arabianights
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I miss HK 
Interactive Brokers FX horror fill 1.26% slippage on stop...
wackypete2
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then are are venues like ECN's which collate their price feeds from various sources and allow you to use their credit lines to make or take prices in a double sided market.
orders with each will behave slightly differently under different circumstances, and to be honest a responsible trader will know exactly the nature of how his orders are being handled, where and by whom, and the specifics of how the matching algorithm will allocate him fills - including, for example, when there is downtime on the exchange.
whinging about it or saying "I bet IB got a better price than you 'cos they needed to hedge" is just plain stupid. Man up and learn how your orders are handled ffs. There are downtimes/pre-market/post-market/auction phases on some of the biggest exchanges in the WORLD, you can't hold IB responsible for you not doing your homework.[/QUOTE]
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
DashRiprock
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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.
wackypete2
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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.
Agreed.
We've argued this before. The posts are searchable. I'm not going to rehash it any further.
Peter
DashRiprock
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OK, technically this can be true.
Fractal wrongess here my friend:
EBS
Reuters Matching
Dukascopy
Lava
Currenex
Hotspot
look up what an ECN is on wikipedia mate! And don't assume that because I don't trade currencies now that I never have done or don't have experience of ECN's.
exactly - and if the ECN is closed you are unable to place any trades through it, therefore any orders you have left working will not be executed while the ECN is closed. You either need to wait until the ECN re-opens or place an offsetting trade at another location if the positions are fungible. You can't issue an order with one ECN and expect it to be executed on another.
counter_violent
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Spread betting...it's the future !
nine
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A classic trading tale: it sucks but suck it up.
It's a trader's responsibility to understand the environment they operate in - and IB's downtime after the globex futures close is no secret. They did what they do every day. And this time they took some grief from people who forgot about it and didn't realize how big the gap could be ... well, when one is betting on nuclear emergencies how big can the gap be?
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.
It's a trader's responsibility to understand the environment they operate in - and IB's downtime after the globex futures close is no secret. They did what they do every day. And this time they took some grief from people who forgot about it and didn't realize how big the gap could be ... well, when one is betting on nuclear emergencies how big can the gap be?
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.
I'm really glad you replied. You are far more engaging than the html elements on an otherwise empty web page. You may in fact be on par with the interest i would give a banner add advertizing viagra, which i would need if I ever met up with that aformentioned hooker.
You are indeed "Judging" what you read and you are entitled to your opinion. From where i'm sitting though it's called perseverence, not anger. Its about persevering until one gets a reasonable answer. Though i guess you would take the first price when you visit a used car salesman because that is the manly thing to do?
It's the same with a conversation with a support person, they often just want to end the conversation and move onto the next call. IB is tough because you have tickets and web chats, its not that easy to get the information you are after.
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.
I look forward to more engaging comments.
Vaco
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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.
This was with fxcm,
Nothing I could complain about really, i got caught out but good money management meant it was an annoyunce rather then a disaster.
End of the day i got filled at the next best available price, as did you.
This was with fxcm,
Nothing I could complain about really, i got caught out but good money management meant it was an annoyunce rather then a disaster.
End of the day i got filled at the next best available price, as did you.
If i got that slippage on non farm payroll i would not be bothered.
However closing 'your' market whilst everyone else is open is just poor business.
Trading is not about holding your balls and hoping for the best. Casino's are great for that. So anything that increases uncertainty / risk for no good reason is just bad for trading profitability.
Aside from that experience with FXCM how do you find them? Can you recommend a good broker?
Vaco
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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
http://www.interactivebrokers.com/e...hp?exch=ibfxpro&showcategories=&ib_entity=llc
Vaco
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if u think meta charting is great why are you using fxcm demo for charts??
barjon
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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
Sorry I miss understood that to be Sunday 17:15 to Friday 17:00.
Yes you are. There are countless examples over the last 10 years where 100 points of slippage was SMALL.
A good example is last night with the intervention. Do you think the market printed at every tick on the way up or do you think they marked prices straight up without anything trading in between. Of course it was the latter.
Anyway, 100 ticks on the Yen in the current circumstances is not that much, it could have been 300 or 400 easily.
yeah, unfortunately it is on their web site, in fact i've been accross that page before but missed that.
It's called selective reading - things which don't make sense to your brain just don't go in!
I know FX to be a 24 hr market so how could it possibly not be
Maybe they should put that in red caps, with a disclaimer of substantial risk of loss. But that wouldn't be great for marketing.
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?
Hang around a few years and you'll see it all.
So what if FX markets are trillion $, they WILL and CAN jump 3%+ with nothing in between apart from the resting orders which will be filled in milleseconds. It doesn't happen that often and it takes one hell of a news event but it does happen.
I remember trading Bonds back around 2002 when Greenspan cut rates unexpectedly, Bonds were marked up 1.5 points in about 1 second and that was a major major markup. Wonder where stops were filled on that one - how about with a minimum of 32 ticks for starters whereas usually bond stops are filled at the level or a tick maximum (unless over news).
I also don't trade with bucket shops so business is either done on the exchanges or via a reputable broker such as IB who are excellent for FX and many here will agree.
You got stopped with 100 tick slippage because of a major event, one which in the short term threatened the whole of Japan and you think there's something wrong. Believe me, everything that happened to you was 100% natural in the circumstances.
