I was trading the GBP/CHF on my demo account, and I lost 2000 pips due to slippage! The price quickly spiked from 1.65 to 1.85 in an apparent move to catch stops. and although I had a stop in at 1.7 or so, I didnt get filled till 1.85 I only use real money on the major pairs because I had this problem when I started out on my demo account. Is this normal? Or do I need to switch brokers? I currently use PFGBest.com to trade forex. I dont think I can ever venture to these minor pairs if there is risk of a 2000 pip loss. Its almost better if I dont have stop losses for these BS price moves.....
I called them and they said unless there was some type of error in not filling the stop, then they wouldnt bust the stop. They said it was a case by case basis, but my inference from the conversation is that if the price spike was legitimate and simply occured during a period of low liquidity, then it would actually be a 2000 pip loss.
When was this? I see no such spike on my charts. I see a most rcent high of 1.6946 on 1/9/2009 - I do not see anything close to 1.85. I have forex.com data running in Ninjatrader. Are you sure it was 2000 ticks, and not 200 ticks? Was it the move from 1.65's to 1.68's?
I use FX Accucharts, and according to these charts it happened at 915 am EST this morning. And according to my chart it definitely moved to 1.85. And my demo account sustained a $4000 loss (2000 pips x $2/pip). I called PFGBest about it, and they confirmed the price action on charts they are looking at. On the other hand, checking forexrealm.com, I don't see the price move on their charts. Nor do I see it on charts from dailyfx.com Actually, according to FX Accucharts, there were a ton of weird price moves that occurred at that time. EURCAD jumped all the way down to 1.52 and then snapped back up. What the hell? I dont see any of these price moves confirmed on charts from other services, but clearly PFGBest is operating off of this data. Thats weird---maybe I shouldnt use PFGBest then....
I wouldn't use any dealer who specialized in their own private Black Swan events. Then again, I trade currency futures, and I wouldn't trade with any forex dealer, period. But I am curious about this event with PFGBest.
Seems like there were 100-300 pip spikes across many pairs according to FX Accucharts. All around the same time. The two biggest I see though.. 1000 pip spike down on EUR CAD to 1.52 2000 pip spike up on GBP CHF to 1.85 But that PFGBest operates on this data while this price action isnt confirmed on other charts.....is weird.
I haven't found anyone using any other dealer to have experienced these spikes. Is PFGBest still saying that they were actual trades?
I just checked 3 different dealers, and that move never occured dude! There is rarely even a 200 PIP move in that pair on a 60minute bar, what are you smoking? Yet another USELESS thread!
Dude....the thread was helpful to me because the move DID OCCUR for forex traders who use PFGBest. I agree that the price action is not confirmed, but its still there as plain as day on my charts. However, knowledge that it did not occur with other dealers is helpful--I wouldnt have known if I hadnt asked. Why even respond if the thread is useless....