compu-forex
Master Sergeant
- Messages
- 253
Ok good, so let's clear up a couple of things........
I openly admit that I generally find myself on the side of the broker. I have a pool of about 12 brokers that I use regularly and IC happens to be one of my favourites. I support the brokers because so often I see here people that do not understand what they are doing, maligning the brokers. If we do not stand up and argue the case in an honest way, we will never be able to figure out who are the great brokers, the average brokers and the absolutely evil brokers. In other words this website will just become a blur of all bad brokers and the losing traders can just pat themselves on their collective backs believing they were victims and poor trading never came into it. That said, I have an open mind but you need to convince me that you have a case......so far I'm not convinced and lets look at why.......
1. What was your drawdown when you leverage was reduced? That one trade alone seems to be sitting at -110000??
2. Yes before leverage reduction you were using $110, so stopout would have been at $55. After the reduction, you would have needed $6565. Stopout would have occurred at $3282 or an increase of $3227. Given the size of the account, this does not appear to be a huge problem, but sure not very nice.
3. Do not take your trading lessons from "chat". They are a first level of support not trading mentors or even legal experts. Your trading terms are governed by the terms and conditions you signed up for, not what chat tells you. Frankly, I often find chat is run by a bunch of idiots. If that is where you take your information from then you are heading for problems. They said leverage changes were rare......what is the definition. I would suggest they have hundreds of thousand trades per day, of which a tiny percentage might be affected by leverage changes. You, on the other hand, chose to trade a product that had become seriously dangerous and were exposed to it on your first trade. Doesn't mean they were wrong.
4. Leverage reductions happen all the times. Swaps change all the time. It happens with all brokers.....go read what I had to say about RoboForex who changed swaps on me 23 minutes before rollover. IC markets at least seem to do it at a reasonable time of the day. The fact that IC Markets changed their swaps to negative does not make them a scam, it points to the fact that you don't know that swaps change, a basic trading fact.
5. I see the hedging was done last minute, probably in a panic. Here is a thought, instead of hedging where you had 15 lots buy and 10 lots sell, on 23rd, you could just have closed the 10 lots of sell and left yourself with the exact same position of 5 lots long. It would have required a fraction of the margin and you would have less swap issues to worry about.
The fact that they may or may not have offered someone else a certain leverage means nothing in your case. It agains brings up how you interpret things said by chat. The chat operator simply said your friend can have the maximum leverage offered by the company. He probably does not know that there is a temporary leverage limit on oil.
You should also upload a complete account statement because I am still trying to see where your $28000 loss came from?
As I said before, take it, don't take it...... but look at yourself honestly and ask if you could have done better here....
I openly admit that I generally find myself on the side of the broker. I have a pool of about 12 brokers that I use regularly and IC happens to be one of my favourites. I support the brokers because so often I see here people that do not understand what they are doing, maligning the brokers. If we do not stand up and argue the case in an honest way, we will never be able to figure out who are the great brokers, the average brokers and the absolutely evil brokers. In other words this website will just become a blur of all bad brokers and the losing traders can just pat themselves on their collective backs believing they were victims and poor trading never came into it. That said, I have an open mind but you need to convince me that you have a case......so far I'm not convinced and lets look at why.......
1. What was your drawdown when you leverage was reduced? That one trade alone seems to be sitting at -110000??
2. Yes before leverage reduction you were using $110, so stopout would have been at $55. After the reduction, you would have needed $6565. Stopout would have occurred at $3282 or an increase of $3227. Given the size of the account, this does not appear to be a huge problem, but sure not very nice.
3. Do not take your trading lessons from "chat". They are a first level of support not trading mentors or even legal experts. Your trading terms are governed by the terms and conditions you signed up for, not what chat tells you. Frankly, I often find chat is run by a bunch of idiots. If that is where you take your information from then you are heading for problems. They said leverage changes were rare......what is the definition. I would suggest they have hundreds of thousand trades per day, of which a tiny percentage might be affected by leverage changes. You, on the other hand, chose to trade a product that had become seriously dangerous and were exposed to it on your first trade. Doesn't mean they were wrong.
4. Leverage reductions happen all the times. Swaps change all the time. It happens with all brokers.....go read what I had to say about RoboForex who changed swaps on me 23 minutes before rollover. IC markets at least seem to do it at a reasonable time of the day. The fact that IC Markets changed their swaps to negative does not make them a scam, it points to the fact that you don't know that swaps change, a basic trading fact.
5. I see the hedging was done last minute, probably in a panic. Here is a thought, instead of hedging where you had 15 lots buy and 10 lots sell, on 23rd, you could just have closed the 10 lots of sell and left yourself with the exact same position of 5 lots long. It would have required a fraction of the margin and you would have less swap issues to worry about.
The fact that they may or may not have offered someone else a certain leverage means nothing in your case. It agains brings up how you interpret things said by chat. The chat operator simply said your friend can have the maximum leverage offered by the company. He probably does not know that there is a temporary leverage limit on oil.
You should also upload a complete account statement because I am still trying to see where your $28000 loss came from?
As I said before, take it, don't take it...... but look at yourself honestly and ask if you could have done better here....