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Think Or Swim

Discussion in 'Scam Alerts' started by chapmagorge, Nov 1, 2010.

  1. chapmagorge

    chapmagorge Recruit

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    This is not a scam per se but a strange problem with Think Or Swim I had last week.

    I bought AUD / USD at circa 0.9760 with a stop on it at 0.9678 and closed it for a small profit. I opened a sell on AUD / USD after that which was closed for a small profit. I then bought AUD / USD again and the market went against me but to my horror it was closed by the Sell Stop which was on a ticket already closed. I contacted them through live chat as this was happening and was told that I should have cancelled the Sell Stop order as it is separate, I am very upset as I have never heard of this before, every other broker I have used closes all orders associated with that ticket so I am perplexed that a Sell Stop can close a completely different order.

    To make matters worse there is no mention of this in their definitions so I'm hoping to claim this back but fear my chances are slim.
     
  2. stevesmain

    stevesmain Sergeant

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    others

    There are company's that have a separate order for stops that must be manually exited. GFT comes to mind.
     
  3. chapmagorge

    chapmagorge Recruit

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    I think the most frustrating part is there is no reference to this anywhere on their site. They told me that Sell Stop etc are in Working Orders but in the their ORDER TYPE list this is not mentioned, nor is it addressed in the ORDER DEFINITIONS. I emailed support and asked where the description is on the site and the response was "We do not have any information on that..."

    Personally I think this is the crux as nothing is more important than order execution and they don't cover it !

    https://www.thinkorswim.com/tos/displayPage.tos?webpage=servicesOrderTypes&displayFormat=hide#

    https://www.thinkorswim.com/tos/displayPage.tos?webpage=servicesOrderTypes&displayFormat=hide#
     
  4. ibham1

    ibham1 Private, 1st Class

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    I also had that problem with GFT, where I went long on AUS\USD, when I was in profit I placed a trailing stop. Price was meandering and I couldn't sit and watch it any longer so I closed the trade manually. The next day when I opened the GFT platform I was shocked to see a short position open on the AUS\USD - and in a big loss. It was my trailing stop that had kicked in after I closed the position. To be fair to GFT, when you close the platform it does warn you to check for open positions\orders. If think or swim doesn't have such a warning it should be renamed to sink or swim.
     
  5. chapmagorge

    chapmagorge Recruit

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    That's terrible, I really don't think that type of order execution should be approved, especially when it is not addressed in any platform documentation. I am going to close my account and request payment for that trade on the grounds above, and I'll post the result here.

    Sink or Swim, like that, I might tell them that one !
     

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