Ok so after my original post was closed and lied out of. A new move from the Trading 212 team.
I bought oil late Fri night at its low and held a position over the weekend with a stop loss of $21.59 on both my buy positions so that if the market would open lower today then the positions would close in profit. Well guess what???
Trading 212 decided to CHANGE my stop loss to $20.59 a dollar lower and then close the positions.
Withdrew what I had left in my account. Will walk away from this scam company. Even your stop losses get changed that’s just so wrong.
I will be taking this to the FCA. I hope the trading 212 department feel proud of themselves for what they are doing to people. Total scam. I will fully revoke this post should I be paid out on both my trades at my correct stop loss price of $21.59.
The market opened 6% down at 20.59 after the weekend with a gap down, that’s why your position closed at that price. Stop loss of 21 doesn’t work if there is a gap down.
Well it should. That’s ridiculous. Total scam. Got done over on rollover last week. Lost 400 when price dropped to 19 when charts never did that, bought back never got paid out. Its a total con. I trade with 3 other platforms and never heard of the things this broker comes out with. Please don’t defend them or this scam market. Its totally ridiculous and daylight robbery period.
This is just ridiculous. Walking away now before you incur further losses could possibly be the only good decision you have made so far. You don’t know how rollovers work, you don’t know about gaps in the market, yet you claim to be with multiple platforms and magically have never encountered either.
Just in case you aren’t aware, but in the UK, Libel can be taken to court.
If you were looking to settle the matter you would have kept this between you and the staff and if you felt there was wrong doing you would have gone straight to the regulators to investigate. Instead you have come to the community forums with the intent to blackmail T212 into covering your losses.
@Dao I know topic is not about that, but can you or someone else explain what are those rollovers and gaps and how they affect orders at least in theory?
as for gaps, they are differences in pricing that occur while the market is closed, such as on weekends. when there is a jump in a shares pricing, it is referred to as having gapped. you will see this in the candlestick charts where something trades level for a period of time only to suddenly go up or down a level at the next market open. Pending orders normally require for a certain price to be reached in order to take profits/stop losses, these are supposed to trigger at the level you set, however when the market gaps past your triggers, the order will end up triggering at that much higher/lower level of the market rather than what you specified.
when you place Stop/Stop Loss Orders at $50 and the market gaps to $65, your order will trigger as the required price has been exceeded, but will be at the $65-level and not the $50-level you set incurring much greater losses than you were expecting.
Several of my colleagues and many members of this community have already selflessly wasted their precious time in futile attempts to explain to you basic trading concepts (in this topic, in several other topics, and via email).
Trading CFDs without this basic knowledge is quite risky. I suggest you switch to practice/paper trading until you get more familiar with the matter.
Your previous topic was not deleted. It was merged with this topic since they share the same context.
I understand it is hard to deal with losses. However, the way you’ve chosen to do it is immoral. The purpose of this community is to be a friendly, healthy, and productive environment for everyone who wants to learn more or discuss topics related to trading and investing. This is not a place for ultimatums and harassment. We won’t tolerate that.
If you continue abusing the forum, you will be banned.
