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IG Markets dodgying it up

Discussion in 'Brokers' started by sinner, Jan 29, 2010.

  1. sinner

    sinner

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    Recently I have been entering shorts on upticks and longs on downticks - and taking quick profit 10 pips at a time.

    Ever since I started doing this (didn't used to matter to me too much as I was always entering on bar opens/closes) IG have been slipping my take profits and slowing my execution...

    Anyone else experience this?

    I use a different charting service than the one IG provides (their "data is indicative") and last night I managed to short the AUD on IG from a price that my charting provider didn't even quote on the Offer chart.

    I can only assume these practices have placed me in a "bad bucket" or something - the slippage is within their acceptable stated so I understand it's on me for using them - just wondering on others experiences. Certainly not used to this - stuck with IG through thick and thin because I like fixed spreads and guaranteed execution at the price I click.

    EDIT: I did move houses recently - but the internet here is Optus Fibre broadband - fastest in Australia as far as I know.
     
  2. skyQuake

    skyQuake

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    Hi, what do you mean by 'slip on take profits'? As in increased slippage? Do you get the Error: This price is no longer available.
     
  3. sinner

    sinner

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    I usually get that error when the spread narrows considerably (obviously their bank feed is showing liquidity) on pairs like GBPJPY especially in an area where I would like to take advantage of low spread.

    But no that isn't the error I'm talking about. For example, two weeks ago when entering and exiting trade I would hit the button my trade would execute immediately at the price shown when clicking the bid/offer button. Exiting was usually even faster. The last couple of days especially last night I noticed my entries and exits were taking significantly longer than I'm used to and on the way out the price was usually half a pip lower than I clicked at.

    Aware from talk on forexlive (reliable source there) interbank liquidity has literally just dried up and gone repeatedly for a few moments (leading to large price drops) over the last month or so on EURUSD. Maybe it's not IGs fault but just the market getting poor due to financial strains - but I never had this problem before.
     
  4. Wysiwyg

    Wysiwyg Everyone wants money

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    How is the execution on L2 Dealer OTC Forex? I found the dealing tickets time consuming to bring up compared to Pure Deal but did not notice any time lag on the L2. They were all instant.

    I was very skeptical of some events that occurred. Also the echo was definite. That is ... my biz is MY biz.
     
  5. So_Cynical

    So_Cynical The Contrarian Averager

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    I read an article a while ago on business like IG Markets ( not really sure what to call them) and as i thought they pretty much operate like bookies, according to this article they only monitor accounts that have proven to be costly to them...the other 85% of accounts they don't bother about.

    Its the 15% or so of accounts that cost them money that they concentrate on 'managing' by hedging and margins and pretty much anything they can do to discourage these people that are costing them money.

    When you think about it its pretty much the same thing a casino does to successfully, professional type punters.
     
  6. sinner

    sinner

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    Well...I have been costing them :p:

    They call them bucket shops.

    I noticed pretty much straight away after started entering my position by fading the opposite tick in my favour. Position moves out of spread almost immediately if my signal is good.

    I have a feeling they are "managing" me by slipping me down a tick to the last sucker instead of taking the loss themselves they just balance the contract back into the order book against a new sucker?

    Must really piss them off. But I am just working with the bids/offers they provide and watching the tick volume.
     
  7. Wysiwyg

    Wysiwyg Everyone wants money

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    Why not telephone them and have a whinge about how they are "dodgying it up". You may be very well owned.
    :sheep:
     
  8. >Apocalypto<

    >Apocalypto< 20.03.2012

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    Sinner,

    1. how many lots do you take per trade, 5 or more standard?

    2. if you do have an account over 10K and your trading size is 80K+ in base per trade, why not move to a true ecn??

    I really doubt IG would even notice you, or care if you trade few minis for a profit of 10 pips per trade.

    cheers
     
  9. sinner

    sinner

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    Just two lots usually - nothing too large.

    Only saying what I noticed - hope I am wrong - long time IG client.

    Why haven't I switched to ECN? Well until now never had any problems with execution to think about it - got an account with MBT but ping to their server seems to be double that to IG?

    I totally understand they are a bucket shop - not my gripe.
     
  10. >Apocalypto<

    >Apocalypto< 20.03.2012

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    I have one word for you, Interactive Brokers

    Best move I ever made.
     
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