Silver down to $0.18 - Megaspike on Alpari! | Metals Mine

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Silver down to $0.18 - Megaspike on Alpari!

  • #1
  • First Post: Jun 26, 2013 2:55pm Jun 26, 2013 2:55pm
Did anybody else see this on Alpari or any other broker or was it just my data feed?
They sure did my "Margin Call" when silver hit $0.18. Game over for now!

Since it's after business hours for Alpari it might not be worth bothering to try to get a hold of them right this minute!
Attached Image (click to enlarge)
Click to Enlarge Name: Alpari silver spike to $0.18.jpg Size: 90 KB
  • #2
  • Jun 26, 2013 3:13pm Jun 26, 2013 3:13pm
i think just you, this is what i see on M30:

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looks like stop loss hunting for you then?
  • #3
  • Jun 26, 2013 3:19pm Jun 26, 2013 3:19pm
Stop hunting like this? One would think that that's way too obvious! I had no stop close to the market price!
Price was around 18.70 prior the spike. Almost looks like they did move the point two digits to the left ;-)
Just hope this did not happen very close prior a major breakout towards the North!
  • #4
  • Jun 26, 2013 4:13pm Jun 26, 2013 4:13pm
Quoting MikeFT
Stop hunting like this? One would think that that's way too obvious! I had no stop close to the market price! Price was around 18.70 prior the spike. Almost looks like they did move the point two digits to the left ;-) Just hope this did not happen very close prior a major breakout towards the North!
this isn't the first time. i remember seeing another post with alpari where the 'pro' account had much bigger candle wicks, candlestick tails than the standard account. a few hours later, the pro account prices and the standard account prices synced up pretty much except for the spread difference ofc. the candle wicks were gone in a few hours later and so not sure if it's a technical issue or they are purposely manipulating prices. who knows...
  • #5
  • Jun 26, 2013 4:15pm Jun 26, 2013 4:15pm
this is the link to the other thread: http://www.forexfactory.com/showthread.php?t=374103

not sure if it's the same issue.
  • #6
  • Jun 26, 2013 4:42pm Jun 26, 2013 4:42pm
It looks like Geoff in Alpari's back office is thudding the keyboard again with his big monkey paws

Inserted Video


Edit: Pointless waiting for an Alpari response as they'll just say it was an erroneous price feed, but to be fair they will reinstate your trade. However, my question again and again is why don't they implement one simple line of code in their server:

Inserted Code
if (feed > bid price by 5%) IgnoreTick();

Thinks that make you go hmmmmmm
Politics is the womb in which war develops.
  • #7
  • Jun 26, 2013 5:18pm Jun 26, 2013 5:18pm
Hmmm.

I'll contact them tomorrow and see what the response is.

MT is a SCAM? Not surprised. But interesting to see this Video!
Conclusion: Go physical. Buy REAL Gold/Silver and other assets like food and tools in the current times while the FIAT currencies are collapsing!

And only IF you really are already and right now one of the very few successful traders, you might want to leave some playing money on the table for joy. Still might consider, if you can utilize your time more efficient in the means of preparation for potential outcomes in the collapsing economies worldwide.
  • #8
  • Jun 26, 2013 5:48pm Jun 26, 2013 5:48pm
If you look at the picture below, you can see how the MT4 manager plugs into the architecture. Again, Alpari will just blame a spurious price feed and will activate your trade and say they've purged the error from the chart.

Regarding your doom 'n gloom, I'm with you..we are heading towards the 1920's all over again (Kondratiev wave) as they push stocks to new highs in the hope to dupe retail so they can offload their positions; that only ended with WW2 as war is the only solution to economic collapse, so expect middle east tensions to exacerbate as they stomp across the ME deserts with their military might to chase the black gold in the name of 'freedom'.

I'll stock up as soon as i see news covering haulage firms going bust as that means petrol prices are too high for them to deliver food to shop shelves and margin compression will mean price hikes, then it's time to shop BIG ahead of the herd.

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Politics is the womb in which war develops.
  • #9
  • Jun 26, 2013 8:19pm Jun 26, 2013 8:19pm
sigh, the 'gray' area in the online retail brokerage industry. when something goes wrong, just blame the system. i do admit no system is perfect and no broker is perfect and so it will be more interesting to see how alpari handles this.
  • #10
  • Jun 27, 2013 1:54am Jun 27, 2013 1:54am
OK. The spike "disappeared" from the chart, but my position, which was closed at $0.18 is not open yet.
Attached Image (click to enlarge)
Click to Enlarge Name: Alpari silver spike to $0.18_PriceCorrectedPositionStillClosed.jpg Size: 141 KB
  • #11
  • Jun 27, 2013 2:28am Jun 27, 2013 2:28am
The Mt4 system is not capable of spiking a price for one individual client. If there was a spike it would have been on the entire server, meaning every account opened on that server would have seen or been effected by the spike. So I very much doubt that you were the only client effected through this error and I would expect you to be refunded or have your position re-opened asap.

