IG Index - you've been warned!!!

pboyles said:
Amazing how I was able to get in and out of the ES several times just after the release with no slippage. But then I wasn't trading against a bookie. The lesson here is don't spreadbet.
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You cant compare the ES with Dax , and your trades were taken after the release , his was taken at the release , i love exchange trading it is more professional and transparent but it is not heaven either , just 2 weeks ago the ftse futures was down for a cool few hours in the middle of the action !
 
gle101 said:
Which one is more liquid? There you have the answer.
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Do you think if he'd spreadbet the ES (the SB equivalent I mean) that this wouldn't have happened? I agree that for futures youre always better trading the most liquid instruments, ES probably has ten times the volume of the dax, ftse etc.
 
pboyles said:
Do you think if he'd spreadbet the ES (the SB equivalent I mean) that this wouldn't have happened? I agree that for futures youre always better trading the most liquid instruments, ES probably has ten times the volume of the dax, ftse etc.
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Yes, absolutely less likely to have happened. The SB follows the underlying asset. Still, one has to be careful during news time and such events.
 
Definately DONT give them any more money. If they sue, then represent yourself or legal aid.
Threaten legal action but don't take it as a previous poster said it wouldn't be worth it unless you are a solicitor.
Say you have solid support on the biggest World Trading website i.e. T2W and how shocking that a company like IG could put such a squeeze on the little guy !!, threaten newspaper's articles etc.

good luck
 
maudy said:
At around 1.45pm yesterday I went into my IG Index account to see if the orders I had placed at just after 9am had been executed. The details of these were:
1) Buy as the price comes up to 5624.3, with a win limit of 15 points and a stop loss of 10 points
2) As above but a win limit of 20 points and a stop loss of 10 points

My starting balance was just over €1,000 and both of the above were to be executed at €7.50 per point

Imagine my horror/disgust when I found that both positions had been filled(at 5624.3, exactly the price I ordered) and stopped out at prices of 5527 and 5528, meaning a loss of nearly 100 points on each!!! Not only did this wipe my balance but it also created a lovely situation where I am now deemed to owe them a further €400+

Of course, they tried to fob me off with the old 'slippage' thing and that I should have paid for guaranteed stop losses to fulfill my requirements, the markets moved too quickly, etc....but slippage of nearly 90 points per trade in an open, liquid market!!!!

To add insult to injury, when checking through the chart data on a tick by tick basis I found the following:

1) the market moved quickly up and then back down again. The price sequence went like this:

5591.5 5589.3 5602 5624.5(where it opened my order) 5622.8 5627 5640 5637 5638.5 5643.3 5643.5 5621 5596.3...
So to add insult to injury, my 15 point limit was actually reached(winning trade), although my 20 point limit was nearly, but not quite reached

2) To arrive at their famous stop-out prices of nearly 100 points loss(the lowest they could find, see below for details) the following sequence occurred:

cont from above prices...5599.3 5574 5563.5 5564.8 5566.3 5560.5 5559 5552 5557.8 5553 5560 5554.3 5546 5529.3 5530 5537.3 5529 5527.5 5528.5 5528.8 5531.5 5532 5533 5535.5 5537 5538.3 5534.3 5536
So in this situation, there were many ticks prior to closing my position which would have led to significantly lower losses, had they done their job properly

I would really appreciate your help on this as I feel robbed and let down by this company, who are yet to come back to me with a reasonable solution which involves compromise. As a new customer of theirs they give me the impression that they don't give a sh1t about where the money comes from as long as they are making it. The only 2 compromises I have offered them are:
a) to reverse trade 1) into a rightful winning strategy of 15 points, and allow them to treat trade 2) as a loser, but with a much lower stop out
b) that both trades should be cancelled as if they did not happen

I may come across as a bit naive, stupid, or a combination of both here but surely this shouldnt be accepted, by me or anybody else who finds themselves in this situation. As far as I am concerned, my belief is that these companies have an attitude of 'thanks for your money, close the door on the way out - and leave us a bit more for the privelege!!!'
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Euro7.5 a point on a Euro1000 account !!! how stupid is that in this volatility!
 
I think to be honest this was not the wisest of moves on your behalf regardless

As Pb says...7.5 /pt of 1000 account...suicide...what risk management did you have here in honest?

