Spreadbetting Company reviews for use with Forex Net Trap

This is a discussion on Spreadbetting Company reviews for use with Forex Net Trap within the Forex Net Trap forums, part of the Specialists' Corner category; I use a company called FXCM : http://www.fxcm.co.uk/ They have the best dealing desk for entering and exiting trades quickly, ...

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Old Aug 10, 2010, 7:00am   #9
Joined Jun 2010
Re: Spreadbetting Company reviews for use with Forex Net Trap

I use a company called FXCM : http://www.fxcm.co.uk/

They have the best dealing desk for entering and exiting trades quickly, which suited me as I used to be a scalper. Because I opened my account a while ago, the spread on cable is typically 2 pips. You can get this, but need to open a mini account with a minimum $10,000 deposit. Most people open a micro account which you can open with as little as $25, but the spread is typically 3 pips.

It's a good platform which has been fairly stable. You can do all the things you need for NT...multiple tickets, entry orders any distance away from current price, trailing stops. You have to trade in lots which takes a little getting used too. 1 lot is 10 cents, 10 lots is $1, 100 lots is $10 per pip. Pips are quoted fractionally. Plus theres a load of stuff on their website, free courses, daily trades, news etc. One downside is no phone support, only e-mail. Which can be a problem if the dealing desk freezes when you are in a trade. This happened once about 6 months ago, but luckily, problem was resolved before any damage was done.
It's worth a look.
Dax
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Old Aug 10, 2010, 9:06am   #10
 
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Re: Spreadbetting Company reviews for use with Forex Net Trap

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Originally Posted by Dubai View Post
MT4 slippage is all down to individual brokers and you will never incur slippage on demo accounts. The only true way to see how good a broker is test them on microlots.
Hi. Does any regular MT4 users know how to adjust the chart displays and trade log info off CET (Central European Time) and back 1 hour to BST (British Summer Time) ?

I have looked all over the tool bars and all the settings tabs and gone into the help section and searched on timezone (zilch) the Time , which gave loads but nothing about adjusting for timezones.

Or is the timezone thing managed by the broker?

Thanks

M
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Old Aug 10, 2010, 9:19am   #11
Joined Apr 2008
Re: Spreadbetting Company reviews for use with Forex Net Trap

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Originally Posted by mark120169 View Post
Smart Live Markets (New Business)

http://www.smartlivemarkets.co.uk
ok, put my first order in and it all went very wrong. i have a lot to learn!

first, i couldn't set the pending order, this is because i had it on sell limit rather than sell stop. it took me a while to figure this out but got the pending order in. (i don't know what the difference is between a sell stop and limit)

got to work to find the order hadn't triggered. i called customer service and this is down to the amount of margin required.

I've put £300 in the account and my bet this morning was £3 per point, to put a £3 per point in you need to have £474 in your account.

Basically, I haven't got a clue what i'm doing on this platform, at the moment, and am going to have to give myself a crashcourse on the demo platform this evening.


That's not to say it is bad, it's just not as intuitive as IG et al.
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Old Aug 10, 2010, 9:48am   #12
 
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Re: Spreadbetting Company reviews for use with Forex Net Trap

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Originally Posted by Rugby Trader View Post
ok, put my first order in and it all went very wrong. i have a lot to learn!

first, i couldn't set the pending order, this is because i had it on sell limit rather than sell stop. it took me a while to figure this out but got the pending order in. (i don't know what the difference is between a sell stop and limit)

got to work to find the order hadn't triggered. i called customer service and this is down to the amount of margin required.

I've put £300 in the account and my bet this morning was £3 per point, to put a £3 per point in you need to have £474 in your account.

Basically, I haven't got a clue what i'm doing on this platform, at the moment, and am going to have to give myself a crashcourse on the demo platform this evening.


That's not to say it is bad, it's just not as intuitive as IG et al.
Hence why I mucked about with the demo for 3 days before going live today.

Margin calls with £300 funded to cover £90 stops. Really? Thats over 3 x your stop out limit. I put £500 in mine and had my TNT's running £4 pip with 40 stops and they triggered no problems. Is it not the same as IG then that once you set a stoploss the margin requirement is reduced drastically with IG.

I always make sure I have enough in my account to cover at least 2 days max stop outs, which for me would cost me £320. I think I had better call them to check what I need in there to cover a 40 stop @ £4 pip, would hate a potential winning trade to not be triggered becasue of margin issues.

M
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Old Aug 23, 2010, 3:41pm   #13
Joined May 2010
Re: Spreadbetting Company reviews for use with Forex Net Trap

G'day Ladies & Sirs,

Would everyone mind posting up which Broker/Platform they are using at the moment?

I currently use IG and Alpari.

Regards,
MD
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Old Aug 23, 2010, 4:06pm   #14
Joined Apr 2008
Re: Spreadbetting Company reviews for use with Forex Net Trap

i'm using ETX at the moment.
I have my money spread round 4 at the moment, Smart Live, Tradefair, IG and ETX.

I was primarily using IG but whenever we've had a lot of losers it seems to be when I'm using my IG account.

Going forwards my two main accounts will be IG and Smart Live.

Although i'm about to open an account with Two Way Spreads who are offering £150 when you deposit £500. (must place 20 non-equity trades and wait 6 weeks from getting the £150 to withdraw)
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Old Aug 23, 2010, 4:11pm   #15
Joined May 2010
Re: Spreadbetting Company reviews for use with Forex Net Trap

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Originally Posted by Rugby Trader View Post
i'm using ETX at the moment.
I have my money spread round 4 at the moment, Smart Live, Tradefair, IG and ETX.

I was primarily using IG but whenever we've had a lot of losers it seems to be when I'm using my IG account.

Going forwards my two main accounts will be IG and Smart Live.

Although i'm about to open an account with Two Way Spreads who are offering £150 when you deposit £500. (must place 20 non-equity trades and wait 6 weeks from getting the £150 to withdraw)
G'day RT,

I'm a bit confused about Smart Live. Does their platform enable you to set a price per pip trade or is it a traditional MT4 Platform which uses leverage?

Regards,
MD
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Old Aug 23, 2010, 4:19pm   #16
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Re: Spreadbetting Company reviews for use with Forex Net Trap

It is MT4 and I've never used MT4 myself so i'm finding it a little difficult to use, but i'm going to persevere.

There is no leverage and you set a price per pip. i.e. £1 per pip.
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