@drm7, Thx for those 2 names. I'll check them out. I'm not too concerned about charts. I'd probably use sthg 3rd party and I don't really use charts in real-time.
http://4.bp.blogspot.com/_0P0u3evwCqg/TOgompWDEtI/AAAAAAAAEZo/a54WB8_aG5o/s1600/1.png http://3.bp.blogspot.com/_0P0u3evwCqg/TOgomx5lGHI/AAAAAAAAEZw/RBgMhl48Cak/s1600/2.png
@bstay, Thanks for the definitions. "Requote" sounds like a bit of a misnomer in this case b/c Gain didn't re- do anything. They just rejected the market order. It was up to me to figure out what happened and take action by manually re-bidding for a new market order. I guess that's what a requote is, but I'm actually the one taking the action by re-bidding. The dealer is just sitting back and rejecting my market orders.
Your market orders were rejected as you were placing them right at FOMC minutes release. In your queries with InteractiveBrokers ( or other brokers for that matter), you should ask them about this same exact scenario, rather than a market order in general. I would be surprised if any broker will fill your order at 14:17 ...... In other words, rejecting a Market Order is not normal. But rejecting a Market Order right in the middle of spiking quotes at FOMC minutes release ....... seems to vindicate their action ("Pair Not Dealable").
Can someone tell me the difference between trading fx and the cme futures? What's the motivation for choosing one over the other?
I could have used a better example. "Pair Not Dealable" has happened to me 3 times in the past few weeks. Only 1 instance was during a major data release. So, I think the general issue is the same.
a major motivation is capital, minimum futures account is $2,000 whereas fx is $1 can't find the other threads, a couple have been specific to futures/fx differences http://www.elitetrader.com/vb/showthread.php?s=&threadid=172655&perpage=6
FWIW, I did get a better, however laughable, explanation from Gain when another market order was rejected this week. Apparently, when Gain receives a market order they consider it to be a sort of limit order. That is, if the price has moved in the 1/2 second or so since you submitted the order they reject the market order. Now, here's the funny part. If you specify in advance how much slippage you're willing to accept then they will try to fill your order with slippage. Hmmm...I wonder what my aggregate slippage would be in year? 1/4th of my P&L? 1/2? Oh, why not just take it all. Also, with NinjaTrader there is no way to include a slippage parameter so until I drop Gain I'm going to see more rejected market orders.
Just for additional info... Here are what others are posting about gain. http://www.elitetrader.com/br/?action=view&R_FirmID=236