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Suspicious Spike?

Discussion in 'Beginners Bootcamp' started by MKJones, Feb 4, 2019.

  1. MKJones

    MKJones Recruit

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    I don't want to name a particular broker as I'm fairly new to this game and could be well be mistaken, but even so the spike I experienced on Friday evening a few minutes before the markets closed seems highly suspect to me. My stop loss was miles from the price but the spike still managed to reach it and close the trade (closed my trade at 10786.2). Is this 'normal' for a currency pair to behave in such a manner? There was no sign the currency pair had behaved like it previously.

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  2. EURUSD

    EURUSD Sergeant Major

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    I think you can try to compare with another broker platform, because broker that Included as a market maker, I often hear if they use stop-loss hunter software, and maybe spike movement occurred because they as market maker broker, which as dealing desk broker will getting profit if trader loss
     
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  3. Esannniki12

    Esannniki12 Recruit

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    MKJones, I was just checking on my chart and it seems that it really happened. Don’t blame your broker. Such strange moves happens from time to time either because some dealer inputted wrong quote or there was some unexpected news and swift market reaction
     
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  4. Qasim waqar

    Qasim waqar Private, 1st Class

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    Such spikes happen sometimes due to high impact news that make the market move so fast and some brokers also manipulate this news release a bit to hunt most of stop losses.
     
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  5. dylanjessop

    dylanjessop Recruit

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    Or market maker moves
     
  6. 7Bulletin

    7Bulletin Corporal

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    There are plenty of beginners and scammers trading today as forex becomes more and more popular and you need to be very careful when you are dealing with someone. But before blaming someone just check whether this is manipulation or not. It is a good idea to check it with another broker just to make sure.
     
  7. dylanjessop

    dylanjessop Recruit

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    Good advice
     
  8. Purekiller

    Purekiller Private, 1st Class

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    That's why it's important to have lot of brokers with lot of accounts so you really make some comparison here and that's really it. I do not see from where you planed to use that. By the way you are trading "right" currencies which is really pretty good.
     
  9. DaveT

    DaveT Sergeant

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    That happened to me a while ago. No other brokers had the same spike. I contacted my broker and they refunded me.
     
  10. Notati

    Notati Recruit

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    Dave, in this specific case market spike actually really happened, so it was not brokers mistake. Now, I am not saying that all brokers are honest people and that purpose or false market spikes does not happen. It is important to react on time, like in your case
     
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