Hello Any one knows any lawer base in London. To make legal auction against FXCM
Because I had sell stop position on 20/11/2013 when the gold price is shooting down
They system can’t catch my order that’s why I lose whole of my capital
And system close all my buy position because of low margin
I have real right and I’m sure if I go to court I’m gonna win
It’s abut 65000$ and if court accept today price around 130000$
If any 1 know some information please let me know
Without knowing your account number and account number, I can only speak generally. If after reading my comments below you still have questions about your particular trade, I encourage you to file a trade inquiry. The Trade Services Team will then contact you as soon as possible with a resolution to the inquiry.
In order to understand why a stop order can get filled at a different price (AKA slippage), it’s important to understand how a stop order works. To quote the definition from Investopedia:
[I]What Is a Stop-loss Order?
It is an order placed with a broker to buy or sell once the stock reaches a certain price.
…Another thing to keep in mind is that once your stop price is reached, your stop order becomes a market order and the price at which you sell may be much different from the stop price. This is especially true in a fast-moving market where stock prices can change rapidly.
Source Investopedia: The Stop-Loss Order - Make Sure You Use It[/I]
Whenever your stop loss order price is reached, it is executed as a market order. If you want to sell at a certain price, there has to be a buyer on the other side to complete that transaction. If there is no buyer at that specific price for the other side of the transaction, then the market order is filled at the next available price.
If your order is gapped over during an illiquid market period such as what happened with gold on November 20th, 2013, then you will likely experience slippage. Whether it’s the forex, CFD, stock or futures markets, if you want to trade, then you have to be willing to accept the risk that goes along with having orders executed during illiquid market conditions. There’s no sugarcoating this.
[I]CME Group Inc.’s Comex halted trading in December gold futures for about 20 seconds today at 6:26 a.m. New York time, said Damon Leavell, a spokesman for the exchange.
The December contract fell about $11 within a minute before trading was suspended, data compiled by Bloomberg show. Leavell declined to comment on the size of the trade that led to the halt. The “stop-logic” mechanism gives traders the opportunity to provide additional liquidity and prevent excessive price movements.[/I] source: Bloomberg
source: Zero Hedge
In fact a similar gap in gold occurred just this month on January 6th.
“According to Nanex, a trade of about 4,200 contracts sent February gold tumbling by $30 an ounce on heavy volume at around 10:14 a.m. Eastern and triggered a 10-second trading halt. Prices fell from about $1,245 to around $1,215 an ounce in just moments.”
source: Wall Street Journal
Also, keep in mind that slippage works both ways. If you have a limit or take profit order, and the price gaps in favor of your trade, then you will get filled at the more favorable price which is trading in the market. This is called positive slippage or price improvement. The stats below show that FXCM clients receive price improvements on limit orders just as frequently as they receive negative slippage on stop orders. In fact, we even provide tips on our website to help clients minimize negative slippage and maximize price improvements.
It’s my account number : 96011799