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Provident financial PLC (PFG) position with normal stop today


L270211

Question

Hi everyone. 

 

It it is my first time here. Spare with me if I have posted on the wrong board.

 

I have opened PFG short position a while a few days ago with normal stop at 611p but today when sp changed on the way up. The system closed the position well above my stop, at 760p and beyond margin call.  This has left with big minus (debt) on my CFD account.

1) Normal stop does not work alway?

2) Normally, How long IG gives its customer to clear the debt?

 

Thank you for your input in advance.

 

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Hi - I have had a look at Provident Financial, and although I can't explicitly discuss your trade (as this is an open forum), I can see that the stock jumped 20% overnight and as you were short this was obviously a market movement against your open position. 

 

A stop order is an instruction to send your order to market to get the best possible fill, and therefore the level you select can't be guaranteed. You can read more about stop orders here: https://www.ig.com/uk/glossary-trading-terms/stop-order-definition

 

If you would like a third party resource you can check out here: https://www.investopedia.com/terms/s/stoporder.asp

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