Thread: Any brokers guaranteeing stop loss protection?

My broker (FXCM) only dealt me a 135 pips loss per lot past my stop loss that was set to break even last night. They refuse to retract the cost of the loss stating that they can not guarantee my manually stop loss that is put, nor trailing stop that's used to lock in profit.

I can know slippage of 30-50 pips, but 135 pips slippage? It appears to me a broker has control on what price they could close out me instead of my stop. Where's the security for a trader?

They Appear to have shifted from past practices. A couple of years back I'd stop loss problem and they generally admired my stop but maybe not now. Why?

Does anyone have any similar experience with this broker? I am one of the traders who have and cannot watch the market 7/24. I cannot live with this kind of uncertainty from a broker.

Does anyone know of good brokers who can assure stop loss order, as I want to close out my account with FXCM to go with one who can give me a sense of control and reassurance when I put my stop and leave my PC.

Due

135 pip slippage on a stop loss . . eek.

Hmm, what was the currency pair and time? Did this sudden market move occur in different brokers?

Did anyone see a 135 pip slippage past their shoot profit last night?? Somehow I doubt it.

I exchanged GBPUSD, long at roughly 1.6310. Put the stop to break even when 40 pips in profit because traders could do, and went to sleep. This morning, FXCM billed me the reduction at 135 pips a lot (5 lots) under my cease and also refused to retract it. Just so fruing and disappointing. Feel a feeling of overall loss of security on my trading later on with this broker.

So does anybody know of good brokers who will reliably guarantee your stop loss? I am seeking a new broker. I would like peace of mind in knowing that my winning commerce does not wind up cleaning out my account even with a stop loss once I am not watching my commerce. This ought to be an issue for those part-time traders who have to sleep a daytime job and have.

Thanks.

What time did they close the trade, so we can look it up on charts to make certain it was a legitimate market move rather than an FXCM bug.

Nobody will guarantee a stop loss, except perhaps for a limited amount of money. That is just fundamentally not possible.

Maybe brokers should make 'stop loss' insurance. That might be interesting.

Allow me to guess, it had been in 5am PST 8 AM EST through the move there.

What caused that anyways? FOMC Dudley? Weird.

It was this I wager:

Thu Jun 04 2009 05:00:00 GMT-0700 (Pacific Daylight Time)
FX NOW! GBP Flows - Rumour which Gordon Brown has resigned, but no verifiion.

https://fx1.oanda.com/mod_perl/news/...e.pl?id=931016

It is the down spike this morning. But 135 pips slippage is unheard of. Nobody got LOL, assasinated.

I think this absence of stop loss protection is wholly against the significance and practice of a stop loss. They may take such attribute rather misleading traders to believe they're safe with their trades. We are in the hands of their broker's computer or their trading procedures in the interbank and have to take whatever price they believe we ought to be shut.

For me, not to guarantee prevent loss and yet using the word 'stop loss' is really a case of false advertisement. Do not you believe so?

Still in need of some recommendation of good brokers who honor the stops.

Originally Posted by ;

My broker (FXCM) just dealt me a 135 pips loss per lot beyond my stop loss which was set to break even last night. They refuse to retract the charge of the loss saying they cannot guarantee my put stop loss, while monitoring stop which is used to lock in profit.

I can know slippage of 30-50 pips, but 135 pips slippage? It appears to me a broker has total control about what price they can close out me . Where is the security for a trader?

They Appear to have shifted from previous practices. A couple of years back I'd stop loss...

God, 135 pips of slippage is criminal. I can not say I've had a similar experience... I never traded with FXCM.

A fast google search will give you a very long list of brokers offering no slippage. I traded about 5-6 lots with fxclub from the previous 7 months and have not gotten any slippage and all my orders struck.

You have many options to pick from, however. Good luck and sorry to hear your situation.

Originally Posted by ;

God, 135 pips of slippage is criminal. I can't say I've had a similar experience... I never exchanged with FXCM.

A quick google search will give you a long list of brokers that offer no slippage. I exchanged around 5-6 lots with fxclub from the past 7 months and haven't gotten some slippage and all of my orders hit.

You have lots of alternatives to pick from, however. Good luck and sorry to hear your situation.

I call bullsh*t.

Hi FXbillie,

If you email me your full name and email you employ here with FXCM I can help investigate your issue and perhaps clarify what occurred here.

Jaclyn Revenue
FXCM

Originally Posted by ;

My broker (FXCM) just dealt me a 135 pips loss per lot beyond my stop loss that was set to break even last night. They refuse to retract the cost of the loss saying that they can't guarantee my prevent loss that is set, nor tracking stop that is used to lock in profit.

I can know slippage of 30-50 pips, but 135 pips slippage? It seems to me a broker has complete control on what price they can close out me . Where is the security for a trader?

They Appear to have changed from past practices. A couple of years back I had stop reduction...

Originally Posted by ;

For mepersonally, to not guarantee stop loss and yet employing the term 'stop loss' is a case of false advertising. Do not you believe?

You're right in a sense because the wording on FXCM's website is slightly misleading A stop-loss specifies the maximum loss which a trader is prepared to accept on a particular position. . A new or inexperienced trader could take that literally, there's no reason for them not to, maybe there has to be a footnote and risk so that it's absolutely clear.

If you go to read the page about 'http://www.forexmicrolot.com/execution-risks.jsp you'll see they explain why it may not always be possible to fulfill your stop at the requested price, it is worth reading for future reference.

This is not unique to FXCM however, with the exception of spreadbet firms I feel all brokers warn of possible slippage when executing orders, it is not actually their fault if price gaps due to extreme volatility such as we saw that morning bucketshops who offer 'ensured' stops for a premium likely have an exception clause buried in the smallprint.

Do not take it personally, it is just one of those events which occurs in the market. Look on the bright side, you could have had 135 pips slippage on a take profit order