Jump to content

Trade held over the weekend

Recommended Posts

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

Share this post


Link to post
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.

  • Like 1

Share this post


Link to post
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. 

  • Like 1

Share this post


Link to post
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!

  • Like 1

Share this post


Link to post

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.

  • Like 1

Share this post


Link to post

Join the conversation

You are posting as a guest. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
You are posting as a guest. If you have an account, please sign in.
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Member Statistics

    • Total Topics
      7,868
    • Total Posts
      41,598
    • Total Members
      51,893
    Newest Member
    dfdfdf
    Joined 12/12/19 10:21
  • Posts

    • Hey @dmedin, our analysts did a piece on this yesterday you might be interested in.  https://www.ig.com/uk/news-and-trade-ideas/what-will-happen-to-the-premier-oil-share-price-after-the-electi-191210
    • They are expecting a good Christmas and will be opening a new robotic 🤖 warehouse in 2021.  So it looks good for a wee long.  🐮
    • When looking at these markets and the trading behaviour of the average retail trader it seems to me that many don't really understand the market they are trading, there are also psychological factors that influence decision making to the detriment of trading success. If you are not confident in your understanding of the market then you are solely dependent on technical analysis but TA is not a given, it can only play out if assisted by fundamental and macro factors, those factors currently point to bull continuation. So the US major indices are routinely hitting new all time highs, the retail trader thinks they need to sell the high in order to buy back lower (buy low sell high right) so the retail trader (the crowd) are constantly trying to pick the tops (and patting themselves on the back thinking they are being contrarian). The positioning data of IG clients tell us this is exactly what's happening. Every time price goes higher the sell position ratio increases, when price is falling in a down trend the buy position ratios go higher. So clearly this is all wrong, when price is continually rising you need to buy high and sell higher. You buy breakouts or pullbacks, you should not be looking to sell a bull trending market at all. So why do they do it? The market is too high (no it's not), it must be the bears turn (wait and see first), but I need to sell the highs, the saying says so (no, you're not an investor), the chart is looking 'toppy' (just no), the TA is pointing down (doesn't matter without fundy and macro assist). An understand of a market comes with experience, until it does stick with the basics and look for longs in an uptrend, don't try to second guess the market and end up constantly fighting against it.
×
×