2...It was non farm payrolls I assume the day you opened the trade.....again...pros tend to sit and wait on this day
 
Pat494 said:
Say you have solid support on the biggest World Trading website i.e. T2W and how shocking that a company like IG could put such a squeeze on the little guy !!, threaten newspaper's articles etc.
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They KNOW all it takes is one call to Mr Sharky and this thread is history. They know that not a single advertiser would print a negative story against them.

I'm prety sure that The IG index website would have publicised the fact that there was the potential for signifcant market volatility around this data release, it should hardly come as a suprise

The OP was massively over leveraged, and trading without a stop on NFP day. You dont need to be one of the all is known in advance crowd to accurately predict what might happen.

Anyone who trades with a bookie is going to learn sooner or later that its not a sensible thing to do over the long term.
 
the hare said:
They KNOW all it takes is one call to Mr Sharky and this thread is history. They know that not a single advertiser would print a negative story against them.

I'm prety sure that The IG index website would have publicised the fact that there was the potential for signifcant market volatility around this data release, it should hardly come as a suprise

The OP was massively over leveraged, and trading without a stop on NFP day. You dont need to be one of the all is known in advance crowd to accurately predict what might happen.

Anyone who trades with a bookie is going to learn sooner or later that its not a sensible thing to do over the long term.
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He had a limit and a stop, neither triggered despite being hit.
 
The Finspread margin for the Dax is 80 for 1, Therefore, 7.5 = 600 and 2 trades were open. Isn't there something wrong, here, or am I miscalculating? The first limit was close, but was not hit, on the Fins chart the high was 5642.8. IMO, the second would not have been opened for lack of margin funds.

Please tell me if I am wrong, here, because I could be and I'd like to know why they opened the second trade.

This is beginning to look like Maudy is presenting another case of the spreadbetter being the baddie, here. We all have had experience of being stopped just before the market turned. However, I am no lover of IG. He should have been stopped.
 
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Splitlink said:
The Finspread margin for the Dax is 80 for 1, Therefore, 7.5 = 600 and 2 trades were open. Isn't there something wrong, here, or am I miscalculating? The first limit was close, but was not hit, on the Fins chart the high was 5642.8. IMO, the second would not have been opened for lack of margin funds.

Please tell me if I am wrong, here, because I could be and I'd like to know why they opened the second trade.
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Igindex has different margin req if you attach a stop order with your trade ...
 
leonarda said:
Euro7.5 a point on a Euro1000 account !!! how stupid is that in this volatility!
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Everybody makes mistakes, so probably have you. It all comes down to Risk & Money Management, know what you trade and when to trade. This fellow wont do it again and hopefully it is lesson that will make him stronger as a trader.
 
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Really, warned of what you moaning pussy..not to place orders on NFP day with an sb firm using a stop of fookin ten pips? Jeezus...how old are you? my 16 yr old trades better than that..

And could all the "bring out ya dead" grief whores just pack it in please? His fault endex..

Here, have this, I haven't used it in a while..


tumblr_loadwwNg4k1qz6a7po1_500.gif
 
Firstly, their chart is only 'indicative', so basically they can ignore that if they choose. Secondly, tell them you're going to complain through the FOS. As that will cost them more than they think you owe them, win or lose, they might compromise.

Still, as has been pointed out, the trades were fairly mad in risk terms.
 
Ross Spur said:
Firstly, their chart is only 'indicative', so basically they can ignore that if they choose. Secondly, tell them you're going to complain through the FOS. As that will cost them more than they think you owe them, win or lose, they might compromise.

Still, as has been pointed out, the trades were fairly mad in risk terms.
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Yeah it costs them around 500 pounds ...
 
Ross Spur said:
Firstly, their chart is only 'indicative', so basically they can ignore that if they choose. Secondly, tell them you're going to complain through the FOS. As that will cost them more than they think you owe them, win or lose, they might compromise.

Still, as has been pointed out, the trades were fairly mad in risk terms.
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"My starting balance was just over €1,000 and both of the above were to be executed at €7.50 per point"

So he risked what, 15% of his starter account on what was effectively one trade? I must be in a twilight zone here because I just reckon he's a prick and he's way out of his depth..and tbh threads like this posted by newbies smack of sock puppetry; trying to use t2w for negative publicity search ranking..
 
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