Phil Mibbutz
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Always hoped that the MiFID regs might have helped with things like this. No such luck, it seems.
Best Thread Capital Spreads
Always hoped that the MiFID regs might have helped with things like this. No such luck, it seems.
I agree, this is too much. But you probably would also have been filled even if the price went in your direction. Nevertheless, it is impossible to trade with this kind of delayed execution. I have not since two weeks had any delays. Also the position of not being visible in the open position window, directly after the trade, is not a problem anymore. Am I the only one who has experienced these improvements?
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It will take some time for the MiFID directives to get settled and make impact on the industry as a whole. I am quite sure that the MiFID directives along with growing competition will make things better.
I think that you are talking about the indices where there does not seem to be delays.
But, If you trade FX, there has been no improvement that I can see. I dont know what takes so long to fill and if there is news you can forget it.
Thanks for your input Simon. Any new platform facilities you would like to reveal at this time? I sure would like to get rid of that annoying 4 minutes time out on the dealer ticket window. This alone is causing me to trade less with you. What about user predefined stop loss?
By the way, why are OCO orders shaded out in gray?
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Yes, you are right about me trading the indices. I don't trade FX with CS, so I actually don't know how well they execute on these instruments.
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I think one has to find the right broker for the job. CS weak point at this time could very well be FX, while they execute much better on other instruments.
capitalspreads
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pip star
i must respectfully disagree as it is impossible for us to differentiate over a client who wants to have a fill or not. An order to trade is an order no matter what happens. In slow moving markets you might find someone to fill you only at a price but with active online 'real time' quotes I am afraid that this is technically impossible. In 'real' markets you must always have somebody on the other side of a trade so telling a broker that you want to be filled no worse than a given price is possible but in reality you are asking for a direct access equivalent down to a certain level. As the fills are on 'our quote' it is not reasonable for us to be asked to stand in the way of a 'gapping' market and bid (or offer) a fixed price to fill a pre-placed order.
we quote thousands of markets and cannot place 'defined parameter' orders such as these into the exchanges to fullfill these criteria. Placing FX orders close to market prices on DR FX platforms would almost always mean fills on both sell and buys (below and above the market respectively) in the few seconds before an announcement as the spreads on the majors tends to widen dramaticaly (often to 30 or 40 pips!!). It is only on the SB platforms where we keep the spreads at 2 or 3 pips all the way through the process.
Mifid regulations are there to prevent unfair market practices not to force market makers to accept completely unreasonable price fill levels.
Simon
i must respectfully disagree as it is impossible for us to differentiate over a client who wants to have a fill or not. An order to trade is an order no matter what happens. In slow moving markets you might find someone to fill you only at a price but with active online 'real time' quotes I am afraid that this is technically impossible. In 'real' markets you must always have somebody on the other side of a trade so telling a broker that you want to be filled no worse than a given price is possible but in reality you are asking for a direct access equivalent down to a certain level. As the fills are on 'our quote' it is not reasonable for us to be asked to stand in the way of a 'gapping' market and bid (or offer) a fixed price to fill a pre-placed order.
we quote thousands of markets and cannot place 'defined parameter' orders such as these into the exchanges to fullfill these criteria. Placing FX orders close to market prices on DR FX platforms would almost always mean fills on both sell and buys (below and above the market respectively) in the few seconds before an announcement as the spreads on the majors tends to widen dramaticaly (often to 30 or 40 pips!!). It is only on the SB platforms where we keep the spreads at 2 or 3 pips all the way through the process.
Mifid regulations are there to prevent unfair market practices not to force market makers to accept completely unreasonable price fill levels.
Simon
I see your point. But an unreasonable price fill also works both ways. In a gapping market, it is unreasonable for CS to hold an order for a minute, look back on price action and fill the order right at the end of the spike, to the pip! Then another minute passes by before the trade appears in the open positions window and during all this time price is retracing quickly which it almost always does after a gap. I assume that the market at that time is on dealer acceptance and due to the 'look back' factor by CS in this scenario, I call it an unreasonable price fill and un unfair market practice. You are actually taking bets on all horses except the winner after the race has been run.
davecrom01
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"In a gapping market, it is unreasonable for CS to hold an order for a minute, look back on price action and fill the order right at the end of the spike, to the pip! "
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Hello there Pipstar.
