Shafii, forget trading forex with IB. You will encounter slippage again and again. Had the same problem, you have to wait seconds before you get filled and seconds can be very long and cost you a lot of money. Especially with 5 lots, so think about a broker who is reliable. Cheers Ballyhoo
Shafi, You are right to be concerned about your execution with IB FX However as a previous poster remarked , the 15 pips slippage (5sec delay ) was failry minimal and really normal with IB FX. You should not trade with stops the way you trade (at those times) with IB. Consider yourself very lucky. Their MM's will fleece you. They can do pretty much anything during a high volatile market, IB is not responsible it's the MM's from UBS etc. Other than these abnormal conditions IB is fine I believe, but I will never trust the MM's, I am sure they can shut off their systems if they want (auto exec shut off) , that said IB has a number of them but I have seen th epread go to more than 10 pips for more than 15 minutes (much more actuallY) after NFP . I tried them as well but that was about a year ago and they back away, post non executable quotes, delay execution and what not. This not IB sole responsibility , but IB is compounding the problem without ofering last sale data and a nonsensical stop order methododogy. Nobody is paid by IB to promote them , just diehard fans sometimes in total denial
Your another of those anti-ib morons. I just checked and all but one of your posts is anti-ib ... and the other one was promoting Oanda. You don't know what you are talking about. I don't believe that you have the experience you claim unless it was as the office janitor. Your command of the language is pathetic and your understanding of the industry may well be lower. Just another of the long line of halfwits who blames the broker for their own inadequacy. Slippage is a normal part of the market mechanism and if you don't manage it then you have only yourself to blame. Sad.
AFAIK, there is only one way to set up stops in IdealPro. You cannot base it on the last trade for spot Forex trades in IdealPro. If the stop was marketable at the time is was acknowledged, five seconds is too long for reporting a fill, even in a fast market. And more than thirty seconds between order entry and acknowledgement (FIX Tag Exec Type = New)? That is unconscionable! You, not the OP, seem confused. .
I personally don't use ib anymore for spot fx but have to admit that 12 months ago, idealpro was working exactly how I'd expected it to. To this date, even after nfp I've not seen the spreads on the majors widen to more than 5-7 pips excpect maybe for the first inital 3-5 secs after the announcement. That said, the fact that idealpro isn't a true ecn and the java platofmr is painfully slow, it's just no worth the time and effort trying to work around these issues for my trading style. One note, for the ppl who have enough capital, I really don't udnerstand why they don't have multple accounts at diff brokers. Not only can you select the approrpiate broker for the particular trade to get the best quote etc. but you can minimse your overall risk, whether that be creidt, market or operational. If you have any programming experience it's very easy to develop your own platfomr that streams prices from all the large brokers and ecns.
Blame yourself for slippage, if you want to keep slippage low avoid placing stops few seconds before the figures
The spot currency market is not a centralized market. If this has changed please inform everyone because this will be news to the entire financial world. Regarding slippage, if you want the closest to a guarantee on stop and limit fills, trade with a MM that will either have a trading platform that crashes all of the time or will turn it off when they are having "technical problems". Every trading agreement with every entity involved in the currency market does not include guarantees on such liquidity, nor should they. That is the nature of the market... Time of Sales - LOL. One would gain a lot by trading in other markets to understand market dynamics of buy/sell imbalance and liquidity. The spot currency is not as deep as you might think at times - Trading during major events will always be risky. Regarding paid IB supporters? If IB customers are being paid then Oanda customers/staff is being paid 1000x more. Look throughout the net. Whenever there is one negative comment about Oanda, the woodwork wakes with a flurry of all @#$% in defense. Watch, expect negative counter posts within the day from those that trade with Oanda.
I donât really think you should comment on every brokersâ trading agreements because I donât think you have read even half of them. I was starting to wonder what the point of your post was, but understood it once I read the last paragraph.
Whatever, you must know because you are clairvoyant... But your are right! The fact is that I have not read way more than half of the trading agreements out there because that would include hundreds of firms that I would not deposit $1.00 USD with.... And it will only be a few more days before someone asks "I heard about this firm $#^@knocker FX. They are based in @#%$ corner of the world. They are supposed to be real big and they guarantee fills on stops and limits with no slippage. They have a minimum account balance of three figures with 400:1 leverage. They accept PayPal and credit card deposits and, and, and, .... What do you think about them" @#%^, are you @#%^ing serious? Please post content from one single trading agreement that truly guarantees fills on stops and limits. De Facto, some come practically damn close which is equivalent to a guarantee in my book. However, all agreements are legally bulletproof - just like Bloomberg and Reuters systems that state if we have false data transmitted - tough, etc. Specifically, when you are reviewing a trading agreement, do you fight to ammend it? That is what the big players do. They have their legal and compliance teams review word of every financial contract and agreement in detail and make requests for changes where they want. It does not mean that they will get what they want. I would say that is difficult to do for smaller customers. My 3rd paragraph was not the main point of my post but if we are going to flip it back and forth, I run with counterparties that have working software.
I see what you meant. I agree with what you saying regarding the terms of agreements. Some brokers however do abuse the rights of consumers and come here on ET and other forums constantly promote themselves. Sometimes one can take only so much before saying stop selling your crap, it is a crap anyway.