Brokers that GUARANTEE no slippage...

[blue_seraphim]

To be fair to fxcm, I also have 3 other charts from other spot fx providers. All of them show the same spike. In fact. all other 3 had higher (ie more volatile) spikes than fxcm.

I don't think this can be taken as an example of fxcm "gunning for stops" when others also have the same price spike. (Unless your'e a big conspiracy theory beleiver).

you gotta to be kidding! either you work for them or you're blind. take time to run over other forums and you'll see for yourself the common complain about them gunning stops. they've since declared they'll not guranteed fills during volitile times, a reversal of their earlier claims. conclusion, it's a marketing scam to lure people to their business.

i've since lost the links but if you happen to find it on moneytec forum, you'll read with actual statement posted of how one of their clients got played by refco to the tune of $100K, another had his $11K profits reversed without so much of informing him. refco's reason, the market wasn't there even if their very own charts showed them. strange, but if it's in their favour, the market was indeed there. as for your other charts, please direct us to it to see for ourselves, all the charts i and other forummers from other sites have do not show the unusal spikes like those of fxcm / refco.

 

[darrenf]

I'll have a go at attaching charts.

I have to say that on closer examination I do agree that the initial spike down does look suspect. (I only looked at the top of the spike on hourly charts before, which was the most prominent spike away from the market action).

The FXCM chart does indeed spike lower than the others although it's also interesting to note that the CMC chart spikes lower on the bar before the main spike unlike the other three examples. Possibly, this would have the same effect as with losses incurred with FXCM.

I have no interest in FXCM other than being an account holder. I still think that this makes them no worse than any other fx broker. They are after all a market maker and offer their own prices which will differ from one to the next. These sort of problems will occur with many spot fx brokers I am sure. I have certainly seen many posts on different forums in this regard.

The issue seems to occur around major news times when interbank spreads apparantly widen drastically which means discrepancies occur between spot brokers.

I have been victim to this myself with fxcm at the last nfpr on eur/usd where an initial spike down took me short. I then got stopped out on the spike up. However, I was also filled by fxcm on the way up at my desired price and made good profits on the day. The same day many people suffered slippage of 100+ pips but fxcm filled by at both stop enrty and exit levels and I finished well in profit. That initial spike down did not appear on the other 3 charts from the same providers as attached here so was a discrepancy by fxcm. However, I was filled at a time when many were not who were using other brokers.

Interestingly, the spike down on 17/8 by fxcm on gbp/usd did not appear on the eur/usd chart.

On the subject of guaranteed stops, it would appear that many brokers who have previously offered gtd stops are backing down from this around news times so again, I don't think FXCM are doing anything out of the ordinary here.

Anyway, here (hopefully) are the charts.

 

[darrenf]

Well that didn't work. I think you get the picture though.

Initial spike down only appeared on FXCM, top of spike slightly lower than others on FXCM.

 

[darrenf]

OK. One more try

 

[darrenf]

success!

and here's fxcm's to complete the picture:-

 

[blue_seraphim]

Well that didn't work. I think you get the picture though.

Initial spike down only appeared on FXCM, top of spike slightly lower than others on FXCM.

i'm actually glad you got the picture..i believe all fxcm / refco clients got a recent email that their platform is not made for news. if they've made that clear earlier on, many clients of theirs would not have traded along those fundamentals on the premise of their guranteed fills. to later say they'll not honor those trades in my book is advertising misreprestation. if they were registered (they are not!!) the relevant authorities would have taken them to the cleaners..

as for other 'brokers', well they're not, they only bucket shops. to find brokers that trade directly with real liquidity providers (banks), they're far and few in between; in fact i only know of one which allows retail traders and that's hotspot fx. i'm on their demo and must say the platform can be more user friendly. the best in the market is ebs but unless you have serious money, it is doubtful you'll be able to use them. with these platforms you can create your own spreads thereby eliminating the kind of spreads you get with the shops and when a trade is done, you shouldn't wake up the next day only to find your profits reversed. in any case, i've returned to my old hunting ground with eminis until the spot fx industry get its act together...

 

[Faris]

Hello Blue_seraphim

Do you have the website link for EBS?
Is this the one http://www.ebs.com/

Thanks
Faris..

