London Capital Group closed all my October Oil positions | Page 2 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

EA "Close all positions at profit target" closed all positions at loss ? 9 replies

LIVE Traders - LCG -London Capital Group FX 165 replies

Autorestart of MT4 after all positions have closed automatically 2 replies

London Capital Group experts please 2 replies

Currenex - London Capital Group 1 reply

Attachments: London Capital Group closed all my October Oil positions
Exit Attachments

London Capital Group closed all my October Oil positions

  • #21
  • Sep 23, 2015 8:43am Sep 23, 2015 8:43am
I won't be sorry for you in this case, because once I had similar situation with options then OTM options expired ITM by 2 cents. I almost got heart attack when I found tens of thousands dollars hole in my account next day.
Lets say you learned some valuable lesson and you paid for it. Life didn't end there .
  • #22
  • Sep 23, 2015 8:47am Sep 23, 2015 8:47am
Quoting johnnycash
I won't be sorry for you in this case, because once I had similar situation with options then OTM options expired ITM by 2 cents. I almost got heart attack when I found tens of thousands dollars hole in my account next day. Lets say you learned some valuable lesson and you paid for it. Life didn't end there .
Sure it didn't. Lesson learned
  • #23
  • Sep 23, 2015 2:41pm Sep 23, 2015 2:41pm
Quoting ash1485
{quote} I don't know if you can tell me what to trade or do! Shut it if you don't have something useful to say.
  • #24
  • Sep 24, 2015 7:07am Sep 24, 2015 7:07am
Quoting SmallPaul
{quote}
Don't worry Paul, at least WE know you are right
Forex is a losers game.
  • #25
  • Sep 24, 2015 7:10am Sep 24, 2015 7:10am
Quoting trader121
{quote} Don't worry Paul, at least WE know you are right
You and Paul should get a room
  • #26
  • Sep 24, 2015 9:38am Sep 24, 2015 9:38am
Quoting orabi
{quote} ​ lough at your stuppidty ,i am working in this field from 2001 and know what i am talking about ,they showed inressponsible behave what ever any one think all have a nice day
Sure sure
  • #27
  • Sep 24, 2015 12:27pm Sep 24, 2015 12:27pm
@ash1485

You may want to look in your "Mailbox" section of your MT4, you'll probably see plenty of "expiration" notifications. At least that's what I see with my brokers account.
  • #28
  • Sep 24, 2015 12:34pm Sep 24, 2015 12:34pm
you ignored me and i also now ignoring you ,i know this field very good and its ethics . they are for their customer money and i can read every where about big losses investors are suffering with them ,if you can not bear an honest word i can not bear you even as some one in this forum
all have a nice day
focus while relaxed to see better
  • #29
  • Sep 24, 2015 1:10pm Sep 24, 2015 1:10pm
Quoting JensG
@ash1485 You may want to look in your "Mailbox" section of your MT4, you'll probably see plenty of "expiration" notifications. At least that's what I see with my brokers account.
I got no messages and nothing in my mailbox, they don't inform their customers about anything.
  • #30
  • Sep 24, 2015 1:21pm Sep 24, 2015 1:21pm
another 'lack of knowledge' trader crawling on ff to cry
  • #31
  • Sep 24, 2015 1:44pm Sep 24, 2015 1:44pm
Quoting love.l0ve
another 'lack of knowledge' trader crawling on ff to cry
See i don't mind people telling me i am wromg, but i have a serious problem wih disrespectful spoiled Aholes like yourself.F. Idiot
  • #32
  • Sep 24, 2015 2:47pm Sep 24, 2015 2:47pm
Quoting ash1485
{quote} See i don't mind people telling me i am wromg, but i have a serious problem wih disrespectful spoiled Aholes like yourself.F. Idiot
Ignore them ash. They are trolls.
Make your losses in demo. Earn your profits live.
  • #33
  • Sep 24, 2015 8:40pm Sep 24, 2015 8:40pm
Quoting Forexia
{quote} Ignore them ash. They are trolls.
yes man that's what i did, the ignore list is a very useful tool
  • #34
  • Sep 24, 2015 8:50pm Sep 24, 2015 8:50pm
Quoting love.l0ve
another 'lack of knowledge' trader crawling on ff to cry
lol dude didn't know future's contracts had expiration dates
  • #35
  • Sep 24, 2015 9:29pm Sep 24, 2015 9:29pm
check ur mt4 mail u should have received something like this
Attached Image (click to enlarge)
Click to Enlarge Name: Capture.JPG Size: 78 KB
  • #36
  • Sep 24, 2015 10:56pm Sep 24, 2015 10:56pm
Quoting Bicarus
check ur mt4 mail u should have received something like this {image}
no, there is nothing in my mail, just some welcoming emails.

