Be-aware of finspreads

[TomTom]

Its clear to me Lee is loaded, and dose not need the extra income that direct market access gives.

For thouse who prefer to win more and loose less you know what to do.....

Evedently Lee says he is an expienaced trader, and there is no reason to dought this, please consider why Lee has not got accounts with real brokers ?

 

[Lee Shepherd]

Its clear to me Lee is loaded, and dose not need the extra income that direct market access gives.

For thouse who prefer to win more and loose less you know what to do.....

Evedently Lee says he is an expienaced trader, and there is no reason to dought this, please consider why Lee has not got accounts with real brokers ?

Mate, for me and my lifestyle its not extra income, its unecessary tax. I live a pure liquid cash lifestyle.

Beat that fcuker.


Come now big boy, post some actual trading results, show us all how you actually walk the walk instead of spouting the crap, or whateva the saying is

I'll match you, post for post, you wanna play big boy, show your hand or fcuk off.



Please ignore Tom Tom's posts:

Every one of his posts are agressively against Spreadbet Firms.

Take a look through his posts, every one of them from when he joined is against Spreadbet Firms and how they rip you off.

Tom Tom is attempting to take Spreadbet Firms to court.

Tom Tom actively admits to 'scamming them' as they 'scam others'.

Tom Tom still uses Spreadbet Firms himself.

 

[t10trader]

Lee maybe you have a better time with them but for me its getting progressively worse, tradig is a hard enough business without the constant bollox messages every time you look to get a profit or get a good entry.

Would be interested to hear how you "scam" a spreadbetting company ?

 

[Lee Shepherd]

Lee maybe you have a better time with them but for me its getting progressively worse, tradig is a hard enough business without the constant bollox messages every time you look to get a profit or get a good entry.

:!:Would be interested to hear how you "scam" a spreadbetting company ?

Ask tom thumb, not me. He's the one who claims he tries to scam them then complains when he gets his fingers burnt.

I would like to know too.

All I know is that I must be the luckiest barstard here, I spreadbet regularly, 50 contracts weekly averge, 25 last year and have been actively winning and taking regular withdrawels, I dont get any of the problems that others seem to have.

They cant stop you taking out money, if they change the price for YOU, then they have to change it for everyone. Maybe I've just been on the right side over the thousands of contracts I've traded but I doubt it very much. If you get bad fills, fine, change firms or go DMA, most of the time people will find but not knowingly have PC isues.

Many people run so much on one PC then say things like, ah dont worry, mines fast and theres loads of memory left. Not the point, one PC, one platform. Anything else running like other websites (inc Trade2win) have cookies which can interfere with the platform streaming the prices, many others have allsorts running, chat sites, graphs amongst many various of sites.

One PC for the platform only. If problems still persist, try DMA.

 

[stevespray]

Lee maybe you have a better time with them but for me its getting progressively worse, tradig is a hard enough business without the constant bollox messages every time you look to get a profit or get a good entry.

Would be interested to hear how you "scam" a spreadbetting company ?

I would agree with regards to Finspreads. Once you start making gains you suddenly find that you get huge delays on dealing and, more seriously, strange trade error notices. I received a series of these messages all asking me to contact the dealing desk and quote said reference number. This was 3 or 4 months back. They still cannot tell me what the reference means. They also insist that dealers there cannot disrupt clients dealing on the quoted prices - this I was told by at least three members of staff. I have however proved that they have seemingly mislead me on this point.

I set up a simple yet effective test...

I have an office with a LAN. On computer 1 I logged into Finspreads using my regular account. On computer 2 I logged into a Finspreads white label account which I had not used for months but still had a balance in it.
I then conducted a series of test trades. Ultimately I discovered that my main account was being tampered with in some way. When entering trades on the main account the trades would take, on average, 20 - 30 seconds to complete. On the white label account they would complete within 2 seconds.
I then tried another simple series of trades. I entered a trade on the main account and, whilst I was waiting for the trade to accept or reject, I entered an identical trade on the white label account - the white label trade completed within a couple of seconds and yet the main account was still saying that the trade was being processed. According to their customer services department this cannot happen as they have to process trades strictly in the order which they are received.

When I confronted them with this info it seemed to catch them cold. Lots of oh's and ah's along with completely ridiculous suggestions of why this might be happening. Still they say that dealers cannot mess around with client orders.

