently. He wants me to succeed as much as I want to (at least he seems that way). They day I slipped so bad was the day I called him up and asked him why? He setup a conference call with the dealing desk to find out. When he found out how I was executing my orders he told me of this better way.
  • #58
  • Sep 8, 2006 5:16pm Sep 8, 2006 5:16pm
Quoting SD2DFW
Now considering they are a market maker with a dealing desk they are by far the best in my opinion. I personally rather have this feature than not knowing how much the spread is going to be seconds before the news is released like Oanda. I hear it was 15 pips.
Oanda puts some pretty hefty spreads in for the 1st few seconds of a news release. The eurusd is not too bad though. Oanda's stand is that straddling exploits a technological defect and they lose money if they guarantee spreads at news release time. Any market maker will figure out a way to control these things IF they are losing money from it....... they have to or they will go out of business.
I look for a rebound price on news trades with Oanda, that spread goes down and you can still get a nice position with them. I would love to be able to straddle and get really tight fills with limit orders, but it seems unlikely that a straddle system will work for the long haul.

I would guess the long term traders in the forum have seen several fads that go by the wayside in trading once brokers see their bottom line affected badly. I am curious if any traders with at least 3 years experience have any input on all this chatter. I have read that people exploited news before and whipsaws were the broker solution to this problem..... do not know if there is a shred of truth to that or not.
  • #59
  • Edited 6:03pm Sep 8, 2006 5:48pm | Edited 6:03pm
Quoting squat1962
Do tell us what created that move if it was not some traders utilizing that economic report to place the USDCAD orders to drive that price up? I suppose a company could have happened to fill a huge order and needed to convert CAD into USD. that's a 60 pip move though, must have been alot of jobbers placing orders this morning.

BUT, I fundamentally believe in this stuff so I am quite biased. I placed a buy usdcad limit order at about 1.1150 but the price never looked back and poor oversleeping me missed out.

But seriously, trucco. what do you think created that move? (created a situation where the buyers drove the price up)
I think that the price until 1.1140/45 was priced from the news , and then starting from there was the general bullish USD.
If USD wasnt bullish that step wouldnt have been passed.

You think that if USD today was bearish the CAD would be to 1,2000 ?

I believe more that if the euro and the pound would be up today, then also the cad would have been bullish following the bearish USD

If you look at graphs, you will see that EUR, GBP and CAD started to be bearish versus USD all at the same time, which is 14:29 CET or I guess 8:29 in US
  • #60
  • Sep 9, 2006 12:19am Sep 9, 2006 12:19am
Quoting mrmikal
It never ceases to amaze me how surprised everyone gets around news releases. Slippage, sellers not being available, conspiracies...no matter how often people try to explain it, a raw deal always brings out these types of posts...

BK...so, you got broiled on a news trade. 2 minutes of not being filled...how many times has this happened to you? 1 time? More than once would be cause for alarm, but just perhaps your order WAS slowly being slipped by the actual market...perhaps it was just an odd set of circumstances. Look, if you feel like leaving your broker, that's fine...but guess what...someone suggested InterbankFX...do a friggin search, dude...you think YOU'VE got complaints now? The point is, all brokers have strengths and weaknesses...perhaps you should focus more on fixing issues with your trading system than trying to find a broker that will match it...the hard and difficult truth of the matter here is that no matter what broker you go to, your system will have its flaws exposed...IBFX could very well be a decent broker, but honestly, do you think they're going to be any better than GFT or FXCM or any one of the other retail brokers out there? Sure there will be nice things with one that you can't do on another, but you'll spend more time and money moving your cash from broker to broker instead of focusing on a much more "controllable" aspect of your trading...namely you and your system.

So you trade the news, bit whoop...lots of people do...maybe you were good at it for a while (or lucky), *shrugs* money from news comes in droves for a lot of people....but check this out...what if your strategy doesn't really work? or doesn't work over time? are you going to keep putting your trust in that system? No no...in order to win at this game, you have to stay a step ahead of your own system. You should be constantly wondering why it doesn't work in all situations (namely when you get 20 pips of slippage...which honestly...isn't a big deal...)

Of course, this is just my suggestion...take it with a grain of salt...I definitely understand that if you're not comfortable with you broker, then please leave...but here's the biggest problem that I have...some people like GFT and some people don't...that's all good...but these "mixed" reviews make me believe that everyone has to form their own opinion of the platform. Letting people know about your bad experience is one thing, but flaming a broker makes you seem just outright angry and biased. Of course, your angry and biased, but your comments could be construed as more divisive than a thoughtful critique. In that particular case, people who will naturally WANT to believe you will have already be predisposed to listening to you and those who DON'T WANT to believe you will go on their merry way.

I think if you had presented your case in a more "calm" demeanor rather than the "IF YOU HAVE AN ACCOUNT, TAKE ALL YOUR MONEY OUT NOW!!!" approach, it would have been more respectable AND it might have actually caught the attention of more readers in the way you wanted...for example:

"I know I probably shouldn't have done a news trade on the USD/CAD today, but I thought it was a safe pick because of (list reasons here). I know this system works because (aren't you reading my journal here at the factory?). Well, my broker didn't exactly cooperate with me today, and it took almost 2 minutes to fill my (list the type of order, market, limit, etc). I ended up 20 pips in the black because of this. If I could take back the trade I would, but I ended up a loser here primarily because of the slippage and not being able to get out quickly enough. Has anyone had this experience with? Please confirm that it's either my system or this broker has a history...does anyone else have a suggestion?"

At that point, readers will be more inclined to listen to you and even help you. Perhaps calm you in the process...perhaps it was a poor decision on the trade. I don't know...

Like I said, I tend to read threads like these and roll my eyes. I think there is a much more constructive way to critique and suggest brokers...but for some reason in the forums, there is a tendency to just bash without any respect. The brokers on this forum will just dismiss posts like these...but helpful critiques might actually solicit more action from a broker who respects the poster for the helpful critique...

Anyone agree?
Now thats cool!
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