Forex.com screws EA traders (allegedly)

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alexander supertrade
290
alexander supertrade  
Ive been a client with this broker for some time and pretty happy.. until now. They decided to replace 'instant' orders with 'market' orders.. whats the difference you ask? Well an instant order allows you to preset all of your order parameters (stoploss, takeprofit) and send that order using the mql4 OrderSend() function as a single event. But no more! 'Market' orders are just that, simply an order to buy or sell without any stoploss or tp attached. Now if you want to enter a market order with a stoploss you (or your EA) has to submit a buy or sell order, then modify it.. TWO events instead of one.. this sort of logic is not the standard way ofprogramming for most EA developers and an EA would now have to be re-coded specifically to work with forex.com's stupid rules. Also, what if youre away somewhere while your EA is woking its magic, it decides to open a market order then the power goes out and the 2nd stoploss order never goes through.. the market goes light years into the red and you lose a huge chunk of your capital when you get stopped out. thanks forex.com, nice "upgrade"! One workaround you can do is to send your order as a limit order at 1 pip away from the market..you can send stoploss and tp simultaneously with pending orders and regain the single order functionality, and even get a better price. but this is not the point. I should have the option to send whatever order I need to and have it executed simultaneously. in any case, time to find a new broker.. any suggestions??
William Roeder
19609
William Roeder  
  1. Stop bitch'n. We have no control over any broker. Don't like the changes, go else where.
  2. This site doesn't talk about brokers. Mostly about programming mql4.
  3. MarketInfo(Symbol(), MODE_STOPLEVEL)*Point is usually more than 1 pip. (on IBFX it's 3 pips/30 points)
  4. Search `site:mql4.com ECN' and you'll find many posts on how you MUST change the code to be compatible.
  5. Don't be a troll.

    When you respond, you give the troll power. When you ignore the troll, he starves for attention and eventually dies.
alexander supertrade
290
alexander supertrade  
youre telling me that a broker changing their system in a way that forces traders to enter two separate orders instead of one is ok and that I MUST change my code to accomodate that stupid system?! screw that.. I will go somewhere else.. and think of this post as a public service advisory that forex.com does not exactly cater to those who trade algorithmically. yet instead of a 'thanks for the heads up' and perhaps a suggestion, you post a stupid picture..
Ubzen
5298
Ubzen  
Supertrade: you've been around here for a while now and should have realized that sending the order with the sl and tp is the old way of doing things. We cannot discuss brokers so not much to say there. Sure non of us liked it when brokers instituted freeze_lv, stop_level etc and I'm sure someone bitched when those changes went into place. But currently forex is an advantageous place because of it efficiency and in-efficiency. You'll just have to learn to adapt when brokers trys to protect themselves. Or keep bitching until regulators require that you have 100k and an accounting firm to trade forex. Hope u get my point.
William Roeder
19609
William Roeder  
supertrade:
youre telling me that a broker changing their system in a way that forces traders to enter two separate orders instead of one is ok and that I MUST change my code to accomodate that stupid system?! screw that.. I will go somewhere else.. and think of this post as a public service advisory that forex.com does not exactly cater to those who trade algorithmically. yet instead of a 'thanks for the heads up' and perhaps a suggestion, you post a stupid picture..
When you respond, you give the troll power. When you ignore the troll, he starves for attention and eventually dies.
lou
89
lou  
supertrade:
Ive been a client with this broker for some time and pretty happy.. until now. They decided to replace 'instant' orders with 'market' orders.. whats the difference you ask? Well an instant order allows you to preset all of your order parameters (stoploss, takeprofit) and send that order using the mql4 OrderSend() function as a single event. But no more! 'Market' orders are just that, simply an order to buy or sell without any stoploss or tp attached. Now if you want to enter a market order with a stoploss you (or your EA) has to submit a buy or sell order, then modify it.. TWO events instead of one.. this sort of logic is not the standard way ofprogramming for most EA developers and an EA would now have to be re-coded specifically to work with forex.com's stupid rules. Also, what if youre away somewhere while your EA is woking its magic, it decides to open a market order then the power goes out and the 2nd stoploss order never goes through.. the market goes light years into the red and you lose a huge chunk of your capital when you get stopped out. thanks forex.com, nice "upgrade"! One workaround you can do is to send your order as a limit order at 1 pip away from the market..you can send stoploss and tp simultaneously with pending orders and regain the single order functionality, and even get a better price. but this is not the point. I should have the option to send whatever order I need to and have it executed simultaneously. in any case, time to find a new broker.. any suggestions??

