IG Markets platform trouble

[joqqy]

Hi guys,

I am not sure which forum section this belongs in but will try and post it here.

The last 3 days I have had several trades wrongly executed on the IG Trader (IG Markets) platform. I was trying to hedge short positions by opening longs through the "Force Open" checkbox with several failed attempts. Instead of opening opposite positions it closed my existing shorts.

Has this happened to any of you?

The first time this occured I wrote IG Markets, but they told me there was nothing wrong with their platform. So I called them and they agreed to reinstate the failed executed trades. However they told me that they would do this only once, and should this occur again they would not reinstate any position.

Well this happened the next day, and the day after that. I wrote and asked them if the checkbox was guaranteed to work. They didn't clearly answer that but said to be sure, I should use the "order to open" option instead. I asked them if they can not guarantee that the checkbox works everytime, then why do they have it there? Only answer I got was that it works but to be sure I should not use it.

Well, the last failed trades I couldn't get reinstated because they said they had checked their systems and that they had physical proof that I didn't check the box all these times, whereas I didn't have any physical proof that I did check the box. Apparently I should have been prepared to take a screenshot a fraction of a second while the faulty trade occurred.

Any here had the same experiences? I don't know what to do. I have lost money on this and they keep saying that they my word is "highly considered" but that I have not checked the box, contrary to what I have told them.

I see no other option than taking this further, I will hardly win, but don't know what else to do.

Best Regards

 

[deebee1]

video capture your trading sessions... theres a few software packages out there that let u record what is going on on your screen... that should help, il see if i can remember what i used to use...

 

[joqqy]

video capture your trading sessions... theres a few software packages out there that let u record what is going on on your screen... that should help, il see if i can remember what i used to use...

Thanks Deebee1,

I think Camtasia works well. Unfortunately I didn't do it while the errors occurred. I will have to hope for another error to try to replicate what happened. Which may cost me some since 95 % of the trades were successful. Will try to capture that 5 % again.

 

[Lee Shepherd]

Hi Joqqy,

If your trade gets closed down (through their fault or yours), just open another one up immediately. You will only lose the spread and if it ticks against or for you you may make or lose a couple of points, however, your trade will be reinstated and the p/l would be reset. Your target exit would obviously remain the same so instead of recovering the loss then making a gain, you would have registered your loss now and make a bigger gain later - providing of course your exit target is hit, either way the actual loss or profit to account will remain the same at the outcome of the trade whether it wins or loses, minus the extra spread. If this keeps causing you a problem consider changing your SB provider, there are many out there.

 

[joqqy]

Hi Lee,

What you described seems to be the best way to go about handling the situation should it occur again. Never really thought of that, and in a matter of intense momentum moves, the problems are more frequent and so is unfortunately also the panic. Should have done what you describe but my mind didn't operate that way in that moment. Will think of that for the next time. As you say, I will only lose the spread and the move depending on the directions. But it still feels sad that they don't believe your word. But can understand why they don't though. Will make sure that I videocapture every trading session from now on. Many thanks for your reply Lee.

All the Best

 

[Pferd]

Hi guys,

I am not sure which forum section this belongs in but will try and post it here.

The last 3 days I have had several trades wrongly executed on the IG Trader (IG Markets) platform. I was trying to hedge short positions by opening longs through the "Force Open" checkbox with several failed attempts. Instead of opening opposite positions it closed my existing shorts.

Has this happened to any of you?

The first time this occured I wrote IG Markets, but they told me there was nothing wrong with their platform. So I called them and they agreed to reinstate the failed executed trades. However they told me that they would do this only once, and should this occur again they would not reinstate any position.

Well this happened the next day, and the day after that. I wrote and asked them if the checkbox was guaranteed to work. They didn't clearly answer that but said to be sure, I should use the "order to open" option instead. I asked them if they can not guarantee that the checkbox works everytime, then why do they have it there? Only answer I got was that it works but to be sure I should not use it.

Well, the last failed trades I couldn't get reinstated because they said they had checked their systems and that they had physical proof that I didn't check the box all these times, whereas I didn't have any physical proof that I did check the box. Apparently I should have been prepared to take a screenshot a fraction of a second while the faulty trade occurred.

Any here had the same experiences? I don't know what to do. I have lost money on this and they keep saying that they my word is "highly considered" but that I have not checked the box, contrary to what I have told them.

I see no other option than taking this further, I will hardly win, but don't know what else to do.

Best Regards

Not to defend them, but I think what happened is correct.

If I understood correctly you opened one short position. Then you went to the Force Open box and tried to open a long position. Of course this means (I know it does not sound logic) that you made a mistake and want to close your current position and enter long (opposite direction) from that point. Don't ask me why it works like that but I have seen this in other brokers and it is exactly as you describe.

I have good experience with IG and regard them as a very serious company. Since I tried to do what you explained with other brokers in my earlier "racing" days and did not succeed (happened the same as you explained) I have never tried to do it with IG.

But just to sum it up: If you have an opened short position and you ask the system to force open a long position, that of course means a buy, which is no other than closing your short position. Since you already have a short position opened, it is not necessary for the system to look for another market participant on that situation. It can fill the order with your short contract. I hope this make sense!

The only way to really hedge is with two different products (ie EUR/USD vs. DAX or even DAX vs. S&P). But bear in mind that if you are in a lateral market as is the case the last two or three weeks, the possibilities of touching your SL in both trades is highly likely.

