Hotspot FX

[drasfs]

Citating the finer prints:

"It is the your sole responsibility to clearly indicate the terms of an Order when entered, whether Market, Take Profit, Limit Entry, Stop Loss, OCO or GTC and including the Order’s Value Date and specified Spot Rate limits, where applicable. Although a Spot Rate is specified upon entry of Stop Loss, OCO, Take-Profit and Limit Entry Orders, market conditions may often prevent the execution of your individual Stop Loss, Take-Profit or Limit Entry Order despite other dealing activity at that price level or may often require Stop-Loss to be Filled at a substantially different Spot Rate. You agree to accept the rate that Hotspot, in its discretion, may assign to the Fill."

Does this mean that they can change the rate on my market order? Say i wanted to buy at 1.4444, but when i click at the buy button at 1.4444, i instead bought it at 1.4450 because they changed the rate.

Though, i guess they can't widen the spread, since it is determined by the banks.

 

[cabletrader]

Quote from sim03:

Agree. That paragraph of mine ("Further, when it comes to all retail and semi-institutional forex platforms...") actually wasn't in response to you at all, but others who seem to read a bit too much into standard broker agreement language like "counterparty" identification.

Oh right, sorry, my mistake.

 

[sim03]

Hey, no need to be sorry at all. I should've put that in a separate post.

 

[cabletrader]

Quote from endian675:



Is that perhaps what "ssss" was trying to say, in his roundabout Altavista Babelfish fashion?

Could be, I kind of gave up because I think there's a slight language barrier, something's getting lost in translation

 

[ssss]

Were they expecting that Citi, UBS, Goldman or Barclays would be the counterparty to their 5-lot trades on an ECN?


They divided operators in specific
groups ,each with specific tactic and specific behaviar and trade against specific group in most suited time
with most suited tactic .

Yes trading against top performer alsov
possible ...

FXCM,interbankfx payed montnly price
for contest winner .FXCM -4000 participants .Interbankfx some 500

It is not only promoution .

Tactic of winner would analyzed from point of view - countermessage's

#########################

For cabletrader :about multiple account against one

AMERITRADE account blocked today ,but Optionsxpress work

By next case can be reversive ....


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[ssss]

Is that perhaps what "ssss" was trying to say, in his roundabout Altavista Babelfish fashion?
#########################

No ,without altavista ...

With errors ,but for SEC ,Court was enough ...

 

[cabletrader]

Quote from drasfs:

Citating the finer prints:

"It is the your sole responsibility to clearly indicate the terms of an Order when entered, whether Market, Take Profit, Limit Entry, Stop Loss, OCO or GTC and including the Order’s Value Date and specified Spot Rate limits, where applicable. Although a Spot Rate is specified upon entry of Stop Loss, OCO, Take-Profit and Limit Entry Orders, market conditions may often prevent the execution of your individual Stop Loss, Take-Profit or Limit Entry Order despite other dealing activity at that price level or may often require Stop-Loss to be Filled at a substantially different Spot Rate. You agree to accept the rate that Hotspot, in its discretion, may assign to the Fill."

Does this mean that they can change the rate on my market order? Say i wanted to buy at 1.4444, but when i click at the buy button at 1.4444, i instead bought it at 1.4450 because they changed the rate.

Though, i guess they can't widen the spread, since it is determined by the banks.

Bless, the OP got drowned out and it's his thread! I'm partly guilty!

I believe you might be talking about slippage? Some platforms have limits or bounds so that your market order can't be filled if it's outside those price difference parameters.

Using your example, say you clicked Buy at 1.4444 and you set a maximum slippage of 5 pips, if the next available price was 1.4450 you wouldn't get filled. How that works on getting a better price, say 1.4438 I'm not sure and might differ from broker to broker, anyone?

As for stops, if you don't get filled at the price you set because the market never traded at that price you get filled at the next available price. As Hotspot say, market conditions may often prevent the execution. In fairness it should work the same way for taking profit!

As for widening spreads, do they say they have fixed spreads? If not then their spreads will likely reflect the market and vary.

I'm trying to find a good website or book for you that explains the way the market works which would probably answer a lot of the questions you asked, and then some. Maybe someone else has some good links to share.

 

[drasfs]

cabletraders: well I guess the thread goes a bit off topic since no one really has experience with hotspot.

But what if you buy at 1.4444, and the spread was 1 pip at that time, but it takes 5 seconds for my order to get filled and during that time, the spread has widen to 4 pips. How is it generally with ecn brokers:will i take the 4 spread hit, or will i only get filled when the spread is back to 1pip?

 

[cabletrader]

Quote from drasfs:

cabletraders: well I guess the thread goes a bit off topic since no one really has experience with hotspot.

But what if you buy at 1.4444, and the spread was 1 pip at that time, but it takes 5 seconds for my order to get filled and during that time, the spread has widen to 4 pips. How is it generally with ecn brokers:will i take the 4 spread hit, or will i only get filled when the spread is back to 1pip?

I think you're concentrating too much on spread, you have done in other posts I noticed, what you need to look at is price.

In your example say you clicked Buy at 1.4444 when the quote was 1.4443/44 and then spread widened to 4 pips before your order got filled so the quote was then say 1.4442/46, if your bounds were set at 5 pips you would still get filled, at 1.4446. The same would apply if the market had moved before your market order had been filled. It's slippage is all, price moved before your order was filled. Some marketmakers requote with a new price (better or worse) and give you the option of accepting the requote within a few seconds, if you don't accept the new price the order gets cancelled.

 

[drasfs]

cabletrader: I might getting the hang of it know.. Being with brokers who only have fixed spreads can make you so dumb.