Reason for concern??

E

Error 404

(sorry I had originally posted this in the wrong forum)...

I opened a forex account with one of the "leading" dealers (perhaps to be mentioned at another time).

I put in my first live order on their platform. It was a stop order to open a short position. I watched as the bid ticked several times below my stop price (just by one tick). I then cancelled the order, and the cancellation went through instantly.

As it turned out, I would have been quite wrong had I successfully opened the trade. But my concern is, of course, what if I had been long, and the sell stop had been missed like that?

I would appreciate any feedback. I have not traded Forex previously, other than on demos, so I don't know what to expect in the "real world". Would I have been filled at a lower price if the market continued down? Not filled at all? Could I contest the trade (or lack of trade) like I could with a stock that has time and sales?
 
If the price only dropped below one tick and you were not filled it might be due to the spread. Your charts will either display the bid, ask, or the average of the bid/ask spread. If you charts display the bid then the ask price that you would get filled at may have never dropped below your entry level due to the spread.

That can relly suck when that happens. I have been stopped out of what would have been profitable trades because of this in the past.

I might have mixed up the bid/ask terminology. I assume that the bid is the price that you can buy and the ask is the price that you can sell.
 
Quote from Error 404:

......Would I have been filled at a lower price if the market continued down? Not filled at all? Could I contest the trade (or lack of trade) like I could with a stock that has time and sales?
More...
The answear is simple…. in this market, called FOREX, it depends on your FX dealer/broker/market-maker.
My best advice to you, if you are interested to trade such instruments as eur, chf, cad, aud, trade them on globex. Trust me....i know what i'm talking about.
 
Quote from Error 404:

(sorry I had originally posted this in the wrong forum)...

I opened a forex account with one of the "leading" dealers (perhaps to be mentioned at another time).

I put in my first live order on their platform. It was a stop order to open a short position. I watched as the bid ticked several times below my stop price (just by one tick). I then cancelled the order, and the cancellation went through instantly.

As it turned out, I would have been quite wrong had I successfully opened the trade. But my concern is, of course, what if I had been long, and the sell stop had been missed like that?

I would appreciate any feedback. I have not traded Forex previously, other than on demos, so I don't know what to expect in the "real world". Would I have been filled at a lower price if the market continued down? Not filled at all? Could I contest the trade (or lack of trade) like I could with a stock that has time and sales?
More...
Hi Error 404: No reason for concern!

Pls understand that forex brokers seems to a little out there in comparison to regular brokers you are dealing with.

FOREX rocks, but many of the brokers don't.

Secondly, with some brokers, their demo is a far cry from live.

Be sure to visit my FX broker recommendation list.

I'm not the last word on FX brokers, but have had several months head start on you to get some exposure.

There's bad (very bad) but also some fair dealers out there. If a broker is NOT on my list there's probly good reason why.

Don't give up! Have lots (more than should be normally required) of patience with this forex trading gig and I think you will find it an awesome new alternative to trading what you've traded.

Any way I can ever help you pls feel free to PM me or email.

Take care,

Your trading friend,

Sam
 
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