Demo Live – New readjust stops addition to proorder

• 11/02/2020 at 8:50 AM #149251
  Kovit

  Hi guys,

  I noticed this today for the first time on Demo Live which is worrying.

  “Readjust stops when minimum stop distance changes”

  Considering I had a trade on the s&p500 rejected the other day on Demo Live as it was looking for a 3261 point stop loss how would this change affect my live account. Am I wrong in assuming that IG can happily move my stop losses backwards and forwards as they wish ?

  Thanks in advance.

  

  Kovit

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  11/02/2020 at 10:12 AM #149263
  Nicolas

  This is a new rule set by IG to avoid automatic readjustment of your stoploss if the minimal distance is not respected. So now you have the choice to allow IG to automatically adjust the stoploss for you or not.

  Please not that if you don’t allow it (unchecked box), your trading strategy will stopped after 10 rejection of your stoploss order not being in compliance with the minimal distance allowed.

  

  Nicolas

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  11/02/2020 at 10:55 AM #149276
  Dow Jones

  Readjust SL feature (I call it limitation) is existing before and it has caused problem and risk for me when using guaranteed stop. During volatile market, guatanteed stop loss can go to 5% of the market, e.g. 27k for DJI, so 1.3k points of SL. I’m glad IG take customer input and added this rule as a choice. Thanks for notifying us about this.

  

  Dow Jones

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  11/03/2020 at 9:51 AM #149355
  Kovit

  Hi Nicholas and DowJones thanks for getting back to me. Nicholas sorry for being a bit thick can you confirm whether the following a or b or both apply?

  a) When placing an automated trade or manual trade IG or proorder can adjust the guaranteed stop loss size to meet the market conditions at that point in time?

  b) Even when a trade has been place either automatically or manually and a guaranteed stop loss has been fixed it can then be adjusted by IG or proorder ?

  

  Kovit

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  11/03/2020 at 2:52 PM #149385
  Nicolas

  ProOrder don’t readjust the stop if you have not coded it. But your orders present in your broker’s orders book could be moved by your broker. I suggest you ask your broker that question, I’m sure there is a documentation / notice on how a guaranteed stop is working on their website.

  

  Nicolas

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  11/03/2020 at 3:29 PM #149391
  Kovit

  Thanks Nicholas, I’m just going off the information box that comes up that says Proorder will modify the new level accordingly then monitor to try and bring it back closer to your code. Ive added in a screenshot of the information box that pops up for your attention. Maybe the wording of it needs changing if it’s not accurate as I can see it putting alot of people off.

  

  Kovit

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  11/03/2020 at 4:44 PM #149394
  Nicolas

  Stop order last only 1 candle. So what this message is saying is that ProOrder will use the minimal stop distance of the broker before re-opening the stop order, no matter the size the broker is asking.

  

  Nicolas

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