you can get very precise report on the cx soft but why do you want that kind of stuff? You clic you are executed no time to see the order if you hit the ask ( for a buy)
spieler, "why do I want that kind of stuff?" Because I don't trust any broker or bank 100% and need to be able to have a paper trail just in case things get naughty. You say that when "You clic you are executed no time to see the order if you hit the ask ( for a buy)," but I have been told by a knowledgeable Currenex insider that "instant" execution only takes place for client-to-client executions. He said that client-to-client executions occur 80% of the time, which is a figure that many are in doubt about. Client-to-bank executions are not necessarily instant, since banks take longer to respond to an order - unless they leave it on auto ex and forget about it (which I doubt they do). That's why I want to be able to see how long the counterparty held the order. I want to have control since I'm entrusted with client funds that I don't want to lose. Don't you ever have orders that are not executed "instantly?" - that is, orders that "hang" for a few seconds or more?
anyone know if the FIX protocol for TWS API access is better for scalping forex than their regular API?
when this has happened to me it appears to be the case that the cnx platform itself is having issues. Unless this issue arises whilst the mkt is not volatile and using your own fix app talking to cnx there shouldnt be a problem. If you are using a fix app, then you should be able to track the time differnece between executino reports for oreder receipts and fills
Are you saying that basically all bank quotes on currenex are RFQ rather than live pricing - ie the bank has to accept or decline each trade as it comes in - in effect you are on manual execution?
Dan, from what I understand you can get that info from CX in report form, I have never tried to get it because apart from couple a trial news trades getting slipped 4-9 pips I have never had a problem with execution speed. Always filled were I want, but usually with Amro, I really don't care who is the counter party as long as I am filled were I want. The only lag in exeecution that I have found is when I use the CX charting, and they evetually told me there would be trade delays using their charting and they were not planning a fix for this problem, so the solution=don't use their charts. Now I am really going to open a can of worms here, talking about scalping. In my view there is scalping and "SCALPING". In real trade scalping you are in for a very short period of time to make a small profits many times a day. But "SCALPING" is a programmer designing a program to take advantage of possible "weaknesses" in data feeds and or a particular trading platform, like the SOES bandits years ago, this is not trading, it is techno thievery in my opinion, and I will add if someone is involved in techno thievery, I hope they are caught and banned, and I will tell you, the banks and tech providers will catch it eventually. The Getting Off Of My Soapbox VIPER
well, then I have to say then that there is "SCALPING" and "SCALPING!!!!". I dont see any problem (nor do many of the banks/funds) with something as trivial as arbing between futures and spot. Yet from your comments it woudl seem that you woudl accuse someone with an application to do such as being a thief. It helps provide a balanced market, keeps everytihng correctly priced and inline and adds to liquidity. If there is a misquote which suqsequently fills an order originating from an arb program so be it. If the bank itself does not have a sufficiently robust market making engine that ensures it misquotes are infrequent then it shouldnt be quoting. You'll have to forgive me as I cannot remember the specifics but a while back when an employee at a japanese bank fat-fingered and sold a whole load of shares at a ridiculously low price there was nothing that could be done. Do you consider those fortunate traders on the other side to be partaking in theivery? I used to work at a hedge fund specialising in capital structure arbitrage. Assuming there was a closed form solution to price cdo's as there is for say vanilla non-asian options and someone wrote a program to buy/sell when someone was quoting an incorrect price, woudl you accuse them of theivery? I should hope not. If goldman sachs offers to sell protection on vodafone debt for a price that is less than the spread why not take advantage?
I think Viper is talking about having banks at quotes that are off a little bit...NOT futures vs. cash arb'ing. For example, a bank could be at 2932 bid for 5mm (with next bid at 2930, and another bank could be at 2930 offer. Obviously this results in a 2 pip profit. I think that's what he's talking about...