Jump to content

Discrepancies in amounts of P and L reported


Recommended Posts

I have been disturbed to find the figures reported in my trading history do not" add up" when I have decided to realise a loss or take a profit . the dollar loss on  a same day trade of  for example buy 20 shares AMDfor $1162.40  and sell $ 1148.80 = loss of $13.60 shows as buy  £915.87  and sell £895.91 = loss £ 19.96.    ( Difference not accounted for by exchange rates of.$/£ 1.29 and 1.28.)

similarly bought50 shares WFC ave px $28 = $1400 s and sold for $1492.50 for profit $92.50 hows as buy for £1147.23 and sell for£1177.90 =profit shown of £30 instead of £70.

a prior much larger profit of over $200 on AECOM also not reflected in sterling balances.

I qualify for free trades so I would like explanation of where my GBP profits are to be found please. Thank you for your prompt response as I have been unable to reach you by phone. Namaste Susan Reed

 

 

Link to comment
  • 6 months later...

Hi, stumbled across this while searching for something related. Did you get an answer from IG on this?

Assuming this is in your share dealing / ISA account, and you're on a GBP account; if you're buying US shares outright, your realised P&L when you sell them is gonna be [GBP sale amount - GBP purchase amount]. Not the [USD sale amount - USD purchase amount] converted to GBP.

Say you buy 1 US share for $120 @ GBP/USD 1.2, i.e. you spend £100 

If it then gains 20% your share is worth $144 so your USD p&l is $24

But say GBP/USD has also moved to 1.5

Your GBP p&l is [GBP sale amount - GBP purchase amount] = [($144/1.5) - £100] = £4 loss

Your GBP p&l is not $24/1.5 = £16 gain

It's a bit annoying because the live dealing platform will show your GBP p&l as the latter, under the list of open positions, which is misleading and incorrect. You only get the correct figure after sell the shares and work it out from your transaction history. This is something I've mean meaning to ask IG about.

Link to comment
  • 3 weeks later...

Hi DoctorStrange & Susianna,

I just realised this today.  Came as a bit of a shock.  I had some ETFS I had purchased (in USD).  The "positions page" was telling me I was in profit.  However I also use a tool called sharesight for tracking all my trades and positions and it was telling me I was in loss.

You are right - the positions page is as good as useless for $ positions.  It works out your P/L based upon the $ price you paid and the current $ price for that stock.  It then calculates using today's exg rate what the P/L is.  It does not take into account the exchange rate on the day of the trade. 

This is as good as useless.  

It wouldn't be too bad if I could settle in USD.  But the platfrom forces me to settle in GBP.  So not only do I lose on the FX conversion between my buy and sell dates, I also incur the FX exchange fee. 

Did anyone ask IG and get an answer??

Link to comment

I've  just turned on "manual" currency conversion which I have only just discovered.

This means for future trades I can settle in USD - and not be hit by an instant currency conversion. I can thus hold my "profit" in USD, trade again in USD and convert back to GBP when the FX rates swing back again.

They hide this setting in the My IG pages.  See screenshot.

It still doesn't solve the problem of the incorrect P and L.  But at least I now have the chance to hold USD until a more appropriate time.

 

currency conversion setting.png

Link to comment
Guest SUSIANNA
On 31/12/2020 at 00:34, DoctorStrange said:

Hi, stumbled across this while searching for something related. Did you get an answer from IG on this?

Assuming this is in your share dealing / ISA account, and you're on a GBP account; if you're buying US shares outright, your realised P&L when you sell them is gonna be [GBP sale amount - GBP purchase amount]. Not the [USD sale amount - USD purchase amount] converted to GBP.

Say you buy 1 US share for $120 @ GBP/USD 1.2, i.e. you spend £100 

If it then gains 20% your share is worth $144 so your USD p&l is $24

But say GBP/USD has also moved to 1.5

Your GBP p&l is [GBP sale amount - GBP purchase amount] = [($144/1.5) - £100] = £4 loss

Your GBP p&l is not $24/1.5 = £16 gain

It's a bit annoying because the live dealing platform will show your GBP p&l as the latter, under the list of open positions, which is misleading and incorrect. You only get the correct figure after sell the shares and work it out from your transaction history. This is something I've mean meaning to ask IG about.

