FIX message to Close order

ianj
30 Aug 2016, 21:33

RE:

It would appear that the FIX standard is not flexible enough to support that - lol

/forum/fix-api/10233

I tried a few variations using any label/combinantion of Cl/Orig orders etc - the message was just ignored so we can probably assume there is no implementation behind the message

ctid212194 said:

Hi,

   Is there a way to close an order using FIX 4.4? 

   I have been able to connect to the cServer, receive Market Data and execute Market Orders, but I didn't see any message in the document cTrader FIX Engine, Rules of Engagement Spotware Systems Ltd Version 2.5, 2016-06 that seemed like it would close an existing order. 

Thanks,

Justin

ctid212194
31 Aug 2016, 05:01

RE: RE: FIX message to Close order

Thanks for your reply, ianj.

I would just like an answer from Spotware,

specifically regarding the close order operation. 

I saw the post about the limitations of FIX,

however, it seems to be more of a limitation

of the subset of FIX that Spotware has

implemented at present.  See for example

http://www.fixtradingcommunity.org/pg/resources/fixwiki

e.g OrderCancelReplaceRequest (MsgType(35)=G)

is designed for modifying the properties of existing orders

and was introduced in FIX 2.7 .

Spotware
31 Aug 2016, 11:37

Dear Traders, 

Please be advised that in order to close order, you need to open the single order for the same symbol but with the opposite direction.  If you want to close the Buy order, you need to open the Sell order and vice versa.    

aharonzbaida
01 Sep 2016, 09:13

In this regard, is it not possible to hedge (having positions open in opposite directions for same symbol) when using the FIX connectivity?

ctid212194
01 Sep 2016, 13:10

I was able to Buy 100K EURUSD and Sell 100K EURUSD simultaneously on a "Hedging" account using FIX.

My question now is, is it possible to hedge and at the same time have the ability to close an existing order using FIX.

It seems like closing postions requires the "Netted" account.

ianj
01 Sep 2016, 14:54

RE:

As others have said this is not viable in a hedged account as it still consumes margin for the initial position until you close both positions - how does that work with commission ?

Spotware said:

Dear Traders, 

Please be advised that in order to close order, you need to open the single order for the same symbol but with the opposite direction.  If you want to close the Buy order, you need to open the Sell order and vice versa.    

ianj
01 Sep 2016, 17:12

RE:

Just to confirm, a position reversal works in a netted account and reduces the margin accordingly, unlike a hedged account where the margin on the 1st position is still used until both are closed (with additional commission as i suggested) 

So, with a NETTED account, and given that you cannot specify stop loss or take profit then the remaining major omission is STOP entry orders (since you already support LIMIT entry orders)

I am guessing that the FIX capability was provided to cover only the most performance related operations ? (ie prices and basic orders)

A cancel/close that works appropriated with a HEDGED account is still a requirement, imho

Spotware said:

Dear Traders, 

Please be advised that in order to close order, you need to open the single order for the same symbol but with the opposite direction.  If you want to close the Buy order, you need to open the Sell order and vice versa.    

paulmtas
08 Sep 2016, 06:42

RE:

This is not correct as with hedged accounts (only account available at this time) you just end up with a new order not a removal of the initial order.  This FIX implementation does not work as you can't close orders.

Spotware said:

Dear Traders, 

Please be advised that in order to close order, you need to open the single order for the same symbol but with the opposite direction.  If you want to close the Buy order, you need to open the Sell order and vice versa.    

Spotware
09 Sep 2016, 15:23

This is not correct as with hedged accounts (only account available at this time)

Please be advised that netting accounts are available. If they are not openly promoted on your brokers site, just ask their support team if they can provide one. Here is the PR from November 2013 when cTrader began supporting netting accounts: http://www.spotware.com/about/news-updates/spotware-becomes-first-e-fx-technology-firm-to-offer-netted-accounts-and-hedged-accounts-under-a-single-environment/623

tega
12 Oct 2016, 13:56

RE:

Could you please clarify whether it is possible to close an open position via FIX API under a hedging account or not?

And, if it is possible, how?

Spotware
17 Oct 2016, 18:35

Hi Tega,

No it is not possible. Currently cTrader FIX is only recommended for netting accounts. You should contact your broker to aquire a netting account. 

Regards,

cTrader Team