Closing Only

[StormChaser]

9 minutes ago, Neill1 said:

I don't see these 2 contracts there but I don't know if they have tickers that I might not recognise.

The affected instruments are mainly illiquid AIM stocks.  No reason for an index like SA40 to be there.

[Neill1]

10 minutes ago, StormChaser said:

The affected instruments are mainly illiquid AIM stocks.  No reason for an index like SA40 to be there.

Is there a way to be sure ?

These people are not answering there phones and I am in a mess.

I am losing my marbles here.

Sorry to be a nuisance.

[StormChaser]

They answer e-mail within a couple of hours usually.  Also, you'll find on the platform that SA40 is still open to trade whereas all of the offending stocks are 'close only'.

[Neill1]

Thank you StormChaser.

[Davap]

I am furious. I have been a client for many years, but I have just lost all faith in IG. Hikma is on the list and is a FTSE100 company.. How do I know they won’t do this to any other position I open?

There are large spreads on many AIM companies 5hat I hold, so there will be a significant cost in closing my spread bets and buying shares. Why not just stop new positions being opened? 

I am OK with Increasing the margin to 100%, but do feel that more notice should have been given - 4 days is ridiculous, and that’s assuming you saw the email immediately. I wouldn’t have opened a few positions in the last month had I known about this then, and I am now going to have to close these as well.

 For existing clients, this action makes a mockery of IG’s stated commitment to be on the clients’ side, and helping them to trade profitably.

[Fingersxxd]

So I've just discovered that some clients were contacted in advance of the email notifications. This is clearly wrong as they would have had advance warning to sell at potentially better prices than everyone else and certainly before some of the forced selling.

[StormChaser]

7 minutes ago, Fingersxxd said:

So I've just discovered that some clients were contacted in advance of the email notifications. This is clearly wrong as they would have had advance warning to sell at potentially better prices than everyone else and certainly before some of the forced selling.

I think everything about this is wrong, from 100% margin in the first place to how the 'rollout' has been timed and communicated, and then lack of acknowledgement from IG that there is serious push back.

[Mazz99]

Agree StormChaser.

Well, I've still not been contacted! If it's true some people were contacted in advance then I believe that there is a case for IG to answer.

Extremely poor from IG

[Fingersxxd]

Vote with your feet. I've just closed out my remaining positions and requested withdrawal of my funds. I'll be moving to another provider.

[Joo]

I just tried to buy a stock for 15000 shares at 32, now it's trading for 38 ! That's a lot of money lost for me ! This stock that I was trading just last week ! I'm moving to another broker. What's the point in having stocks in your interface if I can't buy them ??

[StormChaser]

4 minutes ago, Joo said:

I just tried to buy a stock for 15000 shares at 32, now it's trading for 38 ! That's a lot of money lost for me ! This stock that I was trading just last week ! I'm moving to another broker. What's the point in having stocks in your interface if I can't buy them ??

Strictly speaking this is an entirely different sort of problem.  There are reasons why it could happen.  If you did buy, you didn't lose money on it right?  Probably want a new forum topic for this.

[Joo]

Just now, StormChaser said:

Strictly speaking this is an entirely different sort of problem.  There are reasons why it could happen.  If you did buy, you didn't lose money on it right?  Probably want a new forum topic for this.

They didn't let me buy it and it's up now, which means I lost the money I was supposed to make.

This same stock I traded last week on which I made a quarter million is now not tradable.

They removed the good stocks but they are still visible on the interface, which means we can't know what we can trade or not, I was just waiting to click the button at the right time on that one.

[Fingersxxd]

1 minute ago, Joo said:

They didn't let me buy it and it's up now, which means I lost the money I was supposed to make.

This same stock I traded last week on which I made a quarter million is now not tradable.

They removed the good stocks but they are still visible on the interface, which means we can't know what we can trade or not, I was just waiting to click the button at the right time on that one.

The lack of visability on closing markets in the platform is a problem and could be addressed better.

However, this is a different problem. It equally could have gone down and you could have lost money. Hindsight is great. However you're not being forced into closing a position at very short notice.

[Joo]

18 minutes ago, Fingersxxd said:

The lack of visability on closing markets in the platform is a problem and could be addressed better.

However, this is a different problem. It equally could have gone down and you could have lost money. Hindsight is great. However you're not being forced into closing a position at very short notice.

I'm forced on all my other positions ! Now that stock is at 42, I sent my order at 32, 15000 shares ! That's a ton of money lost because of restrictions that were not here last week.

[Mazz99]

1 hour ago, Fingersxxd said:

Vote with your feet. I've just closed out my remaining positions and requested withdrawal of my funds. I'll be moving to another provider.