Many thanks for the explanation which helped me realise my lack of understanding!!! i have also been asking IG for access to a historical spread sheet of trades in and out of one share  showing p/L and must remember to ask for currency column also.. happy and prosperous New Year. Susan

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • image.png

  • Posts

    • Australian shares hit new record highs as weaker-than-expected domestic inflation brought forward rate cut expectations while those in China and Hong Kong also advanced. In Europe and the U.S. stock indices also rallied with the DAX 40 and S&P 500 hitting new record highs despite hawkish comments by Fed member Waller who stated that the central bank is in "no rush" to cut rates. The U.S. dollar appreciated slightly with all eyes now on tomorrow's US PCE data release, the Fed's preferred inflation gauge, and Fed Chair Jerome Powell's speech at 7.30pm on Friday which may provide volatility in thinly traded markets due to the Easter break.  
    • The BASE blockchain is steadily making its moves to conquer the crypto scene upon the next bullrun. Since BASE was announced last year, we have not really seen much off of it this seems like a floodgate for more transactions on there. With the largest DEX on Optimism; Velodrome building one of its foremost AMMs I am pretty certain it will do immensely well. This Automated Market maker is called Aerodrome, it is filled with the inherent capacity to be BASE’s central liquidity hub, combining a powerful liquidity incentive engine, vote lock governance model and friendly experience. As a stack of Velodrome V2, it inherits some of its features.  As a people centric project, it incentivizes users who contribute to the protocol’s sustainable growth with about 100% of the protocol’s incentives and fees going to VeAERO voters. Interestingly, the project has a democratised setting, where voters who lock their AERO tokens convert them to a non fungible token called VeAERO that represents voting power. Consequently, the higher the lock period, the higher the voting weight.  Being launched at about August 28, 2023, It currently stands as one of the largest protocols on BASE with more than 30% of the market shares.  The price of the native token $AERO has surged exponentially over time peaking about 900%. With the BASE chain gaining more traction as it has been lately, this token is slated to do even better. With platforms like Bitget lending it some weight, it is safe to infer the token will serve as a major catalyst to its price as well. Along the listing, there is a deposit to earn rebate event where you could easily earn over 10% rebate.      
    • AAPL Elliott Wave Analysis Trading Lounge Daily Chart, 28 March 2024 Apple Inc., (AAPL) Daily Chart AAPL Elliott Wave Technical Analysis   FUNCTION: Trend MODE: Impulsive STRUCTURE: Motive   POSITION: Wave (5) DIRECTION: Upside in wave 3 of (5). DETAILS: We are looking at Apple being in a larger correction, differentiating from the rest of the major SPX components. We are exploring the possibility of a triangle in wave {b} of 2 or else we could also be in some sort of complex correction swill in wave 2.           AAPL Elliott Wave Analysis Trading Lounge 4H Chart, 28 March 2024 Apple Inc., (AAPL) 4H Chart AAPL Elliott Wave Technical Analysis   FUNCTION: Trend MODE: Impulsive STRUCTURE: Motive   POSITION: Wave {iii} of 3.   DIRECTION: Upside in wave {iii}. DETAILS: Here we explore the possibility of further upside into wave {iii} as there is a possibility for a five wave move into wave {i} and we are finding support on the middle of MG2 at 172$. Looking for continuation higher to give us additional confirmation.         Welcome to our AAPL Elliott Wave Analysis Trading Lounge, where we delve into Apple Inc. (AAPL) using Elliott Wave Technical Analysis. Let's uncover the market dynamics on the Daily Chart as of March 28, 2024. *AAPL Elliott Wave Technical Analysis – Daily Chart* Our analysis indicates a trending function characterized by impulsive mode and motive structure, positioned in Wave (5). The direction signals an upside momentum in wave 3 of (5). Apple appears to be undergoing a larger correction, setting it apart from other major SPX components. We're currently exploring the possibility of a triangle formation in wave {b} of 2, or alternatively, we could be experiencing a complex correction within wave 2. * AAPL Elliott Wave Technical Analysis – Daily Chart* Here, we also identify a trending function marked by impulsive mode and motive structure, positioned in Wave {iii} of 3. The direction indicates an upside trajectory in wave {iii}. Our analysis suggests the potential for further upside into wave {iii}, supported by the possibility of a five-wave move into wave {i}. We are currently finding support around the middle of MG2 at $172, anticipating continuation higher to provide additional confirmation. Technical Analyst : Alessio Barretta   Source : Tradinglounge.com get trial here!    
×
×
  • Create New...
us