Forex Brokers and "Guaranteed Stop Loss."
Can any of our Forex colleagues advise on a reliable and dependable broker please?
I, and others, have commenced trading forex for real, under the tutelage of an ex-city forex trader, who introduced us to an offshore broker who offers 'guaranteed' stop losses...eh, apparently. That is, until major payroll figures appear and the market takes off like a rocket.
Today, trading Euro/dollar, like so many thousands of others, I, and a couple of others in the trading room, took a short position with a minimum 1 lot at about 1.20 GMT and set my 'guaranteed' stop loss twenty pips away: maximum risk - theoretically $240 including initial spread of 4 pips. Within seconds, I was blown apart and my 'guaranteed' stop loss failed to kick-in. I fought to close the position, but to no avail. The result? Over a thousand dollars down in seconds!
E mails to the offshore broker resulted in our being informed that,"the guaranteed stop loss does not include days like today (NFPR)!" To the best of our knowledge there is nothing in writing to this effect and our mentor - who has a 'hot line' to the owner of the brokerage - is doing what he can to resolve the problem and seek redress on our behalf.
While this is being addressed, a number of us would like to hear of a bona fide, accountable, honest and legitimate broker who will honour our guaranteed stop losses at any time when the market is in session. We understand that Gain Capital is worth consideration.
I will keep members - particularly those new to Forex - apprised on how this matter evolves, as it is important.
Can any of our Forex colleagues advise on a reliable and dependable broker please?
I, and others, have commenced trading forex for real, under the tutelage of an ex-city forex trader, who introduced us to an offshore broker who offers 'guaranteed' stop losses...eh, apparently. That is, until major payroll figures appear and the market takes off like a rocket.
Today, trading Euro/dollar, like so many thousands of others, I, and a couple of others in the trading room, took a short position with a minimum 1 lot at about 1.20 GMT and set my 'guaranteed' stop loss twenty pips away: maximum risk - theoretically $240 including initial spread of 4 pips. Within seconds, I was blown apart and my 'guaranteed' stop loss failed to kick-in. I fought to close the position, but to no avail. The result? Over a thousand dollars down in seconds!
E mails to the offshore broker resulted in our being informed that,"the guaranteed stop loss does not include days like today (NFPR)!" To the best of our knowledge there is nothing in writing to this effect and our mentor - who has a 'hot line' to the owner of the brokerage - is doing what he can to resolve the problem and seek redress on our behalf.
While this is being addressed, a number of us would like to hear of a bona fide, accountable, honest and legitimate broker who will honour our guaranteed stop losses at any time when the market is in session. We understand that Gain Capital is worth consideration.
I will keep members - particularly those new to Forex - apprised on how this matter evolves, as it is important.
