Has anyone else had a similar experience? My broker is Pepperstone. I placed an order with a 10 pip stop loss, and used their advanced protection system which allows me to have two profit targets and the option to automatically move the stop loss to break-even once the first profit target is hit. I do this for most of my trades and it always executes correctly.
So this particular trade hits the first profit target, and my stop loss is automatically moved to break even. This is done while I’m away from my station. I come back to my station an hour later and my stop loss is completely GONE. This was on the AUDCAD pair just after the big drop at 3:30 and I had to manually close the position after most of the damage was done, and I made a loss of 24 pips when I should’ve made a profit.
I looked up all the transaction info on my platform and everything looked fine, I didn’t make any mistake or remove the stop loss, Pepperstone removed my stop loss when the first target was hit while I was away from my station.
Can someone please give me an idea of wtf happened? I looked this issue everywhere and I see very little similar experiences, and Pepperstone support will not give me an answer for 3 days. I have positions open right now and as I’m not at my computer all day I now have no peace of mind that my SLs will get removed from all of my positions again for no reason. Sorry for the long post, but needed someone’s input.
Clearly, an unfortunate situation. I really feel for you. Until you receive a lagging 3 day response from PPS, which is not ideal, I suggest your focus must be on your current trades.
There are a few options:
- halve your lot size and open two trades with one S/L for each. You will pay double entry spread and commission but it does resolve your immediate dilemma.
2.carry on with your current (even) lot size but cut it in half when you reach a profit level and let the other continue to run. YOU CAN DO THIS TODAY ON YOUR OPEN TRADES. (how you do this is simply by left double clicking on the blue order bar with the transaction details. You might have to fiddle around with this. The ‘new order’ small picture comes up on the screen and you alter the lot size manually - and hit the YELLOW bar underneath the buying or selling bar). You will see you have exited your 50% trade on the account history record at whatever profit you’ve made.
You could then need to manually shift your S/L.
- The third option is psychologically better - that is not to trade at all, if you’re really off the planet with rage or whatever, or just put the lowest lot size on trades, until you calm down to wait for an answer. Then you can use their live chat line to talk it through.
best of luck.
I am surprised to read about this, given that this is a well-known regulated broker. But, apart from the “first aid” type remedies mentioned by @steve369 in his above post, there is little anyone can really say until you get a response from your customer support. If the order was there and not hit then that should show in their records and also if the stop was removed without your authority.
The biggest concern for you is if you fail to get a satisfactory and acceptable explanation from your broker. If you don’t get one then this will continue to haunt your trading with them in the future. But until you have that response I guess you can only sit and wait before making any permanent decisions.
Normally if it is a broker error most are good enough to refund the mistake