I am using One World Forex as my broker, and I’ve had some problems with them taking profits at the points I set. Usually it will barely hit my “take profit” point, so I figured it hit the number so quick and bounced back that my broker didn’t have time to take profit. But today, I shorted some USDCHF. My TP was set at 1.1710. When I came home from work, I saw it had traveled all the way down to 1.1706, yet I was still in the trade!!!
Does anyone else have this problem with their brokers? If this is being done purposely, why would they do this? I don’t see any reason they would try to cheat me out of my profits. The more oney I make, the larger my trades are, and the more they make on their spreads. I don’t understand …
Now, on stop losses, they are all over those! I even get near a stop loss and BANG, I am out of my trade. Its’ frustrating because atleast twice now I should have hit a take profit and instead it dropped back to the negative and hit my stop loss and I lost money!
I would rather not change brokers … I’ve started with these guys, been with them for 6 months, and others in my family use them. I seem to be the only one with these problems.
My first question is “Are you considering the spread?” Next I would ask “Did you call them and ask them what is going on?” I would also ask “What has your family said?” And then I would finish up with “So what if your whole family likes them, if you don’t then that is your choice.”
I had an Aunt die a few years back. She left me and my 2 brothers and 2 sisters a bunch of GM stock. We spilt it up equally. One day I told my brother that the stock was worth $10,000usd (each). My brother said “That is Aunt Mame’s stock you cant sell it”
A year later he gave me permission to sell it at $7000. I was really mad that I listened to him.
But today, I shorted some USDCHF. My TP was set at 1.1710. When I came home from work, I saw it had traveled all the way down to 1.1706, yet I was still in the trade!!!
If the spread on the pair with your broker was 5 or more pips, then the price would have to go down to 1.1705 minimum to close the trade.
Depending on your broker the spread may be 3 pips at certain times but higher at other times (variable spread ).
I totally agree with Bazooko that you need to phone them and ask what is going on. I am very surprised that you have not already done this long before you put your post down.
Finally, If you don"t like the horse you are on…get off it !! :mad:
Thanks guys … my next step was to call them, but I began looking much closer at it last night and realized MT4 was not taking the spread into consideration when I sell. Interestingly enough, it takes the spread into consideration when I buy, so what I view is what I get, but not selling.
USDCHF went low enough last night and hit my TP point.
