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How to avoid requotes in Forex?




The material has been sent us by one of the traders, who wished to share few simple steps to get around re-quotes.

Courtesy of Babypips Forum.

I've read some reviews of IBFX by people who don't understand what a requote/ offqoute is.

What it is, is that since you are entering your exit manually the price moves between the time you hit the close button and the close, which is now a market order, reaches the server.

So, price has moved. IBFX is not trying to screw your trade.

I've experienced requotes when trading all manual. Here is how I get around it.

1. Set a take profit level, before the trade is entered. Don't modify it afterwards, price may go past what you want. Did 15 trades between today and yesterday with a TP set as the trade went in. Every trade that went my way closed at my TP. No, strange messages.

2. Set a stop loss, before the trade is entered. Again don't modify it afterwards, price may fly by what you were wishing to risk. I don't usually use automated stop losses as more often than not I've seen price get close to or hit my stop loss and go back where I thought probable. No, this isn't IBFX trying to screw trades, this is normal market volatility. Sure, there are traders stop hunting, that is part of the game.

3. In MT4 with IBFX their is a little check box, "enable maximum deviation from quoted price". Don't use it myself, but if you are trying to get out manually and want out as soon as you click the button, this is for you. If you are trying to scalp at 5 pips at a time it probably won't work out. But, it will only deviate from the price by what you put in there. Another IBFX trader who used it told me that more often than not it hit his deviation, but even if you set it at only 3 pip that would give you little leeway +3 or -3 pips from the price you click close on, so there would be less likelihood of a requote depending on how fast price is moving.

4. If you really don't like any of the automated options, then you will just have to click close and hope it takes it. I myself trade this way often. When price is moving I get requotes, I click yes I want to close and it usually closes just a few pips from the price I wanted. This has happened about 50/50 in my favor where it was larger than I wanted. You just have to be quick.

5. Your other options is simply to wait for price to stall a bit and get out. I've never had a reqoute when this happened. If you are in a positive trade and have already hit your TP and price stalls you may want to get out anyway. It could be sign it's going to retrace.

I've been trading live at IBFX for a little over two months. I haven't seen any evidence of shenanigans. What I have seen is how certain things can be misconstrued as , "trading against you," or , "purposely not allowing you out of a positive trade so it will reverse."

When I traded live my first day I was chasing price all over the place. I of course got requotes all over the place. "dammit I want to close I'm positive, WTF!!!!!!!!!!!!!!" I of course thought that it was some sort of scam on part of IBFX. When it was explained to me price had moved in the space of time I had hit the close button and my order to close hit the server, then it made perfect sense.

When you hit close it becomes a market order. Which says close at this price and this price only. If that price isn't there, guess what you don't get the price and you get the message requote.

Honestly, at least for the sake of paranoid noobs the message should be exactly as it was explained to me....... "Price has moved in the space of time it took your order to close manually to reach our server. Close became a market order which says close at this price only. This price is no longer in market. You can either set a SL/TP as you initially enter the order, or enable maximum deviation and hope for the best."

That would be a lot better then simple seeing, "reqoute," and, "offqoute," which are different flavors of the same thing, price moving past your market order before it reaches the server.

What is your opinion on this?
How do you deal with re-quotes?



Broker discussion area

trader

February 1, 2015

Use Oanda. I have never seen a re-quote .... in years of trading! The execution speed is sooooo fast that I suspect there software from fist confirming to me on my screen and than sending the order to the server.


trader

May 25, 2012

hi guys what do you think about this broker>? http://www.fxvv.com


trader

February 15, 2012

The key is to solve the following time delay.
what is the average time difference needed from the time your clients enter an order at the trading terminal to the time they get the execution report? How many mini-seconds are needed for the quotation feed to be delivered to their trading terminal?
weigao dai in China beijing.


trader

January 8, 2012

I agree with the last comment that if it's a "market order" then it should be taken at whatever price that it can be filled at when the order hits the system, if that isn't happening then that broker isn't worth the trouble.


trader

October 31, 2011

I shut one of my accounts when a 'market order' for 3 minilots would not fill. A market order is a request to transact some volume of currency at whatever the current price is - any broker not honouring that principle is not worth your custom especially if you are asking for a minimum sized trade. The only situation where you would want to fill at a particular price only (plus or minus a couple of pips) is when you are trying to 'enter' a position in a fast-moving market, in which case the acceptable deviation parameter could be applied to a limit or stop entry order. The rules change for large orders - it is unlikely that a retail trader will place a large order unless they have fat fingers. As a general theme of trading it is good practice to enter positions with price defined orders accompanied by appropriate SL and TP values, this shows that you are thinking properly about your trades.


BrokerGuru

August 31, 2011

That's correct.
Market order - you hit the button and a trade opens instantly at the current market price.
Limit order - you hit the button and the order is kept as "pending" until the market reaches your requested price.


trader

August 30, 2011

I'm confused: "market orders" have always been defined as an order to be filled at whatever price exists at the time the order hits the market; "limit orders" are the type that say "trade at this price only or better". Are these not correct definitions??


trader

July 31, 2011

hi!i am checking d search engine just to know which forex broke should i choose as my forex broker.thank you.


trader

July 16, 2011

Hi trader, which pure DMA broker do you recommend, that does not requote.


trader

July 5, 2011

trader, step up from micro and trade minilots at a reputed STP broker,
you won't see any of that happening,
I have been trading with pure DMA and I NEVER seen a reqoute,
there is no micro ECN or micro STP in existence.
the reason is this,
in the real market where the banks and brokers trade
it's the same price for a microlot 1000 as for a minilot 10000
it's to expensive so the banks won't touch it.
if you see a broker claiming to
be STP with microlots, he is lying


trader

June 2, 2011

FXCMs prices move so fast I am unable to trade with this broker. Has anyone else experienced this? If so, is there some way, other than going to another broker, to get away from this?
Would appreciate any feedback. Thanks.


trader

March 8, 2011

if you are getting requotes, change the broker to one without requotes. I did that a couple of times. Don't want it make sound like I am advertising or something, just want to give good advice, Forex-Metal is a good broker without requotes, came to them after trying several brokers and getting requotes all the time.


trader

February 24, 2011

i have traded since 1985. ibfx does scam by abusing the requote system. never had i experienced a platform freezing except by ibfx requotes. i have been dissappointed by other brokerages services but none like ibfx.


trader

November 15, 2010

Use a STP broker instead of one that has a dealing desk.


trader

October 14, 2010

Pre-set TP and (if so desired) ST before entering a trade to minimize the dreaded "Requotes" and "OffQuotes"!

Yes, I cannot agree more with you on that...and it's great that you share your experiences here as I never thought of doing that.



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