I have a live micro account with a specific broker that advertises here on babypips. Last Friday I opened a trade on GBP/USD with said broker, putting an s/l in place. They turn on their price action today at 1:33 p.m. EST. The price spikes up an additional 35 pips then drops down to my s/l without breaking it. I see this as a demo application, but I’m looking at my live trade. The Trade was profitable by 4 pips at Market close on Friday. I took a market shot of this trade, which has shown me down 57 pips in this trade further, showing action below my stoploss even though I am unable to close the trade. I have the market shot photo and would love to show it here, but don’t know how
This could be a good reason not to use this broker, depending on the outcome of the email I have sent to the support dept. I will keep everyone up-to-date on this situation as it unfolds as I can see no reason to depend on a broker that would steel from its clients.
My brokers (2) show the same price action. I am not sure what you are accusing your broker of doing. It is not uncommon to see this sort of price activity on a Sunday open especially with the volatile markets today. So from your description you are long cable as of Friday. Was this a long term trade position you were placing or did you just get caught on a Friday with a unclosed scalp or swing? All is not lost but if it were me I would not take a S/L here.
As soon as market opened, My stoploss was hit and account recalculated to the balance my account would have been had I been stopped out while the price actually dropped. and yes, all other things you said did apply, I was caught with my hands in my pockets friday afternoon so to speak. but all is well as the broker, or the software itself, righted the situation and reflected it on the account, beef solved well.
Sorry for the concern and please remove this thread
Ok now that you have brought this issue out in the open I am going to show the world the proof that it is happening-These brokers are blood suckers and in a recession they are resorting to these tactics. See the screen shot attached- this is what happened to me last Sunday. Luckily I had closed all my opens on Friday- Or I would have lost 3000 pips. 3000 pips because I dont use s/l. :mad::eek::mad:
Now I dont have to name the broker-just by looking at the screen you know who it is.
This is serious-is there a legal action that can be taken?
ok, we are definitely speaking of the same broker, wtf i up with this crap… God forbid anyone deposit money into this type of account… it will only be stolen from you… isn’t theft over the internet a felony… Federal Offense even???
1T,
What is your quote sheet suppose to show us or prove?. What tactics are you referring to? What is the basis for which you would take legal action? Do you watch multiple data feeds. If not may I recommend that you do. It can be very enlightening in many ways.
I understand what you are saying about multiple feeds, volatility and stuff. [B]BUT CAN YOU TAKE SOME TIME AND TRY AND UNDERSTAND WHAT I AM SAYING??[/B]
I agree it is volatile, that is is a sunday, that there are a 1000 banks providing quotes. But are you in your faculties when yous say that the eur/usd which was trading at 1.30000 48 hours ago will fall to 1.0000?? Come on dude, show some room for other opinions.
I have a 5000 account, and if I have 10 lots opened on friday-and then I am screwed, I am screwed dude if it falls 3000 pips in one minute and then comes back to where it was.
It is either a technical error or it is deliberate. If it is only me then it is my misfortune but if there are 10 others than it is a scam by a well established brokerage.
Look at the screen shot attached sheriff and you will see that the majors like eur/usd, usd/chf, eur/gbp, nzd/usd are all trading at 1.0000. It aint multiple data feeds?
Ok, I will try another way and please no need to yell at me I am not trying to attack. Since this is your broker did you call their desk to inquire about this observation? Did you ask if any trades went off at these prices?
I am not yelling at you dude, just trying to make myself heard that this is not related to feeds. I did not have any trades open, so did not bother. The OP brought up the matter so thought I need to pitch in-
I would be happy if their were any trades triggered that went againt me and they refunded my lost money due to this mishap.
I dont know I have been trading with them long, I have seen a 30-40 pips jumps but nothin like this.
Tex[
QUOTE=ezinvestor;87113]Ok, I will try another way and please no need to yell at me I am not trying to attack. Since this is your broker did you call their desk to inquire about this observation? Did you ask if any trades went off at these prices?[/QUOTE]
OneT that is messed up holy cow!!! I was gettin ready to post about gaps gapping right over stop losses and take profits and even chime in that the spread also gaps like a son of a ***** but when I see your price quote at parity with eur/usd I think holy making history batman everybody is expecting parity but not today. 1 eur = 1usd that is some price quote considering my broker opened eur/usd at 1.2915ish. Let us know how it pans out.
thanks, john
btw as if I have to say it, Be careful leaving money with a crooked as bucket shop
The broker backed the trade up to my s/l and made a correction to my account which showed the loss, only to the s/l, not the full 77 pips that it slid before market open.
The point I am trying to make is, Why are they allowed to turn their feed on 3 and 1/2 hours prior to market open, see a reversal and take positions against their own customers?
If I can’t trade pre market hours, no one should be able to… That is that. I may not be a bank, but I trade, banks trade, yadda yadda yadda… no one should be able to move the market until it opens for everyone. Plain and simple.
somewhere back in the dismal past i warned of a situation similar to this, but this is quite outrageous.
you must know what time your broker opens on sunday, as invariably they will reverse the direction of most trades you have open from friday — if youre playing the longer timeframes, its not of any real bother except for the drawdown (remember, i DONT use a sl and you may be seeing why)
if you are holding a long on the shorter timeframes, you will see the price going down AND YOU CANT DO ANYTHING ABOUT IT cause the broker is not open for YOUR business yet.
this is ONE of the important parts of choosing a broker and i honestly cant see how they can get away with that, as its got to be impossible for the price to be 1.0000 anytime soon.
call “compliance” and start complaining – mention the sites you belong to
Well Mp I know what you are saying here-but it cuts both ways-it may work for some one with large equity but for a modestly funded trader like me its death row. How can I support such a large draw down on my 5k account-and I dont use s/ls either most of the times.
For the shorter time frame guys… dont trade Fridays or get out before market close.
I dunno about the longer term guys…
I had 1 trade where I let it run over the weekend and came out an extra 30 pips up from Friday’s Close. I havnt since then done a trade going over the weekend.
Can we elaborate on how maybe the longer trades get affected over weekend in a different thread?
I see another lesson coming up that very issue that I’d like to hear!
i do know that a popular subject is “money management” which prepares one for these drawdowns with any size account.
i will grant you that many of the trades i take might not be considered “kosher” and i take them because of account size, BUT there are many much more studied and careful trades, that do come in nicely especially when working on the smaller timeframes up to the 30, but definitely up to the 15 min.
after that size, you KNOW you will get drawdowns — only an extremely high momentum run would eliminate most of them ---- and you have to be prepared when dealing with those timeframes, and prepared means not loading the boat !
:mad:
