I've tried asking the hotspot FX rep on the board this question and he won't or can't answer me. Can somebody tell me what Hotspot means by this order restriction? "If an active order is within 10 points of the market, the order cannot be canceled. " Does this mean you cannot cancel open orders if your order is within 10 pips maybe of the mkt? Can that be right??????
There website has not changed and I posted this here a year ago. Only a trader there can confirm if they actually follow this..or is it the way they can requote you...??? http://www.hotspotfx.com/trading/orders/ Input of a New Order New orders may only be input if the order is more then 10 points from the market. New orders will not be accepted if they are within 10 points of the market. Attempting to input a new order without following these guidelines may result in your new order being rejected. Modifying an Active Order If an active order is more then 10 points from the market, you will be permitted to amend the order to 10 points of the market. If an active order is within 10 points of the market, the order cannot be amended. Attempts to amend active orders without following these guidelines may result in your order modification being rejected. The active order will remain active. Canceling an Active Order If an active order is more then 10 points from the market, you will be permitted to cancel it. If an active order is within 10 points of the market, the order cannot be canceled. Attempting to cancel an active order without following these guidelines may result in your cancellation being rejected. The active order will remain active.
So how would this effect "market orders" ? Under the input rules would you get a 10 PIP slippage? If you were not Institutional? To be Institutional do you need a bank to sponsor you with a credit line? Michael B.
I cannot buy this explanation. Not a chance sports fans. They are simply living to take you money. Stay far far away.