IG Index dispute - advice welcome!

This is a discussion on IG Index dispute - advice welcome! within the Spread Betting & CFDs forums, part of the Commercial category; Dannyb, That's a good start if your up a Grand and new to this...and been in and out a few ...

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Old Aug 26, 2016, 2:19pm   #106
Joined Jul 2015
Dannyb,

That's a good start if your up a Grand and new to this...and been in and out a few times.
Not sure how long for..

Hope you can maintain it..

But The US markets have been range bound for 1 to 2 months...

That also a nice return in the year so far Hoggums..

Do you have any thoughts what maybe likely to happen in the near future...

Do you see a reversal or continuation of the rally ?

any further advice Im sure would be welcome !
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Old Aug 26, 2016, 9:05pm   #107
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I'm up £2500 in a mix of real shares and spread betting, could have been more but I'm taking profit instead of taking bigger risks.

I'm really enjoying it, I'm actually quite excited for the open at 8am

I wonder how many people make a decent living doing this full time
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Old Aug 26, 2016, 9:07pm   #108
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Originally Posted by Hoggums View Post
As long as you are not scalping or taking advantage of price lag there should be no issues. I've been trading with them for 10 years with no problems and up a five figure sum with them so far this year. It's in their interest to keep the winners as I am paying constant spread to them. Just make sure you make it easy for them to hedge your positions and you'll have no worries.

Thanks for the advice, what do you mean about making it easy for them to hedge my positions ?

Cheers
Danny
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Old Aug 27, 2016, 1:46pm   #109
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Originally Posted by dannyb2017 View Post
Thanks for the advice, what do you mean about making it easy for them to hedge my positions ?
Hi Danny,
Unless you are trading in any real size, i.e. at least £20.00 per point and probably more like £50.00 p/p (or more) and you are taking positions in instruments that are thinly traded - you needn't be overly concerned by this. If you're trading major forex pairs, equity indices and commodities like oil and gold etc. in modest size (i.e. under £50.00), then IG's algorithms will work out their net exposure and hedge accordingly in the underlying market. What they may take exception to is a customer who attempts to scalp in large size instruments that aren't so heavily traded. This doesn't allow their individual dealers enough time to look at what you're doing, assess the risk to IG and then hedge their exposure if necessary.

I've not explained all that very well and may not have the details quite right, but in essence I think that's what Hoggums is referring to.
Tim.
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Old Aug 27, 2016, 8:34pm   #110
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Hi Tim,

Thanks for the reply, I think I understand.

I'm not scalping, i only do that with real shares through HL. I'm usually opening long positions for £50 pp or £100 pp and closing the same day or a couple of days later.

Cheers
Danny
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Old Sep 16, 2017, 10:09am   #111
 
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IG Index

I had a September DOW futures closed on expiry by IG at a significantly higher than the market price.

Can I just check with other members, what price were they closed at by different SpreadBetting companies on DOW Sep Futures by:

company/short of long position/price closed at.

I would be very keen to take this up further if others have had similar deals.
Thanks
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Old Sep 16, 2017, 10:24am   #112
 
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Originally Posted by dowsp View Post
Hi,

I was a member some years ago, but I lost my log in details.
So This is my 1st post since then after rejoining.

I tried to do a search for disputes with spread bet companies. but I could not get anything to come
up under the title I searched for. ie "Spread bet company disputes". It maybe that I have not entered the details/ or worded the details correctly in the right way to obtain the results that I am searching for.

I just noticed however & just come across this thread with ref to disputes with a spread bet company.
but I can see that it has not been too active since 2011..and only the last two posts just having been made in August 2015.

I just wondered if anyone knows if there is any way to make a dispute against a Spread bet company if you disagree with their responses..(I prefer not to mention the particular company at this point..but it could also apply similarly to IG as in the past I have had some similar issues with them)

Two or three egs of recent issues that I have had...

When the market crashed on Aug 24th... their system went off line at CRITICAL Moment when the market bottomed...Phoning was out of the question when the market moved up 800 points in a few minutes... the question may be SHOULD their online system be able to handle such Market crashes.. How often I see their platforms fail at vital moments at volitile times.
This stopped anyone closing out positions or buying in at the bottom of the market..

Another issue... I attempted to sell the Wall street market at this weeks top...on the Sunday evening open...in the very first few seconds...23.00 hrs... The platform failed to show their charts price action.. but the price data on the buy and sell buttons did not appear to be altering too wildly in the opening seconds.... I tried to place 3 sell trades in the 1st minutes..

The system did not accept the trades. and I did not get filed.... after a couple of minutes the market had moved to far down for me to want to retry another entry to sell.

I called to complain. and they confirmed that I had attempted the trades..and the system did not accept them for some reason.. and they could not answer why the chart service was not showing the visual price bars. which I needed at this vital time to see what was actually happening.
This was a critical time to enter and no I did not want to be on the phone... I just wanted a system that worked when it should do..... I dont mind technical issues as long as they acknowledge and agree to accept a trade when I call to dispute ,as long as they show or have the evidence of my attempted trades..which they had.

BUT even then... they said I then had to send an email to dispute this.. and it could take upto 2 days. Meanwhile the market fell 500 points... I told them in an email I wanted to take some profit at a level reached to try to cover myself if the market recovered... and gain some profit if they would honor it.

