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Time to let folks know what happened.
The account was disabled due to what they said was a change in their trading policy.
As I did not use EA's as others who are posting are finding out that Fig does not like. There had to be another reason.
The reason given was too many canceled trades.
I found that due to the execution, requotes, it was almost impossible to receive the price when an instant order was placed. Therefore using pending orders was the only choice to be sure one's price was given. The best times for this was at news times.
My sin was to have an "aggressive trading strategy", essentially trading at news times. As I found that the station was slow accepting a pending order if the server had not been alerted to a trade coming, I call this waking up the station, there was a need to set a pending order then cancel it and get ready for the news (both long & short). That resulted in about 3 canceled pending orders for each news trade attempt. For the month of Feb there were about 15 trades and thus about 45 canceled pending orders. For the life of the account the average # of canceled pending orders were about 3 per day. Hardly excessive!
The reality is obvious!
I used a trading strategy that did not allow them to requote and therefore receiving the prices I selected. This resulted in lost profits due to the distance of stop and trailing stops required to exit trades. A cost of doing business.
They threatened to nullify trades made during March on the basis of the vague policy change.
The take it or leave it offer from Fig was to accept 5 pip spreads or take your money and leave.
At first I accepted the wider spreads. Then recently requested and received a withdrawal. With many others having problems I felt it best to take the funds, maybe later they will have things sorted out.
Though the real kicker was a trade that was in limbo at the time of disabling my account. Fig would not modify the trade till the matter got sorted out. At the time of disabling the account the trade had been opened in the journal but not moved to the open trade position on my station, I had selected a trailing stop of 15 pips, there was a profit on the board up to about 60 pips and a trailing stop would have captured 45 of them.
As Fig would not modify the trade to allow a profit the trade retraced and hit my original stop loss. Resulting in about a $100 loss & what with the lost profit of about $450 the total loss to me was about $550. It was Fig's attitude about this trade that was troubling. Even the FPA said that I ought to be able to have something done about this trade! MT4 does not register a trailing stop in the journal until it starts being active. My trading history shows I always used stops and at the very least adjusted them to a no lose position.
The result is total dissatisfaction! There ought to have been no disruption in service! No trade funny business! And an apology for the trouble! Fig changed their policy and notified no one, save changing their web page, till after the fact. Using their no notice statement on the page in question equals poor business practice at the least.
No one in their right mind would not expect the backlash that is happening form this!
Too bad, I was looking for long term trading with FIG.
Note to Javier;
Your new handle is now SPINNER! You have spun a tale just about every were you go, turning what is poor about Fig into a positive. From requotes to complaints stating that your clients were satisfied after they had lost money but were able to get what was left out, there has to be a "million" of them.
You're not the only one who's laughing. I am too, because you are funny... like a clown. Please keep up the good work here.Taking a look at our FPA reviews page leaves me no chance but to laugh out loud.
I agree with Javier that many of the review and thread posts are so funny (as are Javier's own posts), with the one above being a good example.Can anyone answer me, I would like to know whether
FIGfx is a Dealing Desk OR No Dealing Desk Broker?
Thank you