Needless to say that my white label account suddenly encountered dealing delays as soon as they found out about it - of course they claim no connection!! They must think we're stupid!!
I tried the same set of tests with a friends account and needless to say the same results were forthcoming - my friends account completes trades quickly without any errors whilst my account suffered serious delays and gets dealing errors.

Draw your own conclusions.

Steve.

 

[ibex666]

tomtom

come on tomtom tell me why finns sacked you. this sb thing is eating away at your soul, its gonna eat you up mate, you need to get over it!!!
by the way, what are finns actually like to work for. good pay package, health plan, perks???

 

[stevespray]

"SCAM" is not the right word. It's more about 'thinking outside the box'.

Let me give you a simple example.... Lets look at 'hourly binaries';

Imagine that at the start of the hour they set their IV into their quotation model. This generally works for most hours.
What happens though if volatility picks up unexpectedly? They cannot price this in. So the model becomes skewed with the quotes moving to an extreme. This presents a 'value oppertunity' if you know what you're doing. Buy a low number like 8 or 10 (if there is more than 35 - 40 minutes left of the hour) and sit back knowing that the odds of a recovery are a great deal more than 10%. Easy money. Is this a scam? I dont think so - it's just trading when the odds are in your favour and not theirs.

Steve.

 

[alan5616]

We have some very good sayings in this country for people like you as well.

I wont mention any cos I'll get banned.




Please ignore Tom Tom's posts:

Every one of his posts are agressively against Spreadbet Firms.

Take a look through his posts, every one of them from when he joined is against Spreadbet Firms and how they rip you off.

Tom Tom is attempting to take Spreadbet Firms to court.

Tom Tom actively admits to 'scamming them' as they 'scam others'.

Tom Tom still uses Spreadbet Firms himself.

I have no issue, usually, with spread betting companies, I have accounts with more than one and trade every day.

However, today, I'm going to slate Finspreads. Their server(s) went down, this afternoon, and trying to close out a position by telephone proved impossible. Nobody on their dealing desk picked up the phone. I saw a 260 pt. profit disappear and become a loss because I couldn't get out of the trade.

It seems incredible that they don't have adequate back up servers to cater for down time on their main servers. I intend to claim compensation from them and, if they don't offer some reasonable solution, I will close my account.

 

[stevespray]

I have no issue, usually, with spread betting companies, I have accounts with more than one and trade every day.

However, today, I'm going to slate Finspreads. Their server(s) went down, this afternoon, and trying to close out a position by telephone proved impossible. Nobody on their dealing desk picked up the phone. I saw a 260 pt. profit disappear and become a loss because I couldn't get out of the trade.

It seems incredible that they don't have adequate back up servers to cater for down time on their main servers. I intend to claim compensation from them and, if they don't offer some reasonable solution, I will close my account.

Alan - Sorry to hear of your loss. This is going to sound like slamming the stable door etc but I learned a long time ago that its always a good idea to have a back up account (with a different provider) for exactly this situation. Simply lay off the close with the second account as a hedge. Sure it costs you the spread since you have to exit two bets when things return to normal but it sure beats watching your account go south.

Good luck with your claim.

Steve.

 

[alan5616]

Alan - Sorry to hear of your loss. This is going to sound like slamming the stable door etc but I learned a long time ago that its always a good idea to have a back up account (with a different provider) for exactly this situation. Simply lay off the close with the second account as a hedge. Sure it costs you the spread since you have to exit two bets when things return to normal but it sure beats watching your account go south.

Good luck with your claim.

Steve.

Steve,

I've never been faced with this problem before. I assume that the reason I couldn't get through to their dealing desk was because many others were trying to do the same thing.

Thanks for your very good advice. I will, certainly, hedge with one of the other companies should I encounter this scenario again.

 

[Splitlink]

I don't write much on this subject because I think that I have exhausted all my arguments. Still, try again.....

On Thursday and Friday I shorted trades with SP500, out of hours,with the intention of getting in early. I put a stoploss a long way away and set a mental price at which I would close the trade, much closer.

On both days I pressed the buy, to close, button and was presented with the " Sorry, price has moved on, try again" button and, on Thursday, I got a better price and, on Friday my attempt to close had been at the stop of a small spike. It went down, at once, and I closed in profit. This does not seem, to me, to be the actions of a company that tries to close everyone out as soon as possible but it is ,of course, their business to take out all set stops and entry orders, so set the stops realistically.

