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Stop order not filled

Discussion in 'Scam Alerts' started by trader, Dec 15, 2007.

  1. trader

    trader Private

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    Not sure if it's scam or is it the norm:

    A buy stop order placed with Interbankfx (IBFX): "buy stop EUR/JPY 163.53, S/L 163.13, T/P 163.93" was never executed even though the price went through it.

    IBFX explained that "...at 07:54 GMT the price went from 163.46 to 163.68...It jumped over your price..." and said that limit orders will ONLY be executed at that exact price.

    Is that true? If so, then EAs and set-and-forgets trades cannot be done on IBFX MT4 platform, because, at the level of volatilities nowadays, prices don't often move 1 pip at a time, and hence can easily "jump over" or limit orders.

    By the same token, wouldn't our Stop Loss orders, or even T/P orders face the same problem?

    This is a serious flaw with the trading platform if it does things like that. Is this problem only with IBFX, or is it common with all MT4 platforms, or is it common with all brokers? Anyone has similar experience who might want to share, please?
     
  2. journeyman

    journeyman Private

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    That's a lie!

    Your broker is making an excuse not execute your trade because it was a profitable one. What trade size are you talking about?
    This cannot be an excuse for that. They are supposed to give you your price if the market went straight thru, regardless whether the price jumps over or moving pip by pip. Report them to NFA, this is unacceptable. My broker would alwasy honor all stops and limits.

    Ask them this question and see how they answer : Suppose I have a long open position with a SL and TP over the weekend, when the market opens Sunday gap up at a price that's 100 pips above my TP, what price would I get?
     
    #2 journeyman, Mar 18, 2008
    Last edited: Mar 18, 2008
  3. Pharaoh

    Pharaoh Colonel

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    IBFX (like a lot of brokers) is more than happy to skip filling you or slip you a pile of pips on a fill if there are gaps in price. Naturally, these things are MUCH more likely to happen if they would be profitable to you.

    The sad part is that in terms of "stupid broker tricks", this sort of "not quite ethical" behavior is towards the low end of the scale.

    I definitely agree with Journeyman. Write a nice note to support, accounting, and any other email address you can get for them and ask if they would have done the same thing had the trade been against you. Also, ask them how do they expect you to continue doing business with them if you can't trust fills on EAs and pending orders.
     
  4. krbraz

    krbraz Recruit

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    The same thing happened to me today on IBFX for the GBPUSD. I had a buy stop order at 1.9941 and manually closed the trade at 1.9948 for a 7 pip profit. Instead the close price went to 1.9936 for a loss which is impossilbe since the price was never at 1.9946 when I went to close. Here is their explanation essentially saying they can skip the stop order whenever they want...not sure how this makes sense or how to make money with stop orders...at least they are offering to negate the trade...I guess.

    "In my review I am showing that the stop order was placed at 1.9941 but at the open the ask price was 1.9964 so your order was filled at an incorrect price then was closed out at the invalid price of 1.9936 with the actual bid price at 1.9948. This order received an incorrect fill on the opening price and the closing price. If we were to adjust the trade we would need to adjust the open price at 1.9964 and then adjust the close price to your stop loss that would have been reached at 22:18 GMT. We are offering to adjust the trade to a zero loss since there was an incorrect fill on both ends of the order so there is no gain or loss on the trade. Please email me back so we can adjust this order as soon as possible for you."
     

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