At £1000+ Per Point, Which SB Company is Best for Intra-day Trading ?

Trader333

Trader333

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I have used DA trading pretty much the whole of my trading life but I may have a requirement to trade using a SB company for a specific confidential project.

So from the view of the T2W membership, who would be the best SB Company to trade intra-day for values per point in excess of £1000 ?

Also would online trading be possible for this or would it require manual only trading ?

This is a serious question and thanks in advance for your replies.


Paul
 
just to be clear , when you say point do you mean the same as tick, or are you referring to 100 ticks being a point?
 
If your doing that kind of size then it will be dependant on the underlying, stuff like fx you shoud have no problem but stuff like the DAX where there's only 30 contracts on the bid/offer you'll probably be put onto manual dealing. i.e have to ring up and get a wider quote off a dealer.
 
I certainly don't trade that kind of size - I think the only way you'll find out is to get on the blower to the SB companies. I think they will probably put you on manual execution - so you'll be able to deal over the internet but there will be a delay in acceptance as you will need to get confirmed by a dealer.

I think if you go down that route then stick with either IG, CS or Cantor. I've experienced the first two and have no quibbles. Obviously depends on your trading style.
 
Trader333 said:
I have used DA trading pretty much the whole of my trading life but I may have a requirement to trade using a SB company for a specific confidential project.

So from the view of the T2W membership, who would be the best SB Company to trade intra-day for values per point in excess of £1000 ?

Also would online trading be possible for this or would it require manual only trading ?

This is a serious question and thanks in advance for your replies.


Paul
Click to expand...

I think any SB firm will accomodate your wager - by telephone arrangement of course. They are bookies after all.
 
THE "Profit Lever"

Vince Stanzione does his with them, and am sure his stakes are as high as you mentioned; £1,000.
Click to expand...

Does anyone know if thats using his new "Profit Lever" technique ? Nice one Vince..
 

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I would try MF Global Spreads who as part of the MAN group should be able to accomodate that kind of size.

I am in the process of opening a s/betting account with them and the 'salesman' did say they hedge all their bets.

If you would like the name and details of the person I have been dealing with pls let me know.

I have met a chap in Befordshire who uses IGIndex and trades the FTSE at £50 / pt over the phone.

I have a mate from school who is representing a Doctor in a legal case against SpreadEx and he was trading the Dow at £500 / pt. Actually the Doctors wife was trading the Dow on instructions from her hubby while he was working in the hospital !

Hope any of the above helps.
 
Tawe Trader said:
I have a mate from school who is representing a Doctor in a legal case against SpreadEx and he was trading the Dow at £500 / pt. Actually the Doctors wife was trading the Dow on instructions from her hubby while he was working in the hospital !.
Click to expand...

What is the case concerning?
 
Trader333 said:
I have used DA trading pretty much the whole of my trading life but I may have a requirement to trade using a SB company for a specific confidential project.

So from the view of the T2W membership, who would be the best SB Company to trade intra-day for values per point in excess of £1000 ?

Also would online trading be possible for this or would it require manual only trading ?

This is a serious question and thanks in advance for your replies.


Paul
Click to expand...

Hi Paul,

know a chap who works at CMC Markets. They have clients who trade this size pretty often. One client they have has been known to hit the dow at £34k a point. Not sure weather this is position or intraday, but they are worth talking to. I also hear at the kind of size you're talking they will probably get you inside the spreads.

Hope this is of help

Mark
 
Paul,
As a matter of interest, what instrument(s) are you wanting to trade at this size?
Tim.
 
ceydababy said:
They have clients who trade this size pretty often. One client they have has been known to hit the dow at £34k a point.

I also hear at the kind of size you're talking they will probably get you inside the spreads.
Click to expand...

I find it hard to believe that any SB firm will reduce their spread if you trade size, it'd be quite the opposite. They take the other side of your trade and the bigger the trade the bigger their potential risk. They mitigate risk to some extent by slipping your price.

Besides, £34k a point is the equivalent of approx 13,600 contracts of Dow futures. No way they could offset that to hedge in the underlying without massive slippage.
 
Trading over the 'phone?

By the time the trade's confirmed by the dealer you may have a lost few points. Conversely, closing a position, especially in fast market following an unscheduled announcement by the fed of a 2% cut in rates. Surprises happen.

Grant.
 
Arbitrageur said:
I find it hard to believe that any SB firm will reduce their spread if you trade size, it'd be quite the opposite. They take the other side of your trade and the bigger the trade the bigger their potential risk. They mitigate risk to some extent by slipping your price.

Besides, £34k a point is the equivalent of approx 13,600 contracts of Dow futures. No way they could offset that to hedge in the underlying without massive slippage.
Click to expand...

From my understanding the £34k position was built over a number of weeks. Having re-read what I initially typed it may have come across that someone would take £34,000 punts. Apologies if that has been misconstrued on my part. I do know for a fact that they have dedicated guys who look after the larger punters and getting them inside the spread is something they can try and do to keep the business. To qualify as a larger punter at cmc markets you need to be trading over £100 a point. I was also told that on LARGE positions if notice is given execution can be immediate.
 
“getting them inside the spread is something they can try and do to keep the business”

But how do their spreads compare to the markets?

Why not just trade spot?

Gran
 
Evil Knievil (Simon Caulkwell) is a big swinger with spread bet firms and he would place large orders at limit so there was no need to worry about poor fills etc..quite a character I believe.
His trades were substantial ie: several hundred thousand pound swings... big cahonnies.:cool:
 
Thanks to everyone for replying. The instrument to be traded will initially be the Dow and then a move to currencies after a set time of the length of the project.

My associates in this want to use SB as opposed to DA for tax reasons.


Paul
 
Trader Dante, from what I can remember about the first case, it was to do with SpreadEx closing a Dow position that was going against him, even though he argued he had sufficient funds to cover it. After they closed his trade, the mkt turned around (typical) and would have resulted in a profitable bet if they hadn't interferred.

The case went to court and he won. He received back his losses, his potential gain and legal fees were paid by them. The settlement came to over 100k I believe and it lead to them rewriting their terms and conditions.

There was second case but I am not sure of the outcome.
 
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