'Can't close' error

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'Can't close' error #430552 09/28/13 15:31 09/28/13 15:31
Joined: Jul 2013 Posts: 522 D dusktrader OP User
dusktrader OP User D Joined: Jul 2013 Posts: 522	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 Quote: 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)

Re: 'Can't close' error [Re: dusktrader] #430631 09/30/13 10:55 09/30/13 10:55
Joined: Jul 2013 Posts: 522 D dusktrader OP User
dusktrader OP User D Joined: Jul 2013 Posts: 522	UPDATE: as of this morning, the MT4 log shows: '12405204': order sell 0.61 EURUSDm opening at 0.00000 sl: 1.61966 tp 0.00000 failed [Hedge is prohibited] The original trade is still open, and Zorro does continue to report the 'Can't close' message. I do use the NFA flag in the strategy.

Re: 'Can't close' error [Re: dusktrader] #430632 09/30/13 11:02 09/30/13 11:02
Joined: Jul 2000 Posts: 27,935 Frankfurt jcl Chief Engineer
jcl Chief Engineer Joined: Jul 2000 Posts: 27,935 Frankfurt	This looks as if your account is not NFA compliant. Probably your trades are not executed on the real market, but on a virtual market simulated by the MT4 server. In that case you must NOT set the NFA flag. You can find out easily: Try to close the trade manually. If that is possible, your account is not NFA compliant and you must not set the NFA flag. But you need to set Hedge to 0 or 4.

Re: 'Can't close' error [Re: jcl] #430670 09/30/13 18:12 09/30/13 18:12
Joined: Jul 2013 Posts: 522 D dusktrader OP User
dusktrader OP User D Joined: Jul 2013 Posts: 522	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.

Re: 'Can't close' error [Re: dusktrader] #430671 09/30/13 19:01 09/30/13 19:01
Joined: Jul 2013 Posts: 522 D dusktrader OP User
dusktrader OP User D Joined: Jul 2013 Posts: 522	FYI, I just noticed in the manual that it says: Quote: 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.

Re: 'Can't close' error [Re: dusktrader] #430688 09/30/13 20:52 09/30/13 20:52
Joined: Jul 2000 Posts: 27,935 Frankfurt jcl Chief Engineer
jcl Chief Engineer Joined: Jul 2000 Posts: 27,935 Frankfurt	Being able to close a trade is a sure proof of a non NFA account. NFA compliance forbids closing trades. Your problem was just setting the NFA flag although you have no NFA account. NFA compliance is not a sort of subset, it is a different trading mode. You'll find details in the manual.

Re: 'Can't close' error [Re: jcl] #430696 09/30/13 23:23 09/30/13 23:23
Joined: Jul 2013 Posts: 522 D dusktrader OP User
dusktrader OP User D Joined: Jul 2013 Posts: 522	I have heard you say this before, but it puzzles me. I don't know of any US broker that prohibits closing trades. I have 3 different accounts myself and all allow closing trades. Are you sure you've interpreted the NFA restrictions correctly? It could also be the case that all NFA restrictions are not yet fully implemented by the industry. However, I do not understand the intent of an inability to close trades, nor have I ever heard of this until Zorro. The biggest restrictions I'm aware of, that came about as of the Dodd-Frank Act (which includes NFA compliance restrictions I believe / and which I know is not yet fully implemented) are: * No hedging * 50:1 leverage limit on majors, less on cross pairs * FIFO -first-in-first-out trade order restrictions I'm also happy to have discussions with any of my US brokers if you think that could help. Is it possible that Zorro's NFA flag has implemented restrictions that the US securities industry has not yet implemented? Thanks

Re: 'Can't close' error [Re: dusktrader] #430702 10/01/13 00:05 10/01/13 00:05
Joined: Jul 2013 Posts: 522 D dusktrader OP User
dusktrader OP User D Joined: Jul 2013 Posts: 522	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.html That 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.

Re: 'Can't close' error [Re: dusktrader] #430704 10/01/13 00:12 10/01/13 00:12
Joined: Jul 2013 Posts: 522 D dusktrader OP User
dusktrader OP User D Joined: Jul 2013 Posts: 522	Here is the press release explaining how the IBFX proprietary backend works: http://corporate.ibfx.com/News/IBFX-Anno...r-Functionality

Re: 'Can't close' error [Re: dusktrader] #430734 10/01/13 10:38 10/01/13 10:38
Joined: Jul 2000 Posts: 27,935 Frankfurt jcl Chief Engineer
jcl Chief Engineer Joined: Jul 2000 Posts: 27,935 Frankfurt	Yes, this release confirms that you must not set the NFA flag for that account. NFA compliance happens behind your back and your account behaves like a non NFA account. Closing trades goes against the FIFO compliance, that's why it's forbidden by the NFA rules. But this is worked around in all broker platforms that I know, and only relevant when you directly trade with the broker API. The attempt to close a trade will then produce an error message.

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