There was no way to know when will the contracts expire, it is not even on their website.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot3.png Size: 254 KB
  • #37
  • Sep 25, 2015 5:40am Sep 25, 2015 5:40am
Quoting ash1485
LCG closed all my October Oil positions suddenly in the middle of the day and without roll over!! so disappointing from a broker that is supposed to be regulated. below the correspondences from newest to oldest: Dear Mr Elshami, Thank you for your email. When you open a position in a futures market you are implicitly accepting the fact that the position will be closed upon the expiry date of the contract unless you contact us directly to request the position is rolled-over. As a senior member of our Client Services department I can confirm that...
Broker is 100% correct and you should have been fully aware of expiry date before entering the contract. Derivates are a hugely complex area and used by professional traders for many reasons such as hedging etc.

Stick to spot it's much simpler. Good luck.
  • #38
  • Sep 25, 2015 6:31am Sep 25, 2015 6:31am
Quoting ash1485
{quote} no, there is nothing in my mail, just some welcoming emails. There was no way to know when will the contracts expire, it is not even on their website. {image}
Quote from their website:

Last trading day
Brent Crude Oil Futures: Two business days before the 15th day prior to the first day of the delivery month at 17:00.
WTI Crude Oil Futures: Six business days before the 25th calendar day of the month prior to the contract month at 19:00.
Gas Oil Futures: Three business days prior to the 14th calendar day of the delivery at 12:00.
Natural Gas Futures: Four business days prior to the first business day of the contract month at 19:30.
Heating Oil Futures: Two business days prior to the first business day of the contract month at 19:30.
Gasoline RBOB Futures: Two business days prior to the first business day of the contract month at 19:30.
Gold Futures: Four business days prior to the first business day of the contract month at 18:30.
Silver Futures: Four business days prior to the first business day of the contract month at 18:30.
High Grade Copper Futures: Four business days prior to the first business day of the contract month at 18:00.
Coffee Futures: 15 business days prior to first day of delivery month.
Cocoa Futures: 15 business days prior to first day of delivery month.
Sugar Futures: Ten business days prior to first day of delivery month.
Soybean Futures: Eight business days prior to the first business day of the contract month at 19:00.
US Wheat Futures: Eight business days prior to the first business day of the contract month at 19:00.
  • #39
  • Sep 25, 2015 8:07am Sep 25, 2015 8:07am
It's worth noting the difference between trading an actual futures contract and a derivative on a futures contract.

Seeing as though you are posting on ForexFactory you are more likely to be trading the latter. It is an important difference as an actual futures contract will have gone through an exchange and could have delivery. A derivative on a future contract will have been traded over the counter which usually means no delivery. The other difference is that if you trade a derivative then your counterparty is more often your broker. If you trade through an exchange then your positions are novated. Either way they would have been closed under expiry. Some derivatives brokers offer non-expiry products but these are not actual futures, just derivatives priced off futures with a roll adjustment at expiry to keep them inline.


I've traded both and the lesson here is you have to know your product. You should read through the terms and conditions thoroughly and be fully apprised of the contract specifications before trading. This means contract multipliers, market opening times and absolutely the rolling procedure, or in this case lack of one.

Your broker is right to close the positions if that's how they advertise that they offer this product.

On the notification issue. A broker that notifies you of contract expiry is a plus. Some do this but generally they are not obliged. This information is widely available through the exchanges themselves and as posted above is available on their website.
  • #40
  • Last Post: Sep 25, 2015 5:17pm Sep 25, 2015 5:17pm
Well at least now you wont make this same mistake again!
All posts are my personal opinion
0 traders viewing now