Finspreads New Trading System

[aussietrader]

Hi,

I received notification today about the new Fins trading system. Lets you open contingent orders, limit opens and more.

Finally it appears those of us who like spread betting (becasue it is tax free!!) are getting a better trading platform.

A welcome change.

Cheers

AT

PS- it is 36 degrees and lovely here in Aust - just right to enjoy a few beverages at the second test. Stay warm :cheesy:

 

[masmit]

Yes, finally we've got a decent range of entry orders available.
Am I right in thinking that Finspreads are still offering the smallest position sizes of the SB companies? If so, for the small system trader like myself, this is very good news.

Cheers,

Mark

 

[Zaheer]

I am really impressed by Finspreads and find the staff really helpful!!!

 

[pb]

A few things I tried with their new platform but couldn't do:

I have an long position on stock XYZ. Now, let's say I have reasons to believe I sould cover my longs on XYZ and open a short tomorrow morning. So I first moved the stop loss of my long position very close to the current quote, so that I am out with a profit at the slightest movement. I then tried to enter a sell stop at the same level, i.e., I'd be cover my longs at say 100p and then a short position will be opened automatically at 100p.

While trying to enter the sell stop order, I got an error message saying I already have a long position on XYZ, so I cannot enter a contingent order in the opposite direction.

I thought, fine, I'll try and fool the system. My original long position stake was, say £1 per point. I tried to put the stop loss at £2 per point, my theory being that if the stop loss is triggered, first my long £1 bet will be closed, then a new £1 short bet will be opened. This time I got an error message saying the stop loss stake cannot be greater than my original stake.

I gave up.

Now, my sole experience in trading is with Finspreads for the past 2 years or so. Am I trying to do something too hard? Is this something the market just cannot cope with or is it Finspreads who have an inadequate system?

 

[JonnyT]

They don't want you to win...

JonnyT

 

[pb]

So is it something you can do with other SB companies?

Can you put this kind of orders with direct access?

 

[dolton]

Fins ....bookies by any name

 

[Roberto]

So is it something you can do with other SB companies?

I have no problem doing exactly that with Capital Spreads. Don't trade equities but FX seems fine. I don't actually do it very often, partly because you can't then set an "if done" stop loss order on the reversing trade, and partly because I'm not a big fan of S/R in general.

Astonishing to hear people saying good things about Finspreads.

(Slightly strange sense of "déja vu" about this thread ...).

 

[pb]

Right, Capital Spreads is the way to go it seems. I'll close my FS account.

 

[fastnet]

A few things I tried with their new platform but couldn't do:

I have an long position on stock XYZ. Now, let's say I have reasons to believe I sould cover my longs on XYZ and open a short tomorrow morning. So I first moved the stop loss of my long position very close to the current quote, so that I am out with a profit at the slightest movement. I then tried to enter a sell stop at the same level, i.e., I'd be cover my longs at say 100p and then a short position will be opened automatically at 100p.

While trying to enter the sell stop order, I got an error message saying I already have a long position on XYZ, so I cannot enter a contingent order in the opposite direction.

I thought, fine, I'll try and fool the system. My original long position stake was, say £1 per point. I tried to put the stop loss at £2 per point, my theory being that if the stop loss is triggered, first my long £1 bet will be closed, then a new £1 short bet will be opened. This time I got an error message saying the stop loss stake cannot be greater than my original stake.

I gave up.

Now, my sole experience in trading is with Finspreads for the past 2 years or so. Am I trying to do something too hard? Is this something the market just cannot cope with or is it Finspreads who have an inadequate system?

Surprised you couldn't so this - could can certainly close and simultaneously reverse a 'live trade' by just placing an opposite order for a larger stake. If you can't do this with the contingent software this HAS been thought about and they HAVE decided not to write this functionality into the software. - the question is why. . . . .

maybe stop/reverse a losing trade is a good philosophy after all? There must be something to be learnt from being sensitive to what the bookies DON'T let you do. .

also heard the other day that Fins have stopped the ''min 1p trade'' boast which as their main differentiator for the past 4-5 years - as I understand they still offer this but just for limited intro period.. . . .

 

[pb]

Fastnet,
As my original post says, the stop and reverse in question was not on a losing trade, but on a winning trade. The plan was to take profits on a long position and open a short position, when I thought the market had topped in the short term.

So I don't think Finspread has any altruistic motive behind this.

 

[KIG]

Query?

Am I reading this correctly? Are you suggesting that with Capitalspreads I can open a buy and a sell order for say £1 on the FTSE index and put stops on either one?

Only I tried it on a demo a/c and the buy just cancelled out the sell which is not what I wanted to do. Think it's called Hedge betting.

Any ideas?

 

[fastnet]

I think you are refering to spread-trading. However this involves opening positions in similar contracts (either different expiry months or highly correlated instruments).

Why would there be a benefit in equal and opposite bets on the same contract? The only sure winner would be the broker or SB company.

Tks

 

[Roberto]

Are you suggesting that with Capitalspreads I can open a buy and a sell order for say £1 on the FTSE index and put stops on either one?

I don't think anyone's suggesting that. At least, if they are, they're mistaken.

What you can do - certainly with CapitalSpreads anyway and I imagine with other SB firms (maybe not Fins, should never assume anything reasonable, sensible or human with them!) is put in limit orders on the FTSE (or on anything else). So, for example, you could decide that if the FTSE moves up say 10 points from where it is now, you'd want to open a long position, and if it slips down say 20 points from where it is now, you'd want to be short; and you can instruct accordingly. Limit orders, not market orders, obviously.

 

[KIG]

How about putting a stop on each side of the trade say 10 points from opening so that the losing trade closes and then stop the winning side of the trade at say 12 points so that a profit of 2 points are guaranteed. Just a theory that's all.