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Burnt by broker on S.L

Discussion in 'Scam Alerts' started by Jerome Lemley, Sep 2, 2010.

  1. Jerome Lemley

    Jerome Lemley Recruit

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    Hello, I have a question and need some advice
    I am running my EA on 3 different platforms (different brokers).
    Last week a very strange thing happened:
    The trade was executed on GPB/USD Pair.
    All three platforms opened the trade simultaneously. During the night 28/6/2010 Broker A closed my trade on Stop Loss while according to my calculations the market was at least 6-7 pips away from the S.L.
    Also on the other platforms the trade remained open until hitting the take profit next day. I suspect that broker A triggered a price in order to burn me (maybe also the others) on the S.L.

    I have contacted the dealing room support of Broker A and they haven’t provided me a proper explanation as to why on the other platforms the lowest price is 6-7 pips away from their platform and they refused to refund back my losses or to compensate me in any way…

    What am I able to do as they are not responding to any of my emails?:mad:
     
  2. Earl Hayek

    Earl Hayek Recruit

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    who are those mystery brokers?

    it's kind of hard to help you without names, dates and rate details...
     
  3. Pharaoh

    Pharaoh Colonel

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    6 or 7 pips is suspicious, but you'd need a little more than that to prove stop hunting. If Broker A has less liquidity than the other two, some large orders coming in could have caused a spike or widened the spread.

    Contact Broker A and ask them about it.

    You could set the EA to minimum sized trades on Broker A to limit any possible losses and monitor what happens with other trades.
     
  4. Jerome Lemley

    Jerome Lemley Recruit

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    First of all, thank you for your advice, Pharaoh.
    I did try to talk to them. They ignored my emails, put me on hold for ours and when I finally got the manager after all this crap, he was yelling at me, very rude. Saying he is sick of traders f**ing up and blaming it on them! :(
    When I managed to get a word in and told him about the other platforms and how I emailed him the data he said that if I don’t know that forex is not exact science and that prices change from broker to broker I shouldn’t be in this business at all and hung up. :hissyfit:
    I did not want to mention names at first, but you can be sure I will never deal with bloody alpari ever again!
     
  5. RahmanSL

    RahmanSL Major

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    "....he was yelling at me, very rude. Saying he is sick of traders f**ing up and blaming it on them!"

    Oh, it was a representative from ALPARI!!! : )

    From the above extremely rude words, I immediately thought the broker would surely be...well...not to mention names...both brokers starting with the letter "F".

    Jerome Lemley, if what you posted are correct, my advice is to withdraw all your money now and than start a complaint thread with the name of your broker here at the FPA to get your justice.

    All the best!
     
  6. FXDM

    FXDM Banned

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    You should post your result (Print Screen) of 3 trades here with brokers name and... start a complaint campaign :)

    At least you help other avoid the broker A
     
  7. Jerome Lemley

    Jerome Lemley Recruit

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    switched brokers and that's that

    Hi guys,

    All the stress of trying to get reimbursed was WAY too much hassle compared to what I lost, so I decided to just switch brokers.
    This way I can invest all of my energy into what I love to do - TRADING - instead of wasting time on petty BS! (forgive my french) :embarrassed:
    I found 4XP have an interesting offer right now (no spread + guaranteed SL/TP), so I decided to give them a shot and up till now (except for a pretty dead live chat) everything seems fine, fingers crossed.
    Of course, if anyone has insights regarding 4XP or other brokers that might be good for me, I would love to hear your advice.
    :)
    Happy Tradings,
    Jerome
     
  8. Pharaoh

    Pharaoh Colonel

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    Keep a close eye on your new broker.

    Also, do your fellow soldiers a favor. Name the old one and leave a review for them.
     

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