Question about a trade... [FXDD Unfair Policy]

[MikeM]

I have a question, and I'm not sure where to post it, so I'll post it here... feel free to correct me if I'm wrong.

I had a trade that was held open this weekend. It was a buy order on EURUSD that was (as of close friday) in a loss position. Well, today the market opened well above my TP point on the trade, so the trade closed out. But it closed out at the TP point, not at the market open price. A 58 pip difference.

I inquired about it, the dealer said I set the TP price, so that's the price that it was closed at. Okay, so I inquired if it was a sell order under the same circumstances, would they have honored my SL price. No response.

My question is, is this common? Years ago when I first started with forex (for a brief time before other things took my time) I remember having several trades blow through my SL and close at market price. I would think that if the market price blew through my TP price, I'd get the market price too.

The broker is FXDD, if that makes any difference.

Thanks,
Mike

[scorpion]

Something is fishy here. There's no way FXDD could fill your TP during the weekends, since its trading desk is closed on weekends. Your position should have closed at the market open price on Monday. This is cheating, and you could submit a complaint to NFA. It's fair only if they could fill the SL the same way TP is. Let me know what they will respond.

Anyway, can you upload some screenshots?

[MikeM]

Originally Posted by scorpion

Something is fishy here. There's no way FXDD could fill your TP during the weekends, since its trading desk is closed on weekends. Your position should have closed at the market open price on Monday. This is cheating, and you could submit a complaint to NFA. It's fair only if they could fill the SL the same way TP is. Let me know what they will respond.

Anyway, can you upload some screenshots?

Yeah, fishy seems right. They didn't close it on the weekend, they closed it at market open (Sunday at 4p my time) at my TP price when the market opened 58 points higher than the TP.

I'll gather up some screenshots here and post em in a second...

[MikeM]

Here's an image of the chart/prices at the time. At the top, the order in question is highlighted. You can see the order was closed on Oct 13 at 00:00 at the TP price, though the TP price was jumped over...

[MikeM]

Eh, here's a link to the image, I think putting it in the last post hosed something up...

http://jadoti.com/wtf.jpg

[MikeM]

Still no response to the email, so I called. Their policy is that TP's are guaranteed, SL's are not. "This is the policy that all customers agreed to when they signed up."

I'm gonna start looking through what I have to find that policy, and I guess another broker...

[scorpion]

If that's true, it is the most evil policy, ever! If I were you I would submit a complaint to NFA and switch to another broker after having checked it has a fair policy.

Anyway, I'm moving this thread to Broker Due Diligence forum.

[AUPaver]

If you would have had a sell limit order pending at the same place where your take profit was. It too would have been filled at that price rather than being filled at market open or whatever.

I've learned that the hard way.

Yet if you would have had a buy stop placed at the price where you had your take profit, they would have happily opened it at the peak open price.

I've learned that the hard way too.

I absolutely refuse to use a pending order for anything with fxdd at this point, or any of the rest of them.

They do have slippage but only the kind that's not in the trader's favor.