Today something very fishy happened. I opened a AUD/JPY trade with a stop loss at 73.00 (standard lot)
After an hour I saw this trade had been stopped because the price reached there. After some time my account manager called and gave me a market update as usual and we were talking about this particular trade.
He was going to show me some of his analysis and he shared his screen with me. We both were looking at the chart and found out that the price never reached 73.00
We both were speechless and the manager said he will contact the accounts department and get back to me probably TOMORROW.
The reason I’m trading with them is they have given me bonuses worth of $9000 which helped to have a good margin.
But their charts are super slow and dogi, I have to user another broker to use charts and do my analysis.
After all I think they are manipulating the price. Now I feel like going back to each and every trade I made in the past to see whether something similar has happened. I have lost the confidence and faith. What should I do at this stage?
Normally a broker will state that charts do not represent their quotes and for accurate information on their prices you must refer to quotes not their historic charts, not even in real time. Charts are just illustrations which OK for pattern identification but not adequate for very precise arithmetic on trades.
Additionally, charts show only one price - usually the bid price but sometimes the mid-price: they do not usually show the ask price. Charts do not show whether the spread was 0.1 pip or 100 pips, and the spread can change at any time.
Why not get another account so you can cross-check prices?
The problem is that fx market is decentralised, during high volatility brokers using different liquidity providers can show different price. This is very frequent problem that you may encounter and this is just another type of trading costs you have to take into account.
@courageousinvestor, I’d get your money the hell out of there… the charts and platforms look like something generated in Microsoft Paint… the don’t even offer a base industry platform…
If they offer $9000 of bonuses then it’s Red light City… I see no one else here has bothered to tell you…
No Broker is going to let you just walk off with $9000 worth of Free trades…
If you’re Australian based (like me) use Pepperstone or BlueBerry Markets and download MT4 / MT5 / Ctrader 3.5 and at the very least you’ll have a fighting chance… Some here may suggest IC Markets… use to be reliable… stay right away from them as well… they have gone rogue since the middle of 2019…
Thank you so much for the ideas. Actually what happened was similar to the second response in this tread. The ASK price has hit the stoploss and since I was in a SELL trade, the price which matters is ASK.
Why don’t you just switch to a much better broker. I am still waiting to see how ASIC will help you resolve this issue anyway. If the broker has cheated, your money should be given back to you. Please update us on the solution. Thanks
Yes, you will never be able to withdraw the bonus, its not your money.
You can’t expect to withdraw your money plus profits and trade off the bonus only.
You should be able to withdraw the 10k you put in plus the 1k you made as profit but you would definitely have to close your account to get all this back. But maybe in the T&C the broker expects a cut of your profits in return for the “bonus”?
Yes you have to remember the rule, your trades are always opened and closed at disadvantageous price, i.e. you sell cheaper (at bid price) and buy expensive (ask prices). This is embraced by the notion of transaction costs and we have to always take it into account.