While I do not doubt that some brokers stop hunt, there are instances of incorrect price feeds which come from the brokers LPs. All brokers experience off market prices and although most have filters in place these are not always perfect to prevent spikes.
  • #12
  • Jun 27, 2013 2:33am Jun 27, 2013 2:33am
Quoting MikeFT
OK. The spike "disappeared" from the chart, but my position, which was closed at $0.18 is not open yet. {image}
Should have bought at the bottom of the spike lol bet that would have got them going!
  • #13
  • Jun 27, 2013 4:41am Jun 27, 2013 4:41am
Quoting claudia1
{quote} Should have bought at the bottom of the spike lol bet that would have got them going!


Quoting Abcpip123
The Mt4 system is not capable of spiking a price for one individual client. If there was a spike it would have been on the entire server, meaning every account opened on that server would have seen or been effected by the spike. So I very much doubt that you were the only client effected through this error and I would expect you to be refunded or have your position re-opened asap. While I do not doubt that some brokers stop hunt, there are instances of incorrect price feeds which come from the brokers LPs. All brokers experience off market prices...
+1

According to Bloomberg, looks like it was market wide (unless you're dealing with a market maker)..
http://img819.imageshack.us/img819/4596/7abt.jpg
  • #14
  • Jun 27, 2013 5:11am Jun 27, 2013 5:11am
Hi, I am practicing forex with Alpari UK MT4 currently, and yesterday I found the same issue. The silver price dipped to $0.19 ! And now the account has been canceled and I can no longer log in it or capture a picture to prove it.
  • #15
  • Jun 27, 2013 5:47am Jun 27, 2013 5:47am
Quoting NewYorkForex
Hi, I am practicing forex with Alpari UK MT4 currently, and yesterday I found the same issue. The silver price dipped to $0.19 ! And now the account has been canceled and I can no longer log in it or capture a picture to prove it.

Elementary dear NewYorkForex – provide accurate details

http://img811.imageshack.us/img811/9061/2d3s.jpg
  • #16
  • Jun 27, 2013 8:27am Jun 27, 2013 8:27am
Ha. Interesting!

I did save some charts from "LiveCharts" and "Kitco" yesterday. None of them did show the spike.
However: Alpari gave me a "TempCredit" on the account, which brings me back to the amount where I was prior opening the messed up trade.
BUT: This clearly says "Temp Credit". I'll wait a bit longer here. But Temp Credit is not good. If I'd open a new position, I they could take the temp credit back and there it's again: "Margin call"...
Attached Image(s) (click to enlarge)
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  • #17
  • Jun 27, 2013 5:35pm Jun 27, 2013 5:35pm
Temp credit removed, original account amount restored, original position reopened.

One question remains: What if I would have wanted to close the now again open position at any certain price within the last 12+ hours, while my position/account was now restored...
  • #18
  • Jun 27, 2013 7:44pm Jun 27, 2013 7:44pm
Quoting MikeFT
Temp credit removed, original account amount restored, original position reopened. One question remains: What if I would have wanted to close the now again open position at any certain price within the last 12+ hours, while my position/account was now restored...
A broker who is honest would eat the loss and let you get out at the best price between the spike and now, but I doubt you will be able to. Never hurts to try though.

This is why you never ever overleverage. You never know what kind of crazy stuff might happen. I was in a position last night and platform was down a couple of hours. The moment I noticed they were down, I called the order desk and asked how long it would take. They weren't sure yet, so I got out of my position at a small loss. Helped me sleep better last night, so it was totally worth the loss. This is a technical issue, but you can encounter market issues too. Imagine going long USD/JPY and Abe comes out and says "No more QE". You just wiped out your account in the matter of a couple of minutes if your leverage was high enough.

So, just remember anything can happen.
  • #19
  • Jul 18, 2013 12:22am Jul 18, 2013 12:22am
Hi, everyone, please check the proof attached. Sorry I didn't keep the investor password, otherwise I can provide it and everyone can access it.
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Click to Enlarge Name: capture .jpg Size: 232 KB
  • #20
  • Last Post: Jul 18, 2013 12:29am Jul 18, 2013 12:29am
At first I thought the demo account was canceled because I couldn't login, but a few days ago I tried again and found the account was still there. So I captured a screenshot just now and post it here.
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