Friday, 31 July 2009

When is a Stop Loss not a stop loss.

Yesterdays evening racing started off well for me, i traded in the 5.45 and quickly racked up a profit of £8.09, next races i managed to make £2.45 profit 2 minutes before the off i had decided to prepare dinner for myself and Daughter/Son so i stopped trading, leaving Fairbot open, i came back about 5 minutes later to notice much to my horror that i had left the stop loss function on and it had placed a back bet in the market which had been matched at 7.8 for £40, the horse in question was now running at odds of 30+ i pressed the green up button, to spread the loss which was £37.75 - the £2.45 profit i had made leaving me with -£35.30 and not very happy, as this had breached my own limit of what i am prepared to lose on a days trading taking away the earlier £8.09 left me with -27.21 of course this was my own fault as i usually untick the stop loss when i have greened up, so what to do??
I left it and continued cooking then ate dinner with the kids, about an 1 hour later i thought right lets at least try and rescue some cash, i then traded to a small profit of £18.56 leaving me with smaller loss than earier so final P/L = -£8.65, had it been a lay bet on the stop loss then i would have traded out on a profit Ho hum..

One thing i did notice last night and on previous nights is my broadband was running extreamly slow, i am on Orange 8Mb Max i have tested the speed in the last few days and usually get speeds of 7.3mb in the daytime but last night i was running sometimes as low as 0.28mb, this was not helpful whilsts trying to trade :(
So i am now looking at changing, seeing as orange have increased the price from £24.99 to £32.50 for what is a degrading of supply so it looks like a return to BT.

Cheers ALL


  1. A stop loss should only close out any existing open trades, not open a new one...

    I would report that as a bug.

  2. Hi Ron

    I had a similar broadband problem with my Virgin connection. It turned out that I was in the "top 5% of users in the country" and was therefore capped at peak times (16:00 - 00:00) every day for the week after, due to the "fair usage" policy.

    Some careful "management" of my kids and YouTube solved most of it.

  3. Hi Guys

    I agree a stop loss should close existing trades however in Betrader pro (which i also use), it is still an active tool which you have to close manually as it can be used as a entry as well, will report it as a bug but will read the manual beforehand.

    Ihave contacted Orange this morning who tell me they will check the line/quality and get back to me with 24 hours, i may yet still change if they dont right it :)