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'Can't close' error
#430552
09/28/13 15:31
09/28/13 15:31
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Joined: Jul 2013
Posts: 522
dusktrader
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Posts: 522
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I started a strategy demo trading last week on my IBFX (nano) account. It did open a trade and is still in it, but shortly after it opened Zorro began reporting "Can't close" I'm attaching the log here. Do you know what the issue is here? Do you want me to try anything when the market opens next week? Thanks Trade: dt-e6 EURUSD (NFA) 27.09.2013
Read dt-e6_EURUSD.fac
Read dt-e6_EURUSD.par
[36: Thu 19.09. 01:45] 1.35214
[37: Thu 19.09. 02:00] 1.35214
[38: Thu 19.09. 02:15] 1.35214
...
[652: Fri 27.09. 14:45] 1.35436
[653: Fri 27.09. 15:00] 1.35447
[654: Fri 27.09. 15:15] 1.35418
[655: Fri 27.09. 15:30] 1.35374
[656: Fri 27.09. 15:45] 1.35414.
[EURUSD::L9215] Long 61@1.3541 Risk 7 at 15:45
[Fri 27.09. 16:00] 997 +0 -3 \
[Fri 27.09. 16:15] 994 +0 -6 \
[Fri 27.09. 16:30] 994 +0 -6 \.
[EURUSD::L9215] Can't close 61@1.3531 at 16:40
[EURUSD::L9215] Can't close 61@1.3531 at 16:40.
[EURUSD::L9215] Can't close 61@1.3528 at 16:41..
[EURUSD::L9215] Can't close 61@1.3527 at 16:43
[Fri 27.09. 16:45] 989 +0 -11 \.
[EURUSD::L9215] Can't close 61@1.3522 at 16:46.
[EURUSD::L9215] Can't close 61@1.3527 at 16:50.
[EURUSD::L9215] Can't close 61@1.3519 at 16:55
[Fri 27.09. 17:00] 988 +0 -12 \.
[EURUSD::L9215] Can't close 61@1.3525 at 17:01.
[EURUSD::L9215] Can't close 61@1.3522 at 17:08
[Fri 27.09. 17:15] 988 +0 -12 \.
[EURUSD::L9215] Can't close 61@1.3523 at 17:16.
[EURUSD::L9215] Can't close 61@1.3522 at 17:25
[Fri 27.09. 17:30] 987 +0 -13 \.
[EURUSD::L9215] Can't close 61@1.3524 at 17:35
[Fri 27.09. 17:45] 988 +0 -12 \.
[EURUSD::L9215] Can't close 61@1.3525 at 17:46.
[EURUSD::L9215] Can't close 61@1.3521 at 17:58
[Fri 27.09. 18:00] 987 +0 -13 \.
[EURUSD::L9215] Can't close 61@1.3521 at 18:11
[Fri 27.09. 18:15] 987 +0 -13 \.
[EURUSD::L9215] Can't close 61@1.3520 at 18:25
[Fri 27.09. 18:30] 987 +0 -13 \.
[EURUSD::L9215] Can't close 61@1.3520 at 18:40
[Fri 27.09. 18:45] 986 +0 -14 \.
[EURUSD::L9215] Can't close 61@1.3518 at 18:56
[Fri 27.09. 19:00] 985 +0 -15 \.
[EURUSD::L9215] Can't close 61@1.3520 at 19:13
[Fri 27.09. 19:15] 986 +0 -14 \
[Fri 27.09. 19:30] 988 +0 -12 \.
[EURUSD::L9215] Can't close 61@1.3523 at 19:31
[Fri 27.09. 19:45] 987 +0 -13 \.
[EURUSD::L9215] Can't close 61@1.3522 at 19:50
Weekend at 27.09. 20:00 PS: the actual trade size in my platform is 0.61 lots, which is correct (since the minimum lot size is 0.01)
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Re: 'Can't close' error
[Re: jcl]
#430670
09/30/13 18:12
09/30/13 18:12
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Joined: Jul 2013
Posts: 522
dusktrader
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Hi jcl, I'm not sure I understand you fully. After stopping Zorro, I was able to easily close the trade manually. Why does this imply a non-NFA account?
This is a US-based IBFX account. They do have some backend technology that allows me to override certain restrictions (perhaps all except hedging). However, I don't see why that would cause any issue if Zorro is set to NFA mode? NFA mode, as I understand, is more-restrictive than non-NFA mode. In other words, a subset of the capabilities of a non-NFA account. Therefore, it seems like all NFA orders should also be considered legal in a non-NFA account. But not the other way around. Please clarify on this if possible.
I'm willing to trade on a live IBFX account if you think that would help (ie, for testing purposes).
Separately, it does seem possible that I could also trade without the NFA flag on this particular account, and set Hedge = 0 as you said. That should allow all trade orders except hedging, which is how I understand that IBFX-US does work.
I would like to understand why setting NFA flag would cause a 'hedging prohibited' error.
I also do have another US broker, Oanda, that does not have any backend translations like IBFX. In other words, it should require strict NFA compliance. If you want, I could test live or demo trading on this account as well.
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Re: 'Can't close' error
[Re: dusktrader]
#430671
09/30/13 19:01
09/30/13 19:01
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Joined: Jul 2013
Posts: 522
dusktrader
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FYI, I just noticed in the manual that it says: Hedging is prohibited for US based accounts due to NFA Compliance Rule 2-43(b), so this variable must be either at 0 or 4 when the NFA flag is set. I did not realize I need to set both NFA flag and Hedge=0 (I assumed NFA flag also prevented hedging). Since the default is Hedge=1, that could be the source of the problem I experienced. I'll try setting both NFA flag and Hedge=0 to see if it runs more smoothly.
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Re: 'Can't close' error
[Re: dusktrader]
#430702
10/01/13 00:05
10/01/13 00:05
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Joined: Jul 2013
Posts: 522
dusktrader
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I did also find this FAQ from FXCM, published at the time the NFA restrictions were about to go into effect. This is written in a more laymens terms that makes sense to me: http://www.dailyfx.com/forex_forum/nfa-fifo-first-first-out-rules/80046-1-faqs-nfa-fifo-rules.htmlThat makes me feel certain that IBFX and other brokers have utilized backend technology to handle these restrictions in a fluent manner. Some brokers like IBFX have virtually eliminated the FIFO restrictions, while others like Oanda may have only partially eliminated them. (Specifically with IBFX, I do recall a conversation with their tech folks where they told me the FIFO requirements were matched on the backend and as such, the Metatrader trade log may not exactly match the official trade log downloaded from their site.) With regard to Zorro's (apparently strict) NFA compliance feature, I would think on accounts like IBFX that one should NOT set the NFA flag, but DO SET hedge=0 or =4 On accounts like Oanda with less backend manipulation, then perhaps DO SET the NFA flag and also set hedge=0 or 4.
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