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My broker closed a trade before hitting my SL

  • #21
  • Dec 10, 2015 10:03pm Dec 10, 2015 10:03pm
When you have no idea what you doing and ultimately you decide to blame it on broker
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  • #22
  • Dec 10, 2015 11:52pm Dec 10, 2015 11:52pm
Quoting Kubiasty
ICMarkets Are scam! They closed my position, when price DID NOT HIT MY SL LEVEL ! Proof: {image}
Did your broker respond this issue? Normally in news release period, spread could be widen and cannot hit TP or SL at your price. All brokers showed it in their T&C.
  • #23
  • Dec 10, 2015 11:54pm Dec 10, 2015 11:54pm
Quoting Eonfx
When you have no idea what you doing and ultimately you decide to blame it on broker {image}
very beautiful.
  • #24
  • Dec 10, 2015 11:55pm Dec 10, 2015 11:55pm
This kinda SHIT is quite common in forex world.
Losers Hope, Winners Believe
  • #25
  • Dec 11, 2015 12:46am Dec 11, 2015 12:46am
I would add to the risk warning "trading forex may cause paranoia" jk
  • #26
  • Dec 11, 2015 12:47am Dec 11, 2015 12:47am
Quoting entheos
{quote} Who are your ctrader broker?
Pepperstone and now I opened an account on IB too.
Without an edge MM is useless!
  • #27
  • Dec 11, 2015 1:57am Dec 11, 2015 1:57am
Quoting afhacker
{quote} Pepperstone and now I opened an account on IB too.
Is that IB as in Interactive Brokers? Being a Pepperstone client, what's made you open an account with IB?
  • #28
  • Dec 11, 2015 2:34am Dec 11, 2015 2:34am
Sounds like a good reason to switch brokers -- did you try complaining to them first and see if they will give you a price adjustment.
  • #29
  • Dec 11, 2015 5:24am Dec 11, 2015 5:24am
Your sell order will have been closed using the ASK price. Charts are displayed using BID prices. If you are trading around news, spread increases which makes the ASK price much higher that the BID price which is shown on the chart. It's perfectly possible that your orders stop loss was hit by the ASK price. Major news events increase spread, in some cases by a very large number of pips, this is common with all brokers.

Forex fundamentals:
Buy orders - Open on ASK, close on BID
Sell orders - Open on BID, close on ASK

Chart candles are always based on just the BID price
  • #30
  • Dec 11, 2015 5:27am Dec 11, 2015 5:27am
Quoting Dimi.A
{quote} Is that IB as in Interactive Brokers? Being a Pepperstone client, what's made you open an account with IB?
Just I'm diversifying my capital on two great broker and there is nothing wrong about Pepperstone at all.
Without an edge MM is useless!
  • #31
  • Dec 11, 2015 8:28am Dec 11, 2015 8:28am
Some brokers allow to choose how the stop gets triggered. Your broker likely triggered buy stop when ask quote exceeded the stop price.

I would also consider that if you use stop to stop loss use 2-3 of them so if one gets hit and it reverses,then you still have something on.
  • #32
  • Dec 11, 2015 8:57am Dec 11, 2015 8:57am
This is very common with most forex broker, where your trades were not closed at your price.
  • #33
  • Dec 11, 2015 3:09pm Dec 11, 2015 3:09pm
Quoting Dimi.A
But yeah, everyone knows about the MT4 dealer plugins and scams. Even FXCM got busted a few years ago for doing it (see here).
Hi Dimi.A,

FXCM has never used any MT4 dealer plugin. The case you mentioned was dismissed in October 2011.
  • #34
  • Dec 11, 2015 10:01pm Dec 11, 2015 10:01pm
Spread widening - i.e. triggering Stop orders - is one of the oldest tricks in Forex brokers' book.
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I had my own share of it even with Pepperstone. Since practically everybody is B-booked under 50 lots, brokers can do whatever they want.

Which means that it is always the Casino (i.e. the broker) who wins - on the long run.

Which is why there are more lottery (and broker) millionaires than Forex trader millionaires...

By the way, has anybody heard of any Forex millionaire...?
  • #35
  • Dec 11, 2015 11:59pm Dec 11, 2015 11:59pm
Quoting MasterGuru
Spread widening - i.e. triggering Stop orders - is one of the oldest tricks in Forex brokers' book. {image} I had my own share of it even with Pepperstone. Since practically everybody is B-booked under 50 lots, brokers can do whatever they want. Which means that it is always the Casino (i.e. the broker) who wins - on the long run. Which is why there are more lottery (and broker) millionaires than Forex trader millionaires... By the way, has anybody heard of any Forex millionaire...?

Unicorns are more real than forex millionaires (:

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  • #36
  • Dec 12, 2015 1:13am Dec 12, 2015 1:13am
Quoting MasterGuru
By the way, has anybody heard of any Forex millionaire...?
I know one guy - very close to that And quite few that made it in stocks and futures market. But all of them started in FX.
I'm considering to move completely to equities as well. In 1.5 years I almost doubled my account even without margin, FX - not loosing, but nothing to be proud of. At least I'm trading higher timeframe charts and not glued to monitor all day long
  • #37
  • Dec 12, 2015 1:45am Dec 12, 2015 1:45am
Quoting MasterGuru
Since practically everybody is B-booked under 50 lots,

do you have any proof for that ? (I'm seriously interested). and lol I don't think people lose because of half a pip of spread.


I run a spread tracker 24/5 and I didn't notice such widening during UK session (always under 0.7 pips on eurusd), so it's a matter of choosing a real STP broker that actually earn on commissions.
  • #38
  • Dec 12, 2015 2:13am Dec 12, 2015 2:13am
Quoting johnnycash
{quote} I know one guy - very close to that And quite few that made it in stocks and futures market. But all of them started in FX. I'm considering to move completely to equities as well. In 1.5 years I almost doubled my account even without margin, FX - not loosing, but nothing to be proud of. At least I'm trading higher timeframe charts and not glued to monitor all day long
Hi,john
I extend to you my heartest congratulations.
have a good weekend.
  • #39
  • Dec 12, 2015 2:22am Dec 12, 2015 2:22am
Well you could have made extra bucks too if the trade went your way with force. It is common with ecn brokers. Is best to watch spread during volatile news. May be you should change broker
DO NOT PM ME FOR MY METHOD OR ANYTHING PLEASE, I WOULDN'T RESPOND
  • #40
  • Dec 12, 2015 6:05am Dec 12, 2015 6:05am
Quoting HeyYou
{quote} do you have any proof for that ? (I'm seriously interested). and lol I don't think people lose because of half a pip of spread. I run a spread tracker 24/5 and I didn't notice such widening during UK session (always under 0.7 pips on eurusd), so it's a matter of choosing a real STP broker that actually earn on commissions.
I don't have "real proof", but I heard it personally from owners of brokerages and a manager of a large Swiss investment firm. (Some brokers are not even connected to liquidity providers...)

Anyway, there is no problem with "B-booking", the fills could be even better than with "A-booking", if the broker were honest.

The real problem with "B-booking" is that the B-booked orders never see the REAL MARKET (i.e. the liquidity providers), so brokers can easily manipulate executions by their arsenal of "virtual dealer plug-ins"...

And they not only CAN, but they DO manipulate those... When...? Usually a few months after the accounts had been opened, i.e. after winning the customers' confidence...
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