Another issue I had ..with this comany and IG was On the 25th I had bought some Wall st ? Dow Sept 17000 and weekly call options...and the market rallied over 500 points in 2 days..
I expected a reasonable gain of at least to double my money ...

to my dismay.. these options had hardly gained at all...and made just about 50% on what Id paid.
Many a time in the past Id easily doubled my money on a 500 point move..

Yet this was during the what seemed very volitile period over a few days and they were offering very little gain on these call options.

upon querying this.. they said sometimes option volitily is what determines an options value.
and in this case this is one of those instances.and they were not valuing call options very favourably.. I suspect that
still had a bearish sentiment...but the increaes in value of the call options seemed VERY undervalued after seeing such huge market moves..

I felt rather cheated and I had this happen in the 2007 to 2009 crash..where I was overpaying for options .. seeing HUGE moves and then getting little gains... basically they can alter the Vol so much that when a market has rallied say in a few hours to a day..then they devalue the volitility..
and the value of those options show NO gain..

As this very rarely happens.. its very hard to really know the realities of what such options may be worth under such conditions.. they could be telling me anything... or maybe the market makers are just creating unrealistic valuations.

I feel I need a real expert to be able to investigate this for me..and wondered if one had such querys is there any sort of service or company/organisation that could investigate such complex issues..

also so many times have I seen my account values when holding options just litterlly disappear.. on what seem rather small moves in the market of a couple of days..and when the market comes back to simlar levels.. the values of the account has halved.

to me its all so easy for them to get away with it.. and I don't believe that are valuing these options correctly.. in such times they can make any excuse.

They also have been making huge wide spreads on the options.buy and sell prices. as much as 4 to 5 time more..on daily options and 2 or 3 times on monthly Sept options...

Yes the market has had days of huge moves.. but some days in between were more normal yet they still had such wide spreads...and well over priced options..

As I am not a trader with an account to sell options and take any advantage of that.. which is still high risk...and I think few people in spread bet companies would look to do... I think it seems rather manipulated and more or less makes it very unappealing to want to risk trading with them when they are so overpriced..
Relating to the incident you refer to there was a change made by NYSE about a year prior to this incident which instructed companies on using 'limit up' and 'limit down' - so when the market is 'limit down' they should allow/accept buy orders
but not sell orders and vice versa. However, IG had made no effort to incorporate this in their platform hence the problem.
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Old Sep 16, 2017, 10:42am   #113
 
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I had a DOW September 'short' position closed on expiry by IG at a significantly higher than the market price.

Can I just check with other members if they have had their Sep Dow positions closed by their spreadbetting company by:

SB company/short or long position/price closed at

I feel there may be a case here of taking further action with the appropriate authorities.
by
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Old Sep 16, 2017, 10:57am   #114
Joined Feb 2002
I wasn't in a Dow trade recently but if you want to give the time and price I can check on my SB firm's chart to see if they tally with IG.

Have you checked the underlying market chart?
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Old Sep 16, 2017, 5:57pm   #115
Joined Oct 2015
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Originally Posted by dannyb2017 View Post
I'm usually opening long positions for £50 pp or £100 pp and closing the same day or a couple of days later.

Cheers
Danny
i wonder if six-weeks-experience dannyb had one too many £50pp to £100pp losses and that's why he went quiet soon after
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Old Sep 16, 2017, 7:14pm   #116
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i wonder if six-weeks-experience dannyb had one too many £50pp to £100pp losses and that's why he went quiet soon after
No, he won and bought an island. Internet is not yet installed there. To build a satellite station or lay under-sea cables takes 100's millions if not more. A few 10's millions win won't cover it.
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Old Sep 16, 2017, 9:00pm   #117
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i wonder if six-weeks-experience dannyb had one too many £50pp to £100pp losses and that's why he went quiet soon after
He's gone nowhere !!! Made a packet but lost a bit by not sticking to stop loss on itv. I'm well under but sitting it out. Also being very busy with work so not had as much time to trade
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Old Sep 16, 2017, 9:24pm   #118
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Originally Posted by dannyb2017 View Post
He's gone nowhere !!! Made a packet but lost a bit by not sticking to stop loss on itv. I'm well under but sitting it out. Also being very busy with work so not had as much time to trade
oh yeah i see it went down about 25% soon after your last post, nightmare! but doesn't sound too bad overall then.

thanks for coming back with the update

what does "im well under but sitting it out" mean?

Last edited by Kaeso; Sep 16, 2017 at 9:35pm.
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Old Sep 17, 2017, 12:14am   #119
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Got £85pp average at 197, share price is currently 158, I'm about 3 grand down on my spreadbet position. It will recover as it's almost at the floor, so il hold the position until it recovers above £2
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Old Sep 17, 2017, 10:09am   #120
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Originally Posted by dannyb2017 View Post
Got £85pp average at 197, share price is currently 158, I'm about 3 grand down on my spreadbet position. It will recover as it's almost at the floor, so il hold the position until it recovers above £2
ok plus the financing charges?

you had the first 4 months or so of this year to get out at breakeven or small profit!!

Last edited by Kaeso; Sep 17, 2017 at 10:49am.
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