The only alternative to newcomers with limited experience is to go to a broker. They have to have deeper pockets to do that and, I can advise now, that if you are a novice, you are likely to lose it all.

There are those, like the negative minded posters on this thread, who have trouble accepting the blame for their spreadbetting mistakes and try to scare the crap out of others.

If you can't afford more than 200 GBP you may be trading with a fear of losing it. That is not the fault of Fins. Neither does it mean that you should throw it at a trade "Gung Ho".

You have to get to the mentality of refusing to accept a loss over certain limits, not looking at the loss accrue like a rabbit paralised by headlights. Try to be the hunter that, because he knows that he cannot run very fast, lies in the bushes and waits for the target to come to him. Trade on the 50p minimum and forget about making money while you are training.

The chart gets out of kilter with the quote during spikey times. I find that the best is to use the chart to decide the price level that I want and then get it off the screen and concentrate on the quote box----or use orders, although I like to open manually, myself.

I try not to get into a situation that requires telephone calls. What kind of online trading is that?

Blaming margin requirements for difficulty in getting into certain instruments is dodging the real issue, IMO. Margin is a safety net for both sides.

Split

 

[t10trader]

Lee

I think its a bit disingenous to blame a slow close or constant nonsense messages on someone's PC !

Steve's experiment pretty much provides conclusisve proof to what some people hawe suspected, not all accounts are treated the same and tampering goes on.

I'm still waiting for a conclusion to a mail I sent 2 days ago regarding messages, delays etc, no doubt I'll hear some hogwash system was busy we're not responsible, see the T & Cs !

Alan sorry to hear about your loss, perhaps the phone was ringing for a while before anyone picked it up...

 

[Lee Shepherd]

Lee

I think its a bit disingenous to blame a slow close or constant nonsense messages on someone's PC !

Steve's experiment pretty much provides conclusisve proof to what some people hawe suspected, not all accounts are treated the same and tampering goes on.

I'm still waiting for a conclusion to a mail I sent 2 days ago regarding messages, delays etc, no doubt I'll hear some hogwash system was busy we're not responsible, see the T & Cs !

Alan sorry to hear about your loss, perhaps the phone was ringing for a while before anyone picked it up...

O.k, lets get real here.

I disagree with what you say, I make money constantly and I always lose money constantly, however, I am also constantly taking money out of my account, not putting it in. I will stay with spreadbetting and my firm in particular.


You on the other hand are disagreeing with me, fair enough, I now assume you will go DMA and leave the world of spreadbetting behind, if you cannot afford it, then give it up completely as you know (in your mind) you will get screwed. So, why bother placing another single bet with a bookies.....GO DMA and let us all know how you get on over the coming months.

Good luck bud.

 

[Lee Shepherd]

I have no issue, usually, with spread betting companies, I have accounts with more than one and trade every day.

However, today, I'm going to slate Finspreads. Their server(s) went down, this afternoon, and trying to close out a position by telephone proved impossible. Nobody on their dealing desk picked up the phone. I saw a 260 pt. profit disappear and become a loss because I couldn't get out of the trade.

It seems incredible that they don't have adequate back up servers to cater for down time on their main servers. I intend to claim compensation from them and, if they don't offer some reasonable solution, I will close my account.

Nice one,

First things first, I was logged on all day, my server didn't go down and I was making money left right and centre, I also know of others being logged in all day.

Words of advice:

Trail your stop loss, remember to keep moving it up as the market moves, that way you wouldn't have seen 260 points disappear, also, which has been mentioned above but I will reiterate it, any experienced trader knows this so I assume you are farely new at this, hedge yourself against another firm therefore you immediately lock in your profit (bar the spread which is a measly 2-4pts)

As for letting slip 260pts of profit, this is absolutely crazy in any traders book......SET STOPS.....and before you say 'I did', o.k, SET STOPS WITHIN A REASONABLE DISTANCE THAT LOCKS IN PROFITS AND PROTECTS YOUR CAPITAL.


Some thing we just have to spell out and it seems the world of trading is made complicated by new guys on the scene.

Trading is not difficult and should not be complex. Lets keep it real and simple. You've got some very basic but necessary things to learn.

