Oops, I may have gaffed. Please advise

[you'rebeautiful]

Rather foolishly I thought CapitalSpreads traded FX 24/7. I have a spread on with a stop loss but CS has now closed and nolonger trading. How do I stand when it opens? If the trade is below my stop loss will it reactivate, lose me money then stop out or will it just deactivate at its current position? (Does this make sense?) I a bit peeved as it was doing nicely and I was soon to press the button.
Thanks in advance.

 

[trader_dante]

You will get stopped out at the price the market opens at. If this is 50 ticks below your stop then you will lose 50 ticks more than you intended too. If your stop is guaranteed then you will be fine. If not then you will be slipped. It is a good idea to make sure you have more than one account. In times of error like this you can hedge yourself if it is a big bet and you are worried.

 

[you'rebeautiful]

Many thanks, another lesson learnt. Two accounts did cross my mind and may be useful for future mistakes.

 

[wasp]

I thought CS did offer FX 24/5?

 

[littlemog]

Hi, quick question:

if CS doesn't allow 24/7 is it advisable to trade on such an account in the first place? Just curious... wouldn't it be better to seek another?

 

[you'rebeautiful]

Hi panic over. It probably was a blessing in disguise as it finished high. Another problem however is that I got up before 7am when I read CapitalSpreads opens to find that it actualy was already open, probably from 6am due to the silly clock change thing.
You are right , I need a 24/7 account. Can one be recommended?

 

[SirFrancis]

Hi panic over. It probably was a blessing in disguise as it finished high. Another problem however is that I got up before 7am when I read CapitalSpreads opens to find that it actualy was already open, probably from 6am due to the silly clock change thing.
You are right , I need a 24/7 account. Can one be recommended?

This is an odd discussion - Capital Spreads does offer 24 hour trading on Forex, I use it quite regularly - I cannot understand why you couldn't access it.

 

[trader_dante]

Perhaps you were trading the future and not the rolling contract in the FX market?

Or perhaps it just said closed temporarily. They often close markets for a few minutes for random reasons. It doesn't mean the market is closed it just means they are not quoting it...

 

[you'rebeautiful]

Hi Trader & Sir
You may again be right. The transaction closed and was closed for ages before I started wondering what had happened. I checked the FAQ and website and I read that the opening hours were from 7am to 9.15pm. My trade closed at 9.15pm. I thought it odd and through the day the closed symbol flickered in and out.
These glitches I guess are part of the learning experiences. I will check today the actual FX trading times.

 

[Gumping]

Hi Trader & Sir
You may again be right. The transaction closed and was closed for ages before I started wondering what had happened. I checked the FAQ and website and I read that the opening hours were from 7am to 9.15pm. My trade closed at 9.15pm. I thought it odd and through the day the closed symbol flickered in and out.
These glitches I guess are part of the learning experiences. I will check today the actual FX trading times.

If you're after FX only, then a forex broker may serve you better: they all open 24/5.

 

[you'rebeautiful]

Thank you for your comments one and all. To conclude Capital Spreads should allow trading 24/7 but after 9 it is automated or something. However, yet again it is just after 9 and the GBPUSD is closed and has been for ages. I want to close my transaction and I cann't. I am slightly pissed off now. As a newbie I have made assumptions some correct some not. I did assume reasonable software and IT systems but I have had trouble with all of this (not of my making). Hey ho - I'll plod on and live in hope.

 

[littlemog]

Hope you find something better. It's good to find out early anyway... had much similar experience in the past. Well, we'll survive. Plod on my friend.