Something funny had happned here at my system. I took a position and it closed on its own on next 3 minutes. I don't use stop loss, so there was no possibility of sl triggered. It closed at 1 pips loss.
On top of that, I never recieved any email notification of closing this position.
I took another position on same pair, same direction. Guess what, SAME RESULT.
Position closed on its own yet again, this time at 2 pips loss.
Could somebody have hacked into my account after my last message where I mentioned that I produce only the winner trades? If you see my record, there is just no losing trade and given a choice, I would love to open the same position on same pair as I am sure it's going to return me 100 Pip profit.But the positions are closed and I am rather scared taking newer positions before I find the reasons behind it.
Does it happen often, to every system? Is it a technical error or a hacker's work?
I have written to Matthews about this and I am sure he is gonna act. But I want some old users here to tip me on this and other similar problems that might arise in future.
with thanks
prashant
www.pcindia.collective2.com
[LINKSYSTEM_26342409]
Over the years (I’ve been here for 4 years), there have been others that have claimed that “hackers” sabotaged their account. Each time it was found not to be true.
Matthew will be able to tell you what happened, but USUALLY when these unintended fills occur it is a margin issue, or an order issue (a limit order instead of a stop was entered), or something else that the vendor himself did.
You overtraded your simulated C2 account and therefore had a margin call. An email was sent to you warning you it was about to happen.
The issue is that you are placing multiple limit orders for the same symbol, and they are "crossing."
You can’t be long and short at the same time for the same contract. So what is happening is that you go SHORT EURGBP, and you place a take-profit limit order to BUY.
But, at the same time, you have another Buy Limit order, which you intend to open a second position. That limit price is hit as soon as you go short, thus closing the position.
The system is buying and selling at the correct prices, but the buys and sells are being matched such that you must close a short position before being allowed to open a long.
To prevent this, you must not cross orders. Do not try to go long and short at the same time.
You can’t be long and short at the same time for the same contract. So what is happening is that you go SHORT EURGBP, and you place a take-profit limit order to BUY.
I have no idea where this ignorance of market internals comes from.
The forex market does (did) allow this.
It is allowed at many Forex brokers to be long and short at the same time, and both show as open positions. Overall, the person is flat, with 2 positions. I don’t claim to understand why someone would want to do that, but a LOT of people apparently do want to do this.
A recent CFTC or NFA ruling has made this illegal in the US.
It was NFA, back in June I guess.
1st orders placed on one currency must be exited before the 2nd orders.
