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YET ANOTHER FAILLED PROFIT TRIGGER


deus777

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so yet another failled profit limit trigger.

can see the short trade on gold was automatically opened just after midnight (red circle on chart) with a take profit limit which the price went through by several points past the spread about 3am and ... nothing, price went back up and has just now come back to the 1936 level. needless to say I closed it out manually. and no its not a stop loss, its a short and the dotted line is a take profit  limit. there is no stop loss on the trade. ignore the prices on the left thats just where the cursor was when I took snapshot.

can someone from IG look into this?

 

351923929_ScreenShot2020-09-03at15_02_51.thumb.png.a72397365ac8a7b89c04ca7bf11e444a.png

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5 hours ago, deus777 said:

hmm. IG play market maker, your trades never see the light of day. Basically they want to have their cake and eat too.

If there is no one taking the opposite side of a trade on IG they have to take the counterparty.

market makers should not be allowed to reject a price they offer if you accept it.

They already screwed me over on oil options by refusing to  buy my 4 in the money options. they sold off tiny lots and  left me with 2.73 out of the money options. Apparently me selling 4 cfd options moved the entire market. 

this kind of disgraceful behaviour by cfd brokers needs to be stamped out. 

yes, that's what I'd do too if I was out of pocket because of a broker tech failure, spend all day ******** around on a forum, obviously I wouldn't contact the broker directly to get the issue sorted as soon as possible because er, ... REASONS!!!

I'd also happily chuck in completely unsubstantiated disparaging comments about the broker thinking it would add weight to my bs.

You can't use the complaints procedure because you are really a just a demoballer, that's the only real reason.

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3 hours ago, deus777 said:

so yet another failled profit limit trigger.

can see the short trade on gold was automatically opened just after midnight (red circle on chart) with a take profit limit which the price went through by several points past the spread about 3am and ... nothing, price went back up and has just now come back to the 1936 level. needless to say I closed it out manually. and no its not a stop loss, its a short and the dotted line is a take profit  limit. there is no stop loss on the trade. ignore the prices on the left thats just where the cursor was when I took snapshot.

can someone from IG look into this?

am pretty sure that if I had lost real money on a broker tech failure I wouldn't be wasting time asking for a response on a forum.

The complaints procedure is clear (see the link in the Contact Us page).

Email IG directly, if not satisfied with the response escalate by referring it to the compliance team and after their report if still not satisfied you may go to the FCA.

IG aren't allowed to discuss personal account information on a public forum.

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33 minutes ago, Caseynotes said:

am pretty sure that if I had lost real money on a broker tech failure I wouldn't be wasting time asking for a response on a forum.

The complaints procedure is clear (see the link in the Contact Us page).

Email IG directly, if not satisfied with the response escalate by referring it to the compliance team and after their report if still not satisfied you may go to the FCA.

IG aren't allowed to discuss personal account information on a public forum.

you have my permission to discuss the details of this trade on the forum

whats your position there? public relations?

 

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1 minute ago, deus777 said:

you have my permission to discuss the details of this trade on the forum

whats your position there? public relations?

 

I think you'll find that people aren't allowed to break the law with or without 'your permission' though might be different if only a demo trade.

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5 minutes ago, Caseynotes said:

I think you'll find that people aren't allowed to break the law with or without 'your permission' though might be different if only a demo trade.

I think youll find the law is there to protect me, not you. so if I give you permission to discuss my trade there is no liability to you for doing so. since you are an IG employee I would have thought its your job to go to your employers and report there are issues. but what is your job, ensure nobody says anything bad about IG?

I also think that people have a right to expect the platform is fair, honest and reliable.

 

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1 minute ago, deus777 said:

I think youll find the law is there to protect me, not you. so if I give you permission to discuss my trade there is no liability to you for doing so. since you are an IG employee I would have thought its your job to go to your employers and report there are issues. but what is your job, ensure nobody says anything bad about IG?

I also think that people have a right to expect the platform is fair, honest and reliable.

 

no, if I gave you permission to assault me you would still be charged with assault.

IG employees have IG attached to their tag. I just like to respond to whingers who've made 19 posts on the forum every one being a moan but who just can't seem to find a better broker.

 

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Just now, Caseynotes said:

no, if I gave you permission to assault me you would still be charged with assault.

IG employees have IG attached to their tag. I just like to respond to whingers who've made 19 posts on the forum every one being a moan but who just can't seem to find a better broker.

 

non-sequiteur. I have already posted my trade, it is now in the public domain.

10,000 posts and you caim you are not an employee, sorry  I dont beleive you.

so far it is clear the platform is neither reliable, honest nor fair.  is it a privacy issue discussing this?

 

 

 

 

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23 minutes ago, deus777 said:

non-sequiteur. I have already posted my trade, it is now in the public domain.

10,000 posts and you caim you are not an employee, sorry  I dont beleive you.

so far it is clear the platform is neither reliable, honest nor fair.  is it a privacy issue discussing this?

