Ig Index - could not close position?!

Hi all....

Just wondered whether it's a common thing ... or you also think it looks a bit dodgy...

I had a bet going on FTSE today, and once I reached the profit I wanted, I wanted to close the position, but this option was greyd out hence I could not execute it. After about 5 mins, when my profit decreased (by about 40%!!), I could close the position...

I am new with IG Index so would be interested to know your opinions on this.

Regards,
aqua

aquamarina said:

Hi all....

Just wondered whether it's a common thing ... or you also think it looks a bit dodgy...

I had a bet going on FTSE today, and once I reached the profit I wanted, I wanted to close the position, but this option was greyd out hence I could not execute it. After about 5 mins, when my profit decreased (by about 40%!!), I could close the position...

I am new with IG Index so would be interested to know your opinions on this.

Regards,
aqua

Click to expand...

Couldn't you close the position with an opposite trade? I do not trade with IG so I don't actually know.

Sounds like they may have suspended trading. I noticed IG have "adjusted" a few things to make it harder to trade the more volatile times eg by increasing (doubling or tripling) the minimum stop sizes 30 minutes before a major news item. Perhaps the increased popularity of trading the news has made them worried.

shadowninja said:

Sounds like they may have suspended trading. I noticed IG have "adjusted" a few things to make it harder to trade the more volatile times eg by increasing (doubling or tripling) the minimum stop sizes 30 minutes before a major news item. Perhaps the increased popularity of trading the news has made them worried.

Click to expand...

Can't believe they'd suspend the FTSE though - they tout it as a 24 hour market

aquamarina said:

Hi all....

Just wondered whether it's a common thing ... or you also think it looks a bit dodgy...

I had a bet going on FTSE today, and once I reached the profit I wanted, I wanted to close the position, but this option was greyd out hence I could not execute it. After about 5 mins, when my profit decreased (by about 40%!!), I could close the position...

I am new with IG Index so would be interested to know your opinions on this.

Regards,
aqua

Click to expand...

The only time I have had a problem is when a stop is being filled. I would try and close the position by trading the opposite way.

From memory, the only problem with IG with closing by going the other way is that it opens a new position instead of closing the old one. While that hedges your exposure, it does mean that when things have calmed down and you're able to close the positions properly, you end up taking two spreads.

It looks like they suspended 'Online Dealing' the it should have been showing a 'Yellow' arrow which means 'Market open for Phone Dealing Only'.

This tends to happen when things start getting a little crazy. I have the 'Dealing Desk' number on my speed dial. If i ever feel one of my position is coming close to a specific level and i want to trade out, i'll call up the dealing desk ahead of time just incase my position gets suspended from online dealing. (very very rare occurence)

Other SBs also suspend trading at peak times - Finspreads certainly do on a routine basis e.g. they suspended FTSE100 Daily Cash this morning from 0800 until at least 0815 but I think sometimes this is a shorter suspension. However, the place an order facility remains live so you can enter orders just beyond the quotes: on this occasion this allowed me to exit with the bulk of the potential gain on the short position I opened about 0720.

I do notice that at times when the FTSE is trading but the Fins FTSE quotes are suspended, the US indices quotes are still accessible and they tend to move in line with the FTSE quotes at this time: at the least you might be able to open a position or a hedging position on the Dow / S&P / Nas.

Spreads widen out and contract too outside underlying market hours.

But it is all very annoying.

ceydababy said:

The only time I have had a problem is when a stop is being filled. I would try and close the position by trading the opposite way.

Click to expand...

Stops are IN ! Emotions are OUT !

I suspect like me you are a follower of Oscar Carboni's market reports. I am missing these at the moment. I guess he's taking a little holiday - its all that shouting and waving his arms about!