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Adelaide Australia
Posts: 18 since Jun 2012
Thanks Given: 7
Thanks Received: 3
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On three occasions this month NT has failed to cancel an OCO order after one side was filled.
I am trading with FXCM using a simple ATM strategy that has a stop loss and a profit target. Yesterday was the latest case where a target was reached and NT failed to cancel the stop order. Fortunately I was watching the system at the time and noticed the stop order remained on the chart, however the order status was marked as "Pending".
I waited for about 30 minutes to give NT enough time to cancel the order, even though I was at risk of the dangling stop order being filled.
After 30 minutes with the order still in a pending state, I disconnected and reconnected with the brokers server. The order status then changed to "Working". I then contacted the broker, who confirmed that the order was still live. So I cancelled it via NT.
The broker also confirmed that my other existing OCO orders on their server were not linked, confirming that NT places both orders and then cancels them later as needed .... if it functions properly.
I ask fellow futures.io (formerly BMT) members two questions,
1. Has anyone else had this problem, and were NT support effective in dealing with it?
2. Why on earth would such an unreliable, high risk method of implementing OCO orders even be considered? I cannot for the life of me see any benefit in not properly implementing server side OCO orders.
Any comments, thoughts and experiences would be appreciated.
cprtrader
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