Stop-loss spike??

[JSB1]

Hi Guys. I was short the FTSE this am and was stopped out by GFT at a price of 5048.2 at 7.02am. They have an out of hours spread of 6 points, so they are telling me their high of the morning was 5042.2. At 7.02 all of the other spreadbetting firms prices remained at about 5036. Hence I think GFT spiked their price to stop me out. Any thoughts/advice. Thanks

 

[N Rothschild]

get over it

 

[JSB1]

bet you work for gft

 

[Technically Fundamental]

We all do. ALL OF T2W!!!! Mwah ha ha ha haaaaa! We've been planning to tkae your 38 ticks for yeeeeaaars and now we have them. WE HAVE THEM.

 

[megamuel]

Get on the phone to them and see what they have to say. If you are not happy with their solution then tell them you will be contacting FSA and financial ombudsman for advice. The sooner you contact them the better.

 

[arabianights]

I think the best solution is to bitch about it on an interenet forum

 

[Mr10%]

I too got stopped this morning on GFT, I called them up and they reimbursed me and are sending a complimentary basket of goodies.

Hope it goes well.

 

[gooseman]

this might be ministry of the bleeding obvious to me but the futures weren't open.if you trade overnight then you open yourself to whatever pricing algorithm they use scaled to other indices therefore 100% arbitrary? i'd stop you out of trading for being a willy.

 

[Technically Fundamental]

then you open yourself to whatever pricing algorithm they use scaled to other indices therefore 100% arbitrary?

IG said something similar to me when I the ftse was like 200 on my charts.

 

[PualoP]

You're probably better off analyzing/questioning the trade rather than GFT.

 

[anley]

Crap happens like that to every trader, whether new or old. As some of the guys here say -

a) get over it (not nice I know, but it's a fact of life)
b) realise it's going to happen again and again if you use stops out of hours
c) the spread bet firms are financial firms, and ALL financial firms can't be trusted, doesn't matter if their market cap is £1million of £50 billion, they're all snakes at heart, believe me on this point
d) if you do complain, be VERY civil about it, don't get angry or threaten them with the FSA etc as chances are you won't get anything out of them, nice pays dividends in my experiance
e) what happened, happens because you're trading on a price made up on the back of something else, ie someone can always hold a gun at your head, so if you're any good at this game, trade the FTSE future, if you have enough cash that is - these types of games don't happen when the whole market controls the bid/offer

And finally, I know I;ve said it before but it's worth repeating - welcome to the ****ty world of spread betting

 

[Black Swan]

Hi Guys. I was short the FTSE this am and was stopped out by GFT at a price of 5048.2 at 7.02am. They have an out of hours spread of 6 points, so they are telling me their high of the morning was 5042.2. At 7.02 all of the other spreadbetting firms prices remained at about 5036. Hence I think GFT spiked their price to stop me out. Any thoughts/advice. Thanks

Yep that'll be it, they fookin hate you and only you. You see those markets? They hate you too, in fact they're out to get you constantly, any way they can. Give up, you'll never win, you'll never make it. Hope that helps.

 

[megamuel]

Or it could have been a misquote which often happens with spreadbetting companies. Thats why you should phone and check. Trading capital is pretty precious. Once you have resolved this issue, maybe you should look at some other brokers instead of spreadbetting companies.

 

[arabianights]

these types of games don't happen when the whole market controls the bid/offer

whole market knows to pull close bids/offers and high/low tick when there's a possibility of juicy stops...