Problems with stop lost adjustments during market volatility.

[TraderAF_comm]

Dear investors,
I would like to inform you to monitor very carefully your stop positions specially on the Oil Crude and Oil Brent (A$1) Markets positions. I have big problem to adjust my stop positions in the last 72 hour and 4 phone calls to IG administrations for request the adjustments in real time on my stop lost positions. I am very suspicious that some things are going on with the stop lost positions adjustments.

In short, be very careful and monitor in real time what is going on with you positions and accounts.

Andy Freedman

 

[OSCARDAX]

thats good advise, I have already lodged a complaint as I have written on this forum about my automated system having a guaranteed stop that actually is NOT guaranteed by IG at all apparently. They IG just over ride your algo and implement their own stop level. they do not tell you at all and worse still YOU are liable if that 1000 pt stop gets hit (on the DAX / GER30). Oscar 

[TraderAF_comm]

I do not know. Something is not right there. Now they increase the compulsory stop levels to very hight levels not only for Oil indices but and for all induces to thousand of points. For example Australia 200 is now about 800 pt from 30 before.

 

[OSCARDAX]

Yes totally crazy. Yesterday Friday early evening I deliberately placed a GS on my Algo (I usually do not) to see what would happen. The order was rejected because not enough margin in my account - which was good actually and teaches you something there & then: Don't fund account too much. BUT if that margin WAS in my account my Algo with just a 50 point stop, that I am requesting is 'guaranteed' (by ticking their box) will likely be completely over-ruled by IG, the Algo hence would 'run' with me thinking I have a '50 pt GS' in place when the REALITY is I have a stop that is a whopping 1,050 points away ! (10% of GER30 yesterday). This is totally mis-leading and the fact you are not even informed is shocking. If you are running an Algo you are not next to a screen to notice this change in stop levels - IG say nothing in the hope this massive stop gets hit and you are screwed totally. No warning to you at all, no email , no text nothing. I then switched ion the Algo WITHOUT a GS and it initiated, but I noticed the margin required, was way above my 'normal margin' (5 times as much). So I called IG last night and was told " After 4pm on a Friday we increase the margin on the GER30" when I asked for further clarification the phone cut off 3 times whilst talking to him, no attempt to call me back.  I have to call again Monday 27th April. The disappointing thing here is that IG just implement rules as 'we go along' with a  deliberate non-proactive stance to ensure you LOSE money. And they do not. This is grossly unfair and un-ethical. 

Finally IG should remember under Financial Conduct Authority rules they are not allowed to "carry out practices that are detrimental to the financial interests of others" which is certainly happening in this case. 

[TraderAF_comm]

It is a big game IG is playng with all this mandatory big GS's increments.