Thread: Question about EFX limit orders

Originally Posted by ;

there is something wrong with the EFX system, if you didn't know it so far it is your problem.

Just saw this portion of the post, and I answered to you actually before they did with this situation. I don't consider it a issue, especially after Justin explained how they manage the 5 out of a million or all times this comes up. It's hardly a reason to not use stop TTO or limit TTO orders. Trust me, I have run into much more significant problems through the past few years on platforms than having to worry about this intrie string of events. As I mentioned in my initial reply to you, I HAVE thought about this in the past, but it hasn't come up in all my trading, and when it does, I assume EFX can do what they can do. So I don't think about it as something wrong with the EFX system. I believe it as a natural issue of dealing on an ECN instead of a desk, in which a desk is on another side of your transaction, therefore if they float one side, another needs to be busted by definition. Obviously, that's great in case you just described, but I wouldn't place my money with one of those platforms if you put a gun to my mind.

Originally Posted by ;

Just saw this portion of your post, and I answered to you actually before they did on this situation. I don't consider it a issue, particularly after Justin clarified how they handle the 5 out of a thousand or whatever times this comes up. It's hardly a reason to not utilize stop TTO or limit TTO orders. Trust me, I have run into much more considerable problems over the past few years on platforms than having to worry about the complex string of events. As I said in my initial reply to me personally, I HAVE thought about this in the past, but it hasn't come up in all my trading, and when it will, I assume EFX will do what they can do. So I don't think about it as something incorrect with the EFX system. I believe it like a pure dilemma of dealing on an ECN in lieu of a desk, even in which a desk is on the other side of your trade, so when they float one side, the other has to be busted by definition. Obviously, that's great in the case that you described, but I would not put my cash with one of those platforms if you put a gun to my head.

The problem is server downtime and liquidity being pulled out/in during these times which caused this whole limit tto issue that's a smaller one.
I am sure you noticed it and heard from other people about it.
I'll keep using limit tto as nicely after justin's reassurance but will pull all limit orders in the illiquid time windows. I don't want to experience this again for sure...

The link of moderators-brokers is a lot more powerful than I ever thought....

Well normally I would only turn the other cheek here, but it seems I have turned now. I would love to set the record straight. I'm a volunteer here atforexintuitiveas are the moderators. WE DO NOT get paid at all. We do this because we enjoy giving back to theforexintuitivecommunity.

I do not have a account with any broker recorded on FF. So there is no way I would want to favor one over another.

It only really gets a little old to hear this kind of talk, when one's aims and attempts are always with the community in mind...

Oh well, I suppose that will be anticipated.

Originally Posted by ;

The link of moderators-brokers is much more powerful than I ever thought....

Well generally I would just turn the other cheek , but it appears I have turned now. I would like to set the record straight. As are all the moderators I'm a volunteer here in FF. We don't get paid in any way. We do this because we like giving back to theforexintuitivecommunity.

I personally do not have an account with any broker listed on FF. So there is no way I would like to prefer one over another.

It just really gets a bit old to listen to this sort of talk, when one's intentions and efforts are always with the community in your mind...

Oh well, I guess that will be anticipated.

Hey Scott-

Is that a wonderful way of saying that people forex traders as a whole would be the whiniest, most economical, expect-everything-for-free, largely-unedued-about-the-instrument-that-we-love-to-trade team on the market? Since this statement and I would agree. LOL.

Continue the good work.

Originally Posted by ;

Hey Scott-

Is that a nice way of saying that we forex traders as a whole would be the whiniest, cheapest, expect-everything-for-free, largely-unedued-about-the-instrument-that-we-love-to-trade team out there? Because that statement and I'd agree. LOL.

Keep up the good work.

Lolol

Oh candy Mods. Get such much slack/bs for doing us all a huge favor here

we want a dedied I appreciate our MODS ribbon.... - actually as this post has nothing to do with the topic here it could be moved into its own ribbon

I for one appreciate your, and others that spend their time moderating, work and didn't mean to offend you.

I do feel that you changing the thread's name after Justin composed that the problem was solved without waiting for the poster's affirmation of such a claim (it was solved but that's not the issue regarding the name change) is accepting the broker's side a bit too much. I have the right to think (and post it,for now), because you have the right to feel that your honest work is vain.


Really have a good day.

Originally Posted by ;

The link of moderators-brokers is much more powerful than I ever thought....

Well normally I'd only turn the other cheek , but it seems I've turned all four now. I'd like to set the record straight. I'm a volunteer here atforexintuitiveas are all the moderators. We don't get compensated at all. We do so because we enjoy giving back to theforexintuitivecommunity.

I do not have an account with any broker listed on FF. So there's absolutely no way I'd want to favor one over another.

It only really gets a bit old to hear this kind of conversation, when one's aims and efforts are always with the community in your mind...

Oh well, I guess that is to be anticipated.