Although I have had my issues with CS - I really do think some of the criticisms they face are unfair. And please understand, I am not having a go at you particularly here. I think a lot of the issues come from the fact most people using spread betting firms have never actually "traded" the markets in any shape or form. As a result, the basic "grounding" or education on the reality of the arena is missing. Once again, this is not the punters fault, and the companies themselves have to accept some part in this - they do not offer this grounding as part of their education. I see why they don't, because the marketing has its purpose of course.
So why do I bore you with all this? Well, your point above is just "what happens" during volatility. If you use a BUY or SELL MARKET Order, rather than a Limit Order or a BUY /SELL STOP Order - you are going to get filled at the point the market stops gapping. Of course, most SB firms don't give you the chance to use the full range of Order Types which would help protect you from this, it's part of their advantage.
However, your next point is:
"Then another minute passes by before the trade appears in the open positions window and during all this time price is retracing quickly"
And here I completely agree with you. This is not a market issue, it is a technical issue and totally unacceptable.
Cheers,
Dave
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Hello there Pipstar.
Although I have had my issues with CS - I really do think some of the criticisms they face are unfair. And please understand, I am not having a go at you particularly here. I think a lot of the issues come from the fact most people using spread betting firms have never actually "traded" the markets in any shape or form. As a result, the basic "grounding" or education on the reality of the arena is missing. Once again, this is not the punters fault, and the companies themselves have to accept some part in this - they do not offer this grounding as part of their education. I see why they don't, because the marketing has its purpose of course.
So why do I bore you with all this? Well, your point above is just "what happens" during volatility. If you use a BUY or SELL MARKET Order, rather than a Limit Order or a BUY /SELL STOP Order - you are going to get filled at the point the market stops gapping. Of course, most SB firms don't give you the chance to use the full range of Order Types which would help protect you from this, it's part of their advantage.
However, your next point is:
"Then another minute passes by before the trade appears in the open positions window and during all this time price is retracing quickly"
And here I completely agree with you. This is not a market issue, it is a technical issue and totally unacceptable.
Cheers,
Dave
Yes, CS should work fast on solving this problem of delay on FX, they have apparently solved it for the indices.
FXSCALPER2
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I see my rude post was removed
I have no personal interest in how good CS's platform is. However, I am a cynic when it somes to believing what brokers, SB companies and signal sellers say. These guys are in business to make money from your trades. The world is not a charitable or nice place. I would never, ever believe what Simon says about why his platform is doing all sorts of funny things. What I would expect him to do is just fix the problem and then judge him by the results.
You must be stupid to believe any explanations given by a guy who rus a SB company. If you put on a trade and it doesn't show for minutes, that is something to be fixed. Not next week or next month but NOW. He doesn't fix it, but comes here pontificates assuming he is talking to idoits, which he may well be the case.
You should expect SB companies, as you would signal providers, to spin and lie to you. They do not have your intesrest at heart. They don't give a damn.
Simon's job is to provide a good service, not to try and convicne you why he provides a bad one.
I have no personal interest in how good CS's platform is. However, I am a cynic when it somes to believing what brokers, SB companies and signal sellers say. These guys are in business to make money from your trades. The world is not a charitable or nice place. I would never, ever believe what Simon says about why his platform is doing all sorts of funny things. What I would expect him to do is just fix the problem and then judge him by the results.
You must be stupid to believe any explanations given by a guy who rus a SB company. If you put on a trade and it doesn't show for minutes, that is something to be fixed. Not next week or next month but NOW. He doesn't fix it, but comes here pontificates assuming he is talking to idoits, which he may well be the case.
You should expect SB companies, as you would signal providers, to spin and lie to you. They do not have your intesrest at heart. They don't give a damn.
Simon's job is to provide a good service, not to try and convicne you why he provides a bad one.
Burned by CS
My Account Summary showed a trade I hadn't made.
I contacted CS, & they said an order had been placed, & e-mail confirmations were sent.
We all make mistakes, but there's no way you could accidentally place an order.
It is possible to place an order, & forget to cancel it. However, I NEVER enter a trade with an order. I only ever use orders for exits.
My strategy is written in stone, & I follow it religiously.
Also, I didn't receive any e-mails.
I replied to CS explaining this, but I got no reply.
I've made a complaint, & if I get no joy I'll complain to the FOS.
My Account Summary showed a trade I hadn't made.
I contacted CS, & they said an order had been placed, & e-mail confirmations were sent.
We all make mistakes, but there's no way you could accidentally place an order.
It is possible to place an order, & forget to cancel it. However, I NEVER enter a trade with an order. I only ever use orders for exits.
