Posted on Friday, May 6th, 2011
So it turns out we had a bit of bad day on Thursday which kind of causes my spot gold, BP. spread bets to fall.. What happened? well my spot gold stopped out, which meant enough of a ‘loss’ had been made in my IG account to margin ‘out’ my BP. position.
The most annoying thing? I called IG as soon as I received the margin call. By which time, all my positions had been closed. The total loss? around £60. Don’t get me wrong, I’m grateful that I at least received a margin call (even though it was too late), and that I didn’t incur a substancial loss, but considering I was more than happy to add margin immediately, and it was only the speed of their system that stopped me, I’m angry that I wasn’t able to hold my positions (as they would have recovered today).
Normally I’d praise IG index – but from this (and the experience with their customer service rep on the phone afterwards), I’d steer clear.
Its not even like this is an isolated incident – I’ve been stopped out on positions before when they received ‘faulty’ data in their feeds. Tread carefully
If your from IG Index – REOPEN MY POSITONS!