Hi everyone, not sure which forum to put this exactly so apologies in advance if i'm in the wrong place. I am a retail FX player currently using Citi's CITIFX Pro platform to trade. Like 94% of other traders I had long Usdjpy positions anticipating limited downside on the pair and hoping for an intervention. However, to my dismay, I discovered that CITI triggered my Usdjpy s/l at around 2:30 PM at 75.34, where my S/L was placed at 75.4 if offered. I have no problems being triggered on my s/l if the market movements were rapid and reasonable spread could not be maintained when they executed my S/L. My problem was that on Citi's platform, USDJPY dipped to 75.293 (this would be an all time record low post WWII for USDJPY) where as no other system I can think of on the market had a low of USDJPY lower than 75.5. Bloomberg posted a low of 75.63, reuters 75.55, even EBS posted 75.53... I wrote an email addressing this concern at 9:27PM EST, and just for icing on the cake, BOJ intervened at 9:30.... Being irritated was the least exaggeration on how I felt. Until this moment I still have not received a response from my broker, after I called I was getting the work around that my representative was in a meeting. I am just wondering what do you guys think would be the best course of action for me to take at the moment. I am extremely disappointed but at the same time being very worried about Citi's platform not tracking the FX market as it should. How can one broker displaying their own prices that is completely dislodged from the real market movement? Any advice would be appreciated... and just for your info the position was not large at all as I was building them up by picking the lows. Thanks for reading...
Hi, since FX is an OTC market, this can happen on all the different brokers. They have written that for sure in their contract rules, if you read them, that their prices can be different sometimes. They do this of course to hunt down your stopp loss. Even if they are citi bank, they are still in the retail business and there they have to trade against the customer. Thats nothing special. Thats how the business goes. You should call them, and see what their answer is. If you dont like their service, then stop doing business with them. just because they are a big bank, does not mean they offer better service than others..... Otherwhise, to avoid get stopped out, because the price is sometimes 10 or 20pips different, you should trade the bigger timeframes and use bigger stops, to avoid such things. If you have your stop on the right place, even a bad quote of 20pips can not harm you......