Goodbye Finspreads jan 4th 2007

[stevespray]

Steve.. Welcome to the world of spreadbetting... yet another example of why I believe it is ridiculous to trade with such companies... I am surprised these things go unoticed.

Do yourself a favor, get a proper broker account like IB or optionexpress and leave that world behind..since I did, I dont get all that nonsense and today youd have made around 100 points shorting the Dow let alone the previous days..

Remember, they are CASINOs they are not investment houses really.
Good luck

Paul

Hi Paul, Yes to all of the above. I have IB - been trading for years. I agree with you, it just makes me laugh when it still goes on. I made quite a bit on that initial sell off / bounce around 1pm. If you what what you're doing and you are strong enough to respect your stops then its very easy money. Fins came back for about a minute, tried one trade and they refused to quote me.

Good luck,
Steve.

 

[Kinger]

Exact same with me today … nudged up to £500 (probably low for some of you guys here but a lot for me !), couldn't sell as website was down (although the prices are still flicking).
£500 came down to £440. couldn't get them on the phone … then £130, -£130 ….. Ah … they appear again ….
Eventually sold for £16, no big winner compared to £500 but at least not a loss …. Buggers.

Can I start a conspiracy … !

 

[Pippppin]

Steve...if you find it so easy to make money in the highly charged and turbulent worlds of the markets this week, why on earth do you trade with a 2-bit firm such as Finspreads?

Spreadbetting is for amateurs, not pros....

 

[Phil Mibbutz]

If there's one thing you can rely on apart from death and taxes, it's that the 'award winning' Finspreads platform will crash when the markets move quickly. How about everyone here making a note of exactly when this happens in future? You'd think the FSA or Trading Standards might be interested.

 

[splorff]

Finspreads have been down for around 40 minutes now...... Genuine technical problems or 'economic decision' to prevent punters making easy money in fast trending conditions which swallow spreads in a single tick?

Steve.

Hi Steve
What did you think of the comments of Arbitregeur made earlier in the thread? Here they are again. The charge is that on the daily dow you are actually betting against the house. If this is true then is there any wonder that they have a dodgy platform at times? If true, they have a vested interest in punters losing in the daily dow. If true, when punters lose on the daily dow, Finspreads win.

If this is true for Finspreads is it not also true for all SB firms? Its pretty worrying if it is true.


Quote:
Were you betting on the daily dow, or the dow future?

------------------------------------------------------------------------------------------------------------------
It was the daily.

splorff

04-01-2007, 10:27 PM #15
splorff
Member
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04-01-2007, 10:30 PM #16
Arbitrageur
Legendary Member

Join Date: Feb 2005
Location: London
Posts: 1,204
Quote:
Originally Posted by splorff
It was the daily.


then you should know that you handed your entire loss to Finspreads pockets.

The daily bets are based on the cash index, which is of course untradable in the real world, and therefore unhedgeable.

so forget handing them their spread, since they took the other side of your trade they take your loss of £4k in its entirety including the spread as their profit.
__________________
Fortune favours the brave

 

[anley]

If there's one thing you can rely on apart from death and taxes, it's that the 'award winning' Finspreads platform will crash when the markets move quickly. How about everyone here making a note of exactly when this happens in future? You'd think the FSA or Trading Standards might be interested.

What isn't 'award winning' these days? I reckon if you look at all the spread betting firms they're all 'award winning' of some sort.

Ever watched a cookery program, all the chefs are 'award winning chefs' and all their restaurants are also 'award winning'.

 

[The Pear]

Hi Steve
What did you think of the comments of Arbitregeur made earlier in the thread? Here they are again. The charge is that on the daily dow you are actually betting against the house. If this is true then is there any wonder that they have a dodgy platform at times? If true, they have a vested interest in punters losing in the daily dow. If true, when punters lose on the daily dow, Finspreads win.

If this is true for Finspreads is it not also true for all SB firms? Its pretty worrying if it is true.


Quote:
Were you betting on the daily dow, or the dow future?

------------------------------------------------------------------------------------------------------------------
It was the daily.

splorff

04-01-2007, 10:27 PM #15
splorff
Member
-------------------------------------------------------------------------------------------------------------

04-01-2007, 10:30 PM #16
Arbitrageur
Legendary Member

Join Date: Feb 2005
Location: London
Posts: 1,204
Quote:
Originally Posted by splorff
It was the daily.


then you should know that you handed your entire loss to Finspreads pockets.

The daily bets are based on the cash index, which is of course untradable in the real world, and therefore unhedgeable.

so forget handing them their spread, since they took the other side of your trade they take your loss of £4k in its entirety including the spread as their profit.
__________________
splorff

Fins systems will go down even more unless they resolve their IT issues - I would not say it was 'economic' more that they are trying to integrate systems and they have capacity issues. Watch out for the next big economic figures move and the system will go down.

They will hedge daily bets using a future and then close out at the end of the day - sso its not quite 'them and us'. What they do want is flow and with that the idea of being able to give liquidity to the market - that sould be their aim.........