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As far as i know they match orders below 100k within their system and above may but not must match the order with a liquidity provider.
These fx liquidity providers grant themselves the "last look" function what means they have 500ms to decide if they want the order in their books... Could be a reason to not accept a trade.
Thanks for the reply. Interesting.
I intend to grill my account manager tomorrow. If I do not get an answer that is reasonable enough for me to continue, I will be looking at other options available.
I decided to make this incident public as the rep I spoke to was not willing to acknowledge the trade as out of character and he made it clear that this occurrence is quite normal.
"The only thing to do when a man is wrong is to be right by ceasing to be wrong." - Edwin Lefevre -
Update
I escalated the issue to their management staff and am please to say I have received satisfactory reply and explanation.
Basically this should not have happened and I received their reassurance that if it does happen again I will be fully reimbursed if I have incurred any losses.
Apparently, they treat Place Bid/Offer orders differently than Take Profit Orders. Place Bid/Offer orders are visible to other market participants only if your size is 100k or more (EUR/USD) and should be inline with their qouted Bid/Offer.
Take Profit Orders are considered limit oreders to sell or buy an existing position and regardless of size are not visible to other market participants and therefore suffer an additional disadvantage of you having to absorb the additional spead of their Bid/Offer. If you are want to sell 200k at 15 and they are quoting 12.5 bid 15.5offer you only have a chance of execution if their bid becomes 15 or more whilst their offer might jump to 17. Not exactly how it should be, and to me a Limit Order is a Limit Order regardless of whether you open a new position or atempting to close and existing.
"The only thing to do when a man is wrong is to be right by ceasing to be wrong." - Edwin Lefevre -
Basically this should not have happened and I received their reassurance that if it does happen again I will be fully reimbursed if I have incurred any losses.
In your place I would screen record all the trading sessions, just in case you need a "proof" that something went wrong and in order to let them know that whatever happens is carefully monitored. Since i experienced TT disconnections I always screen-record everything with camtasia software.
Not a bad idea. I have plenty of screenshots though of failed trades. Their bid has jumped either past my offer or touched my offer and I did not get the fill. When I just try to get in, and I did not because of that I just accept it. But if you try to manage a trade by scaling in or out and it fails to close an iffy trade, then I can not help but start getting angry. Worst is when you call in and some smart .... try to wiggle out of responsibility and tell you to get used to it. Like the last time the first guy said, "Maybe the participants did not like your offer" but their bid was higher than your offer. Anyway, I have no experience with other Forex brokers but hear Dukascopy ranks amongst the favorite for now.
"The only thing to do when a man is wrong is to be right by ceasing to be wrong." - Edwin Lefevre -
Most, if not all, forex brokers are there to take your money (not only with the commisions). I would rather trade derivatives in regulated market environments like CME although it might seem more expensive.
Thanks,
I agree with you, I used to trade Bund, when i worked for a firm, but now I work for myself and with my account size, it kind of puts me off a little the pressure of having to cover commissions, exhange fees, CGQ, and broker access plans. Maybe things have moved on since then.
What is you set up cost-wise if you do not mind me asking?
"The only thing to do when a man is wrong is to be right by ceasing to be wrong." - Edwin Lefevre -
lol someone is messing with you; now back to reality...
Dukascopy ranks as one of the brokers with bad execution, really I'm always surprised on how people trade with them...
