My First Problem with the Broker

[ukdaytrader]

My first problem

Today opened a position and put in a limit. I could have sworn I saw it trade above the limit but did not close it out as I thought I was an automatic close.

The limit did not actually close the position - not sure why ?

Complained they are send me screen shots from Bloomberg to confirm that it did not reach the limit.

a) Has this happened to anyone else ?

b) Can someone please let me know if Apple after 6pm and before 8.19pm UK time traded above 142.12 today

Thanks

 

[foredog]

Unless you were DMA and the trade was your offer getting taken then it would need to be 142.12 bid for you to have sold

 

[ukdaytrader]

I'm pretty sure it was bid as the mid price, certainly on the graphs looked to reach 4.22, bid offer is 2 cents, so in theory it should have been closed.

Funny they called up when it reached the position again and said they closed it out....its not the point though, I need to understand if limits sometimes don't work.

Do these CFD providers have automated systems to the market or is it manual ?

 

[sensation]

I also came across this problem with my broker while dealing at US Exchanges however, at LSE it precisely closed the positions at limits and stop. I remember a month ago when AMEX went way above my limit and the position did not close. In the meantime buying subside and stock took a U turn. The profit started evaporating and eventually I have to close the position manually despite of the fact that limits were placed within 5 seconds of entering the trade.

 

[mrsoul]

My first problem

Today opened a position and put in a limit. I could have sworn I saw it trade above the limit but did not close it out as I thought I was an automatic close.

The limit did not actually close the position - not sure why ?

Complained they are send me screen shots from Bloomberg to confirm that it did not reach the limit.

a) Has this happened to anyone else ?

b) Can someone please let me know if Apple after 6pm and before 8.19pm UK time traded above 142.12 today

Thanks

Sounds like another thieving broker.
What most people don't realize is that brokers make the bulk of their money not from commissions but rather from trading against the order flow: front running, stop-hunting, bucketing orders, etc.
In your case it seems like the thieving broker took your sale and traded against it.
If the price broke through your limit, and their was no short trade to be had then, you would have gotten a fill.
In this case, it seems like the broker got a free trade.
Commissions are just a facade for the broker in order to dupe people into thinking that they are honest and that that is how they make their money.
I've been down that road before.

 

[ukdaytrader]

Just to let you guys know that the broker resolved this very satisfactory in my opinion and indeed in an extremely professional manner. Im not sure if I should advertise the name of the broker, but I can say these guys are really professional in their approach and acted in good faith.