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; Has anyone tried Intertrader for the £500? Unless I've completely misunderstood, I'd have to place so many trades to qualify ...

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Old Aug 29, 2010, 8:54am   #33
Joined May 2009
Re: Spreadbetting Company reviews for use with Forex Net Trap

Has anyone tried Intertrader for the £500? Unless I've completely misunderstood, I'd have to place so many trades to qualify I would be overtrading?

Last edited by me1234; Aug 29, 2010 at 10:51am.
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Old Sep 2, 2010, 12:04pm   #34
Joined May 2010
Re: Spreadbetting Company reviews for use with Forex Net Trap

G'day Ladies & Sirs,

I'd just like to place a few comments that might be of help to those who are dithering about which platform/broker to use and may also help clear up a bit of confusion.

Traditionally, I have always used IG to place my trades. However both the slippage and the often considerable delay in executing orders is totally unexceptable!

I much prefer an MT4 platform for both charting and placing trades. However, the traditional MT4 platforms (eg Alpari who I have used extensively and are excellent) will not deliver "price per pip" in the same way that Spread Betting platforms (such as IG) deliver.

For example, if your trade makes +50pips on the GBP/USD and you had placed £1 per pip, you will NOT get £50 profit. This is because the trade will be converted to the exchange rate of the GBP/USD at the time. So +50 pips profit would make you £32.42 based on a recent exchange rate of the GBP/USD. Now that's fine if you're happy trading that way and are happy with the conversion that takes place.

I have opened a demo with Smart Live Markets who WILL allow you to trade "price per pip" on an MT4 platform (as previously mentioned by Mark). So, you CAN place £1 per pip on a +50 pip trade and get £50 profit! Again, as Mark has mentioned, I think SML are the first brokers to offer traditional spread betting on an MT4 platform. You will notice that the currencies are displayed for example as GBP/USDSB (with SB added).

For those not familiar with an MT4 platform, I strongly suggest you start a demo account and you will soon see that it wipes the floor with IG in terms of NO slippage (96% of the time) and almost INSTANT execution of your order! I am extremely happy with SML for all the reasons mentioned above!

Hope that is of some help.

Regards,
MD

Last edited by MikesDirect; Sep 2, 2010 at 12:16pm.
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Old Sep 2, 2010, 5:26pm   #35
 
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Re: Spreadbetting Company reviews for use with Forex Net Trap

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Originally Posted by MikesDirect View Post
G'day Ladies & Sirs,

I'd just like to place a few comments that might be of help to those who are dithering about which platform/broker to use and may also help clear up a bit of confusion.

Traditionally, I have always used IG to place my trades. However both the slippage and the often considerable delay in executing orders is totally unexceptable!

I much prefer an MT4 platform for both charting and placing trades. However, the traditional MT4 platforms (eg Alpari who I have used extensively and are excellent) will not deliver "price per pip" in the same way that Spread Betting platforms (such as IG) deliver.

For example, if your trade makes +50pips on the GBP/USD and you had placed £1 per pip, you will NOT get £50 profit. This is because the trade will be converted to the exchange rate of the GBP/USD at the time. So +50 pips profit would make you £32.42 based on a recent exchange rate of the GBP/USD. Now that's fine if you're happy trading that way and are happy with the conversion that takes place.

I have opened a demo with Smart Live Markets who WILL allow you to trade "price per pip" on an MT4 platform (as previously mentioned by Mark). So, you CAN place £1 per pip on a +50 pip trade and get £50 profit! Again, as Mark has mentioned, I think SML are the first brokers to offer traditional spread betting on an MT4 platform. You will notice that the currencies are displayed for example as GBP/USDSB (with SB added).

For those not familiar with an MT4 platform, I strongly suggest you start a demo account and you will soon see that it wipes the floor with IG in terms of NO slippage (96% of the time) and almost INSTANT execution of your order! I am extremely happy with SML for all the reasons mentioned above!

Hope that is of some help.

Regards,
MD
Ah-ha..........you sussed in the end Mike!

SLM are now my default "School Holiday" period broker due to MT4 and 2 pip spread and the fast exection benefits. If they had a java based mobile app I would use them 100%. I especially like the way I can place open or order transactions within 2 pips or less of the market price, closer than IG and miles closer than the ETX / WWS 5 pips min distance.

However come next week due to being on the road daily doing the school run from 8am to 9am it will be back to IG for the mobile app. It's a shame becasue I love the IG platform and functionality, it's just the slippage issue.

M
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Old Sep 2, 2010, 9:20pm   #36
 
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Re: Spreadbetting Company reviews for use with Forex Net Trap

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Originally Posted by mark120169 View Post
Ah-ha..........you sussed in the end Mike!

SLM are now my default "School Holiday" period broker due to MT4 and 2 pip spread and the fast exection benefits. If they had a java based mobile app I would use them 100%. I especially like the way I can place open or order transactions within 2 pips or less of the market price, closer than IG and miles closer than the ETX / WWS 5 pips min distance.

However come next week due to being on the road daily doing the school run from 8am to 9am it will be back to IG for the mobile app. It's a shame becasue I love the IG platform and functionality, it's just the slippage issue.

M
SInce the start of the Summer holidays Ive been forced to use IG for the mobile app - and to be fair to them, the slippage issue, has not reared it's head for a good while now, not for a few weeks for me, and I suspect everyone else as there's been no complaints on the min forum daily thread. Perhaps they have cleaned up their act? We'll see as the Autumn moves on and trade volume steps up as people return off holidays.
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Old Sep 3, 2010, 6:34am   #37
Joined Jun 2010
Re: Spreadbetting Company reviews for use with Forex Net Trap

Issues with order distance and slippage is one of the reasons why I prefer to trade "instant entry" NT variants such as INT.

I currently use ETX and get no slippage or performance issues whatsoever.

I must admit though MT4 is a nice platform and if you're entering the market using orders I suspect MT4 is considerably better than most of the pure SB platforms.
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Old Sep 3, 2010, 8:26am   #38
Joined Jun 2009
Re: Spreadbetting Company reviews for use with Forex Net Trap

Goldfinger

How often do you find the market turns against you with your instant entry? It sounds from your posts as though you make your +30 almost every day?
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Old Sep 3, 2010, 8:55am   #39
Joined Nov 2009
Re: Spreadbetting Company reviews for use with Forex Net Trap

Its days like today when a few pips sliappage n IG cost you more, can turn a small loss into a profit.

How hard is meta trader to learn?

Is there one version of this used by all s/b or different companies have thier own versions?

Thanks
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Old Sep 3, 2010, 9:54am   #40
 
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Re: Spreadbetting Company reviews for use with Forex Net Trap

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Originally Posted by sarnia cherie View Post
Goldfinger

How often do you find the market turns against you with your instant entry? It sounds from your posts as though you make your +30 almost every day?
Come on SC , this is a bit of a nieve statement! My spreadsheet is there and also Forextester can be used manually for testing anything.

30INT40 is interesting and is having a good run as is INT, but what do you think happens on VNT no trigger days? Any "Instant" order is pretty much gaurenteed a -30 pips or -40 pips.

Also the Instant systems do have bad runs too and hurt more than VNT variants when these appear due to the lack of safety stop. From Jan to May 2010 INT was pretty bad compared to safety stop variants as it had a good few runs of entering into a loss making trade, or entering into a trade for a loss that VNT triggers later only around 8am.

But it may be a great variant. The only way to know is to sit down for a fair few hours and work it out.

M
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