Hi guys,
I need some advice here.
On Wednesday I went long on ROS at 48 at £100pp. The following morning the price shot up to 65p to sell. I decided that I had made a health profit and tried to close my position. At this point the share price had shot up in a straight line and had not dropped.
IG suddenly closed their online trading and made it phone only. So at about 8:10am I rang them and specifially said I want to CLOSE my position in ROS. I was asked at what price and I said the best price, it was now 63p to sell which is still a healthy profit. The dealer took my number and said I will call you back to confirm the trade. 15 minutes passed and the price had been dropping constantly and I was watching many sells going through the order book. Panicking at why my position was still open I rang them again at 8:25am and spoke to a different dealer. I said please CLOSE my position in ROS which he did almost immediately at 57p! Just a minute later the original dealer who I spoke to at 8:10am rang me and said he had got me out of my position at 57p, I assumed he had seen the position close with the other dealer. I was very annoyed it had taken so long but I had still made over £800 in just a few hours so was content enough.
Around 35 minutes later I received a call them the 8:10 dealer saying that they had opened ANOTHER position for me!! He said why did I call IG again after I spoke to him. I told him that I was worried that nothing had happened and called again to CLOSE my position. He said that because I had called twice the broker at 8:25 CLOSED my position but because he was unaware I had called again he sold ROS at 57p for £100pp, he had opened a short on ROS! I was now down £400!!
I had a big argument with both dealers and their manager about how I specifically stated I wanted to CLOSE my postion. I never stated I wanted to open another position or to short ROS so why had they done it. Their excuse was that because I had called twice they had no idea another order was in the market. I said dont you have some kind of monitor against each client so you can see the orders going through?? I have complained to the complaints department but they are backing their dealers.
I hope this is clear enough? What do you guys think???
I need some advice here.
On Wednesday I went long on ROS at 48 at £100pp. The following morning the price shot up to 65p to sell. I decided that I had made a health profit and tried to close my position. At this point the share price had shot up in a straight line and had not dropped.
IG suddenly closed their online trading and made it phone only. So at about 8:10am I rang them and specifially said I want to CLOSE my position in ROS. I was asked at what price and I said the best price, it was now 63p to sell which is still a healthy profit. The dealer took my number and said I will call you back to confirm the trade. 15 minutes passed and the price had been dropping constantly and I was watching many sells going through the order book. Panicking at why my position was still open I rang them again at 8:25am and spoke to a different dealer. I said please CLOSE my position in ROS which he did almost immediately at 57p! Just a minute later the original dealer who I spoke to at 8:10am rang me and said he had got me out of my position at 57p, I assumed he had seen the position close with the other dealer. I was very annoyed it had taken so long but I had still made over £800 in just a few hours so was content enough.
Around 35 minutes later I received a call them the 8:10 dealer saying that they had opened ANOTHER position for me!! He said why did I call IG again after I spoke to him. I told him that I was worried that nothing had happened and called again to CLOSE my position. He said that because I had called twice the broker at 8:25 CLOSED my position but because he was unaware I had called again he sold ROS at 57p for £100pp, he had opened a short on ROS! I was now down £400!!
I had a big argument with both dealers and their manager about how I specifically stated I wanted to CLOSE my postion. I never stated I wanted to open another position or to short ROS so why had they done it. Their excuse was that because I had called twice they had no idea another order was in the market. I said dont you have some kind of monitor against each client so you can see the orders going through?? I have complained to the complaints department but they are backing their dealers.
I hope this is clear enough? What do you guys think???
