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[PSA] WARNING ! Standard Chartered Platform Users

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Old 02-09-2015, 02:47 AM   #1
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[PSA] WARNING ! Standard Chartered Platform Users

Would advise those who trade with SCB to avoid using them for now or be very careful. Some of you may have noticed sluggishness in their systems or problems receiving the OTP. Or other quirks. But I suspect the problem runs deeper.



Look my stop loss trigger price. Look at executed price.

Stop loss set at 108.68.
It was triggered at 112.75


The trading range that day (monday) was between 112-114. It never came remotely close to my stop. I had another stop that day. Both was triggered automatically very close to ending bell for no reason at all.

I'm not sure how they will account for this or anyone else who lose their position in event of a rally. Their stop loss now can trigger high above the actual set price. What if it only triggers way below the set price or not at all. This calls into question the reliability of their other orders.

Matter currently under investigation. Use at your own risk.
Btw, I do have a US brokerage too. But was using SCB for certain reasons.
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Last edited by Yowzer; 02-09-2015 at 03:05 AM..
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Old 02-09-2015, 03:11 AM   #2
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Would advise those who trade with SCB to avoid using them for now or be very careful. Some of you may have noticed sluggishness in their systems or problems receiving the OTP. Or other quirks. But I suspect the problem runs deeper.



Look my stop loss trigger price. Look at executed price.

Stop loss set at 108.68.
It was triggered at 112.75


The trading range that day (monday) was between 112-114. It never came remotely close to my stop. I had another stop that day. Both was triggered automatically very close to ending bell for no reason at all.

I'm not sure how they will account for this or anyone else who lose their position in event of a rally. Their stop loss now can trigger high above the actual set price. What if it only triggers way below the set price or not at all. This calls into question the reliability of their other orders.

Matter currently under investigation. Use at your own risk.
Btw, I do have a US brokerage too. But was using SCB for certain reasons.
Nice. Would like to know what's the issue too. Usually stop loss activate liao should sell at that or below that price.
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Old 02-09-2015, 07:02 AM   #3
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there were already warnings made NOT to use the SCB account to trade. i have used this account since its started and i have never tried those type of orders.

if i need those type of orders, i will go to a proven and tested trading platform. IB is 1 of them.
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Old 02-09-2015, 07:16 AM   #4
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For a dirt cheap platform, please don't expect stellar reliability...
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Old 02-09-2015, 08:42 AM   #5
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Would advise those who trade with SCB to avoid using them for now or be very careful. Some of you may have noticed sluggishness in their systems or problems receiving the OTP. Or other quirks. But I suspect the problem runs deeper.



Look my stop loss trigger price. Look at executed price.

Stop loss set at 108.68.
It was triggered at 112.75


The trading range that day (monday) was between 112-114. It never came remotely close to my stop. I had another stop that day. Both was triggered automatically very close to ending bell for no reason at all.

I'm not sure how they will account for this or anyone else who lose their position in event of a rally. Their stop loss now can trigger high above the actual set price. What if it only triggers way below the set price or not at all. This calls into question the reliability of their other orders.

Matter currently under investigation. Use at your own risk.
Btw, I do have a US brokerage too. But was using SCB for certain reasons.
its a cheapo platform, if u wanna go for quality maybe try IB?
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Old 02-09-2015, 08:57 AM   #6
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Use interactive brokers lo anyway scb is also a market maker like city index

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Old 02-09-2015, 09:16 AM   #7
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For a dirt cheap platform, please don't expect stellar reliability...
This statement I disagree. Cheap is not excuse for sloppiness. If the platform offers stop-limit order, it should be expected to function and perform as what would be expected of a stop-limit order, i.e. do it's job.

If the cost cannot cover the maintenance of this particular function, then I'd rather they remove the stop-limit function. Just provide "basic" buy/sell.
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Old 02-09-2015, 09:50 AM   #8
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Are you sure it is SCB and not a function of Yowzer's odd lot being given less priority?

I thought its normal for traders to avoid trading odd lots to avoid priority issues. Especially in the era of HFT where bid offer prices can appear and disappear in milliseconds.


http://nyserules.nyse.com/nyse/rules...10/default.asp
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Old 02-09-2015, 10:14 AM   #9
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This statement I disagree. Cheap is not excuse for sloppiness. If the platform offers stop-limit order, it should be expected to function and perform as what would be expected of a stop-limit order, i.e. do it's job.

If the cost cannot cover the maintenance of this particular function, then I'd rather they remove the stop-limit function. Just provide "basic" buy/sell.
Yes you're right, but looking at the way people "abuse" the system by using it to trade without understanding the rules of the exchange (see limster's posting), I think its justifiable to expect some quirks. However, whether it is SCB's fault, the exchange rules, or the user's "abuse", it's hard to trace.

Since there are multiple factors which may or may not cause this issue, its best to just assume a lower standard

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Old 02-09-2015, 10:31 AM   #10
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Are you sure it is SCB and not a function of Yowzer's odd lot being given less priority?

I thought its normal for traders to avoid trading odd lots to avoid priority issues. Especially in the era of HFT where bid offer prices can appear and disappear in milliseconds.


http://nyserules.nyse.com/nyse/rules...10/default.asp
the lot size is 1 for US stocks. i think its a system error. but you have been warned. its true the type of orders are there and expected to perform as required. as a user, its better we exercise our own discretion. to me the no minimum commission rules benefit still outweighs the glitches which can be avoidable if you dont panic and do trading.
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Old 02-09-2015, 10:43 AM   #11
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how i think it is coded is that once the stop loss is triggered, sell market order 50shares. it just so happens that someone bought up a large amount of shares with a market order, upping your average.

This is what i think happened, and no i'm not from scb
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Old 02-09-2015, 10:49 AM   #12
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the lot size is 1 for US stocks. i think its a system error. but you have been warned. its true the type of orders are there and expected to perform as required. as a user, its better we exercise our own discretion. to me the no minimum commission rules benefit still outweighs the glitches which can be avoidable if you dont panic and do trading.
Don't confuse 'lot size' with 'odd-lot'. The exchanges have their own definition of odd lot.

(ii) When a bid or offer, including pegging interest is established as the only displayable bid or offer made at a particular price and such bid or offer is the only displayable interest when such price is or becomes the Exchange BBO (the "setting interest"), such setting interest shall be entitled to priority for allocation of executions at that price as described in this rule, subject to the provisions below.

(A) Odd-lot orders, including aggregated odd-lot orders that are displayable, are not eligible to be setting interest.
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But I did a little more digging. Maybe your order wasn't even executed on a major exchange like NYSE. Take a look at IBKR's procedure for odd lot:

http://ibkb.interactivebrokers.com/node/1062

IB will not direct-route odd-lot orders which initiate positions to primary exchanges, therefore these type of orders should be Smart Routed so that IB's routing system can send the order to an ECN for execution.
Those that want to be day trader and don't know about odd lots... maybe need to read up more or get makan by others?
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Old 02-09-2015, 11:38 AM   #13
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Those that want to be day trader and don't know about odd lots... maybe need to read up more or get makan by others?
you are probably right.

i dont know such things because i dont do trading especially with SCB platform.
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Old 02-09-2015, 11:43 AM   #14
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Something like this now !



But it would be great if TS can let us know what SCB's reply or finding.
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Old 02-09-2015, 03:08 PM   #15
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do u all know that for professionals trading in US

if u are market taker, u don't need pay commission

but if u are market maker, u pay commission


http://claytrader.com/blog/how-to-tr...ay-commission/
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