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help explaining Dukascopy failed fills

  #7 (permalink)

Trading Experience: Intermediate
Platform: LMAX
Favorite Futures: GBP/USD EUR/USD
kashbg's Avatar
Posts: 46 since Feb 2011
Thanks: 33 given, 25 received

josh View Post
It seems you should have gotten a partial fill if any bids were at or above your offer price. What were the size of the bids? And what is the smallest size in units you can put on from your end? You were offering 100K, but I'm curious, what is the smallest size you can enter the market with?

Of course it would never happen on the other products you mention--these are at a regulated exchange (Eurex). Trading with Dukascopy or any other forex broker is like trading person-to-person: the other person can do whatever the hell they want... who is going to stop them, it's OTC trading. Just more forex bullshit, I am so sick of hearing this kind of story from people whose brokers want them to fail because they are trading against them.

From a practical perspective, if this happens again, I hope you just hit the bid and get out of your position that way.

Hi Josh, I do not know their min bid offer size but I know you can put in paper trade like size, like 5k or 10k in. The problem is that they are saying that if you trade less than 100k, your orders would not be seen to other participants in their depth of market view or have a chance of execution unless your offer matches their bid or their bid is 2 increments higher.

Whenever I have a position my usual way to close it is by selecting take profit at a limit price. This way if their price just reach me but do not execute, I just hit close position and, the take profit at a limit price becomes a market order, so I am out. Now they are saying that whenever you have a position and select take profit at a limit price, that particular take profit order is not classes as a bid or offer in the market place and they do not route it to their price feed, so it is invisible and would only get executed if my price to sell is equal to their bid or lower by 2 increments.
If I have a completely separate limit order meant to square my position and the market just gets to me but just miss me, as you say I can always hit their bid or offer, but often I end up with the two positions executed as the time cancelling the other is sometimes not enough.

I would have gladly accepted an explanation, like "Sorry about this, we will look into it and if you are right, we will correct it" but I feel that the support staff I talked to was wrong and I need to find out if this is normal and happens to others or it was just one off fluke system glitch that they are unwilling to accept.

"The only thing to do when a man is wrong is to be right by ceasing to be wrong." - Edwin Lefevre -
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