0 Second Transaction
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Time has passed and IG is blaming PRT, PRT is blaming IG but clients still loose money on a issue that should not occur…
I ran into another one and this time I saw it happening. If I had to say who is to blame, I’d say PRT;
What I notice anyway is that limit orders (which is what this is about) tend to move along with the price change for a small second. This is not always visible and I suppose it depends on the movement of the price of the moment, but in this case I saw this happening :
The order is to be a Short and it is positioned as a Limit. The price rises/drops and the order is “taken” (I don’t say “filled” this time, deliberately, because I can’t tell). At the moment the order is taken (the position label is present now), the price moves up (rises) again, but the Limit order is still there (!!!) and it also moves up. It feels as another Limit order (but there is no second order ID that I can see so this should not be the case), and it thus has to be the same Limit Order which has gotten a second life and when the movement stops (thus within one second somewhere) that order is filled (too ?) but with an inverted action (this will be anomaly somehow).
Again, I saw this happening. Thus :
– Limit for Short is taken (label with position is there);
– Limit order is still there and moves up with the price, which price will have gone up, gone down (this takes the Short) and up again;
– Limit order thus moves up (looks like trailing) and within the second it’s “released” and that causes another order (position has now gone).
– Result : a small loss because of the price going in the wrong direction plus spread.NOTICE : The movement of the Limit order looks the very same as a Market order waiting to be filled. Thus, place Market order manually, and if it takes a while before it is filled, it moves with the price.
THEN : Because it is a soft order (Limit orders always need to be repeated each bar – of 1 minute in my case), PRT will deal with it as a Market order (I bet you).
Lastly : because the communication with IG may be too slow (I have seen this dozens of times going wrong with PRT-IB), PRT is waiting for confirmation while in reality the order has been filled already. PRT does not know this (yet) and thus moves the now Market order along with the price. After the feedback of IG, … something goes wrong.PS: I have dozens of open tickets with PRT-IB about very similar (if not the same) manual situations with PRT-IB. They result in double orders/positions, because you the user can’t see what is happening. This goes like :
– You place a Limit and this just disappears (but under the hood it is filled);
– You place a new Limit, and this may also disappear. Anyway after a while of waiting, you have two positions instead of the intended one position.
– Me, myself and I determined this definitely as a PRT problem because the communication with the broker is amiss (waiting for Broker-feedback is not dealt with properly).
I just called IG for the explanation of the “Positie sluiten” (Close position) text and at this moment we are as far that it is indeed the broker doing this.
Later today I will be called with the reason of it. That is, this is the intention of IG. I’ll keep you posted.1 user thanked author for this post.
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