Brokers that GUARANTEE no slippage...

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akshay

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Hello Guys,

I was rather upset when a client that I trade for, with the stop loss set at 1.213, was closed out at 1.2188 after the non farm payrolls report. I mean, why in the heck do brokers even have stop losses if they're not going to be honored?

Can you guys let me know of brokers that ABSOLUTELY 100% GUARANTEE no slippage, no matter if the markets move 200 pips in one direction after big news events?

It would be great had you actually experienced such an event with your broker, for example if you were short Eur/Usd before the NFP release and were honored your stop? Cuz my experience shows some of these brokers guarantee one thing, but do something else.

I'm sure everyone else would appreciate this info also.

Akshay
 
You can't guarantee a price on a Stop unless you use Stop Limit. A Stop is effectively an At Market Order when triggered. Would you rather not get a fill and watch it go further against you?
 
I meant any broker who guarantees price on a stop limit. Sorry for the confusion. :)

A
 
Hello Ashkay

Iv been using http://www.ac-markets.com/ for a while now and have had no problems with them, 3 pip spread, no slippage on stops and a great platform.
I never traded the recent non farm figures so i can't comment on that, but did trade the previous months figures through ACM and had by stop honoured at the price quoted.
Which broker are you referring to?

Faris..
 
From the comments of others, FXCM may be worth a look, although some of the spreads are a touch high. I have had chats with their online help people and they say that they guarantee stops, even over the weekend, and there seems to be nothing to contradict this at this stage.

rog1111
 
yes rog1111, they do comply with their comments regarding no slip on stops. Personally, I haven't experienced any problems on this score with varying degrees of size. I don't trade much intraday stuff with them, primarily swing...as you say, they're not the most competative broker out there (on cable anyway). I have heard tell of a few disgruntled clients, but can only comment on my own association with them. I played the non-farms on Friday thru them, and once again, they honoured the price on entry. I'm not sure of the reasonings behind the dissatisfied mutterings yet (snouting around for further info), but guess it might have something to do with individual strats/size etc....anyway, if I find anything to the contrary, I'll post!
 
Buk - thanks for your PM.

The post was deleted from Moneytec cuz FXCM is a sponsor there. I notice they're a sponsor here also so it may be deleted.

FXCM are a bunch of rogues.. see http://www.lovemyprofits.com/pages/62/index.htm

They've been sued a heck of a lot of times... http://www.nfa.futures.org/basicnet/Case.aspx?entityid=0308179&case=04-80132&contrib=CFTC

Almost everyone I've spoken to regarding them tells me they predatorily hunt your stops, meaning they close them even when not hit.

That first link above proves they'd go to any entent and extreme to screw traders. They actually fake quoted a 30 pip dip to take out everyone who was long with an SL 30 or less (which is pretty normal, for news most speculators will put an SL 10-30 and hope for the best).

I cannot believe and am disgusted a company would go to such lengths to screw traders in order to fill its coffers. Seems they made money no matter whether traders went long on short. They should be stripped of broker status and hauled into prison.

Akshay
 
I would not go anywhere near FXCM . I have a friend whose stop had 108 pips of slippage on Friday. I have seen things from that company that I am convinced could close them down - one day they will be, of that I am certain.
 
Because the spot forex market is not regulated I guess that such 'market makers' can and will be able to skew their spreads out of sync with the underlying interbank market. Remember, they are not 'brokers' they are 'market makers' - they make their own market and thus set their own price.
 
Agreed Jtrader. As an example ACM suddenly widen all their prices to 20-30 pips just before any fundamental announcement,thus triggering stops.
 
I get the impression that Interactive Brokers with their IDEALPRO spot forex service is as close as you may get to trading spot forex with a broker. They place orders directly into the interbank market and make their profits purely in a brokerage capacity. I think there are a few other companies that enable a similar thing but not sure who.
I read on another thread a member recommending that it's a good idea to always use limit orders when placing a trade. This way you will not run the risk of being filled 30 pips away from where you thought you'd get filled - :mad: ;).
 
JP1966 said:
As an example ACM suddenly widen all their prices to 20-30 pips just before any fundamental announcement,thus triggering stops.
Click to expand...
Sorry JP, the one doesn't imply the other. Just because they widen their spread before major news (wouldn't you?) doesn't mean they're hunting stops.

Nobody tells you to place 20 or 30 point stops.

