How to deal with "Off Quotes" - ruining your winnings ?
Today I got caught by the "Off Quotes" errors - hitting my trading and get me worrying ...
For some weeks I trade USDTRY as this actually is hot - and today I had 2 LOT long and luckily I just was online when the course went from 5.74 to 6.19 within 5 minutes.
At 5.98 I was already at 7600 plus - so I thought OK lets close the deal and get the money.
As I have ForexCopier running its usually just 1 click in Pepperstone as my master to close also the trades in JFD and IC Markets.
Pepperstone closed directly - but when I checked JFD - it was still open - so I clicked manually on close - and when I then checked IC Market it was also still open - and I manually closed again.
Going back to JFD - nothing happend - the chart looked frozen - and the trade still active - same was with IC Markets.
What I didnt know was, that the course just went up even more - after another minute JFD and IC Markets were updated and showed my not 7600 but already nearly 12000 plus.
I still tried to close it - but my journal only showed those "Off Quotes" errors ....
I slightly got angry now as I knew "What goes up must come down" - so I clicked to close again and hoped.
I started the online chat with JFD and got the "Yes we see theres a problem at this moment" - but that didnt help me.
Luckily IC Market got closed during my chat at 13000 plus - and that saved my overall winning - because about 10 minutes after all this also JFD was closed - but "only" with 4700 plus.
Thanks to IC Markets I now still won a lot - but it keeps me questioning this.
How shall I handel those Off Quotes problems brokers have ?
I mean - USDTRY surely isnt the big Forex pair like EURUSD.
If USDTRY gives such big problems - what will happen if EURUSD goes wild one day ?
And - they all talk about HIghspeed Trading in milliseconds on Supercomputers - but me as the end user only gets the Pentium ?
Coming back to my firs statement - I thought that reliable Brokers like JFD and IC Market should have the appropriate infrastructure to handle such events.
But after today - what is your advise ?
I mean - I was just lucky with IC Markets - but JFD "lost" me 3000 EUR that way - and that IS quite an amount for people like me.
Two of the brokers you using have servers in New York. Therefore, trading with market orders from Philipines does not look a good idea. Check the ping time in the lower right corner of MT4.
My advise is using STOP/LIMIT orders, or getting a VPS in USA or Europe for trading via remote desktop.
After a detailed observation of your order execution Nr. xxxxxxxxx we see that the order have been closed at level 5.89156 with a profit of 4 783.30 EUR at 07:32:45server time, i.e. GMT +1
In the log file we see that the last price you have tried to close the order by is 5.94450 and the realized profit should be 6 374.73 EUR and not 4 783.30 EUR .
As a fully transparent and client-orientated broker striving to act in the best interest of the client, we are willing to return you the difference in these amounts as a refund.
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For some weeks I trade USDTRY as this actually is hot - and today I had 2 LOT long and luckily I just was online when the course went from 5.74 to 6.19 within 5 minutes.
At 5.98 I was already at 7600 plus - so I thought OK lets close the deal and get the money.
As I have ForexCopier running its usually just 1 click in Pepperstone as my master to close also the trades in JFD and IC Markets.
Pepperstone closed directly - but when I checked JFD - it was still open - so I clicked manually on close - and when I then checked IC Market it was also still open - and I manually closed again.
Going back to JFD - nothing happend - the chart looked frozen - and the trade still active - same was with IC Markets.
What I didnt know was, that the course just went up even more - after another minute JFD and IC Markets were updated and showed my not 7600 but already nearly 12000 plus.
I still tried to close it - but my journal only showed those "Off Quotes" errors ....
I slightly got angry now as I knew "What goes up must come down" - so I clicked to close again and hoped.
I started the online chat with JFD and got the "Yes we see theres a problem at this moment" - but that didnt help me.
Luckily IC Market got closed during my chat at 13000 plus - and that saved my overall winning - because about 10 minutes after all this also JFD was closed - but "only" with 4700 plus.
Thanks to IC Markets I now still won a lot - but it keeps me questioning this.
How shall I handel those Off Quotes problems brokers have ?
I mean - USDTRY surely isnt the big Forex pair like EURUSD.
If USDTRY gives such big problems - what will happen if EURUSD goes wild one day ?
And - they all talk about HIghspeed Trading in milliseconds on Supercomputers - but me as the end user only gets the Pentium ?
Coming back to my firs statement - I thought that reliable Brokers like JFD and IC Market should have the appropriate infrastructure to handle such events.
But after today - what is your advise ?
I mean - I was just lucky with IC Markets - but JFD "lost" me 3000 EUR that way - and that IS quite an amount for people like me.