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audcad spread widening

rokie2318
Nov 21 2016 at 11:34
1 posts
As bizzare as at may seem. Lost 50k in last few hours due to the sharp move in the audcad. im 100% sure my broker screwed me and wiped out my account as i was getting profitable. I want to know if anyone else lost or made anything due to this sharp move. would appreciate replies from fellow traders...

stian
Nov 21 2016 at 17:16
325 posts
It has been volatile, but I can't see any extraordinary wide spread over at pepperstone.

tranle447 (tranle447)
Nov 21 2016 at 22:59
120 posts
rokie2318 posted:
As bizzare as at may seem. Lost 50k in last few hours due to the sharp move in the audcad. im 100% sure my broker screwed me and wiped out my account as i was getting profitable. I want to know if anyone else lost or made anything due to this sharp move. would appreciate replies from fellow traders...


The problem was that you overleveraged and your broker took that opportunity to screw you . Try leverage 1:5

Often , the best trade is no trade at all
Charles_F
Nov 22 2016 at 14:45
38 posts
tranle447 posted:
rokie2318 posted:
As bizzare as at may seem. Lost 50k in last few hours due to the sharp move in the audcad. im 100% sure my broker screwed me and wiped out my account as i was getting profitable. I want to know if anyone else lost or made anything due to this sharp move. would appreciate replies from fellow traders...


The problem was that you overleveraged and your broker took that opportunity to screw you . Try leverage 1:5


Well, you cannot simply change your leverage just like that whenever you like, at least with the major brokers...

Charles_F
Nov 22 2016 at 14:48
38 posts
rokie2318 posted:
As bizzare as at may seem. Lost 50k in last few hours due to the sharp move in the audcad.


It does not seem bizarre, it seems quite crazy to me! This reminds me about the flash crashes when even the stop loss could not save you, but as already said - there were no major volatility when looking at h1 charts. When did this happen to you? What was the size of your order and the leverage?

Dove_Services
Nov 23 2016 at 04:22
33 posts
I am assuming you posted the details of your situation over at FPA. Based on specific information, I would think what the broker did is highly contentious. Whether you have any practical recourse against your broker is another matter given the jurisdictional authority. The fact is your position was stopped out based on a spread of at least 220 pips. relative to where trades were taking place during that session and immediate sessions would suggest something that is highly irregular. Your case is an example of why choice of broker and jurisdictional oversight is important.

 

  

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NEEnah (NEEnah)
Nov 23 2016 at 09:32
71 posts
Another case of stop hunting done by a dealing desk I think. I completely agree with Dove_Services about the importance of selecting your broker.

stian
Nov 23 2016 at 09:51
325 posts
Dove_Services posted:
I am assuming you posted the details of your situation over at FPA. Based on specific information, I would think what the broker did is highly contentious. Whether you have any practical recourse against your broker is another matter given the jurisdictional authority. The fact is your position was stopped out based on a spread of at least 220 pips. relative to where trades were taking place during that session and immediate sessions would suggest something that is highly irregular. Your case is an example of why choice of broker and jurisdictional oversight is important.

 

  
Odd indeed, I tried looking over my tick data at 3 bigger australian brokers, and neither have this.

May I ask what broker this is?

Dove_Services
Nov 23 2016 at 10:37
33 posts
stian posted:
Dove_Services posted:
I am assuming you posted the details of your situation over at FPA. Based on specific information, I would think what the broker did is highly contentious. Whether you have any practical recourse against your broker is another matter given the jurisdictional authority. The fact is your position was stopped out based on a spread of at least 220 pips. relative to where trades were taking place during that session and immediate sessions would suggest something that is highly irregular. Your case is an example of why choice of broker and jurisdictional oversight is important.

 

  
Odd indeed, I tried looking over my tick data at 3 bigger australian brokers, and neither have this.

May I ask what broker this is?


I believe the broker is JOF licensed in Vanuatu. I think the problem with artificial spreads is that it does not necessarily have to be transacted and hence the client may be at the mercy of the broker. If the broker is unregulated or the regulatory regime is weak, there is no practical recourse. It always amaze me why do people go for brokers that are regulated by highly questionable jurisdictional authority.

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