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NXT MS order entry --> "rate" entry feels unusual
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Author Topic: NXT MS order entry --> "rate" entry feels unusual  (Read 1433 times)

romanix

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NXT MS order entry --> "rate" entry feels unusual
« on: February 25, 2015, 08:25:43 am »

Hi,

NXT sounded very interesting so I gave it a try and did issue SBBCO on testnet.
Everything worked fine.

Just one detail as a user feedback:

On the exchange booth, in order to buy 1000 SBBCO and pay for it 1 NXT  I had to enter the rate like this;
rate = 0.001 NXT/SBBCO

Which reads in foreign exchange as: It takes 0.001 SBBCO to buy 1 NXT. But that was not my intention.
e.g.
EUR/JPY rate is 135.8600  and this means that it takes 135.8600 JPY (Japanse Yen) in to buy 1 Euro.

Therefore as a user with FX background the first times I entered the reciprocal value for the rate.
It was wrong just by the factor of 1000. When it is about money things like that are important.
Also for traders it might create a supoptimal first impression.




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Riker

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Re: NXT MS order entry --> "rate" entry feels unusual
« Reply #1 on: February 25, 2015, 08:56:43 am »

Thanks for the feedback. I'll look into this.
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romanix

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Re: NXT MS order entry --> "rate" entry feels unusual
« Reply #2 on: February 25, 2015, 09:27:58 am »

@lyaffe

On good old investopedia dot com you can find some definitions about this topic:

"The first currency of a currency pair is called the "base currency", and the second currency is called the "quote currency". The currency pair shows how much of the quote currency is needed to purchase one unit of the base currency."

investopedia com/terms/c/currencypair.asp
base currency
quote currency

... and also in foreign exchange software developers and business analysts get it wrong from time to time  ;-)

you can also check 360T, Bloomberg, UBS, Yahoo Finance, Google Finance, ...

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Riker

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Re: NXT MS order entry --> "rate" entry feels unusual
« Reply #3 on: February 25, 2015, 09:29:02 am »

@lyaffe

On good old investopedia dot com you can find some definitions about this topic:

"The first currency of a currency pair is called the "base currency", and the second currency is called the "quote currency". The currency pair shows how much of the quote currency is needed to purchase one unit of the base currency."

investopedia com/terms/c/currencypair.asp
base currency
quote currency

... and also in foreign exchange software developers and business analysts get it wrong from time to time  ;-)

you can also check 360T, Bloomberg, UBS, Yahoo Finance, Google Finance, ...

Will do.
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Riker

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Re: NXT MS order entry --> "rate" entry feels unusual
« Reply #4 on: February 25, 2015, 12:04:30 pm »

Do you think switching the label from NXT/SBBCO to SBBCO/NXT i.e. making NXT the quote currency in all dialogs is good enough ?
Any other thoughts on this ?
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Riker

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Re: NXT MS order entry --> "rate" entry feels unusual
« Reply #5 on: February 26, 2015, 09:52:43 pm »

Labels changed for 1.5 according to the suggestion above
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romanix

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Re: NXT MS order entry --> "rate" entry feels unusual
« Reply #6 on: February 26, 2015, 10:51:31 pm »


Sorry for the one day delay for the response.

In foreigen exchange there are conventions for the directions of the currency pairs. As an example it's always EUR/USD and it would be rather odd to quote USD/EUR. Same XAU/USD and not USD/XAU. Historically the stronger (more valuable currency is the base currency i.e. the first currency).

Another cheap solution was to keep NXT/<other_currency> and to use the reciprocal value in the rate field.

The most convenient way was to allow the user to choose whether she wants to see NXT/<other_currency> OR <other_currency>/NXT.


 


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Riker

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Re: NXT MS order entry --> "rate" entry feels unusual
« Reply #7 on: March 03, 2015, 09:52:57 pm »

In foreigen exchange there are conventions for the directions of the currency pairs. As an example it's always EUR/USD and it would be rather odd to quote USD/EUR. Same XAU/USD and not USD/XAU. Historically the stronger (more valuable currency is the base currency i.e. the first currency).

I think you are contradicting yourself, in the pair XAU/USD, USD is the stronger currency but USD the quote currency not the base currency or am I missing something (quite tired at the moment) ?
For now I changed the label to <Currency>/NXT instead of the existing NXT/<Currency> without making any logic changes.
Thanks for your valuable feedback.
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