Trade dispute - who should be responsible?

[nighthawkns]

Hello FPA fellows,

Recently I ran into some problem so I would like to share the case and see what others think.
Last week I left a few buy limit orders for some CFD product at 1.2k USD. During the weekend it fell to 850 USD.
The broker I am with has the market closed during weekend.
As the broker's market reopen, the prices was at 940.
All my buy orders were INSTANTLY triggered at the designated price without requote, there were nothing I can do but to see the order getting processed as the market was closed and then processed straight through as market reopen.
So the result was that, my buy order triggered at the set price, when the market price is WAY below that.
Instant -380 for my account.
My account manager did mentioned that the TOC of that broker was to guarantee limit but not stop, and he refused to do anything about that.

So is this my responsibility or the broker's?
My broker is a market maker, is it fair to say the broker cheat/scammed/exploited my orders?
The only thing I could have said I done wrong was to left the buy limit orders open over the weekend, but does it justify the nonsense huge loss for me?

 

[Pharaoh]

I think you're likely screwed on this one. In general, it's a very bad idea to leave pending orders active over the weekend.

 

[nighthawkns]

Thank you for your reply.

This will be a lesson for me
However the broker should not proceed such order isn't it?
If I would buy something at 1.1k, why wouldn't I want to buy it cheaper? That's what buy limit is all about, to guarantee that price, if not better.
The entry position should be considered out of market price. If such thing happened in favor of me, the broker would have claimed against me and cancel the trade.
That being said, I am still very new in forex market so there are many things that I do not know.
I would like to see how strong is my standpoint and how far I could go with this.
Is it just an unfortunate event that I should soak up all the loss incurred, or I could rightfully ask the broker to put my entry price to the market price(or receive a compensation in the difference)?

 

[Pharaoh]

You can ask the broker to take a look. I suggest reading their terms regarding filling limit orders.

 

[nighthawkns]

Thank you for your suggestion Pharaoh, I will see what I can do with it