S T P Brokers equal to ECNS for retail traders

[sakhter]

How can it not fill you if you're using market orders? I understand slippage / requotes, but not no fills.

But when you say 'I was using an expert advisor' do you mean an API was doing the trading for you? Was there no manual order entry?

I've had this problem several times aswell. Platform will just hang even though you placed a market order. But it does not hesitate to cancel the order when you hit cancel :-0

 

[oildaytrader]

I've had this problem several times aswell. Platform will just hang even though you placed a market order. But it does not hesitate to cancel the order when you hit cancel :-0

I just saw a log file with 7 requotes from Alpari in one day.

Do u get requotes on Dukascopy?

It is pathetic to requote on stp .

O D T

 

[GammaJammer]

Well I think you're getting ahead of yourself a little bit, and this is where I keep saying most people here don't really understand the way the market really works at a nuts and bolts level.

The quotes that the firm is recieving from whatever upstream source they source liquidity from take a certain amount of time to cross the gap between the two servers (host server and client server). In that time the market may be moving. So each quote will have a 'time to live' of a certain number of milliseconds (varies according to circumstance). And the two systems will be constantly exchanging 'heartbeats' to prove they're connected. Plus they will as far as possible synchronise system clocks so that they agree the time to less than a second.So most likely when you send an order to the broker that is meant to be STP it will be forwarded on to the upstream liquidity provider on a fill or kill basis with a specific level attached. If it doesn't get there before the time to live has expired then tough. If they do get filled then cool - they send it back, including their spread, and you've dealt.

They could in theory fill you every time, regardless of the above constraints, but that would leave the broker beholden to the round trip speed not only of their connection to the liquidity provider (whch is likely to be both fast, and a known commodity), but also, more tellingly, to YOUR end of things, which frankly could be anything. They can't legislate for the speed / reliability of your internet connnection (I'm assuming you're connecting via the internet - feel free to correct me if not) as they don't own the line, don't know which ISP you're using, don't know whether you live in a well supported area for lines etc etc.

So the simple fact is if you're trying to run an API operation based but using low end connectivity infrastructure then you're gonna run into this kind of issue.

I personally have high speed dedicated leased lines with service level agreements in place with multiple carriers, some degree of proximity hosting (i.e. same city, but not inside the building close) and I still run into this sort of thing from time to time.

That's not to say that the broker has never messed you around, I just think you need to be more aware of how it all works.

GJ

 

[oildaytrader]

My orders are going to the broker at buy market execution.

The order transmission says "buy market".It is telling server buy at the market price , whatever the price is.There should be no requotes if placing "buy at market"

 

[oildaytrader]

If they really are aggregating the 5 larger providers' streams, and streaming in 5m base ccy (which is what it looks like), then they're making a fortune trading on those fied spreads if they can keep the volumes up. Trust me on this.....

Aggregating liquidity providers , delaying execution , playing games with fills,requotes and freezing server makes a lethal cocktail for all forex bucketshops.

Here is a log from a live account showing 7 requotes, I do know which liquidity stream is giving a bigger spread for the brokers or is this execution delay a game for the brokers.

I would love to open a brokerage , making 4 to 5 pips risk free whilst hitting mugs on execution game.Making $40 to $50 almost 10,000 times a day is good profits = $400,000 a day for bucketshop/$100m a year .

 

[GammaJammer]

Well I'm telling you how it works in real life. Whether or not you think it's fair or not is up to you. But that's for you to decide.

 

[Jason Rogers]

My orders are going to the broker at buy market execution.

The order transmission says "buy market".It is telling server buy at the market price , whatever the price is.There should be no requotes if placing "buy at market"

In the MT4 platform, when you submit the order, does the Type field list Market Execution or Instant Execution? You should see it listed below the Comment field.

 

[oildaytrader]

In the MT4 platform, when you submit the order, does the Type field list Market Execution or Instant Execution? You should see it listed below the Comment field.

Order on Alpari U K says Instant execution whereas on ODL says market execution.

Alpari may be giving us BS about STP and still be operating a dealing desk.They are advertising dealing desk jobs at present

Jobs at Alpari (UK) - Alpari (UK)

I really want to avoid dealing desk brokers

http://www.trade2win.com/boards/forex-brokers/75944-dealing-desk-brokers-avoid-them.html

 

[oildaytrader]

Hi Guys

FOR YOUR INFO

ODL uses Hotspot

HotspotFX - Institutional Foreign Exchange

Hotspot FX's post-trade services are integrated with its clearing banks, enabling clients to begin trading on Hotspot FX through their existing bank relationships with seamless straight-through-processing and without the need to first integrate additional back-end systems.

Where is Alpari's name.Maybe it deals with DBFX?

ODL,FXDD and FXCM are on currenex.

http://www.currenex.com/about_us_white_label.html

oildaytrader

 

[oildaytrader]

Check out Dukascopy. Pretty nice execution.

If you use DBFX ,I doubt if it will be any worse on execution or spread.


Currency Spreads & FX Price Quotes | dbFX

 

[dulcea]

If you use DBFX ,I doubt if it will be any worse on execution or spread.


Currency Spreads & FX Price Quotes | dbFX

I am sure thet Dukascopy is better execution then DBFx who use
the FXCM technology which many many people say has tremendous slippage. At least you hope so for a minimumof $50 thousand to open!

 

[Jason Rogers]

I am sure thet Dukascopy is better execution then DBFx who use
the FXCM technology which many many people say has tremendous slippage. At least you hope so for a minimumof $50 thousand to open!

Hi dulcea,

FXCM has 10 banks providing liquidity on the platform; however, slippage is possible. Naturally, trading during an illiquid period such as a news event or right when markets open on Sunday would increase the chances of slippage. Our active trader platform displays the amount of liquidity available through level II type market depth. You can find more details on active trader here.

If you want to minimize any potential slippage on trades, we have two orders types available for market orders: At Best and Market Range. An At Best market order will be filled every time but at the best price being offered by the banks. So you have certainty of execution but less control over the price the order is filled at. A Market Range order allows you to specify the range or prices you're willing to accept, and if the best available price is outside of that range, the order will be rejected.

Jason