 

 

 

 

you still haven't told us this is your demo account.

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3 minutes ago, Caseynotes said:

you still haven't told us this is your demo account.

it's a live account, someone from IG should explain what went wrong. how often does this happen? and to how many accounts has it happened? 

people are waiting

 

 

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2 minutes ago, deus777 said:

it's a live account, someone from IG should explain what went wrong. how often does this happen? and to how many accounts has it happened? 

people are waiting

 

 

I don't believe you, there is a proper complaints procedure, use it.

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I am not trying to add more fuel to the fire, just went to search if this is common problem when setting up limit orders and it seems to be the case. Basically your limit orders are not guaranteed to be executed if there is no one to take it. How can you prove that there is no one to take it? You can use level 2 data. I do believe that you have set up that limit trigger and didn't get executed, mainly because it seems to be happening often when there are price gaps on very volatile markets. There is one way to prove that there is someone to take it if you use level 2 market depth data. 

By using level 2 data you can see if there are enough orders there that should match your limit. 

I don't think the broker would want limit orders to be ignored, that would be as you say an unfair platform and would get noticed by many traders easily. Looking at the broker's business it seems unlikely that they would force that trigger to be voided. I am certainly sure that the gap set the price to a level where orders were not present and there wasn't anyone to take your limit, think about that your limit level must be exact otherwise it doesn't get executed.

https://www.investopedia.com/ask/answers/05/buystoplimit.asp#:~:text=A limit order is ineffective,currently below the market price.

 

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27 minutes ago, dmedin said:

Dunno, looks liquid enough.  He might be due his money back from IG.

If it is liquid enough and the order should have been filled then the case is set.

I can't tell if limit orders are working because I use a private database where I set those levels, then I send orders at market level through the API so I always get filled, "sacrificing" a couple of points here and there.

Do you use limit orders yourself and can tell if they work or not?

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4 minutes ago, jlz said:

Do you use limit orders yourself and can tell if they work or not?

They do generally, though I did have an issue a few weeks ago with my position on gold not getting filled after it burst through the take profit limit, thankfully I caught it before it dropped too far 🤪

Someone suggested it was because I was viewing the mid price and not the offer.

Edited by dmedin
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9 minutes ago, dmedin said:

They do generally, though I did have an issue a few weeks ago with my position on gold not getting filled after it burst through the take profit limit, thankfully I caught it before it dropped too far 🤪

Someone suggested it was because I was viewing the mid price and not the offer.

The gold market again...

Interesting that you are talking about the same market. If I search on the forum for the same issue they mostly point to metals. Gold appears a few times. 

Edited by jlz
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8 hours ago, jlz said:

If it is liquid enough and the order should have been filled then the case is set.

I can't tell if limit orders are working because I use a private database where I set those levels, then I send orders at market level through the API so I always get filled, "sacrificing" a couple of points here and there.

Do you use limit orders yourself and can tell if they work or not?

I use them on every transaction as I am in Australia and can't watch the US markets. It's a good question if they work, they seem to work in the oil market I get profits most nights. They seem to work maybe 95% of the time.

The IG systems seem to be suffering sever lag at random, I sold off a couple of points of a contract and the PNL didnt update, I called the dealing desk and it finally updated like several minutes later, while the guy was looking at it.

With that kind of lag if the price retraces back over the limit then it probably wont trigger, that's what I am guessing is going on. extremely unreliable.

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9 hours ago, jlz said:

I am not trying to add more fuel to the fire, just went to search if this is common problem when setting up limit orders and it seems to be the case. Basically your limit orders are not guaranteed to be executed if there is no one to take it. How can you prove that there is no one to take it? You can use level 2 data. I do believe that you have set up that limit trigger and didn't get executed, mainly because it seems to be happening often when there are price gaps on very volatile markets. There is one way to prove that there is someone to take it if you use level 2 market depth data. 

By using level 2 data you can see if there are enough orders there that should match your limit. 

I don't think the broker would want limit orders to be ignored, that would be as you say an unfair platform and would get noticed by many traders easily. Looking at the broker's business it seems unlikely that they would force that trigger to be voided. I am certainly sure that the gap set the price to a level where orders were not present and there wasn't anyone to take your limit, think about that your limit level must be exact otherwise it doesn't get executed.

https://www.investopedia.com/ask/answers/05/buystoplimit.asp#:~:text=A limit order is ineffective,currently below the market price.

 

hmm. IG play market maker, your trades never see the light of day. Basically they want to have their cake and eat too.

If there is no one taking the opposite side of a trade on IG they have to take the counterparty.

market makers should not be allowed to reject a price they offer if you accept it.

They already screwed me over on oil options by refusing to  buy my 4 in the money options. they sold off tiny lots and  left me with 2.73 out of the money options. Apparently me selling 4 cfd options moved the entire market. 

this kind of disgraceful behaviour by cfd brokers needs to be stamped out. 