 

[blue_seraphim]

Hello Blue_seraphim

Do you have the website link for EBS?
Is this the one http://www.ebs.com/

Thanks
Faris..

yes, they don't offer retail through their site it seems, some guy i know got it through his bank.

p.s
if you know how to raise serious funds, i'll be prepared to show my trade performance.

 

[TRADERguy]

"S&P Comstock is better than GTIS"

Hi TRADERguy

why do you say that the S&P Comstock feed is better than the GTIS feed?

I would have thought that because the GTIS accesses data from 200 market makers, compared with the average of around 20 market makers that the SD&P comstock feed accessses, the GTIS feed may be more dependable?

Thanks

jtrader.

Well they both appear kind of thin and the price jumps around like there is a wide spread, but the GTIS feed moves farther out of line than the S&P feed. Not sure why this should be, but if you compare each with EBS data you will see what I mean.
Cheers

 

[TRADERguy]

Hello Blue_seraphim

Do you have the website link for EBS?
Is this the one http://www.ebs.com/

Thanks
Faris..

You found the main website but here are a couple of other links:

http://www.ebs.com/pdf/EBSTradeonBloombergBrochure.pdf

http://www.hoovers.com/bloomberg-tradebook-llc/--ID__61117--/free-co-factsheet.xhtml

 

[JTrader]

I see that FXCM have just introduced trailing stop losses. Is this a good thing, or will it just give them further opportunity to gun for stops?

 

[TheBramble]

I have emailed them and asked if they guarantee their trailing stops in all market conditions.

What they have introduced a is genuinely worthwhile and useful additional facility for those that simply can't watch their screens. One that I wouldn't personally use anyway for the very reasons you mention.

The issue regarding their stance in 'highly volatile' markets is another thing altogether.

 

[fazalv]

Email from ACM, ACM Advanced Currency Markets SA
3, Rue de la Croix-d'Or, 1204 Geneva (Switzerland), who recently joined the Refco Group.

" Dear Sir, Despite recent market choppiness ACM will continue to guarantee all prices on market, limit, stop and OCO variant orders!
Regardless of how volatile market conditions are and even in market gaps ACM will honor all valid executions! "

Minimum account size $5000

 

[blue_seraphim]

Email from ACM, ACM Advanced Currency Markets SA
3, Rue de la Croix-d'Or, 1204 Geneva (Switzerland), who recently joined the Refco Group.

" Dear Sir, Despite recent market choppiness ACM will continue to guarantee all prices on market, limit, stop and OCO variant orders!
Regardless of how volatile market conditions are and even in market gaps ACM will honor all valid executions! "

Minimum account size $5000

GOOD LUCK TO YOU..

fxcm and refco said similar things when asked.....and then as you know, the rest is history..

 

[JTrader]

Quote:
Originally Posted by jtrader
"S&P Comstock is better than GTIS"

Hi TRADERguy

why do you say that the S&P Comstock feed is better than the GTIS feed?

I would have thought that because the GTIS accesses data from 200 market makers, compared with the average of around 20 market makers that the SD&P comstock feed accessses, the GTIS feed may be more dependable?

Thanks

jtrader.

Well they both appear kind of thin and the price jumps around like there is a wide spread, but the GTIS feed moves farther out of line than the S&P feed. Not sure why this should be, but if you compare each with EBS data you will see what I mean.
Cheers

It surprises me that the price jumps around a lot with the GTIS feed - as it provides prices from 200 banks within the interbank market. Therefore I would have expected the datafeed price movements to be smooth.

I am aware that it is possible to have different data prices plotted on a chart with the GTIS feed through esignal - last trade, bid or offer. Could it be that the price jups around a lot when the last traded price is plotted, and that the bid or offer prices would be more stable?

With regard to the EBS datafeed, from how many sources/banks is this data taken from?

One of my obstacles to having an ideal setup for trading or mechanically trading the spot forex market, is having a datafeed that reflects the quotes I am getting from a broker. On the one hand I want data that is representative of the interbank market as a whole, but on the other hand, I would like a strong correlation between my datafeed and the prices quoted by my retail forex broker. But this doesn't always happen!

If I were to trade the exchange based globex currency futures - where there is only one official datasource -this problem would be overcome. But I do not know of any retail forex datafeeds that can be used in charting packages such as esignal. Does anyone else?

