Then suddenly, price starts chopping up and down in a defined channel (Image 1).
The price of the upper channel is consistently 1.24260, so I enter a buy stop at 1.24272 to catch a breakout.
To my dismay, my buy stop order is executed at 1.24272, but price never traded higher than 1.24260! The trade is noted on the chart with the price arrow above the bar! (Image 2).
Trade #7 on the Trade Log lists the trade (Image 3).
So I go to work and I come back home at 13:30 to check this out again...
The chart is now rewritten without all the chop!!! The chop that started at 8:21 Pacific time (see arrow)is gone!!! As if it never occurred!!!! (Images 4 and 5)
And the price that my "phantom" trade was executed at (1.24272) is not even reached on this new chart!!!
MB Trading has frequent issues with it's servers and data feeds. If you look at their thread over in Forexfactory.com you will see the frequent compliants are server outages and that data is corrupted often for no reason. They ninja correct it afterwards so if you had not a taken a screenshot at the time you would have no proof.
I did have an issue with a market order getting executed at a price that was never touched. I placed a market buy order and execution was 38 pips away from the actual price. I logged a support compliant and the agent on the phone agreed that execution was strange because even on his data feed he could not see that price. It still took about six weeks and multiple emails & angry phone calls before they agreed it was their mistake and refunded me.
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I figured MB Trading would be a better way to go with Forex since it is an ECN (EXN) and regulated by the NFA as opposed to Oanda and the deal-desk model, but if their data is often corrupted and their servers aren't reliable then what is the point?
What broker do you use or would recommend?
I was thinking about checking out the Alari-US Direct Pro Platform since it is powered by Currenex Viking and they are NFA regulated.
I think MB Trading falsely advertises the EXN part. EXN - Electronic Exchange Network implies that MBT simply matches buyers and sellers at the agreed price. When in fact the order does not execute with MBT but rather it is sent out. For example if you place a market buy order MBT will send you order to their liquidity provider with the best ask price for execution. In the time it takes for this to happen the price might move or the LP is no longer offering the best quote or the LP has a different price altogether. As you can imagine the potential for slippage is huge.
Have a look at Interactive Brokers or LMAX. I have not had any issues with slippage or spreads with either of these.