I was fortunate enough not to be in any trades during the flash crash, however I heard horrible stories from a Danish fb site that people lost 50-95% of their equity in that minute on http://www.myfxbook.com (mores specific sector 1 -algotrade). I can’t find a good explanation to why this occurred. any ideas or links?

This would be a solution if it works with proorder?

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Guaranteed stops

One way to ensure your stop is executed exactly where you specified is by placing a guaranteed stop. Guaranteed stops work in the same way as basic stops, except that they will always be filled at exactly the level you set: even if gapping or slippage occurs.

If your guaranteed stop is triggered, though, it will incur a fee on the trade.

I had 2 positions closed out with slippage of 311 points each trade. I spoke to IG that night in Australia as London was closed and nobody had a clue what to do or what had happened. I sent IG an email the following day:

Dear Sir/Madam,

Last night I had 2 trades in GBP/USD closed for a loss of 411 points despite the fact I had a stop loss of 100 on each trade. Both trades were opened at 20:27.

A short while back, I was slipped 13 points in a trade and called a broker to discuss what happened. I was informed that the tick by tick price had dropped by 13 points in one hit, so I had this as slippage.

I have looked at the tick by tick chart and can’t see where the drop of 411 points in 1 tick happened, and therefore why I have been stopped out with so much slippage.

Could you illustrate where this happened and why you have charged me 311 points of slippage over my 100 stop loss.

Regards,

Robin.

This is the reply from IG:

Dear Robin,

Thanks for your email and please accept our apologise for the late response.
On Friday 07/10/2016 at 00:07, sterling witnessed a steep plunge falling approximately 10% within a few seconds (approx. 20 seconds).

Your position at the moment the market started dropping went straight away onto our stop monitor to get you the fill to close your position.
As you can see, the market was extremely volatile making it difficult for us to find a fill price for all the orders.

IG had then work all the stops affected by this drop to try to get a fill in the market. By the time we got this fill of 1.22, we had then to manually book the price onto your account, which by them the market already moved. 11800 is the IG low displayed on our platform, but all clients with a cable stop above 12200, and all clients COM’ed out have been closed at 12200 which, as you can see from the chart, is a competitive rate.

Unfortunately due to the legitimated market condition IG wasn’t able to close your stop at the level initially set on the position, and as a result position suffered a further loss on your balances.

A possible solution to this problem is to use guaranteed stops when entering into a trade to open your position, they are never subject to slippage.

If you have any further queries, please do not hesitate to contact us. Alternatively, please visit the IG Community where you can share ideas, knowledge and experience with other like-minded traders.

Regards,
MariaFernanda
Trading Services

IG

Thankfully I spread my capital over multiple systems and products keeping the risk low on each system. We don’t have the option of guaranteed stops for automated trading, and hence with this current volatility the only option is to place the trades manually with guaranteed stops when my automated forex systems trigger (or just not trade GBP until it settles into a level).

I hope everyone survived ok 🙂

Robin.

I sent the mail to the compliance email address as I’d already spoken to the helpdesk overnight, but this reply came back from the helpdesk and not the compliance department. I’m still in correspondence with them and will let you know if anything good comes out of it. I had read the info about the swissy payout, so I won’t give up easily 😉

Good luck too!!

Robin.

Hello all,

Was there any further news on this? Or did you all have to swallow a big loss on this trade?

Thanks

Geoff