ETX Capital

pboyles said:
It's like a retailer accepting that a certain percentage of customers will steal from them, however overall they make money and its cheaper to allow a certain amount of thieving because its more expensive to prevent it than just live with it. I think that's your argument, as long as they only steal a little bit from you then you can live with it.
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Yes correct, I can live with it as long as it is within my limits and it all together sums up to as being a good deal.
 
Thank you Rob for taking the time to reassure us, which I for one much appreciate.What's more, it's good to know too that despite the very rarity of such an event, you still accept that there is some room for improvement in how it was handled, and that you're striving to do better.

On an unrelated matter, I remain hopeful that the début of your android app will be not too far from now :)



ETX Capital said:
Hi Peakoil et al

Firstly very sincere apologies to everybody that was inconvenienced by the techinal issues we had for a couple of hours last night.

It doesnt get much worse for an online trading company than to have a trading platform that is off line. It creates lots of problems for our clients who cannot view their positions and orders or trade and for us it affects all parts of our business from the traders to the sales traders and to our customer services. Our business model is based on having thousands of clients online, not on the phone, and we struggled to cope.

ETX need always to see 2 things to operate efficiently, our risk and the underlying markets so we are able to price correctly and to hedge any risk we may need to. When we cannot see the risk or the market we go in to emergency mode and try best to deal with the situation we find ourselves in. Our priority is to keep the business flowing in as responsible a way as is possible until the situation is resolved.

At very exceptional times we may not be able to quote a price unless it is for closing purposes only. I stress this is only at exceptional times and we would always (assuming the market is open) quote a side to allow a client to close their open position. I cannot remember a time in the last few years when due to our platform being down that we have not quoted a price to trade on over the phone.

Sometimes platforms go down - that happens to every platform and no one has a 100% up time. The ETX platform is online over 99.9% of the times it should be and overall that is comparable with most other platforms, especially spreadbet and cfd ones.

That is in no way meant to excuse what happened last night. We let ourselves down by being down and we will strive even harder to make sure we can do all that we can to ensure this doesnt happen again.

Best, Rob.
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peakoil said:
Thank you Rob for taking the time to reassure us, which I for one much appreciate.What's more, it's good to know too that despite the very rarity of such an event, you still accept that there is some room for improvement in how it was handled, and that you're striving to do better.

On an unrelated matter, I remain hopeful that the début of your android app will be not too far from now :)
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Not much reassurance about slippage.
 
gle101 said:
Give me a SB or CFDs that will give you positive slippage? I have so far found only one, that I can for sure say after long time trading with them, and it is not ETX.
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From my own past experience : IGindex , but i dont trade with them anymore ...
 
Negative slippage is a fact in fast markets , it happens all the time it is not stealing lol ! however if they are giving you slippage every time you trade then maybe you should look elsewhere ...
 
Vasco da Banana said:
Even if it's artificial, I think it's acceptable to have slippage if the underlying market is spiking up and down after a news announcement, but not if it only works against the client. The unacceptable face of SB is when they add slippage when the market is hardly moving, either by increasing the spread or just delaying fills.
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These reasons you cover was the the whole point behind my thread.
 
tar said:
Negative slippage is a fact in fast markets , it happens all the time it is not stealing lol ! however if they are giving you slippage every time you trade then maybe you should look elsewhere ...
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Look else where, really? Where's that then as they all do it Tar as you know.
The only way to trade sb without too much damage to profits by their underhand dealings is to trade the 1 hour and above going for the larger trades (+30 pip targets) otherwise forget it, because what I've found is the major sb companies regularly sting the winning traders on entering and exiting, so if you're going smaller targets you're swimming upstream - and stay well away around news announcements because it's their licence to steal, quite literally.
 
tar said:
Negative slippage is a fact in fast markets , it happens all the time it is not stealing lol ! however if they are giving you slippage every time you trade then maybe you should look elsewhere ...
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So in theory is positive slippage, however positive slippage is not being credited whilst negative slippage is being debited, at least that is the allegation that is being made. That is defrauding clients, exactly what FXCM and the others were fined for.
 
pboyles said:
So in theory is positive slippage, however positive slippage is not being credited whilst negative slippage is being debited, at least that is the allegation that is being made. That is defrauding clients, exactly what FXCM and the others were fined for.
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Thats why i said look elsewhere so it depends on the situation , but negative slippage in itself is not really the issue it could be normal not necessarily stealing , and it happens in fast markets all the time , after all if the trader doesn't trust his/her OTC provider then maybe one should move to exchange traded futures and enjoy the real negative slippage ...
 
tar said:
Thats why i said look elsewhere so it depends on the situation , but negative slippage in itself is not really the issue it could be normal not necessarily stealing , and it happens in fast markets all the time , after all if the trader doesn't trust his/her OTC provider then maybe one should move to exchange traded futures and enjoy the real negative slippage ...
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...and the real positive slippage, that is the point.
 
tar said:
Thats why i said look elsewhere so it depends on the situation , but negative slippage in itself is not really the issue it could be normal not necessarily stealing , and it happens in fast markets all the time , after all if the trader doesn't trust his/her OTC provider then maybe one should move to exchange traded futures and enjoy the real negative slippage ...
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:LOL: Yes and I wonder how many of these spread bet knockers are working at DMA brokers and watching their jobs disappear as more people switch over.

For info, I used to run a limit only close strat on spot gold and always received the correct price or better at close.
When I did my calcs regarding spread and carry versus positive slippage, I found that approx. 50% of all costs were negated. That is quite a tidy sum.
I have no idea with regard to other instruments...never done the sums.
 
counter_violent said:
:LOL: Yes and I wonder how many of these spread bet knockers are working at DMA brokers and watching their jobs disappear as more people switch over.

For info, I used to run a limit only close strat on spot gold and always received the correct price or better at close.
When I did my calcs regarding spread and carry versus positive slippage, I found that approx. 50% of all costs were negated. That is quite a tidy sum.
I have no idea with regard to other instruments...never done the sums.
Click to expand...

Usually the problem arises when you really need to enter/exit ( fast markets , BO , panic , selloff , news ... etc ) you will get bad slippage SB or futures DMA whether you like it or not , goodluck to anyone who wants to trade GC futures these days :LOL: .
 
tar said:
Which broker ?
Usually the problem arises when you really need to enter/exit ( fast markets , BO , panic , selloff , news ... etc ) you will get bad slippage SB or futures DMA whether you like it or not , goodluck to anyone who wants to trade GC futures these days :LOL: .
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Which thread are we on?:LOL:

That's why I don't use stops other than cato...there are far better ways to control risk IMO

You can tell a great deal about trader competency by the kind of things they talk about...you can also tell who may be making money and who deffo isn't and who is evolved and who is not.
 
counter_violent said:
Which thread are we on?:LOL:

That's why I don't use stops other than cato...there are far better ways to control risk IMO

You can tell a great deal about trader competency by the kind of things they talk about...you can also tell who may be making money and who deffo isn't and who is evolved and who is not.
Click to expand...
Well I guess it does not matter which way you use in order to control risk, as long as it serve the same purpose.:)
 
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