I`m not referring to FX i made reference to New home figs yesterday .I tried to sell ftse at 6390 and that`s when i was refused the price the same happened on the NFP figs a few days earlier.I haven`t come on here to pick a fight i`ve come for a reasoanble explanation please don`t pass me off as "one of the same old faces"
Actually Trusted, if you are only complaining about fills over figures then I'm afraid Simon is right. This issue has been done to death. I was under the impression that you were talking about fills during normal market time (ie not after the open or after news). I think some other posters here who say they have closed their accounts were complaining about bad fills at various times of the day unrelated to news.
ON NFP figs your sysytem was quoting "Please check open positions"
This left the trader in doubt if a fill had occurred .By the way it hadn`t not once.
I asked if this could be rectified
I agree with that. You should
always know whether you have a fill, do not have a fill, or are waiting for a fill. Being told to "check open positions" to see if a deal was done or not is not cool.
However, if you are trying to trade over the employment number with a SB firm you are
mad.
I'll give you a perfectly feasible example given how slow SB firms can be to fill over figures, and the fact that NFP spikes reverse as often as they continue. Lets say the Dow is at 13000 going into the figure, and you are flat. You see the Dow drop to 12960 and think the news must be pretty bad, so you sell 12960. The "order pending" bar comes up. You see the CS quote continue to drop in your watchlist. You start counting your pips as you see 12936/40. Order isn't filled yet (we are talking a few seconds when everyone is trying to deal, so the dealers won't be as quick as usual). Market looks at the prior month revision, which is bullish even though the headline for this month was bearish. There were more jobs created last month than previously supposed. Dow jumps back up to 12970. You are now panicked because you don't know whether you are short from 960 or not. You get filled, and immediately try to cover. Price now at 980, and you get "price no longer valid" when waiting to get out. Dow is slightly above pre-NFP figure, you get out with a 50 point loss including the spread.
This is quite possible, and likely. At least in the direct market you can grab a few pips on the continuation if you read the headline and revision and are good with S/R. If price runs against you you can use a market order to cover your ass even though you might get slipped. With SB you are in a queue with all the other folk who thought they'd punt it over the payrolls.
If you want to trade the news with an SB, either take a position before the figure comes out and be prepared for serious pip losses if it spiked against you and you get slipped on the way out, or wait until the close of the first 15M candle and trade of the S/R of that when the market has died down. Try not to complain about bad fills.
People appear to be having issues getting non-news deals done with CS, and Simon thinks that they are all complaining about poor fills over news. See what happens?
This appears to have been rectified by a "Price no longer valid " ticket
That is much better - at least you see you didn't get the deal.
You`ve nicely side stepped the issue but
Gentlemen, please!
a.) The market wasn`t volatile i was simply betting in the right direction
This wouldn't be the 100+ pip drop on the Dow on the employment number? That is volatile mate.
and
b.) As Phil says you make the price all we can do is trade on those figs
Capital Spreads is now making a price and deciding if it wishes to trade on it
How is that balanced in fairness to your so called customers
Whoa fellas! Can we please keep this civil?
To be honest, I don't think you have too much to complain about regarding fills on the employment number. Seriously. If you are profitable with trading the news, but need to bet on continuations in the aftermath I suggest you go direct market. SB firms simply can't give everyone instant fills at that time.
All SB firms make a price, and they also decide whether to deal on it. They show you an indication quote, and you can offer to trade on it. If they accept, you have a deal, if they do not you have nothing done.
I thought you had an issue with fills under normal market conditions. It appears that some other people here have issues in normal market conditions. This is something CS can and should be sorting. Expecting instant fills over news like that is never going to happen anywhere but the exchange, and even then there better be someone wanting to take the other side in whatever size you want otherwise you'll still have nothing done.
I appreciate that bad fills interfere with your trading, and are stressful and frustrating, but I think it is best to concentrate on what SB firms can do to improve their service, and areas where they are actually having issues, rather than expecting the impossible.
What about if they guaranteed cable fills at their quote up to £100pp over nonfarms, but made the price 40 wide - would you trade on that?
I think anyone who has problems with fills dealing in a reasonable size on liquid markets (indices, FX, etc) at normal times during the day (not the open or after news) should be clear about that here and maybe Simon could look into it. Otherwise, I don't see why people complain about bad fills on the news.
Trusted - do you have fill issues at other times? I don't mean the above to sound harsh. You mention that you have had a CS account for a long time, so if you are noticing worse service than you would expect then that is a cause for concern. Can I ask what method you use to trade the news? (I understand if you can't or won't give too much away, but you appear to take a position after the figure- hence the problems with fills - so is that S/R, analysis of the news, range breakout, etc?) If you want to do the FX, perhaps consider an ECN broker, but be prepared for the spreads to widen
massively. If you don't want to do OTC, then try getting an Interactive Brokers account and trading the real Z at LIFFE or the real YM at the CBOT. At least you will be assured instant fills on market orders and transparency.
