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Broker ignores me!

Discussion in 'Beginners Bootcamp' started by Paolo Lonardi, Dec 15, 2010.

  1. Paolo Lonardi

    Paolo Lonardi Recruit

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    Dear all,

    thank you for taking the time to look at my issue. I'm sure there are many cases like mine. I ask help from the experts to help me understand what went wrong.:unhappy:
    We are talking of the currency pair EUR/USD. I want to make clear that this "incident" happened when I was not logged in and I realized it 4 hours after when I logged in. The broker was based on the platform of gomarkets, and has not given me any reasonable explanation:mad:. Please see attachment and look at the last 4 positions above (22 October). I had 2 buy and 2 sell. There was no margin requirement as each position balanced the other (0,5 and 0,18).
    All these positions have been close at the same time (10.00 Am Italy time). However my buy positions have been closed at a different price of the sell positions (??!!!!why!!!). This explains why my equity moved from +250 usd to - 96 or so. I think something went wrong in the system. As you see I had only a take profit (around 1,28 on 1 position) and the price then (22nd October) was well far away around 1,3934. I already experienced some erratic movements in trading where unexisting prices appeared on the graph. Could this be a technical fault? This could explain why the broker is not giving me a clear history of what happened.
    They are stating I had a margin call, but how could I have a margin call when buy positions balanced the sell positions? I also experienced too many times a significant delay in execution of orders which makes my seriously doubt that the software which is used by brokers is manipulated to make us lose pips in most cases. I would appreciate your feedback.
     

    Attached Files:

  2. Pharaoh

    Pharaoh Colonel

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    Double-check the broker's policy on hedged positions. Some brokers require zero margin. Some require the total margin for each position. Some require something in-between.

    The price difference would indicate a 51 pip spread. Unless there was a very major news release, that's a bit extreme. Check the 1 minute charts for that time and see if there are any large spikes or other wild price swings.
     
  3. Paolo Lonardi

    Paolo Lonardi Recruit

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    No doubt about fraud

    Still unable to understand what happened. Are brokers going to ignore you than they must get ready to face bad publicity.
    The vantage fx was very keen in getting me money and documents sent . In exchange I haven't received a contract and a reasonable answer to my issue.
    Also I want to stress that there seems to be software controlled delay in execution of orders, which means pips get lost (gained by broker) and is difficult to prove legaly this ongoing fraud. Software manipulation is well possible by any broker. My suggestion is if you really want to risk your money do it with a broker which is at a shooting distance from your home. Forget legal advice. Hit the broker who does not answer. If there is any experts who can explain me why they have stolen my last money I can change my review.
     
  4. Eric Alyea

    Eric Alyea Master Sergeant

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    Brokers are Whore’s

    Brokers are Whore’s

    Is there any part of that language except, my misspelling that you do not understand?
    Test customer serves by initial contact.
    Test customer serves by initial deposit and withdrawal.. I.e. ($300...I did a test account with/on your platform... It is not for me, give me my money back???).
    If you can't get your money back on a $300 test account??? Complain to the customer service's the didn’t work for you from the git-go???
    If they can’t do that and they don't talk to you.... guess what???

    I never do buy & sell on the same account EVER. Finish one before the other. They will cancel each other and you will always lose. What ever broker. That is “Hedging” don’t get me on that topic. (To much information... is what my friends say)

    Also 22 Oct. Was a Friday. I ran into it and NEVER trade late Fridays and/or early Sundays. They ( many brokers) have a spread difference in the fine print for that time period (it really pissed me off the 1st time). You have to watch out for that. What you click on is NOT what you get on Fri/Sunday!?!?
     
    #4 Eric Alyea, Jan 11, 2011
    Last edited: Jan 12, 2011

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