Broker suspending fills?

Hello all,

Now I know that the bane of unsuccessful traders is to blame the brokers for things like stop running and so on. I don’t know if I have a legitimate gripe here or not…

My FX broker, IBFX, would have no problem filling me for my Sunday gap trade. Now it seems today, for some odd reason, I couldn’t get filled no matter what I tried. I kept getting “waiting for dealer’s answer” on Metatrader and I got nowhere. I reconnected, etc. I’m getting prices and everything, but orders are just not getting filled.

Could this be on purpose (because the gap is so easy to exploit), or is this most likely just some technical error?

Thanks!

Thats a good question. Im using IBFX demo right now and was looking at that gap thinking a lot of people are going to be trading it. I’m not sure if it has to do with IBFX or not. Waiting for dealers answer sounds like they may be stopping you

Not sure how much you love MT4, some people will go to the ends of the earth for that thing, but Oanda doesn’t have sunday gaps because their price feeds run 24/7 and you can execute instantly at any time of day, on any day. The difference is that their spreads widen during times of low liquidity.

What I’ve found is that you pay for fixed spreads in terms of order execution. You will receive delays, slippage, or even “requotes”, and in your case outright refusal to execute, and IMO that is unacceptable to my trading. I want that trade to go thru the second I click on the price.

I was going to try to exploit the gap too, but my dealer, FXDD, had a 10 PIP spread on the Eur/US going on for the first half hour at least! I’ve never seen that with them. Needless to say, that prevented me from doing anything at all. :eek::eek:

Personally I’ve never had a problem with mt4 so I must say I do like it though I’ve used oanda as well and like that almost the same.

I so heard that Oanda lets you close a position over the weekend. But I would imagine that on Saturday and Sunday during the day you’re not going to see any price action, i.e. its not tradable.

When the GBP/USD opened today (started moving at 2pm EDT) it had a range in the first hour of 65pips, but with the crazy spread of 10pips. Now “technically” that’s tradeable, you coulda made a real nice trade. But the spread cost, which you pay whether you win or lose, is just too high. Trading is about overall performance, and any trade that starts off 10 in the red won’t be adding too much to your overall performance in the long run.

I’m a 5min trader, and so I’d advise anyone doing the same to focus the vast majority of your efforts onto the hours following the Euro open, and the US open. Liquidity is flowing like nobody’s business and you’re going to see spreads like 1.9 on the GBP/USD, 0.9 on the EUR/USD and USD/JPY, and my favourite 2.6 on the GBP/JPY. That’s when you are going to absolutely slaughter the competition if you are proficient at what you’re doing, and have the discipline of a 4-Star General + Buddhist monk

I’m sure it just had something to do with the gap. I trade with ibfx on a daily basis and have never had any of these problems," You will receive delays, slippage, or even “requotes”, and in your case outright refusal to execute."

I also get filled instantly at any time on any day. I even sometimes put a trade on during news.

P.S. Requotes aren’t a broker screwing with anyone. A requote is when you put in an order type that says, “only at x price,” (and deviation is set low) then, the price changes before that order reaches the server. That is the only reason you will ever get a requote at ibfx. I laugh when people complain about requotes and think it is the broker screwing with them. Just shows how much of a noob they are. Price moves, you can’t buy/sell at that price if it isn’t there anymore.

A requote basically says to the client “we couldn’t do our job of executing your order so now we will pretend like we are doing you a favour be offering you our next best price”

Requotes are crap, if I place a market order, I want in/out of that trade NOW. I do not want to have to make that decision TWICE, which is what happens with a requote.

If you’re happy with your requotes, that’s great, but insulting people that see the obvious problems with them, well that’s just naive :rolleyes:

I thought a requote was when lets say you open up an order screen for GU at 1.5 and while you have it open prices moves to 1.5001, youd be requoted for 1.5001? Is that right?

if you doing a 1 click order you should not get a requote it should be fulfilled instantly for the price youve click at

This wasn’t a requote, it was “waiting for dealer’s answer”, and the dealer just didn’t answer, lol.

Anyway, thanks for all the input. I’ll see how this plays out next Sunday, if there is a trade…

Ok, well I guess you are one of those dense noobs who doesn’t understand why requotes happen. I’ll explain it again.

[B]And this time instead of getting angry because I’ve pointed out you are wrong, please read the explanation so you understand why requotes happen[/B]. It has nothing to do with the broker not being able to do their job.

[B]This is why you get requote:[/B]

1.You place a market order type that says, “buy at this price and this price only.”

  1. while you do above price is still moving. sooooo…

  2. by the time your order gets to the server that EXACT price is no longer there. soooooooo

  3. your broker is actually doing you a favor and asking if you still want the buy/sell, because your price is no longer there.

  4. That is why you use market types that allow some deviation in pips. Because if you are trying to trade a fast move/breakout, it is rare you are going to get an, “EXACT,” price.

The best you can do is set a pending stop order with some deviation, that will usually get you within 1-3 pips of your desired price if not right on, because the order is on their server ahead of price. Instead of you waiting for a price and trying to send an order in before it moves past it.

Trading isn’t like going to the super market and seeing a price on a loaf of bread, so you are are guaranteed that price.

P.S. sorry if I called a noob, but I see so many people complaining about requotes and thinking its the broker fing with them. It’s not period. They just dont understand how market orders work.

P.P.S. after I learned the above I haven’t had a requote in over two years.

Well to me, a market order is how a trader can exit/enter the market as quickly as possible. The market order is designed to use up any available liquidity on the order books, and if FX wasn’t as liquid as it was, you’d likely experience slippage in order to get that immediate execution.

Now if my market order slips, I ain’t complaining, because to me, that’s the reality of a market order. Now if it slips, and then my broker then makes me re-make my decision to enter/exit, that is costing me valuable TIME, which is the whole damn reason I used a market order in the first place!

Are you starting to see my perspective a little bit?

Please re read my post. Your market order wouldn’t give you a requote if you had max deviation set to reasonable amount to account for fast price movement. 10 is reasonable.

The ONLY reason you are getting requoted is because your market order is saying buy/sell at x price and x price only. When that order gets to the server that price is no longer there. Price isn’t there when your order actually gets to market, end of story. You dont have deviation set, so you get requote.

If you want an exact price you are more likely to get it when price has stalled and is just sitting for a moment.

P.S. your perspective is wrong and based on not understanding how market orders work. As many others who dont understand it you automatically assume its either the broker fing with you or some inability on their part.

P.P.S. even if you keep trying to use market orders like this and get requotes, you can still juts press the yes/ok button and get a slightly different price one click later. I’ve done it in the past, though I dont have to to anymore. Order usually ends up about 3 pips different than where you wanted.