SL minimum distance - 165 pips!!!

[Sorin]

I think that there is a problem with your new platform, sometimes I can have the SL of 5 pips away, while sometimes the minimum SL available is 165 pips away.

I spoke with a guy from your support and he was saying: "I have with one of our dealers and Stop loss distance depends on the market conditions".

As I told him I didn't talk about the spread which ok, sometimes can be 2-3 or even 5 pips, np with that. 

The problem is that the minimum SL available is of 165 pips!!! Your response was : 

"As per our dealing desk, there is no error on our platform. We raised our distances during high volatility."

and:

"As mentioned before, we change the stop loss distance as per the market volatility. Whenever that happens, please wait and check after 15-20 mins, it should be back to normal.

There is no bug."

In conclusion, I will open a position and I have to use the SL of 165 pips and if I have to go away for half an hour I have to pray that it wouldn't move against me 165 pips because the SL of minimum 5 pip which is advertised on your site doesn't work. That's great.

It did happen so far on usd/jpy and eur/usd pairs few times in normal trading conditions - not during the news, and trading is not possible this way. And it did happen on both accounts - the cfd and the spread betting account. I can send you photos if you want.

[thomasschmidtco]

Sorin,

 

Take out a contra-order at the price point you want an effective stop (it won't protect you from market "gapping").

 

Buy XXX at 100.00 £1pp with guaranteed stop at 50.00 mark (exagerated).

Suppose you wanted an "effective" stop at 90.00, take out order to Sell at 90.00 £1pp.

 

One cancels the other and provides you with an effective stop. You could also "scale out/scale in" to trades.

 

Please note that that the order will remain open if you close the original trade, so you need to ensure you orders are well managed.

 

Some advanced platforms allow you to attach orders to other orders (eg, good whilst order active not just good till cancelled).

 

You can also use the alerts to send you a message when a price is reached, for instance, send sms/email when price point reaches 91.00, "Get back to terminal symbol GBP/USD", etc.

 

Hope this helps, feel free to comment if you need any help.

 

None of what I have said constitutes advice and all that legal jazz, just personal opinion, you're on your own if you screw up.

 

 

[MOD EDIT: please refrain from posting personal details as this goes against our terms of service] 

[Sorin]

thanks for your reply.

 

I'm using hedging and other strategies on other platforms which are more friendly in some ways. 

On IG I want to use a simple strategy with a close SL and is really annoying that every second order I see that my SL must be hundreds of pips away. I didn't use IG for a while and now on their new platform I have this issue quite often. Clearly, there is a technical error on their platform and I think that normal would be for them to fix it. However, their support gave me nothing and was acting like nothing is wrong with their platform. I have 5 live accounts with different brokers and as you probably also experienced sometimes there are issues. But the response of IG, this time, was the worse I ever had.