03-01-2018 04:46 PM
I currently have a limited risk account with IG and the objective of this account was supposed to protect me from risk. In fact it is actually doing the opposite. The fact that you have to set a guaranteed stop at 5% ( 10% for some instruments) away from your entry is ridiculous. I currently trade a strategy in which I manage my risk to around 2%, sometimes less, Thus the guaranteed stop option is exposing me to more risk than I would be exposed to if I had the option of setting a normal stop. I understand the concept of protecting the client in the event of slippage, but a slippage event of 5 or 10% doesn't happen everyday and thus it is ineffective to use a guaranteed stop for every trade. I have also been told I can exit my position manually, but as any price action trader would know, when you set a stop below or above a support or resistance line and the price breaks that level, the market can move very quickly. Thus using alerts to exit my positions manually is also ineffective.
IG should have an option to set a normal stop loss and then in addition a guaranteed stop as a fail safe for limited risk accounts. I feel the current set up actually exposes traders with limited risk accounts to more risk, especially if they know what they doing and set stops for every trade. This is something that should be looked into.
03-02-2018 07:22 PM
I have the same problem, I would really like to use my IG account for most of my trading but the guaranteed stops make the CFD's and spread betting completely unusable. I find this to be a real shame because the platform is very good and I like the account in general. This needs to be changed.
a week ago
Yes Setting the risk 5% or 10% away defeats the purpose of having a guaranteed stop, so why cant we have a regular stop ahead of our guaranteed stop so we don't have to pay the premium in a snormal scenario and only pay the premium if it passes through the regular stop? this is a con setup to sting retail traders. eventually IG will get caught out and have to reimburse their customers.