At present esignal and the GTIS datafeed are my only and preferred option - due to the compatability with ts2000i, and the ability to trade mechanically with either of these packages.

Thanks a lot

jtrader.

 

[TRADERguy]

Quote:
With regard to the EBS datafeed, from how many sources/banks is this data taken from?

If I were to trade the exchange based globex currency futures - where there is only one official datasource -this problem would be overcome. But I do not know of any retail forex datafeeds that can be used in charting packages such as esignal. Does anyone else?

At present esignal and the GTIS datafeed are my only and preferred option - due to the compatability with ts2000i, and the ability to trade mechanically with either of these packages.

jtrader.

EBS is owned by the top 12 or so banks and is used by the next 800 or so. They do about about $130 billion a day which is about a third of the world's daily spot volume. EBS data works with CQG and CMC provides a datafeed for Intellichart. There are others, just go to the web site of each charting package and check what data feeds they support.

Cheers

 

[pjonz]

Hello all,

New subscriber and just entered this thread.
I've had slippage issues with FXCM. This is the broker I use now. http://www.forex-ice.com/ Commerce Bank is the broker platform... apparently the only bank involved in forex.
He offers a daily commentary free of charge and what you request you get. Excellent service.

Peter
NZ

 

[a_gnome]

If I can add my two pence worth here...

Slippage one breaking news is unfortunately a fact of life in trading. Even in the futures market it will happen though at least there you know it is a level playing field. As mentioned in this thread there are some unscrupulous FX brokers who will take advantage of this becaues unlike the futures market they are the counterparty to your trade and what you lose they win. I would recommend that you get an FX broker which is 100% automated in their quoting so there is no possiblity of jumping the quote 30pips to knock out stops etc. Incidentally I've had this done to me but if you complain they may re-instate the orders - they rely on the fact that people don't complain in order to get away with it.

I personally use OandA . Their quoting is completely automated and there is no re-quoting when volatility is high. Of course before the figures come out (eg NFP) the quotes widen and the market moves in big lumps for a while and you won't necesarily get your stop price but this is equally true in the fully regulated futures market. Incidentally, using a limit order will often simply mean that you don't get filled which may be a big problem if this is a stop loss order.

I have heard of some FX brokers guaranteeing stop prices but have not used any of them personally.

Hope this helps

 

[JTrader]

Quote:
Originally Posted by jtrader
Quote:
With regard to the EBS datafeed, from how many sources/banks is this data taken from?

If I were to trade the exchange based globex currency futures - where there is only one official datasource -this problem would be overcome. But I do not know of any retail forex datafeeds that can be used in charting packages such as esignal. Does anyone else?

At present esignal and the GTIS datafeed are my only and preferred option - due to the compatability with ts2000i, and the ability to trade mechanically with either of these packages.

jtrader.
EBS is owned by the top 12 or so banks and is used by the next 800 or so. They do about about $130 billion a day which is about a third of the world's daily spot volume. EBS data works with CQG and CMC provides a datafeed for Intellichart. There are others, just go to the web site of each charting package and check what data feeds they support.

Cheers

Hi (TRADERguy)

if you are aware............

Is Reuters a seperate datafeed to EBS? If so, how does it compare to EBS in terms of number of contributing banks, and number of institutions who it is used by etc. etc.?


Or is EBS data simply used in the Reuters platform?

Thanks a lot

jtrader.

 

[TRADERguy]

Hi (TRADERguy)

if you are aware............

Is Reuters a seperate datafeed to EBS? If so, how does it compare to EBS in terms of number of contributing banks, and number of institutions who it is used by etc. etc.?


Or is EBS data simply used in the Reuters platform?

Thanks a lot

jtrader.

First let me say that I have never really used Reuters; I had it at one firm that I worked at but it wasn't at my desk and Bloomberg was. Reuters was the largest interbank spot platform until the early 1990's. The top banks got worried about Reuters developing monopoly powers (they would be able to raise prices do to lack of competition) and they formed EBS. EBS is now the largest platform but Reuters still has more liquidity in Cable, EUR/GBP, and the Australian Dollar (at least this was the case a couple of years ago). Until recently, Reuters still had more participants because it was more accessible to hedge funds and companies, but now EBS is moving into this area. I don't know for sure but I would guess that EBS has more banks participating and they certainly have more of the larger banks (perhaps all of them).



Cheers,



TRADERguy