New Trader, screwed by market order, need help

Hi Everyone,

I've been lurking in these forums for a long time, soaking up everyone's comments and knowledge, and I love this forum. Even as a new trader, I have always known never to use a market order, as I heard the broker, specialist, etc can manipulate the price and give you a horrible fill.

Nonetheless, while I was merrily scalping dollar/yen, and I saw a good opportunity and the price was moving very fast, so I used it. (my limit order was not filling even after 30 sec) Well, I was trading about 1mil units, and the price I got was something like 106.95 when the pair was 105.88. I was immediately down 10k, wiping away a 6k profit.

My question, do I have any recourse at all with my broker? If not, what can I do? I use interactive brokers. Thanks for the help, really appreciate it.

 

I would highly doubt they give you anything.

Its just a few pips anyway.

 

I'd suggets to read the IB terms and conditions or your contract with the IB.
Good luck.

 

From this vast amount of highly detailed and technical information with which you have thoughtfully provided us, it is clear that the broker is at fault and should immediately provide you with reimbursement for your loss and perhaps a nice cup of tea and a slice of cake to make up for your inconvenience.

 

Thank you for the comments.

Has anyone ever placed a market order and received such a high price? 100+ pips on a liquid pair does not seem normal at all, and there were plenty of trades going through at that time.

 

It is extremely excessive. But I can say I've seen worse.

 

Can you post a screenshot of your average price? I am looking at the last 12 hour worth of 1 minute bars and USDJPY on IB's idealpro never went over 106.35. I don't see how you could have been filled at 106.95.

 

I have no idea what happened either, at the time of the trade, the price was around 105.8ish?

The trade occurred at SEP 23 23:28:03

BOT 95 USD USD.JPY Cash 106.50 JPY IDEAL SEP 23 23:28:03 0.00

BOT 9905 USD USD.JPY Cash 106.98 JPY IDEAL SEP 23 23:28:03 2.50

I've attached a log as well.

 

IDEAL has very low volume, so it's logical that you were filled at such a price. Next time, chose IDEAL PRO, not IDEAL for orders over 25000

 

correct. Ideal is there for changing currencies like if you are going to your bank and change some dollars to yes...for trading use idealpro or if the curr. is not traded there, go to another ECN broker