Ig index dodgy candle eur/jpy 22.02 last night

[chris1976]

Hi

Placed a trade last night short eur/jpy at 22.02 pm at 117.34 within seconds of me placing the deal the price spiked up to 117.50 and knocked out my stop then traded straight back down this happened in the blink of an eye and the tick chart showed it took 2 seconds.

I have checked etx and prospreads charts and they both say the high was 111.36

I have e-mailed them but they say thet won't refund my loses.

I have heard stories of this happening to others and am wondering if theres anything i can do?

 

[tar]

http://www.igindex.co.uk/spread-betting/complaints-info.html

 

[chris1976]

cheers tar

but i dont know if i have grounds to complain?thats why i have come on here for advice.

Its obvious the market didnt trade at that level but they do say prices are indicative dont they

 

[Black Swan]

Hi

Placed a trade last night short eur/jpy at 22.02 pm at 117.34 within seconds of me placing the deal the price spiked up to 117.50 and knocked out my stop then traded straight back down this happened in the blink of an eye and the tick chart showed it took 2 seconds.

I have checked etx and prospreads charts and they both say the high was 111.36

I have e-mailed them but they say thet won't refund my loses.

I have heard stories of this happening to others and am wondering if theres anything i can do?

Stop using an SB firm to trade FX with stops of 16 pips..

 

[tar]

cheers tar

but i dont know if i have grounds to complain?thats why i have come on here for advice.

Its obvious the market didnt trade at that level but they do say prices are indicative dont they

Just send to the helpdesk an email instating that other forex providers didnt have this price print and you will take this matter further if they didnt correct the problem ( be professionally polite ) and write on the email subject "complaint " , if they didnt correct the problem then send a well written complaint to the compliance department [email protected] , they will reply to you within 8 weeks , but first try the helpdesk it is faster . And please dont use such tight stops .

 

[chris1976]

Hi thanks for the replys

the helpdesk is just ignoring my last e-mail now,so guess i'll have to try the compliance department

and theres me thinking ig were one of the better ones

 

[tar]

Hi thanks for the replys

the helpdesk is just ignoring my last e-mail now,so guess i'll have to try the compliance department

and theres me thinking ig were one of the better ones

wait mate sometimes it takes them a day or 2 to reply ...

 

[Black Swan]

Don't waste your time or theirs, there is no way you're going to get a refund or any emapthy, use it as a lesson and do one of two things; only ever trade FX on higher timeframes, or never use an SB firm to trade FX. They are not, repeat not, set up to take trades from punters trying to gain on some 1:1 edge.

They advertise 2/3 pip spread on EUR/JPY, by the time you get filled it's more like 4-5 pips, if they charge you for a GS you're up to ten pips offisde before you've got a chance, a tiny bit of noise and your trade is gone.

If you're trading off a 2HR TF, with 100 pip stop aiming for 200 pips, then that ten pip cost is not gonna hurt as much (if your edge is consistently profitable) but if you stay on 16 pip stops trying to work off 3 min TFs then you're going to get killed, not opinion it's fact..

So treat it as a lesson and simply move on.

 

[chris1976]

yep

i know your right,its just bloody annoying when theres no way the market went there!

so whos best for scalping?
can't seem to get the hang of pro spreads platform

 

[tar]

yep

i know your right,its just bloody annoying when theres no way the market went there!

so whos best for scalping?
can't seem to get the hang of pro spreads platform

If the market didnt go there then for sure u will get a refund , but anyway i agree short term traders most likely will fail ...

 

[Black Swan]

yep

i know your right,its just bloody annoying when theres no way the market went there!

so whos best for scalping?
can't seem to get the hang of pro spreads platform

Scalping can't be done with SB firms, difficult enough with ECN brokers. Presumably you mean low TF trading, as opposed to scalping the spread looking for a couple pf pips..

It's all too personal and subjective to offer advice, I only swing and or position trade FX, only you know what fits your personality and the amount of screen time you can or want to dedicate towards trading.

I could argue to death with folk that anything below the 2HR TF is noise but they'd come back to me thrusting their sharpe ratio under my nose telling me they don't give a 5hit, they enjoy taking 50 trades in a day (25 winners) and walking away from the table with an average of 30 pips every day, heh their life's a bowl of cherries, but it's just not for me...

Loads of good brokers out there; FXCM, Oanda, IB, Alpari, Dukas..so imho either stay with SB and move up to bigger TFs, or stay on your current strat and move to an ECN broker

 

[BeginnerJoe]

Placed a trade last night short eur/jpy at 22.02 pm at 117.34 within seconds of me placing the deal the price spiked up to 117.50 and knocked out my stop then traded straight back down this happened in the blink of an eye and the tick chart showed it took 2 seconds.

This happens a lot in everything trade-able. Initially I suspected the SB company too. But recently I started using charting from a different company to the SB company and I can see the price immediately spiking up or down on nearly every order, and it's quite obvious what the spike is intended to do - instantly knocking out stops. The market itself is rigged this way as a whole. So surprisingly the SB company could be completely innocent.

As I don't use stops, the price thrashing around briefly doesn't affect me. Although I do notice the spiking being very obviously more violent on higher stakes.

 

[JahDave]

yep

i know your right,its just bloody annoying when theres no way the market went there!

so whos best for scalping?
can't seem to get the hang of pro spreads platform

I switched from forex.com to oanda because of that same problem.........at oanda you are connected directly to their server and trades are instant............I am much happier there and their spreads are very low..............I am not trying to sound like a commercial here because I obviously do not benefit in any way from this recommendation,,,,,,,,,,,,,but they are a very good forex broker.................

 

[BeginnerJoe]

I have just opened an account with Oanda to trade £10 in 10p lots. Their withdrawal fee is £10. So they own my money.

 

[tar]

I have just opened an account with Oanda to trade £10 in 10p lots. Their withdrawal fee is £10. So they own my money.

Did u send the 10 pounds by wire to fund your account ? u could withdraw by paypal or credit card ....

 

[BeginnerJoe]

Did u send the 10 pounds by wire to fund your account ? u could withdraw by paypal or credit card ....

I haven't sent any money yet. I don't use PayPal on principle because of previous bad experience with them. In the UK, payment by credit card usually has a fee. I think mine charges as much as 5% for cash withdraw or equivalent.

My account opening isn't complete yet. I will ask them if there are any free ways to withdraw. But it doesn't look like it for non-$ accounts.