guys. i wanted to share an experience with you. i had a betting account with IG, 5k credit limit. i put a trade on that lost money, 92k in one day. at the time i had less than 2k on deposit. it was a big bet per point but if it went against me, as it did, i thought that i was only exposed to the value of my deposit / credit limit. i feel that IG should have closed the position out when i lost my 2k deposit, or at least when i exceeded my 5k credit limit. they are now pursuing me saying that i am responsible for the full value of my losses. i am going to refer this to the FOS, but was wondering if any of you had had or had heard of similar experiences where IG advanced excessive and unwanted credit, failed to close positions out and then demanded payment in full?
UKtradergirl
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That's scary. They recently sent out letters saying that they are going to close open positions if there is not enough money in the account- so have changed their policy on this obviously.
Why weren't you monitoring your positions and why did you not have a stoploss, or at least close out your trade?!
They may well be at fault for letting it run that much in the negative, but you are equally at fault for not monitoring and closing out the trade.
i got those same letters...after i had my loss. i thought my stop-loss was effectively my deposit / credit limit as per the letter they sent me when i opened the account. but they're now saying that they are not obliged to close out positions, just issue a margin call. on 92k on a 5k limit with less than 2k on deposit?!
UKtradergirl
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It could have been worse:
Newcastle boss Mike Ashley loses £300million in bet on HBOS - mirror.co.uk
Newcastle boss Mike Ashley loses £300million in bet on HBOS - mirror.co.uk
What was your bet on? I'm guessing by your nick that you wrote an option - presumably a put? With the US market rallying 300 pts in 3 minutes, I'm not sure exactly what you think IG could have done to limit your loss. Perhaps you could give us a few more details - I'm generally a big fan of the concept personal responsibility, but happy to be persuaded otherwise.
Hoggums
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Yep - firstly you must have bet your entire account on whatever it was.
e.g. with 7K ( 2k+5K credit) you could put a £70pp position on the FTSE - although that would be madness.
But Jesus - even if you sold at the bottom of yesterdays FTSE move you would have still only lost 28K max.
92K - is this post for real?
e.g. with 7K ( 2k+5K credit) you could put a £70pp position on the FTSE - although that would be madness.
But Jesus - even if you sold at the bottom of yesterdays FTSE move you would have still only lost 28K max.
92K - is this post for real?
Masquerade
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Is that you Simon?
tar
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FXSCALPER2
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Why not tell them to fukc off?
I can't believe this is genuine.
If I had lost £92,000 in one trade in one day I wouldn't be sitting around typing onto a traders' forum (with due respect to this excellent website of course).
I'm not convinced its possible to lose that big from such a low cap account, the two SB platforms that I trade (admittedly not IG) wouldn't permit me to open a position that deep, not sufficient trading resources. I suspect even if I had such a large capital deposit that I could bet that deep, I suspect the order would go to a manual dealer. If that happened in this case, perhaps some culpability shifts to the SB.
If I had lost £92,000 in one trade in one day I wouldn't be sitting around typing onto a traders' forum (with due respect to this excellent website of course).
I'm not convinced its possible to lose that big from such a low cap account, the two SB platforms that I trade (admittedly not IG) wouldn't permit me to open a position that deep, not sufficient trading resources. I suspect even if I had such a large capital deposit that I could bet that deep, I suspect the order would go to a manual dealer. If that happened in this case, perhaps some culpability shifts to the SB.
fibonelli
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There is no one else to blame apart from the *OP.
This is gambling. Roll the dice on number 7. Oops, I've lost.
*I'm assuming the message is genuine.
no, it was an index bet. it was £200 per point long on the ftse and it went against me - fair enough, but without monitoring the position i thought, fine i may lose my deposit, my credit limit at most, plus maybe a bit more, but not any more than that. but another 85k?! has anyone else heard of anything like this before? i came across this old article while researching my cause today:
IG Index flotationhit by credit dispute - Business News, Business - The Independent
IG Index flotationhit by credit dispute - Business News, Business - The Independent
UKtradergirl
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that article is 8 years old.
from the way you write you are either outright lying to have a dig at a SB company- or you are a bad loser and can't accept that you didn't put a stoploss on at £200 a point
Did you not see your account going down???
if your pockets are deep enough to not bother checking a position with a £200/point bet on an index with almost record volatility then i suspect 85 big ones isn't going to be a hit.
either that or you're very naive.
UKtradergirl
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He is probably just a bad loser who lost £100 on a £1 a point bet and wants to dramatise a bit.
Hoggums
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This is utter bollox.
You need 40K margin on IG to open a £200pp position. Pretty much every other SB will insist on the same minimum margin.
To lose 92K you'd need the market to move 460 points against you.
that article is 8 years old, but this is happening now. i didn't use a stop-loss as i saw the value of my deposit + credit limit as my stop loss more or less. if you're willing to lose that much why put on a stop loss? and in terms of putting that much on during times of high volatility, that's why i was willing to bet as much as i had in my account plus maybe a bit more if the market kept going against me while they closed my positions. so my pockets aren't that deep, which is why i only have a 5k credit limit.
to stop you losing 92k....!!
