Problem Crunch time! My case with ICMarkets

[dkami]

60 open trades on a USD $5,500 account?SMH!!!
Firstly,let me give you some free trading advice right now from a professional,nobody can possibly manage 60 open trades and your screen will look like a spider's web,I've seen it before with total rookie traders that panic and just keep clicking the button.Take the highest buy and the lowest sell,then delete all other trades,your loss will be exactly the same but you will be left with one manageable hedge,from here you have three choices :
1.) Close the hedge/both positions
2.) Add extra margin to the account and wait for the market to reverse in the direction you want it to and run up or down through the hedge.
3.) Try to get out of the hedge (not really recommended but hey,you might get lucky!)

Not sure I'm the one that need's this free advise

I only gave you the total trade's that was on RahmanSL account as from what I can work out you haven't read the hole thread!

But I totally agree with you and I will never be in this situation as I don't hedge, it's pointless in my view!

 

[dkami]

Pardon my intrusion but I know now of which side is the bad faith.

Globalprime :
https://www.globalprime.com.au/forex/trading/transparent-trading/

JFDbrokers :
https://www.jfdbrokers.com/why-jfd/agency-model.html

I'm guessing you don't understand basic english or haven't read this entire thread, there is nothing in the links you gave about spread data!

ICM provided the trade receipt of the 1st s/o trade so I guess they would have them all, but one is enough for me to be satisfied they are not a market maker or bucket shop as claimed by RahmanSL!

So what side were you on again? please elaborate!

 

[dkami]

Yo Rahman! Sounds like Angus issued a challenge and thinks your evidence is insufficient. Then again, in front of the FOS, ASIC, or in a court, ICM would also be fully obligated to provide evidence.

What evidence has RahmanSL provided that is sufficient in his case against ICM?

 

[Kerobokan]

Not sure I'm the one that need's this free advise

I only gave you the total trade's that was on RahmanSL account as from what I can work out you haven't read the hole thread!

But I totally agree with you and I will never be in this situation as I don't hedge, it's pointless in my view!

C'mon dude,the advice is obviously for the OP!

 

[RahmanSL]

Do you have the tick data from ICM and 3 other brokers on 5/3/15, if so please post it?
I don't or I would post it but it's defiantly not uncommon to have a 7pip spread during news which in my mind is quite reasonable, hell I have see 20+pip spread during news when I have been testing out different brokers!

Isn't it you got that in reverse?
I (as client of ICM) asked for proof of market spike/spread widening right from the start of my issues with ICM and they never provided me with any tick data chart (as Head of Dealing Desk Angus Walker easily provided me samples some weeks back) to prove beyond any doubt that there was indeed market spike/spread widening not only at ICM but with other ASIC regulated brokers too. Having no prior similar issues & problems with any other brokers (my issue/problem with TradingPoint didn't go this far) I didn't know I can get tick charts form different brokers for comparison of market movements on a particular date & time.
If I had known that, wouldn't you think I would have obtained that way back in Mar 2015? On the contrary, ICM went into business back in 2007 and, as a broker, know or should know all that and could very easily obtain these irrefutable tick charts to prove to me that the spread widening did happened not only on their side but with other ASIC regulated brokers too.

It's the responsibility of a good broker to provide irrefutable evidence to dispel their client's doubt on any doubts that they might have in order to quickly and efficiently resolve the issue.

You have a good deal from ICMarkets?

 

[Kerobokan]

Ok so now we have the full picture,the OP had 60 open trades trading 6 lots on an account of USD $5,500 but the stopout was due to the broker's shady dealings and the spreads opening up from let's say 2 points to 7 points,right?
Why don't you go to the regulators with this indisputable case then?If I was the regulator I would pin it up on the wall as an example and laugh at it for the next 10 years!
I suspect that if you thought that you had even the slightest chance of winning your case you would have done so already,you are just on here fishing desperately and hoping that someone else can come up with any evidence to back up your preposterous claims,stop wasting everybody's valuable time please!

 

[RahmanSL]

60 open trades on a USD $5,500 account?SMH!!!
Firstly,let me give you some free trading advice right now from a professional,nobody can possibly manage 60 open trades and your screen will look like a spider's web,I've seen it before with total rookie traders that panic and just keep clicking the button.Take the highest buy and the lowest sell,then delete all other trades,your loss will be exactly the same but you will be left with one manageable hedge,from here you have three choices :
1.) Close the hedge/both positions
2.) Add extra margin to the account and wait for the market to reverse in the direction you want it to and run up or down through the hedge.
3.) Try to get out of the hedge (not really recommended but hey,you might get lucky!)

Thank you for the "free trading advice" but then, if you think 60 opened positions look like a spider web, then you should have seem my account when there are a hundred or so opened positions and especially during high impact news events
I have been through too many account stop-outs to panic or even be bothered by them anymore. But my issues with ICM is because of the way the account wipe-out happened which never ever happened on any of my other account stop/wipe-outs.

 

[RahmanSL]

I am not out here to win as I have absolutely nothing to gain or any further losses from my issues with ICM.
On the contrary, ICM has to prove to me beyond any doubt (which they have ample opportunity to do so back on the very first day I contacted their Support on 5/Mar/2015 with my issue) that they did not and have not pulled a fast one on my trading account.

Complaint to FOS? Waste of time as, besides being an arbitrator, I am not making nor do I intend to claim for any "compensation".
Possibly to ASIC but that depends on how this thread evolved.

 

[RahmanSL]

Ok so now we have the full picture,the OP had 60 open trades trading 6 lots on an account of USD $5,500 but the stopout was due to the broker's shady dealings and the spreads opening up from let's say 2 points to 7 points,right?
Why don't you go to the regulators with this indisputable case then?If I was the regulator I would pin it up on the wall as an example and laugh at it for the next 10 years!
I suspect that if you thought that you had even the slightest chance of winning your case you would have done so already,you are just on here fishing desperately and hoping that someone else can come up with any evidence to back up your preposterous claims,stop wasting everybody's valuable time please!

Why are you here wasting your time?...aren't you supposed to go after ICM competitors like FXOpen, Pepperstones, etc?

 

[dkami]

Isn't it you got that in reverse?
I (as client of ICM) asked for proof of market spike/spread widening right from the start of my issues with ICM and they never provided me with any tick data chart (as Head of Dealing Desk Angus Walker easily provided me samples some weeks back) to prove beyond any doubt that there was indeed market spike/spread widening not only at ICM but with other ASIC regulated brokers too. Having no prior similar issues & problems with any other brokers (my issue/problem with TradingPoint didn't go this far) I didn't know I can get tick charts form different brokers for comparison of market movements on a particular date & time.
If I had known that, wouldn't you think I would have obtained that way back in Mar 2015? On the contrary, ICM went into business back in 2007 and, as a broker, know or should know all that and could very easily obtain these irrefutable tick charts to prove to me that the spread widening did happened not only on their side but with other ASIC regulated brokers too.

It's the responsibility of a good broker to provide irrefutable evidence to dispel their client's doubt on any doubts that they might have in order to quickly and efficiently resolve the issue.

You have a good deal from ICMarkets?

Yes I agree, ICM should have provided you with their tick data when you first asked!

And no I don't get any special deal from ICM, but I think Mr Angus should look into this for me and get me a tighter spread on my account at least

@ Angus Jon Walker Why wasn't the tick data forwarded to RahmanSL when requested? (I presume he would have asked for this in his first conversation after the MC)