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www.alpari-forex.com

Discussion in 'Scam Alerts' started by steve81, Feb 6, 2012.

  1. steve81

    steve81 Recruit

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    Hi

    Pls kindly look into this complains for me . l have attached my account history to this mail pls check it out. This broker closed my trade out in a loss at 15:30pm platform time on the 3rd Feb, 2012 during the Non farm payroll. l placed a buy Eurcad trade with 2lots at 14:51 platform time the trade was running till NFP time then few min b4 NFP news my trade was in profit of $214 and then l broke even my buy position meaning l put my stop-loss at my entry point so l would not loose a penny, at 15:30pm platform time during NFP the platform logged me out in a loss of about 10pips = $ 209.57. l reported the case to them ( Compliance department) and they said they were justified for doing that here is their reply below.


    Hello!

    Position 110506771 has been closed during important economical news of USA. When the Bid price in the Quotes Flow became equal to or lower than the Order Level, disputed position had been executed at current market price in accordance with clause 5.28 Terms of business, says that, during Abnormal Market Conditions, Orders may be filled at a different price from the price that is stated. The price at which the Order is filled shall be determined by market conditions. Server log file:

    2012.02.03 15:30:00 '151513' order #110506771 stop loss 2.00 'EURCAD' closed at 1.31905 - Stop Loss got to the queue
    2012.02.03 15:30:02 '151513' order #110506771 buy 2.00 'EURCAD' closed at 1.31800 - order has been closed

    Part of tick history:

    Symbol Date Time Bid ASK
    EURCAD 2012-02-03 15:30:00 1.31933 1.32073
    EURCAD 2012-02-03 15:30:00 1.31883 1.32033
    EURCAD 2012-02-03 15:30:01 1.31852 1.32007
    EURCAD 2012-02-03 15:30:01 1.31843 1.31999
    EURCAD 2012-02-03 15:30:02 1.31800 1.31991



    This was thier reply above and the "TERMS OF BUSINESS CLAUSE" they talked about is this below:

    5. Order Types in the Trading Platform

    5.1. The following Orders (Pending Orders) may be used to open a position in the Trading Platform:
    a) “Buy Stop” - an Order to open a Long Position at a price higher than the price at the time the Order is placed;
    b) “Sell Stop” - an Order to open a Short Position at a price lower than the price at the time the Order is placed;
    с) “Buy Limit” - an Order to open a Long Position at a price lower than the price at the time the Order is placed;
    d) “Sell Limit” - an Order to open a Short Position at a price higher than the price at the time the Order is placed.

    5.2. The following Orders may be used to close a position:
    a) “Stop Loss” - an Order to close a previously opened position at a price less profitable for the Client than the opening price;
    b) “Take Profit” - an Order to close a previously opened position at a price more profitable for the Client than the opening price;
    c) “If-Done Order” – Stop Loss and/or Take Profit Orders which are activated only after their corresponding Pending Order has been executed.
    Order Timing and Duration

    5.3. The Client may only place, modify or delete Orders within the trading hours for the relevant Instrument. The trading hours for each Instrument are indicated in the Contract Specification.

    5.4. Pending Orders on Instruments which are traded 24 hours a day have “GTC” (“Good Till Cancelled”) status. The Client can set a concrete expiry date and time in the “Expiry” field; otherwise the Order will be executed after an indefinite period.

    Please l would like to know if they were right for doing this.

    Thank you. :D
     

    Attached Files:

  2. Pharaoh

    Pharaoh Colonel

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    10 pips slippage on a SL is brutal, but during NFP, it is possible.
     

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