barjon
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As a general point I'd just say that I wonder how many people properly read the terms and conditions they sign up to when they open an account with an SB company. You might not like what you read and you may think them unfairly biased in favour of the company but, if you sign up to them, then you must expect to live with consequences.
It follows with any complaint that if the SB company has acted within their terms and conditions you've really nowhere to go other than relying on their "goodwill". If they have acted outside their terms and conditions then you should get redress or, if it's unclear whether they have or not, then there is reason for argument - albeit that the argument can be an expensive process. The only other route is to contend that particular terms & conditions are in breach of some wider law and that is likely to be an even more expensive route if FSA don't agree with you.
jon
It follows with any complaint that if the SB company has acted within their terms and conditions you've really nowhere to go other than relying on their "goodwill". If they have acted outside their terms and conditions then you should get redress or, if it's unclear whether they have or not, then there is reason for argument - albeit that the argument can be an expensive process. The only other route is to contend that particular terms & conditions are in breach of some wider law and that is likely to be an even more expensive route if FSA don't agree with you.
jon
yes
Yes, he did, and I was wrong with his first trade. I'm sorry about that. The second one
was the one that did not make it.
IG should have closed the first one, for sure.
I'm sorry about misreading the details in your first trade. That order should have been triggered, giving you a 15 profit on the trade.
alan5616
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Maudy; one of the problems, when using SB Cos, is that their prices are their prices. You cannot equate the true market prices to the SB prices. They like to tell potential clients that their profit is only generated by putting a pip or two on the market price but, that is not. always, the case.
At one time, before SBs went to electronic trading platforms, it was a fairly level playing field. Not any more. There are, actually, plug ins for SB & MMs to use in order to rip their clients off. Go to Boston Technologies website to find out more. Provided that they haven't taken them off the site, now, after Gain Capital were caught out and thumped with a heavy fine by the NFA.
In today's high tech trading world, one click of a mouse can start a pre programmed chain reaction, resulting in millions of $ in trades being executed in milliseconds. It's for this reason that I would advise you to stay out of the markets when major data releases are due, especially NFP day (after 12.30 pm UK).
If you don't know when these data releases are or, the importance of them, individually, then this calendar will help
http://www.forexfactory.com/calendar.php
Good luck with your future tradimg exploits
I really appreciate all the feedback on this matter. Although there are mixed feelings about the issue, the T & Cs, my ability(or lack of it) as a wannabe trader, etc, I started the thread for a valid reason and to see if some of you more experienced traders had an opinion on the matter - which most of you certainly do, so thank you.
I have provided the facts of the situation as honestly and accurately as I could and because some of you agree that I am owed an explanation from IG Index as to why they a) did not allow the first trade to be a 'winner', and
b) why both trades were closed out at the lowest possible levels, after many higher prices were hit along the way,
I will certainly be pursing this matter and not accepting the decision until a suitable agreement has been reached. I know that some of you don't see it as a large amount of cash to lose, but the principle is also at stake here and both I, and other current/potential clients of IG Index should be able to look at posts such as this to assist in their long term trading goals.
I will keep you informed of my progress with them, I expect nothing, but their responses could well be worth publishing anyway.
Maudy, a lot of these issues get resolved, as well as negative stories, there are also positive stories with ig, i happen to think you will be ok with this. They should really provide you with the profit you would have made when price hit your profit mark. Sounds fair doesnt it. Certainly does to me.
Well, Jon, that certainly goes for me. I'm not a great reader of small print. There should be an outside authority making one price the determining factor. Otherwise, the punter is in the hands of the bookie. In my case, I've had no problems with online trading but, perhaps, that has lulled me into a state of false security.
tar
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Irrelevant mate , at the time they closed your trade the price was way beyond your requested level , after NFP release a few seconds could cost alot . Few years ago i had a few points slippage with IG so out of curiosity i asked them about it , anyway here is their answer back then :
" Dear Sir,
Thanks for your email.
When you leave a non-guaranteed stop and it is triggered we will closed the trade as soon as possible. In can be that by the time the trade is closed the market has moved. This may be a few points or in particularly volatile times a significant number of points. We endeavour to close the trade as quickly as possible. Unfortunately on this occasion the market moved several point by the time we were closing the trade. It is not just gaps in which slippage can be paid. "
I haven't used IG for years. One of the reasons I went elsewhere was that in situations like this they seemed to fill at the worst possible price for the client, ie, if a price spiked up through a stop then came back again they filled at near the extremity of the spike, even if by the time the fill went through their quote was actually at a much better price for the client. Obviously, they can increase their profit by doing this sort of thing. Surprising they can get away with it now MIFiD is in force, as the thread starter should suggest to IG.
Truth Seeker
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I experienced the same Ross, I was slipped all over the place, never in my favour, these guys are nothing more than bucket betting shop boys. I dumped them years ago, and wouldn't touch them with yours.
barjon
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Small print
- you and me both, Split. The key factor in all this is "betting" and to maintain that status the companies must make their own prices, thus I doubt any outside authority route is viable. So you do finish up "in the hands of the bookie" as reflected in their terms and conditions and you either accept that or go elsewhere.Like you, I've not experienced any problems but I've only a few play accounts so there's only relative peanuts involved. Mind you, I did get irritated with the frequent platform crashes with your provider and I suspect it would have been a damn sight more than irritation if I'd been playing with more than peanuts.
jon
B
Black Swan
Small print
Like you, I've not experienced any problems but I've only a few play accounts so there's only relative peanuts involved. Mind you, I did get irritated with the frequent platform crashes with your provider and I suspect it would have been a damn sight more than irritation if I'd been playing with more than peanuts.
jon
And as I repeat ad nauseum "don't get too clever". If you use an sb firm your chances of success will improve exponentially if you move away from low time frames using silly single digit stops and orders with silly stops close to, for example, the 200 ma. Swing or position trade with them, or don't use them..
Now please don't anyone come on here telling me how they're "having it off scalping the ftse" using sb..
This is total misconception, the SB's does not "make up their own prices". The price must reflect the movement of the underlying asset (or a combination of thereof). If it doesn't and you get an unfair execution it might pay of to refer the MiFID "best execution" directive. Also the user agreement does not override the MiFID directive. However I agree, it is best not to fall in and be dependent of the SB goodwill to settle things fairly.Small print
Like you, I've not experienced any problems but I've only a few play accounts so there's only relative peanuts involved. Mind you, I did get irritated with the frequent platform crashes with your provider and I suspect it would have been a damn sight more than irritation if I'd been playing with more than peanuts.
jon
Vodka, mostly.
Futures, but look at the e mini S&P, the Eurostoxx and the Bund. They are the most liquid. Try somebody like Global Futures or Velocity Futures and demo for a while.
