Sounds like an internal word for letting you credit flow beyond your credit limit. However, this is just a speculation and nothing I have experienced myself.
montmorencyt2w
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I assume that "wave" should read "waive" (as in "waiver")? (i.e. to refrain from insisting on a right, or in this case, not enforce a limit).
(linguistically it is interesting: from an Old French word meaning to allow to become a "waif"; to abandon).
N
Nan
After about 60 days or so IG writes of unpaid debts. Its written in the prospectus. Any recovery, therefore, is just a bonus for the credit department.
Jack Hughes
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Je ne vous crois pas. C'est une blague!
"I have to agree with tar, it looks like you had credit much above the 5k you have mentioned. I guess, this is the reason you were able to open both these long positions. £200 per point, a lot of money if the market decides to go heavily against you. I guess you had the first long position for quite a while, and decided to bet another £100 in order to try to recover some of the losses from the first position. This have happened to the best of us, and when denial kicks in one can do awful stupid trades. The future market probably continued to go down heavily after the close of the LSE, and thus the worst case scenario from your perspective became a reality. You probably had a credit around 20k, and with a stake of £200 pp, 92k is not miles away when panic sets in and everybody starts selling. Still, they should have closed you position earlier, but I cannot imagine it should have been close to the 5k you are talking about, as you were able to open the second long position of yet another £100." - sorry gle101, your scenario wouldn't have been possible. if my first position was already losing money and i tried to put the second on to chase my losses, i wouldn't have had enough margin. i needed 16k for the margin - i had 5k credit and 12.5k waived deposit limit, so i could have had no more than 1.5k losses when i put the second bet on, when i in fact had a small running profit. the first bet was profitable when i put the second one on.
nan - "After about 60 days or so IG writes of unpaid debts. Its written in the prospectus. Any recovery, therefore, is just a bonus for the credit department" - can you point me to where you found this info?
nan - "After about 60 days or so IG writes of unpaid debts. Its written in the prospectus. Any recovery, therefore, is just a bonus for the credit department" - can you point me to where you found this info?
If you were in profit on your first trade, how many points did the index move (long on FTSE rolling daily?) against you at the time you decided to close the position? You said it happened during one day, must have been quite a move, £200 points x 450 points=£90.000, am I missing out on something here?
tar
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no u r not missing anything , he is totally unlucky it was the worst day on sep 2008 check the daily chart for the ftse , the thing i dont understand how he made 200pp bet on the Ftse and didnt check until the next morning ! even rich punters monitor their bets ...
So what you are saying, you have checked that the move of approx. 450 points draw down on the FTSE is correct that day? And was there a considerable gap during that day, or after the LSE open hours, that could explain why he didn't receive a margin call. If so, extremely unfortunate I must say. IG can easily see if he was logged in during the movement of the index that day. He probably didn't understand the significant of a £200 bet on the FTSE. He was able to open the bets, he probably had enough credit for that, but why didn't IG close the bet earlier?
tar
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I dont know the exact date maybe he can help us provide more details , infact i asked him to attach a screen shot of his statement but he refused 2 do so , IG didnt close him he closed the bet by himself
Attachments
If mr_put refuses to give the exact date, this discussion is totally useless. To way the index moved that day is vital to when he should have received a margin call, if there was a considerable gap I can understand why he didn't receive a margin call. It is easy to follow at what point his credit limit were overdrawn, and how the index behaved resulting him not receiving a margin call.
tar
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IG gives automated margin calls by email , then they close the bet really quick i am talking from my own experience , also i have to mention b4 2 years when i opened an account with IG and b4 i deposit real funds i was trying the platform and i made a binarybet with IG and my balance went to negative 60 $ or something ( i took the second binarybet b4 the first bet was settled which led my account to negative territory ) , IG sent emails and posts to Jordan asking for the money , then i paid them . 60 $ only not 92 k , the funny thing they said we will take legal action ! , ofcourse i will pay even if they didnt warn me , i want to use the account anyway .
montmorencyt2w
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I realise that vous prenez le pis, mais c'est dans le OED (pour ce qu'il merite).
@GLE: not an IG-internal word, but mostly used in a legalistic context these days.
There is an old joke that Britannia no longer rules the waves but waives the rules.
Meanwhile, back to the thread...
Jack Hughes
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<< this discussion is totally useless. >>
It probably has been for some time, gle. If mr_put closed the bet himself, that's another nail in his coffin, as it will be difficult for him to plead ignorance about what was going on.
It probably has been for some time, gle. If mr_put closed the bet himself, that's another nail in his coffin, as it will be difficult for him to plead ignorance about what was going on.
Jack Hughes
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Ok, ha ha.
Yes I agree, I never close a position manually when a stop have failed to execute. However to his defense, the staggering amount might caused him to act in panic, wouldn't you close such a position?
from memory i think this happened on 28th or 29th september 2008. the ftse dropped big time that day, but i closed the bets after the lse was closed, so IG's index dropped even further later.
i had both bets for £100 on in the morning, wasn't able to monitor my account during the day, checked when i had a chance that evening, thought WTF!!! and closed the positions myself. incriminating? maybe, but if IG hadn't closed the bets already, i couldn't take the risk of them leaving it on for a few more days!
i had both bets for £100 on in the morning, wasn't able to monitor my account during the day, checked when i had a chance that evening, thought WTF!!! and closed the positions myself. incriminating? maybe, but if IG hadn't closed the bets already, i couldn't take the risk of them leaving it on for a few more days!
Please give correct day, and the time you went into the position of £200. Give time when you closed the position. I think you did the right thing closing the position, just ignoring it would have been even worse, considering the huge sums of money at stake. Were you logged out from IG,s account during the day?
