Trade held over the weekend

[Guest BlackburnRover]

Hi all, 

I'm a newbie to trading and was wondering if somebody could explain this to me..

I took a GBP/EUR buy trade on Friday, one that I wanted to leave to run  all day as I thought it would be on the up. I set my stop loss and went out for the day.

Unfortunately I got delayed and when I got back the market had closed and I couldnt do anything with my trade. It showed I was in nice profit though so wasnt too concerned.

When I've logged in today the position had been closed out at my stop loss at 9pm last night !

So would this be the opening time in asia ?

There seemed to be a big slip in price, are these common when markets open and close - I wont be doing it again either way !!!!

Kind Regards

[Caseynotes]

5 hours ago, BlackburnRover said:

Hi all, 

I'm a newbie to trading and was wondering if somebody could explain this to me..

I took a GBP/EUR buy trade on Friday, one that I wanted to leave to run  all day as I thought it would be on the up. I set my stop loss and went out for the day.

Unfortunately I got delayed and when I got back the market had closed and I couldnt do anything with my trade. It showed I was in nice profit though so wasnt too concerned.

When I've logged in today the position had been closed out at my stop loss at 9pm last night !

So would this be the opening time in asia ?

There seemed to be a big slip in price, are these common when markets open and close - I wont be doing it again either way !!!!

Kind Regards

Hi, IG shuts down at 10pm Friday and any open trades are carried over on restart which for FX is 9pm Sunday. There can often be gaps in the market price on restart especially if there has been volatile news over the weekend.

[JamesIG]

20 hours ago, Caseynotes said:

Hi, IG shuts down at 10pm Friday and any open trades are carried over on restart which for FX is 9pm Sunday. There can often be gaps in the market price on restart especially if there has been volatile news over the weekend.

Thanks casey - it's also worth stating that over that time period the underlying liquidity providers (aka - the international banks) are also closed. The global FX market is shut. 

[dmedin]

On 26/08/2019 at 10:02, BlackburnRover said:

It showed I was in nice profit though so wasnt too concerned.

When I've logged in today the position had been closed out at my stop loss at 9pm last night !

Welcome to trading ... when nice profits turn into losses 99 times out of 100!

[Guest BlackburnRover]

Thanks for your replies. I've got the app now so if this happens again I can close the position before the markets shut.

Steep learning curve but enjoying building my knowledge.