Actually, nobody tells you to even be IN the market just before news.

Quite a few on these boards argue quite the opposite strategy.

Seems to me, if you're a big enough boy to take your chances and be/stay in the market ahead of news, you should be big enough to take the losses and the gains as they occur.
 
akshay

Thanks for the links, I'll investigate further. I wouldn't have noticed these artificial spikes from the Netdania charts that purport to use FXCM bid prices, normally the globex futures spikes are larger.

rog1111

akshay said:
Buk - thanks for your PM.

The post was deleted from Moneytec cuz FXCM is a sponsor there. I notice they're a sponsor here also so it may be deleted.

FXCM are a bunch of rogues.. see http://www.lovemyprofits.com/pages/62/index.htm

They've been sued a heck of a lot of times... http://www.nfa.futures.org/basicnet/Case.aspx?entityid=0308179&case=04-80132&contrib=CFTC

Almost everyone I've spoken to regarding them tells me they predatorily hunt your stops, meaning they close them even when not hit.

That first link above proves they'd go to any entent and extreme to screw traders. They actually fake quoted a 30 pip dip to take out everyone who was long with an SL 30 or less (which is pretty normal, for news most speculators will put an SL 10-30 and hope for the best).

I cannot believe and am disgusted a company would go to such lengths to screw traders in order to fill its coffers. Seems they made money no matter whether traders went long on short. They should be stripped of broker status and hauled into prison.

Akshay
Click to expand...
 
most folks have experienced negative kick back at some point with various market players, as a few have already pointed out, it's purely a consequence of the business we're in. I realise it's no excuse, but I doubt there are many who are/have been immune from being spiked out of positions. Girlpower's right, we don't have to play the lottery of the numbers game! the negative aspects of taking positions around these events have been well documented on these threads. Friday was only the third ocassion I've played the news releases this year, and maybe I was fortunate to come away unscathed, but it's my decision, and I enter knowing the consequences. I can only reiterate, I've had no previous problems with FXCM, that's not to say they're whiter than white, after all they're in business to make money, and it's cat & mouse at the best of times. Name me a market player that strokes your head with a friendly smile & I'll show you a wolf in sheeps clothing! we all know the risks.....
 
The point is that regulated markets and brokers cannot do this.

Globex is a regulated and fair market. The EURUSD future would certainly not have stopped out this trade.

IB is regulated by the FSA here and by the relevent bodies in the States so they will not directly play with the Spot quotes else they will be in serious trouble. They are a pure broker so they wouldn't gain from doing so in any case.

You use bucket shops you get what comes. How do you think they guarantee stops?

JonnyT
 
I was trading that day, as I am sure we all were. I had one stop order in for a long on the Yen and two entry stops for the Euro and Pound respectively. They were all right in the middle of the moves of each of the currencies and I got filled on everyone of them. I trade with GFT Forex and they have been superb so far. I have never missed a fill and they have handled all my other needs. They absolutely 100% guarantee stop prices. Mind you I am only speaking from my experiences, I can't speak for everybody.

Hope that helps,
 
On all the boards all I see is people complaining about bad fills on stops or whatever. Do something about it. Stop trading with them like I did. Now I use options to trade the big data and its so peaceful around here at 1.30 :) You do all your work and do the trades before the data and just sit back and hope for a nice move. The trick is to only trade when data is important but so far I have traded 4 times and profited 4 times. I just can't see why people bother with cheating brokers because you just can't win with them. Make a few good trades and then they delay your fills. It's because they don't do your trades and need you to lose for then to make a profit. I've been told UBS is the best real dealer but I'm not yet at the minimum deal level but it's a target for me to achieve.
 
For whats it worth I have been using FXCM for the last two months and have had no problems at all with fills and all stops have been executed 100%.
 
I have traded a CMS live mini account for three months and my stops have always been honoured without slippage, including the 200pip move on Friday .
There are problems with server down time and the autotrading software but this has improved recently.
 
I too was filled without slippage with FXCM last friday within seconds of the NFPR news. I had a successful long but was also stopped in to a short trade (and then out for a loss) by that downward spike just before 1.30pm UK time.

Interestingly, this downward spike did not appear on charts for GFT, Saxobank or even (gasp) D4free spreadbet.

May well look into this as it does seem suspect. (Despite my win being far more than the loss and being filled without slippage).
 
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