Discussion in 'Forex Brokers' started by tmclimon, Nov 27, 2008.

  1. tmclimon

    tmclimon Guest

    Just wondering how often "real" traders (not demo-traders like myself) have suffered from your broker re-quotes.

    Is it a real problem ? Or does it happen only with "exotic" brokers, not the big names ?
  2. What's wrong with requotes, I rather that than slippage, at least you have a choice whether to accept the price or not.

    When volatility is like it's been this past couple of months requotes are inevitable, but they work both ways, for and against.

    To answer your question, yes I've been experiencing more requotes than usual but they're not really a problem so much as annoying.
  3. tmclimon

    tmclimon Guest

    Thx, part of my question was to know if it was or not a real problem.

    I am currently demo-trading, so I don't necessarly understand the dos and dont of IRL trading.
    I've read many comments about people being angered by re-quotes but, as you said, this looks like something I can deal with, you just need to adapt your orders.
  4. MTE


    Trade futures! No re-quotes!
  5. So what do you get instead, slippage? Partial fills?
    Don't you find the limited choice of currencies and liquidity restrictive?

    Just lately I've been trading Eur/Aud, how would I trade that trading futures, or couldn't I?

    Serious questions as I've never traded futures.
  6. To be honest it's never really bothered me that much. I mean it's annoying for sure but overall the better/worse requotes kinda balance out, especially as I'm always getting in and out of trades too early the majority of the time :)
  7. MTE


    Yes, slippage is part of it and you may get partial fills, but that's not really a problem unless you trade huge size.

    I don't trade any "exotic" pairs (I'm not implying that eur/aud is an exotic pair, though) so I don't find it restrictive, but you are right, it can be restrictive.

    On the upside, your funds are segregated so if the broker goes under then your funds are safe, which can't be said for spot FX dealers.
  8. You get a requote because you sent a "limit" and the price you specified is no more availlable. Nothing wrong, same as stocks, futures, they just tell it to you. I do get a lot of requote, and yes lately it's been "worst". What I do about that is specifying the slippage I ma willing to take, let's say 1-5 pips. I might get screwed every once in a while but I trade fast action and want in/out when I clic. Some brokers are better than others at executing the orders so you get requotes less frequently. People complaining about requotes are not understanding how the market works. If you doubt your "broker", move on. There are many whores out there.
    And I think with IB you would not get a requote, they trade it like stocks and futures with limit prices and no pop up.
  9. No clue about liquidity but for the most of us, we dont trade exotics and stick to the majors because the spreads are too wide.
  10. Toland


    What about if the broker said that is was
    an error and suggest you either to cancel
    the trade or requote it? The friend of mine had it several times with IB and lost some money each time.
    This is their explanation:

    In order to promote a fair and orderly market in which to trade, exchanges often make decisions to allow or disallow trades based on a number of factors. The exchanges each have their own guidelines that are used in evaluating executions, some of which are made public AND SOME ARE NOT. Currently the exchanges operate as "Self Regulatory Organizations" or SRO's, which gives them the authority to make such decisions."
    #10     Nov 28, 2008