I am New to trading been looking into it for 3-4 months practicing my strategies and just learning how it all works on demo’s.
I struggled to find a broker i was happy with the last 3 turned out to be a bit dodgy so i thought i had
found a better one and everything is looking good until some major price mistake thing happened Apparently…
I had put a small deposit in a real account and won and lost some but ultimately i was testing my strategy which i now have faith in.
Then Friday just gone 24/11/2017 i had left a .50p size short spot Forex trade smallest available on eur/gbp on my demo and left it for the weekend.
Guess what happened Sunday at midnight when i turned my computer on ???
I want to post my pics here but want some admin to verify them and blank the broker name cos i
just wanted to know how often this thing could happen again.?
I am truly shocked.
price went from 0.8900’s to 24.000 Can you believe that my demo was £590 up on friday
to minus -300.000 on sunday. Just glad it was Demo not real cos i nearlly put more money in on friday, very glad i didn’t.
Looking for New Broker now can anyone recomend
how do i attatch pics.
Also be careful, shorting stocks without stop losses can set you on unlimited losses.
If you are worried about what happened, ask support on your broker. Also verify if the broker is legit by checking if they are FCA regulated or if its been vetted by other traders.
Yes done all that Broker says people who they get their prices off made mistake and if it
was real account would have got refunded. But the problem for me is that it happened
in the first place.
Thanks for the advice, There seems to be a lot of dodgy goings on in this business being
new it is a bit overwhelming.
My 4th broker in and I’m confident of my strategies and can see how to make profit its just
all the other pit falls Spreads Commissions Dodgy brokers etc.to overcome.
Also after opening these broker accounts i have noticed suspicious activity on my phone and computer also.
I suppose what i want to know is, Is this something that would happen on any broker or just suspect ones.Have you professionals seen this before?
I’ve tried Avatrade, Plus500,XM and LCG All seem a bit suspect.
you would do better if you understood leverage a little more, if you use no leverage or 1:1 leverage if you buy Gold long for example, you own it, no leverage, paid for without using margin:loan, so that means they cannot sell you out, it can go to 0 and they cannot force you to sell it, gold will never go to 0 it just isnt possible, so in your spot gold trades, unless you are sure of your trades perhaps it is much better not to use ANY leverage.
I understand leverage and the difference your trying to explain but I use leverage because of very low capital. I cannot afford to buy these lot sizes and make money without using the leverage.
I chose forex because of the cheaper prices so I can enter the market and build up.
I dont think leverage has anything to do with what I was asking. Can u see the price change in my post I was asking if this was common. I’m guessing the people who had trades on there real accounts on this trade had a heart attack this morning.
FXCM? HAHAHA they closed down in the USA when some fed gov cftc sec someone took all their funds for ripping off ALL (without exception) their clients. While FXCM in UK is still ok in biz, fxcm US is dead, and in fact I wont be surprised if there isnt a handful of people going to jail over the systematic defrauding of clients they were jacking.
just pointing out the obvious which may not be so obvious, the more leverage you use the greater the risk, Trading is already risky enough jacking the leverage up to 1000:1 should work well but only IF you win the vast majority of your trades. If you are losing more trades than you are winning, or mismanaging your exits, then leverage is doing nothing but magnifying your losses and accelerating the decline of your account.
Yes, I saw LCG price glitches on Sunday night too. My EUR/NZD trade was apparently suddenly £95k into profit - way beyond what its capable of.
I ignored it and by Monday am all was normal. CPricing errors occasionally occur but I’ve found the firm puts it right and corrects the historic charts too without even the need to call them up.
PS. Another position I had open was on Sunday night showing as £4k in debit - but that was corrected by Monday am too.
Stuff like this happens. This was an obvious price error, so the firm would never be able to argue. Don’t be scared out of dealing with a reputable firm like this simply because of an obvious error.
I only use it wisely And most of my trades are wins Only small losses mostly.
I Use stop loss on real account but on demo try out different stuff.! Hedging etc…
Like i said I’ve only been doing this 3-4 months and only 3 weeks on a real account,
But I’ve learn’t alot since i started thats for sure and just need to keep learning.
My favorite subjects are Maths, Computer Programming and now Trading.
Had been looking at the EA’s But Don’t think i could trust a computer/robot fully There OK in
certain situations. But for Next year or two going to concentrate on doing all the work myself.
I suppose im looking to get as close to the best ECN broker but Have less money so stuck
with all other brokers (not saying there all bad)
LCG was OK no rollover or commissions on my on sp forex trades and I was happy, but after
2 weeks MT4 went glitchy and this( ““Problem””) occurred.something didn’t feel right.
I have a 5 figure SB account with LCG and have been with them years, going back to when they traded as Capital Spreads. They’re old, big, UK-based, FCA-regulated - all good indications as far as SB goes.
I don’t day-trade with them, but SB is useless for very short time-frame trades so no other SB firm would be any better.
Price spikes occur from what I’ve seen 1-2 times a year but that’s only in the stuff I’m trading - mostly forex and indices. But these are obvious price data input glitches, the firm puts them right immediately, I don’t think I’ve ever had to ask them to do it. So they may have more errors than I’ve seen but I assume they put them right too else we would have heard about it from every corner.
SB firms are often accused of hunting clients’ stops. I don’t see LCG doing this. Plus its contrary to their FCA terms so effectively illegal for them. It would be impossible for them to keep it secret. But if the market goes stop-hunting, LCG and everyone else can do nothing but follow price, and if price is volatile they may even have to widen their spreads which is another good reason not to go day-trading by SB with very tight stops.
They did seem better than the previous brokers until this price glitch
ECN difference in the way the orders are processed among-st other things Rather than (STP) straight through processing and (DMA) direct market access broker accounts.The Orders filled differently.
and fees
I Have not reported it as i did not lose any money because i was testing on demo at the time,
and also being farly new to trading was not sure if these things happened on even reputable brokers.
I did however change broker,
As for Plus500 that was the first broker i looked at, But straight away Seemed very dodgy.
Unfortunately for me i sent my ID documents to them which i now regret.
Surely Mistakes like this should not happen at all, Just wondering who LCG get there prices off now…??? .