 

[Lord Flasheart]

When youve set stops have you ever had them gone through with SB firms, if so what happened It happened a few times to me when using DA

 

[Lee Shepherd]

When youve set stops have you ever had them gone through with SB firms, if so what happened It happened a few times to me when using DA

Sorry mate, its probably too early for me or I'm still p1ssed, I didn't catch what you just said.

 

[Lord Flasheart]

have you always had your stops filled. With Direct access on several occasions the market went through my price didnt come back and I was left to accept a market price. So far this has never happened with SB, but in volatile times Im sure it will happen.

 

[alan5616]

Nice one,

First things first, I was logged on all day, my server didn't go down and I was making money left right and centre, I also know of others being logged in all day.

Words of advice:

Trail your stop loss, remember to keep moving it up as the market moves, that way you wouldn't have seen 260 points disappear, also, which has been mentioned above but I will reiterate it, any experienced trader knows this so I assume you are farely new at this, hedge yourself against another firm therefore you immediately lock in your profit (bar the spread which is a measly 2-4pts)

As for letting slip 260pts of profit, this is absolutely crazy in any traders book......SET STOPS.....and before you say 'I did', o.k, SET STOPS WITHIN A REASONABLE DISTANCE THAT LOCKS IN PROFITS AND PROTECTS YOUR CAPITAL.


Some thing we just have to spell out and it seems the world of trading is made complicated by new guys on the scene.

Trading is not difficult and should not be complex. Lets keep it real and simple. You've got some very basic but necessary things to learn.

Lee,

I'm not a new guy on the scene, even though you're assuming that I am.

We all use different strategies to accumulate trading profits. I'm trading GBP/Y and the volatility on this market is very high at present. Every day there are 100-300 pt. moves in 5 mins.

I will enter a trade with a stop/loss of 60-150 pts. but, do not move it until my trading rules permit me to do so. This method has proved very successful. Had I been trailing my stop, consistently, I would have been taken out of trades, at break even or, with a few points profit, that went on to make 600 pts., or more, in a day!! At present, my win/loss ratio is about 3:1 so, I'm sticking with the method.

 

[Lee Shepherd]

have you always had your stops filled. With Direct access on several occasions the market went through my price didnt come back and I was left to accept a market price. So far this has never happened with SB, but in volatile times Im sure it will happen.

If it hasn't happened to you yet then the probability is it wont, these ARE volatile times.

With spreadbet firms you can set in guaranteed stops, that way if the market gaps, you still get filled at the rate you requested.

 

[Lee Shepherd]

Lee,

I'm not a new guy on the scene, even though you're assuming that I am.

We all use different strategies to accumulate trading profits. I'm trading GBP/Y and the volatility on this market is very high at present. Every day there are 100-300 pt. moves in 5 mins.

I will enter a trade with a stop/loss of 60-150 pts. but, do not move it until my trading rules permit me to do so. This method has proved very successful. Had I been trailing my stop, consistently, I would have been taken out of trades, at break even or, with a few points profit, that went on to make 600 pts., or more, in a day!! At present, my win/loss ratio is about 3:1 so, I'm sticking with the method.

Lol,

Relax, newbie is not a swear word.

Try changing or adapting your stoploss rule, wtf, it doesn't permit you, to allow a contract with an initial stop of 60-150 pts to then go on side of 260pts then to lose it all again without moving the stop closer needs looking at, I fail to see the 3:1 ratio in that. If it was closed out at that point then yes, 3:1, but to allow the trade to go 260pts in profit then to allow it to turn into a losing trade is not 3:1, this indicate's you are looking for a lot more, therefore carrying the risk over.

So, if you do not know about a simple hedge bet to protect your profits when things go wrong, I will assume (and rightly so) that you are new to this game, if what you say is true and you have years of trading experience, why the hell (replaced for fcuk) did you not know this extremely simple and effective rule????????????
You've been on trade2win for a few years, (although very quiet between oct 06 and march 08) surely you've read it somewhere before.

For a measly 2-4pts you could have locked in your 260pts profit, knowing there was rare but serious problem this would have been executed by a trader within seconds, if the platform comes back on line, shut the other down and you are no worse off but instead fully protected.

Also, why complain, this must have happened before if you are not a newbie.

Sorry mate, I could be wrong but my nose for a bacon butty is not often wrong and I just cant buy the fact you didn't know of this....Its text book stuff mate to protect money/profits/losses and total capital.