Today we missed excellent day trading opportunities. We should have had an excellent day based on the way the major currencies were moving, but as it turns out, we’re only going to have an OK day after our forex broker, FXLQ, “fixes” two bad trades that were caused by “problems” at their end. Let me explain…
Fridays are turning out to be problematic. For three straight Fridays we have had weird problems that have resulted in losses. It all started on 11/03/06 when the price froze for around two minutes and the trader was “stuck” in a trade that he couldn’t exit. FXLQ reversed the loss resulting from this trade.
Today we experienced problems that qualify as “Twilight Zone” material. When the price of the EURUSD started approaching the double-00 level of 1.2800 on the upside, buying pressure started taking over. Our trader latched on at 1.2800 for a beautiful entry. When he tried closing the trade at a profit a brief moment later, the execution price was 1.2782! What?!?!?
Yes, folks. You heard right – a price that didn’t exist. Freaky, isn’t it? If this wasn’t weird enough, it happened once more while he was trying to exit at a profit of over $1000 after having bought EURUSD at 1.2825. If you were following the action in your account tick-by-tick, you know what I’m talking about: the 35-lot EURUSD trades (yes, we’re still stuck at 35 lots, but who can blame us!) that were initiated at 14:50 London time (9:50 AM EST) and 15:05 London time.
Even though later on during the day FXLQ agreed to reverse the trades (since they should have been profitable), I am still upset about the opportunities we lost. Many more trades should have been placed and we should have had a much better day. Just imagine what these back-to-back episodes do to a trader’s nerves and confidence! Oh, well. Monday will be a new day with more opportunities and, hopefully, less problems! The wonders of day trading! Bring out the Prozac!
Click here for the screen shot of today’s problem trades (in a new window).
