Been put on manual execution

If you are trading that rapidly often don't bother with a retail platfrom. Get a currenex based ECN from one of the larger firms, most of them have it. You'll get faster execution and no requotes.

Trader/God
 
Quote from 2cents:

yes & yes & probably happened to a couple 100/1,000? people on this site, and 10,000s out there, welcome on board :-)

suggestions, let me try to summarize what i've learnt after 6 mths on ET:
- simplest and safest seems to be: forget spot fx and trade exchange-traded cme efx / eurexus fx products instead, via interactivebrokers.com aka IB or any other futures broker of yr choice (xpresstrade.com ?)
- now if u want to continue on the fx spot trading route:
. preferably always use min. 2 brokers / ECNs (multi-dealer platforms) and hide your trading pattern as much as u can (hedge on the other platform and unwind on both 1hr later... may cost u spread, but much less to no aggro like above-described from yr broker(s) )
. if u use an ECN-type platform (unless u r trading a pair for which there happens to be only one liquidity provider... always worth asking/checking..), a dealer can't penalize u for hitting him in fast mkts since you'll exit yr trade at the 'best available' price anyway, therefore what happened to you at fxcm wld not happen... still good to have a 2nd broker / ECN acct elsewhere (in case the other goes down temporarily or whatever... costs more K but thats peace of mind...)
. reputed "tight spreads" single-dealer brokers: oanda.com , seems if u wanted to go with only 1 (single-dealer) broker to limit the hassle, this shld be the one...
- liveable (i.e. some people incl yrs truly did get screw*d badly occasionally, but...) "fixed spreads... ahemmm" single-dealer brokers: ac-markets.com , forex.com , saxobank.com , ifxmarkets.com
- reputed ECN model type platform: interactivebrokers.com, hotspotfx.com , currenex via fxcmpro.com (yeah, fxcm again... i use them, so far no complaints), there's been mention of coesfx.com , fxdd.com , interbankfx.com and a couple others... run a search on ecns, u'll find them

as i'm sure u'll be aware, the above is totally incomplete and am sure u'll get more answers as a result and people may give me some grief over naming / not naming this or that broker / ECN but... hope i didn't confuse the hell out of u... hope it helps a bit...

going to bed now, good luck with yr trading!
cheerio
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OneHipCat, this post actually explains it in good detail with some broker suggestions.

Trader/God
 
Ahhh, I missed that post. Thanks.

One question though, isn't hotspotfx the same as all the other bucketshops, with only hotspotfxi the true interbank system? And I believe it's only available to institutions.
 
Quote from OneHipCat:

Ahhh, I missed that post. Thanks.

One question though, isn't hotspotfx the same as all the other bucketshops, with only hotspotfxi the true interbank system? And I believe it's only available to institutions.
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Hmm, I'm not too familiar with the difference, but how a lot of retail firms work is they have their normal retail platform (where you trade w/ the dealing desk) and also a higher level institutional platform that works like an ECN.

The goal is capturing a lot of retail on the low end and leveraging those relationships to get the banks to feed their own ECN thats just for high-end clients (sometimes they keep an informal black list of clients that aren't allowed on no matter what their acct size).

Trader/God
 
Hotspot Retail does not run a desk either. You are dealing on the banks prices and paying a commission just like on the HotspotFXi platform. The only difference is with the Institutional platform you are dealing with another bank in the name of your prime broker and on the Retail one you are dealing on Hotspot's credit. Either way there is no intermediary dealing desk taking the other side of the position.
 
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