Good day, Experts. A few days ago, I purchased a $100,000 account challenge from My Forex Funds, and during trading, I set a stop loss of 2%, but due to high-impact news, the candle triggered and hit an 8% stop loss instead of a 2% stop loss. And I’m facing this issue in New York and London Sessions.
When I contacted them, they said it was a slippage problem, but how did they skip my stop loss and claim it was valid? What should I do next? Are they acting correctly? Please let me know. Thank you very much.
It’s happened to me a few times in the past when the price went too fast. Sometime, take profit is increased and stop loss is opposite. Did you check this case in Terms and Conditions of your broker? If they have already listed out there, you have to accept the case or you change to another one that can handle this.
I’ve had a couple of occasions when a pending order has been skipped by fast-moving or gapping prices. The brokers’ T&C’s say if they are unable to execute a trade at the price set in an order they will attempt to execute it at the closest available price. This almost inevitably means not the price you set in the order. They also say that they will execute orders in any sequence as determined by the dealers at the time.
Once the order is set, you’re in their hands.
A guaranteed stop-loss, if available, would protect you against excessive loss but that requires advance payment of a charge and I don’t think the SL level can be changed once you have made it a GSL.