Brokers that GUARANTEE no slippage...

This seems to be indian territory.

I have opened an account with GFT Forex but just discovered that I can't place a limit order closer than the spread+1 point. That means that as well as being stuck with a 3 or 4 point spread I can't use a limit to get a 2 or 3 point advantage when the price is highly likely to retrace after reaching a key level.

Are any of the others (1) reliable with guaranteed stops, and (2) not screwing you by preventing you placing limit and/or stop orders close to the current price?
 
I received the following e mail this morning. I can't comment on the company as I know nothing about them:


"New Trading Feature

Berkeley Online FX now offers trailing stops on all of its currency pairs. Trade on your online FX system and walk away without having to worry about losing out on potential profits.

For more information about this and other features on the system please contact Sebastian Jones on 0044 207 758 4777, email [email protected] or go to www.bfl.co.uk/forex

Sebastian Jones

Account Executive
 
Akshay,
I'm using forex.com and they have a no slippage policy on trading hours (that policy is not extensive to weekends).

I hope that helps,
sysf
 
Researching further has convinced me beyond any sensible doubt of one thing- as follows.
As long as you are in automatic execution mode with FXCM you WILL get guaranteed stops.
Whenever, whatever, period.
If they switch you into manual mode, for whatever reason, all bets are off. But not today's problem.

Meantime, that will do to get me started, so... switching on my live account tonight.
If anyone sees me in the poorhouse on Xmas eve, please be kind and throw me ten pence.
 
Researching further has convinced me beyond any sensible doubt of one thing- as follows.
As long as you are in automatic execution mode with FXCM you WILL get guaranteed stops.Whenever, whatever, period.
If they switch you into manual mode, for whatever reason, all bets are off. But not today's problem.

Meantime, that will do to get me started, so... switching on my live account tonight.
If anyone sees me in the poorhouse on Xmas eve, please be kind and throw me ten pence.
Click to expand...


Hi Torch,

What exactly do you mean by...As long as you are in automatic execution mode with FXCM you WILL get guaranteed stops. What is 'automatic execution mode?'

Good luck with the live account. When I pulled the trigger for real on the first occasion, I could not control the shaking of my hand sufficiently to get the stop loss on immediately after the trade; it took me about thirty seconds!! That was with GCI and their trading platform did not have the facility to enter a stop loss at the same time as your order!! All I kept thinking was "What happens if the computer freezes or the lines go down??!!"

Sound familiar, traders?

Seancass
 
i've been doing fx through the shops for quite a while, and have explored many platforms both live and demo. if i may sum up what i've experienced for myself and the notes from the rumour mill, here goes.
fxsolutions - pretty charts, seems honest to the pip but no guarantee fills, 'best market offer' is what they said. the last non-farm payroll they filled my stop entry more than 100 pips away, i ended 5 pips gain and that was the end of my relationship with them.
fxcm - plain platform, lousy charts but guarantee fills, same news day, gunned for my short, stopped out, then went long on news, took a couple of minutes to confirm fill on the long (probably hoping the rebound would take the stop). end result +85 pips, dishonest but filled on the dot.
forex.com - platform seems so tiny for my 17-inch monitor, demo it and dosen't seem to allow stop entry (can anyone advise contrary?) guarantee to fill is what they say.
cms - ghost server is what my buddies and i call them, they seem to stall their servers before major news.
oanda - tight spread but don't count on the same when news comes around, the spread is as wide as the streetwalkers when volitility comes.
alpari - nice but russian, need i say more
mg - cool site, friend swears no slippage but have no public statement on it.

-- the end --
 
Well, I can't speak for the experience of others, but I run a trading platform with FXCM and I run a double account trading platform with CMS

I have been trading them both since about last october and so far I would say this. As long as a stop loss is in position in the trade, they will both honour it. They both honour entry prices, stop losses and limits. If the market is volatile without exception the CMS platform will crash and may be unaccessible for an hour or more, but they always honour their stops. It is a pain in the **** when it crashes with such regularity, but that is a different issue. We are here discussing honouring stops.

Indeed only ten minutes ago I got off the phone from FXCM after complaining that a limit had been hit before the price reversed and hit the stop and they have agreed and just re-embursed me my pips.

