istuffedup
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After trading successfully for over seven years, in early January this year I stuffed up by trading larger sizes than normal (partly following my plan based on calculated risks and probability). Had a few other things going on and wasn’t putting enough time into my trading. Had an account with IG Markets and one with Pepperstone. What was really interesting was the contrast in outcomes when there was a flash crash 3rd Jan my time on AUDJPY. Pepperstone account all positions were closed out automatically and I had a very small balance left on my account. IG ended up in negative equity to the tune of about 47% of my account balance in spite of their larger margins and claims about liquidity, not one of my positions was closed before my account went negative. Have tried finding out more about what went wrong and have gotten very legalistic responses, few of my questions answered and am left with AFCA (Australian Financial Complaints Authority) as probably my next step.
Also interesting was part of IG’s response re 3rd Jan was that “each and every client order has to be manually executed by IG’s dealers”. Is this code for their systems were not able to handle the size and speed of move whilst Pepperstone’s were? If the answer is yes, I hope AFCA can establish that as I don’t feel that it is fair for me to cop a large negative balance for their system failure.
Happy to hear fellow traders’ thoughts, suggestions or feedback.
Also interesting was part of IG’s response re 3rd Jan was that “each and every client order has to be manually executed by IG’s dealers”. Is this code for their systems were not able to handle the size and speed of move whilst Pepperstone’s were? If the answer is yes, I hope AFCA can establish that as I don’t feel that it is fair for me to cop a large negative balance for their system failure.
Happy to hear fellow traders’ thoughts, suggestions or feedback.