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9 hours ago, dmedin said:

Dunno, looks liquid enough.  He might be due his money back from IG.

I only noticed because the price headed back to the same level, I looked at the chart and I thought hang on this should have triggered hours ago.  I didnt wait for the trigger then, I closed it out at a profit by pure luck.

 

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On 03/09/2020 at 16:00, jlz said:

The gold market again...

Interesting that you are talking about the same market. If I search on the forum for the same issue they mostly point to metals. Gold appears a few times. 

Wondering if it has something to do with the fact that 80% or more of clients are long on gold at any given time.  So if the vast majority of clients are long and the price does indeed go up, there are not enough clients short to match you against and they certainly don't want to put an order into the market selling a strong uptrend.

Does make you wonder if IG are actually deliberately not honouring your trade.  And if so the c*nts should refund your missed profits sharpish, and not make you have to submit a claim for it either.

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40 minutes ago, dmedin said:

Wondering if it has something to do with the fact that 80% or more of clients are long on gold at any given time.  So if the vast majority of clients are long and the price does indeed go up, there are not enough clients short to match you against and they certainly don't want to put an order into the market selling a strong uptrend.

Does make you wonder if IG are actually deliberately not honouring your trade.  And if so the c*nts should refund your missed profits sharpish, and not make you have to submit a claim for it either.

IG is a big public company, its more likely to be incompetence than nefarious. some small dodgy brokers though are notorious for dirty tricks like showing you candles that dont exist.

cfd brokers have a  dealing desk whose job is to hedge unmatched trades and take counterparty trades where they expect to profit.

the profits are huge. https://www.iggroup.com/investors/financial-results

these dont come from shaving tight spreads and commission. indeed close to 50% profits on revenue. can only come from people blowing up their accounts. it's the cfd business model, over-leveraged accounts will blow up sooner or later, the cfd broker always has his eye on your entire capital.  hence for example why they wont break out individual margins on trades, everything is designed to get you to overleverage.

regulators really need to put a broom through this industry.

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On 05/09/2020 at 23:49, deus777 said:

IG is a big public company, its more likely to be incompetence than nefarious. some small dodgy brokers though are notorious for dirty tricks like showing you candles that dont exist.

cfd brokers have a  dealing desk whose job is to hedge unmatched trades and take counterparty trades where they expect to profit.

the profits are huge. https://www.iggroup.com/investors/financial-results

these dont come from shaving tight spreads and commission. indeed close to 50% profits on revenue. can only come from people blowing up their accounts. it's the cfd business model, over-leveraged accounts will blow up sooner or later, the cfd broker always has his eye on your entire capital.  hence for example why they wont break out individual margins on trades, everything is designed to get you to overleverage.

regulators really need to put a broom through this industry.

oh dear, lots of assumptions but not much else, and this is your broker?

I assume they are telling the truth in their business model but will listen out for a disgruntled employee to spill the beans - 50 years and still nothing.

But great news though, I think you live in Australia and the Australian regulator is about to apply the same draconian measures ESMA applied to the EU and UK back in 2018, chiefly a 10-fold increase in the margin requirement (10-fold decrease in available leverage).

So instead of needing to set aside $90 of your account to cover a small bet on the Dow you will need to set aside $900 which is exactly what you are asking for in your post above so that's something for you to look forward to.

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On 03/09/2020 at 07:18, deus777 said:

so yet another failled profit limit trigger.

can see the short trade on gold was automatically opened just after midnight (red circle on chart) with a take profit limit which the price went through by several points past the spread about 3am and ... nothing, price went back up and has just now come back to the 1936 level. needless to say I closed it out manually. and no its not a stop loss, its a short and the dotted line is a take profit  limit. there is no stop loss on the trade. ignore the prices on the left thats just where the cursor was when I took snapshot.

can someone from IG look into this?

 

351923929_ScreenShot2020-09-03at15_02_51.thumb.png.a72397365ac8a7b89c04ca7bf11e444a.png

 

On 03/09/2020 at 07:18, deus777 said:

so yet another failled profit limit trigger.

can see the short trade on gold was automatically opened just after midnight (red circle on chart) with a take profit limit which the price went through by several points past the spread about 3am and ... nothing, price went back up and has just now come back to the 1936 level. needless to say I closed it out manually. and no its not a stop loss, its a short and the dotted line is a take profit  limit. there is no stop loss on the trade. ignore the prices on the left thats just where the cursor was when I took snapshot.

can someone from IG look into this?

 

351923929_ScreenShot2020-09-03at15_02_51.thumb.png.a72397365ac8a7b89c04ca7bf11e444a.png

THis happened to me in March 2020. Still no response from IG

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9 minutes ago, Jab said:

This happened to me in March 2020. Still no resolution. to my query.

It looks like IG can't handle shorts that develop rapidly.

Really? So you lost money on a live account due to a broker tech failure and then got no response to an email, so what happened when you asked for the matter to be taken up by the compliance department? March is nearly 6 months ago. 

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