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PROFIT LIMITS NOT FIRING


deus777

Question

A short on gold with a limit at 1964 didnt fire when gold spiked to 1977. why??? now that position is negative.

 

this is not the first time limits have failed to fire. what possible excuse is there for this?

is anyone else having problems with the limits?

1159181101_ScreenShot2020-08-28at1_59_51pm.thumb.png.7917079ad03587f3237136bea878e01c.png

 

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Are you confusing stop orders and limit orders?  A stop order is used when the price is moving against you, a limit order is for when the price is moving your direction.   

Another way to think, Stop is stop-loss.  Limit is take-profit.

The image wouldn't load on my phone for whatever reason (I'm guessing it's a graph?), so I'm only going by your written description of what has happened.  My interpretation of your written description is that you've set a limit instead of stop.

Edited by DavidDeadbeat
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actually it was a long not a short and I rarely use stops, I use mostly profit limits.  and it was clearly a profit limit

had another one on bitcoin last week. was watching it on a different broker as it went past my limit. I thought I had better check IG to see if the limit triggered. logged in and it hadn't. I thought that's odd, checked the grand canyon scale spread in case it might be holding up the trigger but the price was well clear. I also noticed that IG prices were lagging the other broker.

then about a minute or more later I got the notification that it triggered. I guess you can't expect brisk hardware much from a company that makes £300m profit off its customers.

 

 

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1 hour ago, deus777 said:

I thought that's odd, checked the grand canyon scale spread in case it might be holding up the trigger but the price was well clear. I also noticed that IG prices were lagging the other broker.

Great, tell us the name of the other broker and we can all make a fortune playing arbitrage. Please don't tell us that in fact leading lagging prices constantly change as the broker's prices pirouette and orbit around the average of all the crypto exchange's prices because that would be just no use at all.  

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20 minutes ago, Caseynotes said:

Great, tell us the name of the other broker and we can all make a fortune playing arbitrage. Please don't tell us that in fact leading lagging prices constantly change as the broker's prices pirouette and orbit around the average of all the crypto exchange's prices because that would be just no use at all.  

 

if the spread here wasn't so cavernously wide. I am moving all my bitcoin trades to the exchanges, slowly. 

 

 

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2 minutes ago, deus777 said:

 

if the spread here wasn't so cavernously wide. I am moving all my bitcoin trades to the exchanges, slowly. 

 

 

yes the spreads are massive and inhibiting and all the brokers seem to be sticking together and keeping them high.

Tho that's  just 1 reason why I don't trade crypto but it's probably linked to the other reasons.

- The crypto market remains unregulated (refused by SEC multiple times).

- Large 'Whales' control most of the coin and can 'play' the market very easily.

- 'Pump and Dumps' are common, not only triggered by the Whales but also crowd sourced on social media platforms.

 

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2 hours ago, Caseynotes said:

yes the spreads are massive and inhibiting and all the brokers seem to be sticking together and keeping them high.

Tho that's  just 1 reason why I don't trade crypto but it's probably linked to the other reasons.

- The crypto market remains unregulated (refused by SEC multiple times).

- Large 'Whales' control most of the coin and can 'play' the market very easily.

- 'Pump and Dumps' are common, not only triggered by the Whales but also crowd sourced on social media platforms.

 

If I were to show you  bitcoin charts and gold charts would you be able to pick which is which?

the key to trading any of these is keeping your leverage as low as possible and have sufficient capital to not care if you get a crash and still have plenty of money to repair your trades. there's a reason all these cfd brokers encourage high leverage. one doesn't make £300m profit by just  shaving spreads even at a cavernous 30 points.

I like bitcoin it has plenty of volatility

 

 

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1 hour ago, deus777 said:

If I were to show you  bitcoin charts and gold charts would you be able to pick which is which?

yes normally I'd agree and I've said as much before myself but bitcoin is the exception that proves the rule.

2 - H4 charts below, gold and bitcoin - bitcoin is the one with all the pump and dumps - easy.

image.thumb.png.a9f99384078e58a3abd29ac61c51a3ec.png

image.thumb.png.6087bc15bd6464b2db46c7094a02d774.png

 

1 hour ago, deus777 said:

I like bitcoin it has plenty of volatility

yes, pump and dumps do make for plenty of volatility. In between times though it's often as flat as a pancake.

image.thumb.png.849e62a34bf671ca0de348e78b187fec.png

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the pumps and dumps dont bother me as I then not to use stops and they reverse pretty quick. I use them as setups for quick profits.  I set orders/trades with shortish limits to catch them.  see image I posted above.

you get them plenty everywhere. generally institutions or market makers hunting for stops or to create liquidity for a big reversal. 

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