trust me, this is no joke - i'm not laughing. and i'm not fiddling the numbers either to make the story sound better. i had less than 2k in my account and credit of 5k when i had a bet on for £200pp long the ftse, and i closed the position out when i realised that it hadn't already been closed out. IG only woke up the next day to send me the margin call for 92k. all the abuse aside, and assuming i am telling the truth (far-fetched as it may seem), has anyone come across anything remotely similar before, or know where i stand in terms of challenging IG on the loss?
tar
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Post screen shots of you trading history ...
UKtradergirl
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i'm not willing to do that at this stage. i'm just looking for general advice. i will take this all the way to the FOS and the courts if necessary, but would be good to know if there's any precedent for challenging IG. i know this seems far-fetched - i'm struggling to believe it myself - but you'll have to take my word for it, without the screenshots i'm afraid.
UKtradergirl
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that's ok you can borrow mine if you want.
£10kLoser
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Totally unbelievable - you still need £40,000 margin to place the bet even with a 20 pip stop loss and you're telling us that IG allowed the stop to be exceeded by 440 points? Yes, the margin displayed will be £4k after you've bet but margin requirements still apply.
I've used them for years and stops are always closed bang on. How dumb do you think we are?
I've used them for years and stops are always closed bang on. How dumb do you think we are?
tar
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No he cannot cuz he is long FTSE100 and u r short Wall St , and Wall st should reach 8800 to make u loose that much and it didnt ...
tar
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ok the deposit for daily FTSE was 80 so 200 pound X 80 = 16000 pound margin requirement
trader_dante
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This is all utter sh*te.
As many have already said IG won't let you put a bet of that size on with only £2k on deposit (even with an extra £5k credit). You are nowhere even NEAR to being able to bet at that size.
If by some absolute miracle this is true then I guess you would have cause for complaint as IG would clearly have had a breakdown in their risk management procedures (possible technical failure) and perhaps there can be some appeal against it.
But the whole story sounds rubbish.
You went £200 a point in the FTSE and then didn't bother to check the position at all and next thing you know you are down 460 points?!
And why did they close you out at a 92k loss? Any reason they couldn't have got you out any sooner? It's not like the FTSE moves that quickly. Even on the day of the interest rate cuts. So, any reason given other than: "Yeah hi Mr Puts, we thought we had better close you out now as you have exceeded your credit limit by a full £90,000 - please deposit some funds soon".
Give me a break.
P.S It might be best to stop asking if anyone else has seen something like this - I doubt anyone on here has heard of anyone so stupid!
As many have already said IG won't let you put a bet of that size on with only £2k on deposit (even with an extra £5k credit). You are nowhere even NEAR to being able to bet at that size.
If by some absolute miracle this is true then I guess you would have cause for complaint as IG would clearly have had a breakdown in their risk management procedures (possible technical failure) and perhaps there can be some appeal against it.
But the whole story sounds rubbish.
You went £200 a point in the FTSE and then didn't bother to check the position at all and next thing you know you are down 460 points?!
And why did they close you out at a 92k loss? Any reason they couldn't have got you out any sooner? It's not like the FTSE moves that quickly. Even on the day of the interest rate cuts. So, any reason given other than: "Yeah hi Mr Puts, we thought we had better close you out now as you have exceeded your credit limit by a full £90,000 - please deposit some funds soon".
Give me a break.
P.S It might be best to stop asking if anyone else has seen something like this - I doubt anyone on here has heard of anyone so stupid!
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UKtradergirl
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just checked my statement from that day: i had 1.8k deposited, 4.3k in running profit (i did already have 1 £100pp long on), 12.5k in waived deposit limit = 18.6k; versus the 16k deposit requirement after i put the 2nd £100pp long on, so that's how i was able to put the bets on. not that that explains why it was allowed to run so far outside the account parameters.
and in terms of "P.S It might be best to stop asking if anyone else has seen something like this - I doubt anyone on here has heard of anyone so stupid!" - you need to be aware of recent events in this game or you'll get stung worse than me. have you not heard about IG's recent £15 million bad debt allowance for the first 6 months of this year? so there are others out there, maybe with similar circumstances to me.
and in terms of "P.S It might be best to stop asking if anyone else has seen something like this - I doubt anyone on here has heard of anyone so stupid!" - you need to be aware of recent events in this game or you'll get stung worse than me. have you not heard about IG's recent £15 million bad debt allowance for the first 6 months of this year? so there are others out there, maybe with similar circumstances to me.
Lord Flasheart
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Just been reading this thread,what a load of balls. The only way it could have happened is if it was IGs fault in which case he has nothing to worry about.Their regulations will state about margins,so if they havent taken the correct margin then its their fault, end off, and in which case if they have asked for the money id be taking them to court, and anyway its an unsecured debt. Also if they missed his account there would have been others that were settled at appropiate margins that day,so again no problem in proof.
UKtradergirl
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UKtradergirl
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committing to not blowing up your account with one trade alone is hardly putting oneself on a pedestal. being sensible more like. i never said i was immune to blowup- i'm just not dumb enough to do it so spectacularly.
trader_dante
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Mate, if you lost more than you had on deposit you've got serious risk management problems and have hopefully learnt a valuable lesson from it.
I have been trading for 8 years and I often hold overnights at high leverage and only once in all that time have I gone into a debt and because I try to plan for every eventuality when I take the risk in the first place, that was by less than £100.
Give it a rest. No one is impressed that you lost £90k - it doesn't make you a hero. Just ring IG and sort it out with them.
If the story is true, then it sounds like the problem is at their end - they should not have let you get in over your head that much. (either by not letting you place the trade or dealing with the open loss sooner).
That doesn't detract from the fact that you should have had the common sense to not get in this position in the first place.