My strategy is written in stone, & I follow it religiously.
Also, I didn't receive any e-mails.
I replied to CS explaining this, but I got no reply.
I've made a complaint, & if I get no joy I'll complain to the FOS.
Had a similar experience. Took a trade, got a message saying the trade was not filled. Nothing was showing in my open orders, nor was my profit/loss showing that anything was open.
2 HOURS LATER when I went back to the platform the trade was in and filled. I called CS
immediately and got a stroppy Australian girl who tried to tell me that the trade was filled within 1 second of me entering !! I eventually got put through to the head dealer who took the attitude that I was TRYING to RIP HIM OFF.
After explaining that I had traded with CS for 19/20 months DAILY, trading on average at least 5 times a day sometimes more and had NEVER EVER phoned with an issue like this. After much debate and insinuations from the head dealer that I was trying to have him over the trade was reversed. The attitude from the Australian Girl and the Insinuations of me trying to rip off CS for £20 really was the straw that broke the camels back.
FX SCALPER I AGREE.....Simon does appear to have a plaster for every sore.
Simple things that should have been fixed when I last traded with them about 1 month ago still were NOT SORTED.
1. NOT GETTING FILLED (Not after news/data) just normal trading conditions
2. SLOW FILLS (often up to 60 seconds, sometimes even longer)
3. STOPS NOT GETTING FILLED (my position just left in as market carried on up)
4. MESSAGES SAYING NO FILL (yet a position was filled)
5. MARKET CLOSING FOR A MINUTE OR TWO JUST BEFORE A DROP/RISE
6. STOP ORDERS CLOSING OUT MORE THAN THE POSITION RUNNING LEAVING ME STILL IN THE MARKET
7. TRYING TO EXIT A POSITION I JUST GOT "PRICE NOT VALID MESSAGES"
8. NO RESPONSE AT ALL TO EMAILS SENT
Now, they have a 1 point FTSE spread. Weight up the pros and cons...
1 point SPREAD vs ALL THAT
I think I would rather pay the extra point and I do. I find that since switching to IG, I have NONE of the above problems. So it is quite clearly a CS issue rather than a Spread Bet Issue.
I get top of the line charts, INSTANT FILLS, can enter Stops on my deal TICKET (that are filled EVEN WHEN THE MARKET IS RAGING), INSTANT response to EMAIL. In the past month using them I have yet to experience the FTSE market CLOSING, A fill that takes longer than 2 Seconds, A requote/not filled trade and a stop that has not been filled. Funnily enough my profitability has increased dramatically since switching and I am paying 1 more point on FTSE spread.
3 of the guys I trade with, 2 are actually full time, have closed their CS accounts for the same reasons I have listed. They have moved on to GFT.
Well,I think the things you all met are not as serious as what I am facing now.
I even can't log into CS website!
Of course,I can't trade,even can't take back my money.
I have no problem accessing any other UK site in the mean time.
Does anyone here have the same problem?
Could CS block me just because I am making money instead of losing it?
I even can't log into CS website!
Of course,I can't trade,even can't take back my money.
I have no problem accessing any other UK site in the mean time.
Does anyone here have the same problem?
Could CS block me just because I am making money instead of losing it?
Another problem I had with them. In a trade, got locked out. Couldn't get back in !! Probably a problem at YOUR END !!
davecrom01
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Another problem I had with them. In a trade, got locked out. Couldn't get back in !! Probably a problem at YOUR END !!
I think they have a tech problem today. I'm sat with 2 people who are on CS, just getting constant "TRADE REJECTED, PRICE NO LONGER VALID" on EURUSD shorts. All the way down from 5255 to 5200. It doesnt seem too volatile despite the drop, I am on Metatrader and the price they are trying to get in at seems to be sitting there for a while.
As has been reported before, the trades sit for a confirmation and then if the price moves (which of course it does do eventually if you hold on long enough!) the reject message appears.
I wonder who "best execution" is aimed at
(joke)
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davecrom01
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Well, "Person A" got a trade on at last. Held up for 20 seconds, market went against, but of course they got in Long. Then "person A" tried to get out by going short, trade rejected.
Interesting thing is though, that whilst Person A was rejected at the price, Person B was still being offered that price by the platform.
I really hope this is a technical issue. The consequences otherwise are quite worrying.
Interesting thing is though, that whilst Person A was rejected at the price, Person B was still being offered that price by the platform.
I really hope this is a technical issue. The consequences otherwise are quite worrying.