In my point of view hedging only works in the long term and in very particular trades, for example if you have a real share of a company and hedge with a CFD of the same company in the opposite direction.

If the market is really trending you don't need to hedge, only to put all your eggs in the same basket.....

 

[joqqy]

Not to defend them, but I think what happened is correct.

If I understood correctly you opened one short position. Then you went to the Force Open box and tried to open a long position. Of course this means (I know it does not sound logic) that you made a mistake and want to close your current position and enter long (opposite direction) from that point. Don't ask me why it works like that but I have seen this in other brokers and it is exactly as you describe.

I have good experience with IG and regard them as a very serious company. Since I tried to do what you explained with other brokers in my earlier "racing" days and did not succeed (happened the same as you explained) I have never tried to do it with IG.

But just to sum it up: If you have an opened short position and you ask the system to force open a long position, that of course means a buy, which is no other than closing your short position. Since you already have a short position opened, it is not necessary for the system to look for another market participant on that situation. It can fill the order with your short contract. I hope this make sense!

The only way to really hedge is with two different products (ie EUR/USD vs. DAX or even DAX vs. S&P). But bear in mind that if you are in a lateral market as is the case the last two or three weeks, the possibilities of touching your SL in both trades is highly likely.

In my point of view hedging only works in the long term and in very particular trades, for example if you have a real share of a company and hedge with a CFD of the same company in the opposite direction.

If the market is really trending you don't need to hedge, only to put all your eggs in the same basket.....

Hi Pferd

No, I wanted to open hedge the exact same instruments. I tried to do that because I was trying to trade them in two different time horizons, the short one had a long time horizon whereas the long one was supposed to be a short term trade.

I was trying to do this Managing your Positions | How do I open two positions on the same market in opposite directions?

So you see, how can IG be correct when they claim it will work, while it didn't?

Best Regards

 

[joqqy]

Hi Pferd,

All I am saying is that I expect this to work every time Managing your Positions | How do I open two positions on the same market in opposite directions?

And when it doesn't I think it should be brought up.

Best Regards

 

[Pferd]

Hi Pferd,

All I am saying is that I expect this to work every time Managing your Positions | How do I open two positions on the same market in opposite directions?

And when it doesn't I think it should be brought up.

Best Regards

Interesting information, I will have a go testing it as soon as I have a chance. Have not seen it before. I thought "force open" was the box in the top right hand corner to buy/sell directly in the graphic (deal through chart mode). Now I see what you mean.

But in other brokers this is not possible. Maybe other members can give us some light about their experiences??

 

[joqqy]

Interesting information, I will have a go testing it as soon as I have a chance. Have not seen it before. I thought "force open" was the box in the top right hand corner to buy/sell directly in the graphic (deal through chart mode). Now I see what you mean.

But in other brokers this is not possible. Maybe other members can give us some light about their experiences??

It is the exact same box Pferd. You can choose it on the simple chart in the "Pure Deal" Platform, via the order window shown in the link I provided, or through the advanced charts (ProRealTime charts).

Best Regards

 

[joqqy]

Hi Guys,

I would like to update on the progress on this matter.

I have had another failed trade in the same way as described above. "Force Open" box failed yet again to hedge and instead closed an existing position.

I have VIDEO CAPTURED the whole incident and submitted the physical proof to IG.

I will update you on how they will respond.

Best Regards

 

[trader9281]

Interesting.... did we get any reply from IG? I do this quite often on the IG Index (SB) platform and it seems to work every single time without any issue. I would have thought that IG Index and IG Market would share the same underlying software code.

Let's know what happens!

 

[joqqy]

Hi trader9281,

IG is still investingating the case and I am awaiting a reply. They told me initially after I provided them with physical proof, that they would get back to me in a few hours or the next day, but it seems it will take longer than that, up to 8 weeks I was told. I will indeed report back here the outcome and progress. It worked most of the times with me too, until it didn't for a few days in a row, seemingly random in nature.

I would also want to look at the source code, but don't think they will ever share it, for various reasons ofcourse. As far as I am aware, the do not provide an API to retail traders either. For their advanced charts they use ITFinance software and it is possible that any bugs may originate through that code/connection.

All the Best!

 

[shortsell]

for what reason are you looking to be regularly long and short the same instrument?

 

[joqqy]

Hi shortsell,

Trading the same instrument in DIFFERENT TIMEFRAMES

Best Regards

 

[shortsell]

but why not just allow the positions to net out?

say your general stance is bullish, and you're long the ftse in 1 lot.

then, intraday, you want to be short at a given moment. why not just temporarily close out your long rather than opening a short against it?

all you are doing is doubling your transaction costs, which is madness in an already tough business.

 

[joqqy]

You can have a swing position (and ignoring the waves towards your target) and simultaneously trying to catch/scalp smaller waves.

However, that isn't really the point of this thread, but rather the software issue (or whatever the problem may be)

Best Regards

 

[shortsell]

I know it wasn't strictly the point of the thread, but it's probably worth considering why you're actually doing it, as it's having an adverse impact on your bottom line, and per my previous post there is really no need for it.

Regards.

 

[joqqy]

Shortsell,

The function is there exactly for that purpose, and will suit some strategies, while not others.

Imagine you have a winning swing long, and you want to let it run, but you may also want to catch smaller waves down to short with a smaller timeframe. It's all about individual strategy.

 

[shortsell]

The function is there because some people are so set against realising losses that they would rather double their transactions costs than close a position, and of course IG would be foolish to turn such business away.