Couple questions, I have been running into a lot of problems with re-quotes and I am not happy with that at all. I have a live account with MIG Bank, so far I am very happy with them except for the re-quotes during time periods with a lot of movement.
Does price guarantee mean that there will be no re-quotes?
ACM’s website says that they cannot guarantee prices on the MT4 platform, why is it different? Does this mean I will have better execution using proprietary platforms?
Also, does anyone know if ACM has any plans to become a bank?
With any legitimate broker you are always going to get requotes in a fast moving market. Or even one thats just moving.
What happens is price is moving. You put in a market order. That says buy at this price only… between the time you put in the order and it gets to the server price has moved, so you get a requote message. They can’t give you that price anymore because price has moved.
It is not like a grocery story where you see a loaf of bread for at $1.50, so because it has that price on it, on the shelf it’s guaranteed. There are NO price guarantees in forex.
It’s perfectly normal and no your broker isn’t screwing with you because of movment and not wanting you to get in on it.
Here is a couple of ways around it.
set the “maximum deviation,” to 5 pips. Your order will probably get filled without the reqoute message. This could be problem if you are a scalper. But, IMO, if you are scalping stop, you are going to lose your ass. Learn how to trend trade that is where the real money is at.
set a pending order. What this does instead of trying to get in right where price is, you set entry just above or just below price. When and if price moves through that it will get filled. Again allow deviation. Me I usually get filled within a few pips with that.
Wait until price stops moving for a moment. As a side note, it is a huge noob mistake to see momentum and long candles and try to jump in hoping it will continue. What usually happens is that you end up buying/selling at the end of the movment and then it reverses on you. Usually when you see it, it’s already too late to catch it.
I agree with Phoenix. If you have “maximum deviation” turned off you are going to get requoted on almost every trade. I set mine to 5 pips and almost never get a requote.
Thank you for the thorough answer, I am definitely aware of the dangers of trying to catch the tail end of a movement. My re-quotes happened when I was trying to lock in profits at the end of a movement and I guess it hadn’t calmed down quite enough to give me good prices. I will try playing with the deviation thing ( I was wondering what that was for ).
I was hoping it wasn’t a problem with my bank/broker as I really like them and it is hard enough finding a broker that I trust. Glad to see this is a normal thing.
So what is real money? How much do you make? Can I see your records?
Just kidding! Had to throw the noob questions in there (ok, i’ll stop now).
Seriously though, I was going to ask what kind of deviation you usually see but re-read your post. If it is usually just a few pips then that’s no big deal. I am not intentionally a scalper but I do take a quick profit when I can, maybe just a maturity thing at this point of my career. I am growing and learning all the time, even trying my hand at some trend trading. I love this business!
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Just kidding! Had to throw the noob questions in there (ok, i’ll stop now).