Hi everyone.
Been running EA's on demo for a few weeks and started live this week. Didn't have any problem with Forex Morning Trade (as opposed to Turbo Morning Trade), because it trades the GBPUSD not the EURUSD.
After reading the whole of the last 100 or so pages of this thread, my ultimate decision to carry on with these guys is hingeing on this issue of them requiring a phone call to rescue a trade when their feed goes down.
To me the real issue is that SLM are making their customers suffer the consequences for SLM's data feed failure.
I think it could be resolved if SLM introduced a simple set of options for customers to choose from in advance, regarding the automatic action SLM should take when their feed goes down.
Something like:
Option (A) - Do nothing. Just honour the TP or SL on the system (i.e. what they do now).
SLM - I would like to have a reply to this post, unlike the silence from the last one! Or are you under TOO MUCH PRESSURE!
Option (B) - For trades that were in profit before the failure, but moved to a loss before the feed came back, honour the entry price for trade exit level. For trades that were in a loss before the failure, and SL has not been hit during the failure, leave them alone; if SL was hit close at the SL level.
Perhaps more or different options would be better, but we need to keep this simple.
Yes I like your thinking.
But unfortunately SLM seem to take the view that it's the fault of the EA when their platform goes down. They 'cannot accept responsibility for some third party plug in software'.
That means when the EA can't change the trade because
their platform is down, it's
not their fault. In fact, you can't even change the trade yourself using the online trading platform. You have to phone them.
For a company whose USP is that they are the only spread betting company who support MT4 as an online trading platform,
that seems like a bullet in the foot.
One of the main features of MT4 is that you can run EAs, which means you don't have to watch the screen all the time.
Then when things go wrong (probably a geuine technical malfunction - but not OUR faut), they blame '3rd party software(EAs)', instead of admitting that their platform caused false signals to be sent to our software!
SLM seem to be saying that you have to watch your trade all the time, because if their platform ceases to function, you have to get back on the phone and correct it youself. This seems to defeat the point of running an EA a lot of the time.
I don't know ? - first they change from fixed spreads to variable - so you are at their mercy at times of high volatility. Now they blame EA's for their platform failing.
A cynical person might think they are having financial problems???
Perhaps next time their overdraft is near the limit, or the directors fancy a bonus, they can freeze the platforms for a while and make a few extra bucks.
Would anyone like to post here who made a PROFIT from this mistake ????
Myself I will accept it this time, as it's not much different from a normal day's loss. They did accept broker stop loss values. I would hope if it went in my favour I would similarly profit.
But if it happens again, I will have to consider closing the account. This level of loss is probably greater than the tax liability.
I hve in the past recommended SLm - I will now have to qualify that.
