How is your stop loss after London ?

[mhasri]

I just want as many input as possible about whether your stop loss works yesterday.
I had a sell limit GBP/USD and when the GBP came crashing ,my stop loss is not honored and i suffered heavy losses. Anybody with a broker with a stop loss that was honored yesterday after London bombings ? I am switching my internet broker.

 

[mhasri]

I mean i buy GBP

 

[oatman]

A "Limit" order will not necessarily get filled. A "Stop" order will get filled. It went through your limit without trading.

 

[Euro_d]

Slightly off subject, apologies.
However, as many have criticised D4F I must come to their defence.
Yesterday I was in about 10 positions (equities) with stops (normal not guaranteed) and they were all filled spot on with the exception of one and that was only slightly off. No complaints and only praise to D4F. The result was that I ended the day out but controlled and predictable.

I agree that in such situations one cannot expect stops or limits to be filled exactly

 

[JP1966]

To be fair cable was volatile yesterday but did not really gap to any extent.

 

[mhasri]

You are being presumtous. I asked around and found out a few Internet broker did honor the stop loss even in extreme viotality like OANDA and MG finance.


THANKS FOR YOUR ILL MANNERED ANSWER. You are rude, you said it yourself.

 

[mhasri]

Equating asking a question as unsymphatetic to those victims shows your gift for logic.

FYI, Oanda andMG finance has consistently honr their stops ever since they become operation and i see no reason for them not to do so in the future.

Are you really that successful to show contempt for others asking a legitimate questions ?
I seen people who makes millions a day that show more respect to others than you.

 

[velocitymail]

This is a response to some of the posts by: GammaJammer

This is a response to some of the posts by: GammaJammer

I must say I find this discussion board extremely valuable, but I am not a frequent trader. I dabble here and there occasionally, so thanks to all your valuable comments.

So far as GammaJammer’s comments are concern, they are rude, insensitive, and totally unwarranted and unhelpful. I could not believe what I was reading.

[“I still think that your carping about losing a bit of money when they are still fishing bodies out of the underground as I type this is in pretty poor taste”]

Really??? How does the original question link with this issue? mhasri was asking a simple question. If you had no answer or helpful comment, why don’t you just shut-up. Linking STOPS to the pulling of bodies out of the underground shows you need to sort out your mind.

[“And as for the stops being honoured, I never said that they wouldn't be at other firms.”]

So why don’t you just tell us which firms will honour the STOPS? Why do you have to go on a sanctimonious trip?

[“But the firms that honoured all stops undoubtedly lost money on some of them, and there's nothing to say they will feel obliged to do the same thing next time. Why should they? THAT'S why I think you're being an idiot.”]

I think you are the idiot to accept that brokers can make a lot of money off us and then when it comes to some little protection and insurance, they refuse to take some loss.
I know you are a seasoned trader, but my little knowledge tells me that I have paid premiums for my stops to be honoured. So why should they not be honoured.
Stops are meant for these types of radical and unexpected events. So brokers should take it or get out of the business. Stops are like insurance policies. If brokers cannot provide the insurance, why should they pretend that they could?
Brokers should take the loss every time until they refuse accepting STOPs.
Many brokers will accept STOPs even when the market gaps. When you say “Why should they”, my response is -Why shouldn’t they???

[“It's just like these people who put straddle stops on 5 mins before payrolls and then wonder why, when the market spikes 150 points, their order has some slippage on it. Wake up will you.”]

[“If you are switching your internet broker because your stop wasn't honoured during a major terrorist attack on the country whose currency you were trading then frankly you are an idiot.”]

I think you should wakeup. We are all here for business. We all want the best deal. If a Broker fails anyone, then move on. I don’t just move on. I complain to the relevant financial authority and sue once I collect all the evidence.

[“I normally try and avoid such direct rudeness, but in this case I think I may be doing you a favour. Go home, grow up, have a think about why your stop wasn't honoured (something to do with there being NO MARKET maybe?) and after that maybe try trading again. ”]

Stick to your normal behaviour and avoid all rudeness, because you are not talking sense.

My advice to mhasri is to read the small print of your Broker’s STOP policy. If they failed you, then complaint to the relevant financial authority, and even consider taking them to small claims court. It is unacceptable. However, it’s advisable to use the Brokers internal complaints procedure first.

Yes you are right to change your broker if you are not satisfied. When you are opening a new account, call then and ask important questions about STOPs and other important issues. I usually record the conversation. So when something like this happens again….which we all know will happen at some time again, you can say to them; - Mr Bloggs told me so and so.

As to GammaJammer I really don’t care if you are successful trader with a bulging bank balance. On this issue you are talking rubbish.

Good luck to mhasri .

 

[bracke]

Guanteed Stops are available when trading indices and shares albeit with a wider spread. Is this facility available when trading Forex?

Regards

bracke

 

[charliechan]

my money is on gammajammer!!

c'mon!!

he is right in every point he makes.

he also is very helpful to you new folk who dont know what they are doing.

sometimes i am amazed at the questions some people ask when they are putting their own money on the line without even bothering to learn the very basics of their market first. these sort of folk are going to lose regardless of what ever advise is handed to them on a site like this. this isnt because of the advise given, but there own stupid, red eyed greed.

are they idiot? yes i think they are, and it is in their own self interest to realise they are acting like idiots before they do further damage to themselves. sometimes you have to be cruel to be kind in this business. if being called an idiot angers someone, its usually because they have an ego issue - which is fatal.


i mean what response was this guy expecting?

people should think before they trade, yet some dont even bother to think before they post!!

 

[charliechan]

Velocitymail,

You are of course entitled to your opinion, the same as everyone else. As this issue is clearly not going to get us anywhere I am going to withdraw from the discussion. For what it's worth, my views on stops and when it's appropriate to honour them with no slippage, some slippage or not at all have been, I feel, pretty consistent on this site (an assertion that can of course be verified pretty easily by trawling through my previous posts should anyone desire to do so). In terms of this particular instance, I suspect, were anyone to attempt to try and pursue some sort of compensation, the words 'Force Majeur' would pretty quickly enter the conversation.

As to the brokers making a lot of money off us, then I think this is where your stance all depends on whether you think your broker is skewing the price against you. If you merely view the spread cost as their making lots of money, then I would have to say my opinion is that a fair exchange is no robbery, and this transaction cost (which is remakably small in forex considering the small size of trade you can execute on these spreads) does not entitle the trader to expect their booky to do the impossible for them.

In addition to this, and the other points I made regarding the conditions on Thursday, one more thing springs to mind - the sheer volume of transactions going through during those attacks. While I can't be sure, I have a feeling that an awful lot of people sold cable when they heard about the attacks. Many brokers would have been swamped, in both liquidity and bandwidth terms. Now I'm not about to ask Mhasri whether this particular short cable position was in place before or after the attacks started (as this would be a possibly unhelpful line of questioning at this point in time), but I've heard enough, anecdotally to suggest that it was a popular trade that day.

Just trying to add a different perspective. As promised I'll stop fanning the flames now.

Good luck all.

GJ

whats this!!!

some one who has taken the time and trouble to find out about the industry and practices of the markets in which he trades!!

what ever next!!

is this an edge, or is that ma cross over system an edge?

shuks.