I do find it slightly disturbing that I should have had to complain in the first place and go to the effort of taking screenshots of the event (a thing which I ALWAYS do), but on the whole in the last 10 months of trading with FXCM I have only had recourse to ring them and complain twice.

CMS, I have unfortunately had to ring an numerous occasions, but to be fair to them, they still have always honored the limits and stops when it has been pointed out to them that they have made a mistake.

Sending a screenshot of the event pretty well clinches the argument if they try to give one because they can't argue against it.

Should we have to take screenshots to prove our case? No, but there again should we really have to lock our doors to keep thieves out? or do many of the things that we do to insure our security? There are probably many arguments for both sides, but back to the matter in hand - from my own experience FXCM and CMS both will and do honour their stops if the stop loss is registered in the trading platform.

Etext
 
i can confirm this now my friends, fxcm do actually gun for your stops without shame. just today, when the cpi news came through, fxcm took out the short trades (cable), wipe them clean before allowing the prices to go up. just look at their charts, it's based on their bid price. i got 3 other charts of different platforms running at the same time, none did what fxcm did. these guys have the audacity to 'deviate off-course' by at least 20 pips. i'm getting out, this is no way to trade. just for your infomation, some guy posted at moneytec forum his refco (parent to fxcm) statement showing how they cleaned him out, another claimed refco reversed his $11k profit, claiming there was no market price at that point in time. they're now claiming to want to lodge a legal complaint. a quick check on the nfa site showed refco and fxcm have had fines to the tune of millions against them. be warned..
 
blue_seraphim said:
i can confirm this now my friends, fxcm do actually gun for your stops without shame. just today, when the cpi news came through, fxcm took out the short trades (cable), wipe them clean before allowing the prices to go up. just look at their charts, it's based on their bid price. i got 3 other charts of different platforms running at the same time, none did what fxcm did. these guys have the audacity to 'deviate off-course' by at least 20 pips. i'm getting out, this is no way to trade. just for your infomation, some guy posted at moneytec forum his refco (parent to fxcm) statement showing how they cleaned him out, another claimed refco reversed his $11k profit, claiming there was no market price at that point in time. they're now claiming to want to lodge a legal complaint. a quick check on the nfa site showed refco and fxcm have had fines to the tune of millions against them. be warned..
Click to expand...
Granted doing business with crooks is no picnic, but if you can trade on their platform when the price is 20 pips out of line why not arb the sh!t out of them and make some easy cash?
 
you're welcome to try, they will do the hocus pocus thing and claim no market again. in anycase, during such times, their platform will not respond to your orders. if only life were that simple, i'm going back to my old hunting ground, doing the eminis.
 
blue_seraphim said:
you're welcome to try, they will do the hocus pocus thing and claim no market again. in anycase, during such times, their platform will not respond to your orders. if only life were that simple, i'm going back to my old hunting ground, doing the eminis.
Click to expand...
If you like forex, why don't you just switch to currency futures which is a fair market because the broker is not taking the other side of your trades.

 
Are there any futures contracts that have decent liquidity and are quoted on a spot rather than forward basis. To me the huge downside of futures is that they are a forward and so when the market is volatile it is too cumbersome to check the price to the real underlying interbank market.
 
JP1966 said:
Are there any futures contracts that have decent liquidity and are quoted on a spot rather than forward basis. To me the huge downside of futures is that they are a forward and so when the market is volatile it is too cumbersome to check the price to the real underlying interbank market.
Click to expand...
Even without calculating, you get accustomed to adding or subtracting the spread. It only changes from day to day and not intraday so for example if the futures are running 9 tics below the spot you just add 9 to the futures to get the spot price. They move pretty much in tandem so you can just trade off the spot price if you want, except that the futures can move farther right after an economic release so you want to check that the spread is not to far out of line in fast market conditions.
 
www.gftforex.com

Phil

akshay said:
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
Click to expand...
 
Please clarify

Who don't guarantee during fundamental announcements anymore, and what is a fundamental announcement?


JP1966 said:
wrong! They don't guarantee during fundamental announcements anymore.
Click to expand...
 
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