Who would you recommend?

I main reason that I use IG as I like the platform.

Thanks

[boomertrade]

On 21/02/2021 at 16:11, CharlotteIG said:

Please note this is a business decision but all responses are being noted by myself and passed to our senior team. Sorry again for the inconvenience.

 

I understand this “business decision” but don’t understand why you accept my spreads but then prevent me from closing them when they’re in the money.

if you don’t have the margin then don’t take my bet, the same way I can’t place a bet with you if I don’t have the margin?

[Fingersxxd]

8 minutes ago, Mazz99 said:

Who would you recommend?

I main reason that I use IG as I like the platform.

Thanks

I've been moving away from using trading platform for research/technical analysis for a while now. The end game is to develop a suite of tools which are account independant. Most platforms offer a decent UI for buying/selling, it's more a case of access to markets and fee structures. Making competitor recommendations on here is likely to get posts removed, so i'll refrain, but there are lots of comparisons out there.

[Joo]

6 minutes ago, eurochez said:

I understand this “business decision” but don’t understand why you accept my spreads but then prevent me from closing them when they’re in the money.

if you don’t have the margin then don’t take my bet, the same way I can’t place a bet with you if I don’t have the margin?

Why can't you close ? Closing has never been restricted. When the thing is not working I close with a stop loss.

[Mazz99]

Indeed, thanks.

I'll have to start some research,  I've not had to have a look for quite a while now and things have moved on. 😉

[boomertrade]

1 hour ago, Joo said:

Why can't you close ? Closing has never been restricted. When the thing is not working I close with a stop loss.

The platform does not let me close my short position because presumably IG is too "out of the money" to let me cash in with that much profit. I was around £600 in the black and it wouldn't let me close my position until my gain was closer to £150...

 

Edited February 23, 2021 by eurochez

[Joo]

1 minute ago, eurochez said:

The platform does not let me close my short position because presumably IG is too "out of the money" to let me cash in with that much profit. I was around £600 in the black and it wouldn't let me close my position until my gain was closer to £150...

 

IG doesn't care about 150 pounds, I made a quarter million in one day the other day and I closed the trade in deep profit. Your trade ticket says buy to open, which means the system thinks you are trying to BUY a stock you don't have. Close with a stop loss.

[StormChaser]

2 minutes ago, eurochez said:

The platform does not let me close my short position because presumably IG is too "out of the money" to let me cash in with that much profit. I was around £600 in the black and it wouldn't let me close my position until my gain was closer to £150...

 

Surely if it was an attempt at BUY TO OPEN, that was for a net new long position, not for the closing of a short position?

[boomertrade]

4 minutes ago, StormChaser said:

Surely if it was an attempt at BUY TO OPEN, that was for a net new long position, not for the closing of a short position?

I definitely wasn't opening a new position - I was repeatedly clicking on the CLOSE button on my short position. I'll try and do a screen-grab next time to demonstrate (if it happens again)!

[Joo]

5 minutes ago, eurochez said:

I definitely wasn't opening a new position - I was repeatedly clicking on the CLOSE button on my short position. I'll try and do a screen-grab next time to demonstrate (if it happens again)!

Refresh, that could mean the position is already closed but you still see it.

[boomertrade]

1 minute ago, Joo said:

Refresh, that could mean the position is already closed but you still see it.

But the trade remained open in the platform and I was eventually able to close it (about 45 minutes later when the market had moved slightly against me) and I received instant email confirmation of the close.

I'll try and do a screen recording the next time this happens...thanks for all of your input @Joo and @StormChaser.

[Guest zjstrade]

6 hours ago, eurochez said:

But the trade remained open in the platform and I was eventually able to close it (about 45 minutes later when the market had moved slightly against me) and I received instant email confirmation of the close.

I'll try and do a screen recording the next time this happens...thanks for all of your input @Joo and @StormChaser.

I have experienced this too-- just so you know you aren't crazy. 

[Mazz99]

For the record. I have still not had any communication from IG about this !!!!

[StormChaser]

1 hour ago, Mazz99 said:

For the record. I have still not had any communication from IG about this !!!!

I wonder is that because you don't have positions in any of the affected companies.  The list is here:

https://www.ig.com/content/dam/publicsites/igcom/uk/210219_IGM_UK_Affected%20Markets%20-%20Non%20TT.pdf

[Mazz99]

I do, which is how I heard about this issue. Plenty of sells affected the market so I needed to understand why.

[StormChaser]

2 hours ago, Mazz99 said:

I do, which is how I heard about this issue. Plenty of sells affected the market so I needed to understand why.

I received a notice at 1230h GMT on Monday 22nd.