Couldn’t place order earlier, need help

[beck_l24]

Well, I am new to trading in FX. I was having some technical difficulties earlier and I can’t seem to understand why I couldn’t place an order earlier. I started an account with just a $100 capital.

I have placed 2 trades previously with a stop loss of around $10 per trade. The lot sizes were 0.5, on EUR/USD MINI but both were profitable in the end. 

I wanted to short EUR/USD MINI earlier at 0.5 lots because of the shooting star/doji candle, and this is a very small amount. I suddenly got an error message that told me that my stop loss has to be around 200 points away at a loss of $100. When I tried to lower the stop loss to around $50, they told me that it is an invalid stop and the stop loss must be $100. 

I was really confused because I have not encountered this issue for the past 2 trades. 

I have attached a picture of the error to this thread. The picture shows that I was trying to attempt to long but I wasn’t as I was trying to toggle to buy to check if my short was having a technical glitch or something. You can see in the image that the SL was triggering some invalid issue.

Anyway, I couldn’t short the move in the EUR/USD due to this. After the move, I tried again and suddenly it was working again.

I am incredibly confused. What is causing this? Need your help on this so that I can avoid it from happening again. Do I need to top up more funds or what?

I tried calling IG Customer Service Hotline and they told me they have no idea and I have to call IG Trading Desk. I called IG Trading Desk and no one picked up. 

Edited September 30, 2022 by beck_l24

[AndaIG]

Hi @beck_l24

Thanks for reaching out, 

When trading on a limited risk account you are required to place guaranteed stops on all of your trades. Using a guaranteed stop guarantees your stop level regardless of whether market gapping occurs. In the event of market gapping IG takes on the risk and will fund the slippage to guarantee your level. With this in mind when we perceive the market to be volatile we will increase min stop distances to reflect the level of risk that we are willing to take on in that period. Unfortunately you will not be able to avoid this on your account as it is expected behaviour when there is some volatility. 

However you can reach out to helpdesk@ig.com.sg should you wish to enquire about upgrading your account from limited risk to standard. Standard account does not require guaranteed stops. 

All the best, 

Anda

[beck_l24]

Hi @AndaIG,

Well noted on the guaranteed loss rationale. Unfortunately, I do not leave my trades on over the weekends, and I do not need the feature. 

Speaking of stop losses, where do we get trailing stop loss on IG trading? I have Oanda platform too and they offer trailing loss. Do I also have to upgrade to Standard account to acquire this feature? 

Regards,

B

Edited September 30, 2022 by beck_l24

[ItsAlex]

2 hours ago, beck_l24 said:

Speaking of stop losses, where do we get trailing stop loss on IG trading?

Hi Beck, you can access trailing stop loss by clicking on "Stop" and select "Trailing". I have attached a screenshot of the web platform. The same functionality is available on the mobile platform I believe (I don't use it so I cannot check for you).