Opening Price

Hi,

Im just starting out at all this and have a question about spread betting over multiple days.

If im betting on say the ftse100 and it closes at 6000 and I bet that its going to go up at £1 a point, what happens if it then opens at 5800, have I instantly lost 200 quid? what if I had a stop loss at 5900 do I lose £100 or will it still be £200 because it actually opened at 5800?

I know these are probably stupid questions but im still researching everything and learning about spreadbetting.

Cheers

If you trade with a 24 hour spreadbet firm like CMC and the market was down 200 points over night dew to USA Futures markets pricing a lower open because spreadbet firms base their price on the USA Futures out of hours.

So if you had a stop of 100 points they would fill you and you lose 100..However, if you trade with let say Capital spreads, and the market was down 200 points over night they would fill you what ever the price is at 7am when they open...

laptop obviously means 7 am at the end there. they may also do whats known as a guaranteed stop loss which will stop you out at the number you specify whatever happens although much like insurance in blackjack more than 90% of the time this is a rip off, tho with conditions the way they are at the moment you could make an argument otherwise.
although its natural to feel a bit apprehensive when entering any new world of sorts dont think twice about just calling them up and getting them to explain for as long as you need about anything. thats what theyre there for and if youre like most of us youll be paying them very handsomely for that service for the the next couple of years.
having said that anything controversial and you may get a more honest answer here.

tightstops said:

laptop obviously means 7 am at the end there. they may also do whats known as a guaranteed stop loss which will stop you out at the number you specify whatever happens although much like insurance in blackjack more than 90% of the time this is a rip off, tho with conditions the way they are at the moment you could make an argument otherwise.
although its natural to feel a bit apprehensive when entering any new world of sorts dont think twice about just calling them up and getting them to explain for as long as you need about anything. thats what theyre there for and if youre like most of us youll be paying them very handsomely for that service for the the next couple of years.
having said that anything controversial and you may get a more honest answer here.

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Yes, its am, change it, its 7am.....I've had stops with spreadbet firms and hit and have seen in run for an hour or more before they honour it....I think this is a ploy for you to act in the expected manner and close it out only to open another position. They are bloody thives they are.

ive had big delays with orders too and is especially annoying if youre at a point where youd want to close and the opening order hadnt yet been filled. i use to just phone them up ask for a spread then say ok im long with my unopened order and am closing it at the price you just gave me.
it seems on this site finspreads get the most stick (and the 20 second delay for quotes is untradeable for a lot of people) but i was with them for a couple of years and if they ever cocked up they held their hand up and gave you what would have happened if they hadnt. i was with cmc for about 4 months and got stitched up left right and centre - orders not being filled when they should have, orders being filled when they shouldnt have. in one instance not having enough margin to CLOSE a position. requotes every second trade. i had about 5 times as many problems with them as i had with finspreads in 1/5 the time and the difference was exacebated by them making no attempt to rectify it at least at finspreads when you explain how somethings gone tts up they acknowledge it. if you have to spreadbet avoid cmc.

i think they or at least cmc have plenty of ploys just irritating the hell out of their punters will likely turn them into sht traders for half an hour and when was the last time a spread bettor had slippage in their favour. the 5 second delay cmc make you wait is them seeing if the market goes in their favour in which case its filled if not theres a requote.