Prospreads!

[Excelentj]

Hi Team,

I've just started using Prospreads today... They gave me a training account which is thoughtful of them because it is a complicated platform to use compared to the other SB platforms. I followed their videos for setting stops etc. but I don't think my positions are being stopped out. I talked to support and it seems like nothing's wrong. Seeing as I am a beginner it's probably me doing something fundamentally wrong! if anyone could assist it would be great--

I was just testing stops... I went long on FTSE at 6344.5 with a stop at 6343.5 (I wanted this to stop out). The order got accepted and filled fine and everything but the price did drop below 6343.5 shortly after (right now its 6322.00).

Can anyone point out what I may be doing wrong?

J


EDIT: Looks like it's because i didnt check the "close position box" lol.

 

[nunrgguy]

Stops aren't guaranteed. Price has to hit your actual price to stop out. If it gaps over it you won't get filled.
Lesson number one on getting screwed over with stop losses

 

[Truth Seeker]

Does Prospreads offer 'Bund' in their mini platform account? Are the trades really going to market and is it the actual market that we see on the ladder?

 

[A Dashing Blade]

. . . is it the actual market that we see on the ladder?

110% yes
Have matched their screens with Bloomberg & Reuters.

 

[Truth Seeker]

110% yes
Have matched their screens with Bloomberg & Reuters.

Yeah it's the market you see but you don't get trades put through, so it's like pre-school for retards where the teachers show the dribblers pictures of cream cakes knowing it will excite them and they will never be able to taste them.

 

[rawrschach]

They have a bloody awful platform. Watch their videos and figure out what you need to do to make stops execute.

Don't be surprised if they execute 30+ ticks away from market. They'll fix this if you call in and complain, but it's annoying.

 

[Visaria]

Can you give an actual example of this rather extreme slippage? What market was it on, would you have experienced the slippage if you had been trading the real market?

 

[rawrschach]

No I wouldn't.

First time it happened I had a stop on NQ at 2807.5, it didn't execute. Had to contact support, they filled me at my stop price - 'platform update corrupted my original order placement'.

Second time, on HE stop executed at 77.35, should have executed at 78.55. They amended it for me - the 'platform filled me incorrectly'.

This all happened within two weeks.

Bunch of muppets.

Considering I was using them only 3-4 times a month just makes it worse.

 

[Visaria]

What's HE?

You do have to log in and check any orders are still active. I recall some months ago, they had some problem with the platform which meant all my orders were deleted.

 

[rawrschach]

HE is Lean Hogs.

The problem is a lack of consistency.

With velocity I knew my orders would disappear every night so I'd put them back.

Who wants to use a platform that's filling you 100+ ticks away 'by mistake'?

Their statements are so incomprehensible that if you were a heavy trader you might never notice.

 

[Visaria]

Lol, try trading currencies using their Currenex system, the statements will destroy your mind!

 

[rawrschach]

Only reason I started talking about them today is that I tried them again.

Had a ridiculous time executing (good 10s delay between clicking 'buy' and having it show up on the open orders).

At this moment I log on, see that my Pnl Is 10x bigger than it should be. My order on September ES is showing a fill at 1654.25. Hi-Lo of the bar when I placed the order is 1634.25-1628.75.

So how in ****'s name is my 'average price' 80 ticks away offside?

 

[rawrschach]

It's magically 'fixed' itself since my post but I had to take a trade with IG because it wouldn't let me execute while the fictional massive losses were showing in my PnL.

 

[ProSpreads]

It's magically 'fixed' itself since my post but I had to take a trade with IG because it wouldn't let me execute while the fictional massive losses were showing in my PnL.

Clients who trade outside of the PS working hours agree to a specific set of extra t&c's, if you did have to infact do a trade with a different broker as you could not trade please feel free to send us some proof of these transactions and we will be happy to honour any lose you may have occurred

PS

 

[rawrschach]

Thanks for the reply.

I've emailed a screenshot to support. Like I said the losses were temporary but they were so large they prevented me from trading while they were shown.

 

[Phylo]

LCG to sell Prospreads

LCG has agreed to sell Prospreads ...... perhaps old news by now. Posted for the benefit of those that do not know.