Whether or not FXLQ’s new multi-bank MetaTrader (MT4) system will solve our current day trading problems remains to be seen.
This morning, FXLQ was supposed to go live with their new day trading system (at least that’s what we were told). If all goes well, we should be trading currencies tomorrow with the new setup. This is not a sure thing yet; nor is it certain that the new system will eliminate the delayed executions and huge number of trade rejections we’re experiencing.
Yesterday, the problem with the delayed executions resurfaced. As a result, there are two trades that we want FXLQ to reverse. Let me explain (please note, all times are in London time):
Yesterday, a trade was placed at 15:00:41 to buy 25 lots of EURUSD at 1.3235. The trade was not accepted by the server until 15:01:34; 53 seconds later! Throughout these 53 seconds, the trader was held in “limbo,” not knowing if the trade was going to get filled or not. By that time, the price had dropped to 1.3227 or lower, which should have led to a trade rejection – since the price had moved beyond the 2-pip deviation setting that’s supposed to be present on our MT4 system; instead, there was a fill at 1.3235 (a price that occurred 53 seconds earlier)! We asked FXLQ to immediately bust this trade and are still waiting on the outcome. Here’s the corresponding section of the log:
15:00:41 ‘1002’: request was accepted by server
15:01:34 ‘1002’: request in process
15:01:34 ‘1002’: order was opened : #209369 buy 25.00 EURUSD at 1.3235 sl: 0.0000 tp: 0.0000
15:01:46 ‘1002’: close order #209369 buy 25.00 EURUSD at 1.3235 sl: 0.0000 tp: 0.0000 at price 1.3227
15:01:46 ‘1002’: request was accepted by server
15:01:46 ‘1002’: request in process
15:01:47 ‘1002’: order #209369 buy 25.00 EURUSD at 1.3235 sl: 0.0000 tp: 0.0000 closed at price 1.3227
Click here to see the chart of the EURUSD during this incident. The crosshairs point to the one-minute bar (15:00) when the trade was placed and shows the 1.3235 and 1.3227 price levels (horizontal lines).
In today’s trading session, the delays were also present. This led to a losing trade that we are also asking FXLQ to reverse. I’ve added the section of the corresponding log below with comments in between.
In the first section of the trading log, the order took 37 seconds to be opened (from 08:30:59 to 08:31:36)! Once the order is placed, it should be filled right away or time out in a few seconds (see below).
08:30:59 ‘1002’: request was accepted by server
08:30:59 ‘1002’: request in process
08:31:36 ‘1002’: order was opened : #210739 sell 25.00 EURUSD at 1.3189 sl: 0.0000 tp: 0.0000
1st attempt to exit trade at 1.3188 – placed at 08:32:08.
08:31:36 ‘1002’: request was accepted by server
08:31:37 ‘1002’: request in process
08:31:41 ‘1002’: order #210739 sell 25.00 EURUSD at 1.3189 was modified -> sl: 1.3197 tp: 0.0000
08:32:08 ‘1002’: close order #210739 sell 25.00 EURUSD at 1.3189 sl: 1.3197 tp: 0.0000 at price 1.3188
Order held for 1 minute and 30 seconds before getting off quoted! (see below) – This is not acceptable. The trader should have been out way before this time, as would have been the case on any other trading platform or system.
08:32:08 ‘1002’: request in process
08:33:38 ‘1002’: order #210739 sell 25.00 EURUSD closing at 1.3188 failed [Off quotes]
2nd attempt to exit at 1.3194 – order placed at 08:35:20.
Order held for 61 seconds before getting off quoted! (see below) – This is not acceptable. Again, there’s no reason to still be in this trade at this time.
08:35:20 ‘1002’: request in process
08:36:21 ‘1002’: order #210739 sell 25.00 EURUSD closing at 1.3194 failed [Off quotes]
3rd attempt to exit at 1.3196 – order placed at 08:36:32.
The order was held for 11 seconds before getting executed at 1.3196; 8 pips worse than it should have been executed over 4 minutes earlier (see below).
08:36:32 ‘1002’: request in process
08:36:43 ‘1002’: order #210739 sell 25.00 EURUSD at 1.3189 sl: 1.3197 tp: 0.0000 closed at price 1.3196
For a chart that illustrates the problem above, click here.
