Hello all,
The following is a detailed account of my trading period on 14th October, giving appropriate times and actions taken: -
13.14. I opened a position to buy the Wall Street daily cash at a value of 9748 at £5 per point, with a 20 point stop at 9728,
13.15 I was “stopped out”, and had £100 debited from my account.
I examined the chart and realised that the price had not reached 9728, so I called the dealing desk to query this event.
The dealing desk must have been very busy at the time as my first call was not answered and I was disconnected.
13.26 Having called back I spoke to a member of staff and explained to him the specifics of the problem plus a further deal which I believed I had been “stopped out” incorrectly. I then passed on the details of both and was promised a call back immediately.
This call was logged on my system at 13.26 and at a time when the price was approximately 9780, affording me a potential profit of 32 points or £160
It took 19 minutes for IG to get back to me and during that time I could clearly see the price rise to a high of 9898 at 13.41, or up 150 points or £750
13.45 IG called me and told me that the deal would be reinstated within the next 10 minutes and that I would be credited with £45 for a further stop error, yet again a 45 point error.
The price was at this time approximately 9860, up 112 points, or £560 and I patiently waited as my dealing screen was refreshing to note at what point my trade would be put back on, without any sign of this happening.
14.45 Thirty minutes after I had been advised that my Trade would be reinstated it was not and the price was now approximately 9800, up 52 points or £260.
14.46 I contacted IG again to find out what was going on and on speaking with an other dealer was advised that my message would be passed on
This dealer also advised me that the price was now 9662, down 86 points from my opening position
15.25 I called and spoke to another dealer, I explained the ensuing situation to this dealer in some detail and underlined that if my initial position had not been taken out in error by the system, then I would have followed the price, setting a manual stop along the way.
The price moved 150 points from my entry, and as I would have followed it with a stop I am certain that I would have achieved at least 100 points profit, at £5 a point which equals £500.
16.00 Still on the telephone with this dealer, the error on was admitted without reservation and I was offered a compensation payment of £100, which under the circumstances I felt was nothing short of an insult.
Having been a loyal customer for many years I believed that under these circumstances, where the fault was admitted by IG, I was rightly prepared at that time to accept £700 compensation, or 140 points of the 150 point move.
I was advised that the maximum compensation would be £100, which I then refused to accept.
During this time I was also advised that by the time of attempting to reinstate my deal it was already below my stop, so there had been no point.
It should be noted that the price did not reach my stop until 14.39. 85 minutes after i opened the position
From my initial call at 13.26, and making IG aware of the problem, to 13.45 when IG called me and admitted an error had occurred and the deal would be reinstated, 19 minutes passed. I am now at a loss to understand why, once the error has been admitted by IG it was not reinstated immediately.
How many other bets have been stopped out incorrectly, unnoticed by the client, but obviously very profitable for IG
I have traded shares, currencies and index's for over 10 years, and never have i been stopped out incorrectly
I feel that IG Index, use every method available to them to 'steal' your money
does anybody else have any similar experiences with these thieves?
My next course of action is to complain through their compliance officer and following that the FSA
your comment would be appreciated
The following is a detailed account of my trading period on 14th October, giving appropriate times and actions taken: -
13.14. I opened a position to buy the Wall Street daily cash at a value of 9748 at £5 per point, with a 20 point stop at 9728,
13.15 I was “stopped out”, and had £100 debited from my account.
I examined the chart and realised that the price had not reached 9728, so I called the dealing desk to query this event.
The dealing desk must have been very busy at the time as my first call was not answered and I was disconnected.
13.26 Having called back I spoke to a member of staff and explained to him the specifics of the problem plus a further deal which I believed I had been “stopped out” incorrectly. I then passed on the details of both and was promised a call back immediately.
This call was logged on my system at 13.26 and at a time when the price was approximately 9780, affording me a potential profit of 32 points or £160
It took 19 minutes for IG to get back to me and during that time I could clearly see the price rise to a high of 9898 at 13.41, or up 150 points or £750
13.45 IG called me and told me that the deal would be reinstated within the next 10 minutes and that I would be credited with £45 for a further stop error, yet again a 45 point error.
The price was at this time approximately 9860, up 112 points, or £560 and I patiently waited as my dealing screen was refreshing to note at what point my trade would be put back on, without any sign of this happening.
14.45 Thirty minutes after I had been advised that my Trade would be reinstated it was not and the price was now approximately 9800, up 52 points or £260.
14.46 I contacted IG again to find out what was going on and on speaking with an other dealer was advised that my message would be passed on
This dealer also advised me that the price was now 9662, down 86 points from my opening position
15.25 I called and spoke to another dealer, I explained the ensuing situation to this dealer in some detail and underlined that if my initial position had not been taken out in error by the system, then I would have followed the price, setting a manual stop along the way.
The price moved 150 points from my entry, and as I would have followed it with a stop I am certain that I would have achieved at least 100 points profit, at £5 a point which equals £500.
16.00 Still on the telephone with this dealer, the error on was admitted without reservation and I was offered a compensation payment of £100, which under the circumstances I felt was nothing short of an insult.
Having been a loyal customer for many years I believed that under these circumstances, where the fault was admitted by IG, I was rightly prepared at that time to accept £700 compensation, or 140 points of the 150 point move.
I was advised that the maximum compensation would be £100, which I then refused to accept.
During this time I was also advised that by the time of attempting to reinstate my deal it was already below my stop, so there had been no point.
It should be noted that the price did not reach my stop until 14.39. 85 minutes after i opened the position
From my initial call at 13.26, and making IG aware of the problem, to 13.45 when IG called me and admitted an error had occurred and the deal would be reinstated, 19 minutes passed. I am now at a loss to understand why, once the error has been admitted by IG it was not reinstated immediately.
How many other bets have been stopped out incorrectly, unnoticed by the client, but obviously very profitable for IG
I have traded shares, currencies and index's for over 10 years, and never have i been stopped out incorrectly
I feel that IG Index, use every method available to them to 'steal' your money
does anybody else have any similar experiences with these thieves?
My next course of action is to complain through their compliance officer and following that the FSA
your comment would be appreciated
