CFD provider closing market when in profitable position

[stockmonster]

Today i had a relatively large position with IG (australia 200 index cfd). At the close of trade (4.00pm - 4.10pm), the market ran up about 20 points, giving me a max $2000 profit. I tried to sell the contracts but the my account froze, identified by a red arrow. When i ran my mouse over the position it told me the market was closed for action. By the time the market re-opened, (4 mins later) i was down $550. My question is, does anybody trade IG and was their australia 200 accounts closed between 4.02pm to about 4.06pm today the 19/3/14.

 

[MichaelD]

Today i had a relatively large position with IG (australia 200 index cfd). At the close of trade (4.00pm - 4.10pm), the market ran up about 20 points, giving me a max $2000 profit. I tried to sell the contracts but the my account froze, identified by a red arrow. When i ran my mouse over the position it told me the market was closed for action. By the time the market re-opened, (4 mins later) i was down $550. My question is, does anybody trade IG and was their australia 200 accounts closed between 4.02pm to about 4.06pm today the 19/3/14.

I trade this instrument and I can confirm the same thing happened to me. Pretty certain it has to do with the real futures rolling over at this time, although I haven't been at the screen before when it has happened.

Cost me 0.5 points of slippage.

 

[stockmonster]

I trade this instrument and I can confirm the same thing happened to me. Pretty certain it has to do with the real futures rolling over at this time, although I haven't been at the screen before when it has happened.

Cost me 0.5 points of slippage.

Thanks for your confirmation MichaelD, i was trading the aus 200 march 14 mini cfd, and the australia 200 mini cfd, both were closed (for 4-5mins) during the matching period. I have watched the closing period hundreds of times and never witnessed it closed in this period, though sometimes at around 4.30pm. The aus 200 march 14 mini cfd, went as high as 5375. I assumed IG were up to some dirty tricks, still not convinced they were'nt. Anyway, thanks for your reply.

 

[MichaelD]

I assumed IG were up to some dirty tricks, still not convinced they were'nt.

I tend to agree with you as I haven't seen this exact behaviour before. I've seen them close their market for a few minutes here and there overnight where the symbol changes to a telephone and you can't trade during this time, but I haven't seen the red X before apart from Saturdays during maintenance, and certainly not during the 4:00 -> 4:10 time period.

'tis the price we pay for playing with their bat and ball on their playing field.

 

[skc]

Today i had a relatively large position with IG (australia 200 index cfd). At the close of trade (4.00pm - 4.10pm), the market ran up about 20 points, giving me a max $2000 profit. I tried to sell the contracts but the my account froze, identified by a red arrow. When i ran my mouse over the position it told me the market was closed for action. By the time the market re-opened, (4 mins later) i was down $550. My question is, does anybody trade IG and was their australia 200 accounts closed between 4.02pm to about 4.06pm today the 19/3/14.

This is the actual SPI chart for the Mar contract. There was no 20 point run up during 4:00pm to 4:10pm (15:00 on the chart as I live in QLD). So your max profit may have been a display error only.



However I've never seen the market gets taken out of action on rollover.

 

[stockmonster]

This is the actual SPI chart for the Mar contract. There was no 20 point run up during 4:00pm to 4:10pm (15:00 on the chart as I live in QLD). So your max profit may have been a display error only.

View attachment 57300

However I've never seen the market gets taken out of action on rollover.

Well i will confirm tomorrow, but this is what i am sure i saw;

This was at 4.04pm, two different instruments, the after market highs(at this time) for aus 20 cash was 5366.6, and the aus 200 march 14 was 5375 (if you see the change of 13.5 points from the close at 4pm), and as the red cross denotes both markets were closed. So both markets rolling over at this time is something i have never seen. At 4.29pm, both instruments had the same highs. At 4.30pm when markets normally roll over, aus 200 cash was still 5366.6, and the aus 200 march 14 was 5362.9.

I will look closely at the close tomorrow to see if this is repeated