Today was a very good day to day trade the forex market. The FXLQ server we are on went down for around half an hour early this morning – close to 5 AM EST. I notified FXLQ and it was quickly restored. Don’t know why it happened.
I spoke to Brian from FXLQ this morning regarding the execution delays and rejection delays that we have been experiencing – lasting over a minute sometimes. He told me that last night FXLQ’s programmers “upgraded the server to reprioritize the order processing so the PAMM allocation is on the top of the list of actions to perform.” Whatever that means, it sure sounds good! My guess is that it won’t eliminate all of the issues we are experiencing, but it might definitely improve things.
When I looked at today’s day trading log, things have definitely improved – even though all of the problems haven’t been eliminated. It seems that when we do get an execution, it is reported relatively fast.
I think that the initial requotes today (see log below) around 09:30 AM UK time are justified because the price seemed to be moving past the 2-pip maximum deviation setting rather quickly on MT4 after the Eur Retail Sales numbers were released. This leads me to believe that the “requote” message is the one that should be coming up when the price moves past the maximum deviation setting (I still don’t have a firm confirmation from FXLQ on this). At the same time, the first rejected EURUSD order below at 13:30:13 London time generated an “off quotes” message – Why? Why wasn’t a “requote” message generated instead? Who knows. I guess we’ll find out as we move forward.
So I summarize problem #1: Why do we get “requotes” sometimes and “off quotes” some other times? What EXACT condition or conditions result in the generation of each message? The “Unsolved Mysteries” show comes to mind as I think about this.
Problem #2 is also evident from the “off quotes” example above: it still takes 10 seconds or more for “off quotes” messages to come up. Why? Why aren’t the messages instant like “requotes?” All rejections of entry orders took 10 to 15 seconds to come back with the “off quotes” message. This is not acceptable.
Problem #3: Execution delays when closing some positions. It took 4 seconds to close one trade and 10 seconds to close another one. This is an eternity in a fast market and unacceptable for scalping.
Click here for the trade log (in a new window).