I'm with Supertrade on this. Makes the trade and the script really clumsy (I don't get ubzen's point at all about an old way of trading). Very good point about the follow up stop order not getting through. The "new way" means trading possibly without a stop. Too risky for me. I've been trading MT4 simultaneously at Forex.com and another broker. I have three accounts at Forex.com. Supertrade has persuaded me to close them today and move to the other broker.

I mentioned brokers, spank me.

Simon Gniadkowski
17725
Simon Gniadkowski  
Lou:

I mentioned brokers, spank me.

There is nothing in the Forum rules about mentioning Brokers . . . I don't see why it's a problem if it has a bearing on a discussion about coding . . . so no, I refuse to spank you.
JC
1595
JC  
RaptorUK:
There is nothing in the Forum rules about mentioning Brokers . . . I don't see why it's a problem if it has a bearing on a discussion about coding . . . so no, I refuse to spank you.

Agreed. And this is hardly a new topic; FXCM shifted some of their customers onto market execution at least as long ago as February 2009.

For example, I participated in a discussion about it on this forum 15 months ago: https://www.mql5.com/en/forum/126860. Yes, it makes life harder, eating away at one of the aspects which makes - or used to make - life with MT4 simple compared to other platforms. On the other hand, it's not as though the roof has fallen in. The issue in question is commonplace in other trading platforms; it's merely slightly new and slightly uncommon in the MT4 world. According to what I wrote 15 months ago, a very incomplete list of brokers who already at that time didn't allow an s/l with a buy/sell order included Broco, CMS, FXCM, FXOpen (ECN accounts), Go Markets, MB Trading, MIG, and NordMarkets. This is not exactly a new phenomenon. The title of this topic is nonsense; this isn't about Forex.com trying to screw traders.

Looking on the bright side, at least you can still place the s/l and t/p together as a single transaction which either succeeds or fails. The worst case on other platforms (see https://www.mql5.com/en/forum/126860 again) is that you have to place the s/l, then the t/p, and then combine those orders into an OCO group. And progressively unwind things if anything in this sequence goes wrong. MT4 remains comparatively easy to work with.

Ubzen
5298
Ubzen  
Lou:

I'm with Supertrade on this. Makes the trade and the script really clumsy (I don't get ubzen's point at all about an old way of trading). Very good point about the follow up stop order not getting through. The "new way" means trading possibly without a stop. Too risky for me. I've been trading MT4 simultaneously at Forex.com and another broker. I have three accounts at Forex.com. Supertrade has persuaded me to close them today and move to the other broker.

I mentioned brokers, spank me.


Why don't you post your wish list and hope the freaking Broker Santa fills it for Christmas. I'll start and perhaps you can finish.

-I don't want Freeze_Levels, I wanna execute my trades and have the option to close it right there and then, it's my right.

-I want to scalp between the Spreads, and not have the Brokers kick me out like the Casino's kick me out for counting cards at their table.

-I want Real Market Pricing, non-of that In-House, Broker-Adjusting Risk when their Pro-folio have too many Long on one Side crap.

-I want Fixed, Did you hear me, FIXED spread. Heck forget that .... I want No freaking spreads at all. It's hard enough to win.

-I want 100000000000000:1 (US) leverage, because i understand leverage and know that only NOOBS size orders without knowing that if the order toke a 5-pip drop the account will blow.

-I want to be able to Hedge (US). None of your business if I have a 0-Net position. And don't get me started on First-In-First-Out, Heck is that suppose to protect me against, Swaps?

-I want NO-Minimum-Distance on my pending order. This is the 20 (what century are we in) whatever century. Update your platform and deal with it.

-I want 1% or less Stop-Out Levels because I know you have the ability to close my account when my Funds reaches 1-Penny. Technology People!!! .. Update your platforms again.

-Slippage..... WHY, My mother didn't raise no-fool. I don't want to EVER...EVER see any slippage.. EVER again. Don't give my that stuff about price change. I'm the customer Brokers, you eat the loss not my fault.

What I couldn't give a rabbit's foot about. You making me Set-Stop-Loss-Order after I place the Original-Order. Markets don't move that fast (given the fact you have a minimum distance anyways); I could just close the order manually or via EA/Scripts long-before your option on Stop-Levels.

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