Currenex troubles

[TrueStory]

Just avoid market orders during the highest-level news reports (Fed and NFP) and you will be fine. The reason for high slippage during these announcements is the banks aren't quoting rates at the time of the reports. You can get filled on a market order against another customer's limit order at a price the "market" never trades at. Avoid trading at those specific times and you'll be okay.

On another note, I agree that the Currenex front-end is among the worst platforms ever for active trading. Order entry is laughable, and I find it hard to believe that Currenex is any kind of standard in this industry. Thankfully, we only use it in the event of a problem with automated orders.

 

[fluttrader]

TrueStory,



What platforms do you like ?

 

[Trader KGB]

I would suggest a different PB other than ADM. I've dealt with them before, and they run a tiered system whereby retail accounts are given padded spreads. 3 pip spreads on USD/JPY and EUR/USD were par for the course. Dealing desks offer better spreads than that.

I'd say for account sizes <$100k, go with IB or HotSpot FXr. For account sizes >$100k, go directly with HotSpot FXi.

 

[don.key]

Thanks.

No the only thing left is to find a good CX HUB...
I am now getting the life demos from ADMD, CapitalForex Pro and ODL.

I now know that many brokers will open FXi account at the same conditions as CX.

With all the issues with CX, would not FXi be a better choice?

Edit: TraderKGB, &#1055;&#1088;&#1080;&#1074;&#1077;&#1090;, CapitalForex offers FXi with 35k deposit.

 

[TrueStory]

Quote from fluttrader:

TrueStory,



What platforms do you like ?

To be honest, I have no experience with any other forex platforms. The reason for this is that, as I said, we trade fully automated using Currenex pricing but the execution does not occur on that front-end. If there is a problem, we fill using the Currenex front-end. It is not efficient for order entry. My alternate experience is trading futures and options, and EVERY platform I ever used was better than Currenex.

My recommendation for active traders is to use Currenex pricing (datafeed) on another front-end with more features. But there are many others on ET with more experience in this area and with many brokers than I have.

 

[achilles28]

Quote from don.key:

Thanks!

So 'busted' trades happen on FXi as well?

How nice that is. I also BET it happens only if your long forgotten unwanted position puts you in loss.

Plus, this is exactly the case where one could end up in really deep debt. And it will not help to scalp in "market direction" ether, because opening position could be a subject to bust as well.

Could anyone who saw this happening tell me if it was during news trading (high fluctuation) and how long did it took banks to perform reversal? Minutes? Hours? Days?

A scalper opens and closes 10-20 positions daily so statistically he would be in much greater danger then slower trading person. Dang.

After reading this thread, I think I'll move to Index Futures.

Reversed Trades notified hours later?!!

Money down the toilet is an understatement.

Don - I scalp as well with a 10 pip stop.

Imagine what kind of damage a 3 hour post-bust notification would do with an 80 pip off market quote?!

Oh yea. I thought Wholesale ECN FX was a fair game. Guess not. Wow.

This is a real eye-opener. I guess thats why the PRO's keep saying FX is strictly for Banks. Everyone else gets royally screwed....

 

[CPTrader]

What is the attraction of spot-fx?

Globex currency futures is transparent and liquid with none of this nonsense like "bank reversals".

 

[don.key]

Quote from CPTrader:

What is the attraction of spot-fx?

Globex currency futures is transparent and liquid with none of this nonsense like "bank reversals".

To be fair (Correct me if I am wrong), I believe that busted trades are every day thing on regulated exchanges as well due to "quoting errors".

 

[Trader KGB]

Quote from don.key:


Edit: TraderKGB, &#1055;&#1088;&#1080;&#1074;&#1077;&#1090;, CapitalForex offers FXi with 35k deposit.

I'm shocked they support accounts that low. I was told by HS that 1M is the minimum order size, which would put a 35k account out of reach for EUR and GBP pairs. However, that order size requirement might be just for HS Prime clients (FXi itself might support sub-1M orders).

Pippi mentioned ODL, but they require much higher than $25-50k (low 6 figures last time I spoke with them). They also have a 250M/month minimum volume for FXi. This is why going directly with HS Prime is the best route in my opinion. Lower commissions without the middle man and also no monthly volume requirement.

 

[achilles28]

Quote from don.key:

To be fair (Correct me if I am wrong), I believe that busted trades are every day thing on regulated exchanges as well due to "quoting errors".

They are. But at least there's centralized prices and regulatory oversight to protect counter-parties from flippant renegs..

Maybe I'm wrong about this, but how do you plan to account for reversed trades, as a scalper?

How can any scalper account for that kind of risk?

Hedge every transaction with both long/short options for >24 hours.....?

The only answer seems low leverage and wide stops. Which is not really an answer at all...