arabianights
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I miss HK
ive seen this more than once on trade to win.
Look, a bucket shop is where the other side actually have the other side of your trade. that's teh definition of what a bucket shop is as far as I know.
there are execution brokers who will quote you best bid/ask, and deal at those prices on your behalf. So if you give them a buy limit order, you have to wait for it to go offered at your price to get your order filled. These aren't bucket shops these can be very highly respected firms.
We've been through this before, and as before you completely miss the point. Just because a firm offers an ECN for trading doesn't mean it can't be a bucket shop.
There can be problems in how they handle orders, errors, refunds, etc. In this case IB was closed, not the market.
IF IB doesn't handle the orders correctly then they are no better than bucket shops. Whether they do or not I don't know as I don't trade with them. I was only offering information so people can make their own decisions. An interested party would need to take the time to find out for whatever reasons.
I do agree with the very last line of your post.
Peter
Well, actually, it does. IB aren't on the other side of your trades, they just take a commission from matching the orders.
the ECN was closed, which IS the market you are trading on. The market was closed. Other venue's were still trading, but you haven't got orders with those markets, you have orders with IB's ECN, which is closed.
I don't see that there is anything wrong at all with what happened to the OP.
You are misreading everything I type. For 1 thing I never said IB was a bucketshop. 2nd, any broker that offers spot forex on an ECN CAN still be a bucketshop.
It's NOT a true ECN. There isn't a true ECN in spot forex...it doesn't exist. Look up bucketshop on Wikipedia. You don't trade forex, right? I've told you before it isn't the same thing as the markets you trade.
Again, since you dont; trade forex you just don't understand about spot forex ECN. the ECN is NOT the market, it is the venue on which you are able to place trades. By your definition, if IB servers went down, then the market is closed....well it isn't. Everyone else is still trading.
Judging by the anger expressed, the OP took an extreme speculative position but didn't think through all of the possibilities. And one of them bit him hard. It happens; a little like all those news trading newbies.
To the OP: you just have to learn from it; and the biggest learning is that if you see something too good to be true and you can't see the sucker at the table .... well you know the rest of it.
Actually you can get that kind of slippage when the market is open, /igot stung a couple of months back when i left a trade open through a particularly bad nfp release and the reaction that followed. stop got filled 70 pips below where i had put it.
i've had no problem with them, slippage works both ways so i sometimes end up with positive slippage as well, platform is nice and easy to navigate and the charting package is decent with a growing custom indicator catalog. You have the option to use mt4 with them as well although I can't say how well that works.
hmm maybe i should give them a try. I do really like meta trader. fantastic charting platform. i use the fxcm demo account currently to do all my charting.
DaManJ, have you think of file complaint or legal action for this? They did not clearly identify there will be 15 minutes downtime everyday (Sunday to Friday).
http://www.interactivebrokers.com/e...hp?exch=ibfxpro&showcategories=&ib_entity=llc
bc
mmm
Not clear? So what's this bit on the link you posted
Exchange Hours Website
17:15 - 17:00 (ET) Sunday-Friday
jon
So this angry speculative newbie sucker was just trying to get some information as to why he just got over 100 points slippage, as aside from a meteorite striking manhattan you aint gonna get that slippage when the market is trading.
DaManJ, have you think of file complaint or legal action for this? They did not clearly identify there will be 15 minutes downtime everyday (Sunday to Friday).
http://www.interactivebrokers.com/e...hp?exch=ibfxpro&showcategories=&ib_entity=llc
it could have been 300 or 400 easily.
That i would like to see. Can you prove this with real examples of people who have experienced 300-400 points slippage on a stop loss order whilst the market is open?
You do realise you are suggesting a currency can fall >4% without trading anywhere in-between.
FX is the most liquid market in the world with >2 trillion in turnover per day. It takes a big stock exchange an entire month to process that volume. The US and Japan are the 1st and 3rd largest economies in the world and you make it sound like their currencies should be trading like penny stock?
I would like to know more about your "countless examples" of this type of slippage - did you perchance experience this whilst trading with a reputable broker?