I've been trading with TT for couple of months and were very happy with the service they provided. I turned my account from 3k USD to over 20k USD. Everything were great until the EURUSD big movement on 30.11.2011, 13:00 GMT.
My EA started trading short with big lots and tight SL - over 25 lots total opened, from 0.01 to around 2.6 each trade. What was my surprise when the price went straight thru my SL and then much higher. I tried to close the trades manually but was getting off-quotes all the time. Margin call didnt work as well. I had floating loss of over 25.000 USD (account balance around 20.000). Finally, after 15 minutes all the trades were closed, with over 60 pips slippage, leaving my account with something around 2-2,5k USD.I contacted my two friends, who are trading similar EA's and they had exactly same problem - trades closed afrer 15 minutes. The difference is that they were trading microlots!
I spoke with Traders Trust support for two weeks and they say it's not their fault - those the real markets condition they say.
First they claimed that there was no liquidity at that moment and the trades were closed at the first availble price. They couldnt even close 0.01 lot trade and it took them 15 minutes? Come on
Then I asked why didnt my Margin Call work. I had total almost 30 lots opened, which 1:200 leverage it gives over 17000 USD margin. They stop at 80% of the margin, so I should have around 14000 usd left. TT's explanation:
"According to the feedback from the MT4 specialist team, we can confirm that the during the spike, the price movement was so dramatic that stop out level had been exceeded and because of the fact that the order still needed to be closed, they were closed at the next available price."
We do have the higher level of stop-out that protects the clients and generally, it works perfectly, but as you know, during such conditions that rarely occur, there are scenarios where accounts do go into negative." I always thought that you can go into negative account balance only when you are left with opened trades on the weekend and there is a big gap. Well, it turns out you need only a bit bigger and unexpected movement on most liquid market to wipe out your account. Last couple of months there were many bigger and more dramatic spikes on much less liquid markets (USD/JPY during Asian session) and 4 times bigger spike on EUR/CHF (which is at least couple times less liquid market than EUR/USD). In none of above I had any problems with opening/closing trades.
Their Terms of Business say:
"If the Account Equity falls below the margin requirement, the trading platform will trigger an order to close all open positions. When positions have been over-leveraged or trading losses are incurred to the point that insufficient equity exists to maintain current open positions, a margin call will result, and open positions must be liquidated." This clearly didnt happen to me and I guess it was a violation of the agreement.
Another interesting thing from their explanations: "Also, during this time, due to the rapid movement, there was an issue with displaying that the orders were closed on the platform, when they were already closed. At this time, you tried to close the orders manually and received the off-quotes. As you can see, the reason for the off-quotes you had experienced were because the orders had already been closed by the system."
That is funny because I thought exaclty the same. But afrer restarting and reconeccting my platforms on two seperate computers it turned out not to be true. The trades were opened any time and I was unable to do anything with them. If the trades were closed by the system earlier, the Metatrader history would show, that they were closed on let's say 13:00 or 13:01. Instead it shows 13:15 (and a price from that minute) , exactly the moment that everything went back to normal.
That's my story. In couple of minutes I lost everything that I worked for during last 6 months, over 18000 USD and then 1500 USD more (because of no margin my previous trades got Margin Called - which suddenly started working!) The worst thing is that they claim that everyting is fine and that's the real market conditions. They refuse to acknowledge my missed Stop Loss and Margin Call, instead they offered me a gift - either an iPhone and an Ipad or 1500 USD deposit into my account. I told them I will accept the cash bonus but that wont solve my problem.
Dear FPA community, please tell me what do you think about this situation. I also invited mr Nicolas from TT to join this thread, maybe this will change something. Of course I have every possible proof of what I just described - logs, screenshots, statements etc. I also contected CYSEC about their procedures, but I want to try with FPA first.
My EA started trading short with big lots and tight SL - over 25 lots total opened, from 0.01 to around 2.6 each trade. What was my surprise when the price went straight thru my SL and then much higher. I tried to close the trades manually but was getting off-quotes all the time. Margin call didnt work as well. I had floating loss of over 25.000 USD (account balance around 20.000). Finally, after 15 minutes all the trades were closed, with over 60 pips slippage, leaving my account with something around 2-2,5k USD.I contacted my two friends, who are trading similar EA's and they had exactly same problem - trades closed afrer 15 minutes. The difference is that they were trading microlots!
I spoke with Traders Trust support for two weeks and they say it's not their fault - those the real markets condition they say.
First they claimed that there was no liquidity at that moment and the trades were closed at the first availble price. They couldnt even close 0.01 lot trade and it took them 15 minutes? Come on
Then I asked why didnt my Margin Call work. I had total almost 30 lots opened, which 1:200 leverage it gives over 17000 USD margin. They stop at 80% of the margin, so I should have around 14000 usd left. TT's explanation:
"According to the feedback from the MT4 specialist team, we can confirm that the during the spike, the price movement was so dramatic that stop out level had been exceeded and because of the fact that the order still needed to be closed, they were closed at the next available price."
We do have the higher level of stop-out that protects the clients and generally, it works perfectly, but as you know, during such conditions that rarely occur, there are scenarios where accounts do go into negative." I always thought that you can go into negative account balance only when you are left with opened trades on the weekend and there is a big gap. Well, it turns out you need only a bit bigger and unexpected movement on most liquid market to wipe out your account. Last couple of months there were many bigger and more dramatic spikes on much less liquid markets (USD/JPY during Asian session) and 4 times bigger spike on EUR/CHF (which is at least couple times less liquid market than EUR/USD). In none of above I had any problems with opening/closing trades.
Their Terms of Business say:
"If the Account Equity falls below the margin requirement, the trading platform will trigger an order to close all open positions. When positions have been over-leveraged or trading losses are incurred to the point that insufficient equity exists to maintain current open positions, a margin call will result, and open positions must be liquidated." This clearly didnt happen to me and I guess it was a violation of the agreement.
Another interesting thing from their explanations: "Also, during this time, due to the rapid movement, there was an issue with displaying that the orders were closed on the platform, when they were already closed. At this time, you tried to close the orders manually and received the off-quotes. As you can see, the reason for the off-quotes you had experienced were because the orders had already been closed by the system."
That is funny because I thought exaclty the same. But afrer restarting and reconeccting my platforms on two seperate computers it turned out not to be true. The trades were opened any time and I was unable to do anything with them. If the trades were closed by the system earlier, the Metatrader history would show, that they were closed on let's say 13:00 or 13:01. Instead it shows 13:15 (and a price from that minute) , exactly the moment that everything went back to normal.
That's my story. In couple of minutes I lost everything that I worked for during last 6 months, over 18000 USD and then 1500 USD more (because of no margin my previous trades got Margin Called - which suddenly started working!) The worst thing is that they claim that everyting is fine and that's the real market conditions. They refuse to acknowledge my missed Stop Loss and Margin Call, instead they offered me a gift - either an iPhone and an Ipad or 1500 USD deposit into my account. I told them I will accept the cash bonus but that wont solve my problem.
Dear FPA community, please tell me what do you think about this situation. I also invited mr Nicolas from TT to join this thread, maybe this will change something. Of course I have every possible proof of what I just described - logs, screenshots, statements etc. I also contected CYSEC about their procedures, but I want to try with FPA first.