Beware - Order fill glitch screwed me

This is with GFT

I went through discussions with their trading desk about this and I have come to the conclusion their trading system has a glitch that can screw you.

I noticed I still had an open position after my stop was passed, the losses were adding up.

I entered a "Close All" order to close my open position.

I noticed somehow I had a new position open. I closed this new position.

I asked their trading desk about this. Apparently, their system puts you in a new position when you activated the "Close All" function if you have a stop order placed. They said I should've called them instead of trying to close the position.
Are you kidding me? I'm supposed to watch my money flow out of my account while I'm on the phone trying to reach an agent? I'm supposed to assume the "Close All" selection puts me in a new position instead of closing all my open positions?

My advice, never trade with GFT when there is any market volatility at all. You should also call your rep to go through every order entry and exit function with a detailed explanation of how they work.

Wow, that does sound odd

Was this GFT in the US or UK?

OMG!!!

I just discovered this broker today and was loving what I was seeing and on the same day I discover this broker this gets posted. smh

I'll have to keep my eye on this thread. Is there anyone else that has any experience with GFT (American) good or bad?

I have always liked GFT's platform but their execution is not very good.

BTW if what you say is true. This might be the first case posted on here where if submitted to the NFA the complaint would be honored by the NFA and the NFA would make GFT fix the problem. Is there any disclaimer saying the "Close All" button will open a new position if there is a stop order pending? One other thing any broker or desk would tell you that if there is an issue with a trade that you close the position and then call. It makes you a lot more believeable and makes it easier for the desk to offer a credit; IMO you did the right thing. Best of luck with getting a better resolution!

I use GFT an have never experienced this.. Are you sure you understood them correctly? I don't have any problems with GFT. I also don't understand the other comment about execution. I've been requoted a couple times during economic announcements but I consistently get filled.

I would call to verify what you think you heard.

clif

Clif,

I tried GFT about 3 years ago and the execution was either slow or I got requoted as much as 5-7 pips on market orders for EURUSD. NY hours on orders sizes that were anywhere from 2M to 5M per order. However, if they have got better since then I haven't heard about it and if you like them I hope you continue to do well with them. All the best!

I spoke with GFT on the phone several times about this, made them send me e-mails with order details etc., etc., etc. I argued with them that there must be a problem with their system if what they say is true.

In detail: I noticed my stop price got passed by and my screen indicated the position was still open. I immediately selected the "Close All" function to get me out of the position. I noticed I had a new long position open and I closed it.

They tell me the stop order was triggered but did not execute yet and my trying to close the position by selecting "Close All" placed a long buy order to close the position (I was short). They said the delay in execution was due to price movement.

I argued and always will that there should be no way selecting the "Close All" function should open a new position at any time in any situation. If it does this, there is a glitch in their system. They said their system functioned as it should have and I should have not tried to close the order but should have called them. Like I'm going to sit there and watch a trade go against me while I try to get someone on the phone to tell me who knows what. For all I knew, if I would have done nothing and called them they could have just as easily told me I should have closed the position immediately instead of watching the money flow out of my account.