FF Members ~

I really do need to be clear about our policy toward rebating customers on issues which arise, and that I wanted to remind you also that while MBT might be the first to decide whether you get a lien, as an EFX customer, we can also review each situation beyond their choice and decide whether it makes sense to rebate.

Our policy is fairly simple, but we try to look at each situation individually. We rebate customers when mistakes occur on our conclusion, and we have done that many times previously when the mistake is ours. We do not rebate customers when mistakes occur on their conclusion or due to problems out our control. That would consist of problems brought on by the banks within our system, etc..

It is important that we, as a company, are consistent in our approach to this to protect us also to establish customer expectations about what they are or might not get in this very”tech-heavy” industry. On the 1 hand, you might expect that we'd give our larger traders a lien to keep them happy, whereas we might not take smaller customers as seriously. On the other hand, you might expect that the problems that come up with smaller customers might not cost us enough to issue, so maybe we'd take care of those. We regularly get requests for”I want $5 back because I got slid 5 pips on a lot,” and I believe the assumption is that $5 should not matter . When we took that approach, everybody would ask for $5 now and $10 tomorrow and eventually we'd be out of business. The truth is that if the specific same thing happened to two customers, our answer should be the same whether the price is $5 or $5000.

We don't give priority or preference in determining if there must be a rebate/refund based on the size of a customer's account. At all. It is totally based on each individual situation, with no respect to price to us. Believe me, there is probably a problem for a single customer every day at which we do provide a tiny rebate or something because glitches happen. We have thousands of consumers, it's just mathematics.

It is also quite important, but that each time we do home to get a customer, we remind them that this doesn't open a doorway to a lot of prospective rebates because customers have a way of saying,”Well, you rebated me if this execution did not happen because you had a power failure, why aren't you rebating me now when XYZ bank moved ?” It is another case.

As I said in my prior e-mail, I dug into the examples throughout the last year or more of what you experienced, and that I could not even find ten. In each scenario, we reimbursed the customer. If the exact same thing happened to you tomorrow (that would imply it occurred to you double as it occurred ten times complete from countless orders, so that might say something about luck), I'd rebate it. But again, that's if the EXACT same thing occurred. There are plenty of other variations on precisely the exact same subject that could happen that might not warrant the rebate.

Allow Me to give you an instance. We had a customer that place in a market order on news. We regularly edue our customers NOT to do that. He got slipped 50 pips to the news spike, but it just happened that his particular order got stuck inside the machine temporarily. So, we refunded him for the reduction because there was a system glitch. We stated that this must be regarded as a remarkable event, and we cautioned him again not to enter market orders on news. There's not any reason to perform it since our system gives you such great flexibility to control your fills with limitations. You shouldn't ever get slipped on news with us if you know what you do. Well, a few weeks later, this exact same customer fired off a market order on the non-farm payroll data and got”dropped” roughly 35 pips. His order executed perfectly. The market moved that quickly, and the machine hauled his order on the very best price . He came right back asking for a refund, and we dropped it. He tried to use the”but you did it last time” approach. That is precisely why we have to say what we state. Doesn't change the fact that if there is a system issue on our end, and if you are an EFX customer that comes to US and not just these planks or MBT, then you'll get refunded. Your Restrict TTO example/problem, so far as I'm concerned, is a case in point the manner in which the issue happened.

I don't see how we can be fairer about this situation. We have to run a company without assuring the world to individuals on matters which are out of our control. To the best of my knowledge, we have never been finally unfair with a customer in a refund.

Oh my. This thread has become fairly hostile

I would hope that there's some feeling of respect and dignity which we can all converse in a means that is not insulting nor demeaning to one another. We gain respect by how we handle/conduct ourselves and speak with others, so I expect we can be a touch less attacking and attempt to place our messages/responses more civilly without a lot of sarcasm which will be very hurtful.

Anyway, I'm glad you're resolved with your difficulty, gidnoa.

Originally Posted by ;

Oh . This thread has turned pretty hostile

I'd hope that there is some feeling of respect and dignity that we can all converse in a means that is not insulting nor demeaning to one another. We get respect by the way we handle/conduct ourselves and speak with other people, so I expect we could be a little less attacking and try to place our messages/responses more civilly without a lot of sarcasm that will be quite hurtful.

Anyway, I am glad you're solved with your issue, gidnoa.

Just interested, where is that this thread hostile? Except for the fact that it seems like the conversation was over, and perhaps gidnoa took a shot at the Mods somewhat, seems like a good conversation to me. He just wants to be certain that people understand the impliions of getting a lousy execution on the entrance piece of the trade and what that means on your side of the trade, and Justin is giving him a good response. There is some great one-liners in here. I really don't see how this thread is still hostile.

Gidnoa ~

Per compliance I needed to remove the email you received from our offices that were posted. Granted I gave you permission....this had been an oversight on my behalf and I apologize.