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Chris Hood · 23-02-2005, 13:05

I agree with the points above about losses and problems self-created by close-in stops. And I did not have a problem with stop-hunting at Saxo Bank. My stop loss orders were always filled instantly with little or no slippage. Of course, in every one of those instances, Saxo, as the counterparty, made money. It had no reason to dishonor the orders.

The manipulation I encountered was different, worse, and far more costly: Saxo refused to fill orders profitable to me. It refused to honor the prices streamed to the Saxo Trader (the customer platform) in currency pairs in which I had pending limit orders. We lost not only what we should have made in those trades, but also the profits we would have made in other positions still open when we decided to close the account due to the order theft.

Bottom line: I post my first-hand knowledge of Saxo's practices so traders like ash71 can benefit from it. As he says, "Chris, I read your earlier post on Saxo and found it very helpful when I was looking for a new broker, toying with the idea that 'Banks' were a true anonymous trading environment."

23-02-2005, 13:05	#17 (permalink)
Chris Hood level 2 Join Date: Dec 2004 Posts: 93 Rep Power: 0	Agree with knowledgable assessment of stops. I agree with the points above about losses and problems self-created by close-in stops. And I did not have a problem with stop-hunting at Saxo Bank. My stop loss orders were always filled instantly with little or no slippage. Of course, in every one of those instances, Saxo, as the counterparty, made money. It had no reason to dishonor the orders. The manipulation I encountered was different, worse, and far more costly: Saxo refused to fill orders profitable to me. It refused to honor the prices streamed to the Saxo Trader (the customer platform) in currency pairs in which I had pending limit orders. We lost not only what we should have made in those trades, but also the profits we would have made in other positions still open when we decided to close the account due to the order theft. Bottom line: I post my first-hand knowledge of Saxo's practices so traders like ash71 can benefit from it. As he says, "Chris, I read your earlier post on Saxo and found it very helpful when I was looking for a new broker, toying with the idea that 'Banks' were a true anonymous trading environment." Last edited by Chris Hood; 23-02-2005 at 13:23.