A day like today comes around once or twice a year. There were plenty of scalping opportunities today as the US Dollar got progressively hammered due to a widespread fear of a continually weakening US economy.
Did we take full advantage of this “textbook” trading day in the forex market? Not quite…
Today’s results were positive and pretty good to the casual observer – but the trader was only able to get around three trades executed due to more problems. What problems?
While long on a winning 35-lot EUR/USD trade he entered at 8:31 AM London Time, the trader tried to buy another 35 lots during the up move. Result?
“Trade Context Busy” message!
After that time, the trader was locked out of the market for hours and wasn’t able to day trade until the market was practically dead. Need I say more?
Click here to see today’s log (in a new window).
FXLQ did not know why the “Trade Context Busy” message came up. We don’t know either. It is being “looked into.”
FXLQ did confirm today that the “off quotes” messages we have been getting come up when the system “times out” and the “requote” message when the prices move outside of the maximum deviation number (which is supposed to be 2 pips). They also said that their programmers are looking into the “timeout” or “off quotes” situation (“off quotes” rejections are our biggest problem right now).
Why is the system “timing out” you ask? Who knows; but one thing is clear – we are all losing out on a great opportunity as a result of these problems because,
- We are trading less than 20% of the times we should be trading.
- Our trade size is around a third of what it should be based on the client assets we have.
- We have restricted additional funding from existing clients.
- We have basically stopped opening new accounts months ago.
As a result, I continue to explore alternatives to day trade our money (now more aggressively than ever). Today I contacted a new programmer to come up with a customized order-entry solution for our trader. The previous programmer was taking too long. I’ll let everyone know when this new solution is ready.
