A new question - I had two trades today on SLM (one GBPUSD, one EURUSD) around 8.30 to 8.40 which both went through my TP on the chart by 1.4 pips (0.00014) but didn't trigger it. I phoned in and spoke to a helpful guy called Jason who told me that the price on the chart was the lowest bid they had, and for my order to be closed it would have to have passed my TP by 2 whole pips. I asked if there is a way to set up MT4 to show this 'hidden' value so that I don't have to ring them to check, but he didn't think so.
1) Can anyone confirm that they've had this before and that this is how it works?
2) Does anyone know of an indicator or something that could show me this real level?

Bit confused. Apart from that, still happy with SLM - I withdrew some money this week and it went through back to my card very quickly. I used to be with ODL and they wanted a faxed form, signed, etc etc to do anything.

Z

Hi Z,

Cannot comment but perhaps SML will. It does remind of a nightmare with Worldspreads though. Most Spread bet companies these days will honour the price on their charts (IG are particularly good at this) even though they are officially "indicative". Worldspreads, we are going back a couple of years now were notorious for this get out clause, even if they were emailed screen shots from different brokers showing the price had clearly been hit. Perhaps they have improved with age, we do not know. Thought it was kinda on topic to mention this one.

Originally Posted by zorba_g

A new question - I had two trades today on SLM (one GBPUSD, one EURUSD) around 8.30 to 8.40 which both went through my TP on the chart by 1.4 pips (0.00014) but didn't trigger it. I phoned in and spoke to a helpful guy called Jason who told me that the price on the chart was the lowest bid they had, and for my order to be closed it would have to have passed my TP by 2 whole pips. I asked if there is a way to set up MT4 to show this 'hidden' value so that I don't have to ring them to check, but he didn't think so.
1) Can anyone confirm that they've had this before and that this is how it works?
2) Does anyone know of an indicator or something that could show me this real level?

Bit confused. Apart from that, still happy with SLM - I withdrew some money this week and it went through back to my card very quickly. I used to be with ODL and they wanted a faxed form, signed, etc etc to do anything.

Z

Hi,

Were you selling or buying?

All feeds in MT4 run off bid. If you're selling, you close off the ask. So when you see your TP hit by the bid as displayed on the chart, the ask will still be +spread from closing.

However, if buying then you close off the bid so I can't see why price needs to go past.

Hi
It is very straight forward and nothing dodgy I can assure you.
All Meta Trader charts show the bid price. Some companies charts show the offer price, and yes, you guessed it, some the mid price.
I am assuming you were short GBPUSD and had a TP order lower down. We are 2 pips wide on GBPUSD, so if the chart said it got to 1.5986, then our price would have been 1.5986 - 1.5988. The lowest anyone could have bought in this example therefore is 1.5988.

Regards
Paul
SLM

Anyone who is used to trading using the IG platform may not realise that in order to close a live trade on SLM, once you've got your 'close position' ticket up you dont just go long to close a short, or click short to close a long. I ended up with multiple trades running (doh!) as I panicked when I realised that I'd done something wrong and could see my profits disappearing in front of my eyes. Fortunately, a phone call to a very pleasant and helpful gentleman (Paul) resulted in my panic bets (losses) being cancelled and my account credited with the profits from the original bet. Most impressed!

Aw bless. Would anyone else who is used to using the IG platform also realise that you should *demo* *trade* new platforms first?

Also one more feather in SLM's cap for service.

I trade with CMC (CFDs) and MF Global (SB) at the moment, but the charts are pretty useless once you've tried MT4, especially MF Global's phoenix platform.
A spread-betting broker with an MT4 platform seems ideal, especially if the swap (rollover) rates are as reasonable as discussed in an earlier post.
I've downloaded a demo this weekend and I like most of what I see so far. A few things that I am not totally happy with.
In common with other MT4 brokers you cannot place pending orders when the market is closed. Does anyone know if this means that you also cannot cancel pending orders?
The main thing that I do not like is the platform time. In common with many brokers, there are 6 daily candles per week. At the beginning of the week, the first candle on the daily, H4 and H1 are all exactly the same, one hour long. I prefer FXPro charts because the time is UK time plus 2 hours and there are 5 x 24hr daily candles.
I know that a lot of traders are not bothered about this platform time thing and the odd candles at the beginning and end of week, but I also know that quite a lot do not like it. It may be a good idea for SML to poll their clients and find out what they like.
I haven't figured out what the margin requirements with SLM are yet, I guess that will be obvious when I place a trade.
As long as I have no problems opening a live account, I can see myself doing so soon. I've had problems trying to open new accounts with other brokers, because I am usually outside of the UK. I will have to email them about this, or perhaps if Paul is still following this thread, he will answer here.

"Does anyone know if this means that you also cannot cancel pending orders?"

I have not been able to close pending orders when the market is closed with SLM.

Hmmm,

I placed my first demo trade and was rather confused to say the least. The trade was using standard lots, not spread-betting at 1 Pound per pip. Another case to prove the importance of trading on Demo before opening a live account.

By reading this thread I had got it into my head that SLM are a SB broker and hadn't considered that they also offer FX and CFD type trading. I had accessed the website through a google search the Europe home page and simply clicked on opening a demo account, assuming it to be a SB demo account.

It seems that SLM have 2 home pages, and the link at the start of this thread takes you to and this one has the option to download a SB demo.

Strange that there is no reference to SB on the first homepage that I accessed.

Originally Posted by sarniacherie

"Does anyone know if this means that you also cannot cancel pending orders?"

I have not been able to close pending orders when the market is closed with SLM.

Is that a question or an answer to a question? lol.

If a question then you're right, you can't close pending orders when a market is closed.