FX-Trader You hit the nail on the head! The lower the rate a firm offers, the less number of brokers and clerks they can hire to handle calls when things go down. You are also right that we offer two independent trading platforms the help with that problem even more. Craig
Stevet I agree. That is why we offer 2 independent trading platforms and are easily accessible through the phone, email or Yahoo! Messenger. Craig
craig, so are you saying that if the platform goes down, even if you dont guarantee to indemnify the losses - ( which as it happens is I think is a reasonable request - if its the platforms fault ) - you are able to always get someone out of a trade?
Thing is, poor Def is at a time zone disadvantage being based in merry HongKong, so he can't really engage in all this gun shot typing here to defend himself. Athough the good thing is he has lots of time to think out his answers in peace and quite when he is awake ahead of all the rest of us not based in Asia.
Hi guys. Someone here suggested picking 2 brokers in the event of a breakdown in one of the systems. A common sales pitch given to me by futures brokers is that they, unlike Interactive Brokers, have a trading desk staffed with order takers who can take you out of a trade if system goes down. Would'nt that negate the need for a 2nd broker assuming you are willing to call it a day when your broker goes down. I would think that their desk would be so inundated with calls that you really need that 2nd broker to get you out of the trade. Any insights would be appreciated.
You are still implying that in case of a failure in your primary system, traders would still be able to get out with your backup. Again I ask, if you are so sure about this, why don't you put it in writing?
Even if they are fungible there might be the problem that you do not know what position you have. And yes, sometimes your broker does not know either. And in the end he will tell you that it´s your responsibility to know what positions you have. Sounds familiar to anyone ? This same old story can happen every day with every broker in the world.
FX-Trader trading eminis manually - you would have to be really unlucky to not be pretty sure of your position fills are so quick, that the chance of you opening or closing a position - just as the platform goes wrong - would be a million to one chance ( but i bet it happens to me next time!) so an opportunity to get out or at worst case halve the risk - has to be a good option