Weird trade with IG Markets

[dardar]

Hi guys,

I just tried IGMarket, I wanted to sell one $20 contract on Nasdaq 100 as Apple could make it drop.

i place the trade outside of the market hours it was pretty flat, not much volatility, got one sell at 2292 with stop at 2322.

magically just after my trade (5:03) the stop is hit 2323 and get back to 2292. see the graph attached.

look like they have stolen my cash, insnt it

any opinion

thank you

very bad first experience with them

 

[Wysiwyg]

Re: Trust IGMarket ?? weird trade

Mate if you can get a chart or course of sales contradictory to this then take the thievin' pricksters for everything you can. How can there not be any orders between the quiet price and those spike highs?

It is unbelievable how they can get away with that #@$%.

 

[skc]

Re: Trust IGMarket ?? weird trade

Mate if you can get a chart or course of sales contradictory to this then take the thievin' pricksters for everything you can. How can there not be any orders between the quiet price and those spike highs?

It is unbelievable how they can get away with that #@$%.

With CFDs you are buying the ask and selling the bid. There doesn't need to be an actual trade in the course of sales for the stop to be tagged. It just need the spread to widen...

Granted that 30pts on Nasdaq is a pretty big spread and it doesn't smell right.

Is the real US futures market actually open? Or are they still on MLK holiday?

 

[dardar]

Re: Trust IGMarket ?? weird trade

With CFDs you are buying the ask and selling the bid. There doesn't need to be an actual trade in the course of sales for the stop to be tagged. It just need the spread to widen...

Granted that 30pts on Nasdaq is a pretty big spread and it doesn't smell right.

Is the real US futures market actually open? Or are they still on MLK holiday?

thanks,

I have hard time to understand why would a bid be suddenly 30pts (which is a lot) above the last price/ trend, not 1 or 2pts increment and then just after the spike, back to the normal.

dont get it, sound very very fishy.

 

[Wysiwyg]

Re: Trust IGMarket ?? weird trade

With CFDs you are buying the ask and selling the bid. There doesn't need to be an actual trade in the course of sales for the stop to be tagged. It just need the spread to widen...

Granted that 30pts on Nasdaq is a pretty big spread and it doesn't smell right.

Is the real US futures market actually open? Or are they still on MLK holiday?

SKC, thanks for your experienced view. Are you suggesting there were no orders in the whole world between the normal price action and dardar's stop at 2323?

 

[skc]

Re: Trust IGMarket ?? weird trade

SKC, thanks for your experienced view. Are you suggesting there were no orders in the whole world between the normal price action and dardar's stop at 2323?

I am simply saying that looking at course of sale may be inconclusive. Anything can happen in this world if the Dow can flash crash 1000 points...

If the real market is actually not open (due to public holiday in US), then IG can make up any number they want. Afterall you are trading with a market-maker.

So if I was Dardar I would:

Step 1 - Find out if the real market is open (which you should really know already if you are trading it!).

If Step 1 = No. Then simply call IG and jump up and down about the ridiculous spread and stop hunting etc.

If Step 1 = Yes. Then...

Step 2 - Look for course of sale.

If Step 2 = Course of sale show huge spike. Then too bad because it actually happened.

If Step 2 = No trade at spiked level. Then...

Step 3 - Find data on buy/sell spread.

If Step 3 = The spread did widen significantly. Then too bad.

If Step 3 = No spread widening evident. Then...

Step 4 - Call IGM anyway and question the bad tick.

 

[sinner]

Re: Trust IGMarket ?? weird trade

High recorded on barchart shown


What's a reverse flash-crash? Flash-dash?

CFD broker in the US which doesn't show after hours for this market recorded 2310

 

[skc]

Re: Trust IGMarket ?? weird trade

High recorded on barchart shown
View attachment 40919

What's a reverse flash-crash? Flash-dash?

CFD broker in the US which doesn't show after hours for this market recorded 2310

Thanks Sinner.

Bad luck dardar. Someone robbed you but it wasn't IG Markets.

 

[MarkMetz]

Hi guys,

I just tried IGMarket, I wanted to sell one $20 contract on Nasdaq 100 as Apple could make it drop.

i place the trade outside of the market hours it was pretty flat, not much volatility, got one sell at 2292 with stop at 2322.

magically just after my trade (5:03) the stop is hit 2323 and get back to 2292. see the graph attached.

look like they have stolen my cash, insnt it

any opinion

thank you

very bad first experience with them

CFD platforms always just widen the spread that the official futures market is quoting. eg Aussie SPI is quoted a 2 point spread on the SFE, but IG quote a 5 point spread. At $25 per point that is an additional $75 per trade per contract. So much for commission free. (see attached showing SFE against IG).
IG has a high of 4774.9 but SFE has a high of 4771. If you had a stop at 4774.5 you will be traded even though the market has never traded there.

The SFE is closed for a couple of hours in the morning, so the CFD market has it to themselves. It can get "volatile" in that period without other markets moving and you will notice your stops getting hit sometimes. Remember CFDs are their own exchange and they can see everyone's orders.

Good luck.