Spread betting FRAUD

This is a discussion on Spread betting FRAUD within the Indices forums, part of the Markets category; Originally Posted by trader_dante This is the worst piece of advice I have ever read on this forum. The last ...

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Old Sep 19, 2008, 1:11pm   #31
Joined Aug 2003
Quote:
Originally Posted by trader_dante View Post
This is the worst piece of advice I have ever read on this forum.

The last thing a new trader should try and do is get in and out quick.

Heavens above. People are going to read this cr*p and think yeah, that could work...
Well! considering it is coming from the mad monk I don't think we need worry too much,
Even someone with half a brain cell knows to ignore him.
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Old Sep 19, 2008, 1:57pm   #32
Joined Aug 2003
Quote:
For spread betters/ traders, it is the best policy to apply a quick and get it entry/ exit.No rollover or going in for prolong ( more than 1 hour ) kind of thing. (
Tell me
cu20052003491292,

Is that how your security consult business works?

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Old Sep 19, 2008, 6:27pm   #33
Joined Sep 2008
I would stay out of the indices just because of this, the closing part, especially now that it seems to be a trend.
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Old Sep 20, 2008, 7:53pm   #34
 
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ftse close time

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Originally Posted by Priceman View Post
It's all about taking the 'easy money' from the markets...

What I mean to say is that during the key hours of the day you can obtain pips easier as the liquidity is there and it's 'real' rather than outside of normal hours where the SB firms make it up. Why spend hours on a Sunday night trying to make 10 pips when you can trade fewer hours, like from 0700-1100 during the week and hide behind the big boys moving things along?

The whole aim for me with trading is to maximise my hourly earnings. If I can earn a decent wage in a four hour period and then take the rest of the day off then I'll be happy. I don't want to take over the world just overtake my salary so I can give up the day job.

SBetting has it's place, but don't believe that they want winners outside of the market hours. The software can be programmed to do what they wish very easily out of market trading times I'm sure!
You were stopped on friday because FTSE futures trade until 9pm uk time!!
changed this year...used to be 5.30 uk time
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Old Apr 8, 2013, 8:50pm   #35
 
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Re: Spread betting FRAUD

I agree wholeheartedly with the comments already made. IG Index as well as the majority of spreadbetting companies have the ability to manipulate the market (move prices when it suits them), the platform (freeze it so that you have to log in again, by that time the trade normally has gone horribly wrong), individual trades (ex employees have told me that trades can be added to the account) and many other variations. The biggest manipulation in my opinion is being able to change their Terms and Conditions at will (this includes any verbal or email agreements you may have. My advice to avoid this - do not trade with them.
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Old Jun 15, 2013, 10:49pm   #36
 
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Joined Jun 2013
Re: Spread betting FRAUD

Hello,

I'm a newbie. I've bought and sold plenty of shares since 2008. I only tend to hold for more than a few weeks when I get it wrong but still believe in the company. Now I ditch loses fast. Usually!

I'm now trying out InterTrader's demo software for spread bets which I mostly like on the face of it. However, soon after I started to use the demo a FTSE100 rolling got stopped right on the fraction as in XXXX.7 soon after 9 p.m. when their spread goes from 1 pip to 5. I increased the spread by five points just before the witching hour. The low of the night was right on that fraction _ _ _ _.7.

I suspect their systems are programmed to stop fish if close by. If, as one poster suggested, these bookies have their own data/graphical representation of the market then it is a dangerous game for the punter as there would be no benchmark. But are they not watched closely by the regulators? Perhaps the FSA do not have many PHDs but they could afford a forensic accountant, lawyer and IT specialist team on a contract basis to check such things out every now and again.

Closing any loss making position interday is not that appealing given that the index generally reverses, often on a whim it would seem to me. Applying money management is tougher than I had envisaged with spread bets.

I did a few CFDs with a bank overseas which hedges everything. It didn't feel like I was taking the money the bank wanted when I won. Are there any derivatives brokers in the UK that declare they hedge every position and thus do not need the punter to lose to make money? Multiple spreads from us, the multitude, along with interest charged on overnights (even short positions) and deposits should be enough for the bookies surely?

H of L

Last edited by hardoflearning; Jun 15, 2013 at 11:04pm.
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