IG Index/Binary Bet Rejections

[Sharepunter]

Thanks Sharepunter. It was 5 min binaries I am looking at simply because there are so many trading oportunities a day
Have you tried withdrawing your profits yet?

I've experienced no problems withdrawing profits.
Incidentally, awful day yesterday (Thursday).
Market character changed from the benign conditions of the past couple of weeks.

 

[Sharepunter]

It looks as though IG have put me on manual execution as a number of my orders (but not all) have been delayed over the last couple of days. Coincidently, I had my most profitable week ever last week.
Oh well, guess I'll just have to adapt to the new conditions.

 

[markt99]

It looks as though IG have put me on manual execution as a number of my orders (but not all) have been delayed over the last couple of days. Coincidently, I had my most profitable week ever last week.
Oh well, guess I'll just have to adapt to the new conditions.

Do you think last week took you over some threshold - was in profitable in monetary terms or number of winning trades?

 

[_NeuromanceR_]

It looks as though IG have put me on manual execution as a number of my orders (but not all) have been delayed over the last couple of days. Coincidently, I had my most profitable week ever last week.
Oh well, guess I'll just have to adapt to the new conditions.

What's your bet timeframe? Minutes? Hours? Days?

 

[Sharepunter]

Do you think last week took you over some threshold - was in profitable in monetary terms or number of winning trades?

Hi Mark

I think their decision would be based on monetary terms. However, while it was a great week for me, I guess that for some higher stake operators the level of my profit would not be exceptional.
I'm still managing to make my "normal" level of profit this week as manual acceptance is not being applied to the majority of my orders.

By the way, are you trading the binaries?
I remember your interest in them about a year ago.
I've turned professional so to speak!

 

[Sharepunter]

What's your bet timeframe? Minutes? Hours? Days?

The majority of my bets are of a short duration . . . usually minutes rather than hours or days.

 

[markt99]

Hi Mark

I think their decision would be based on monetary terms. However, while it was a great week for me, I guess that for some higher stake operators the level of my profit would not be exceptional.
I'm still managing to make my "normal" level of profit this week as manual acceptance is not being applied to the majority of my orders.

By the way, are you trading the binaries?
I remember your interest in them about a year ago.
I've turned professional so to speak!

Glad you managed to do it full time now - I was trading the 5 min binaries about a year ago but I had a part time contract in my job then so lots of time. I'm working on a full time contract since Jan this year so cant really trade at the moment - but if I can reduce to 4 day week I will be back in there again

 

[Sharepunter]

IG have started delaying me closing range bets just prior to the Dow close.
Strange, as I wasn't that successful in this area.
I've now ceased betting into the close and so IG have inadvertently prevented me from incurring losses!!!

 

[brettus]

Yes i once emailed their help desk asking why my orders were taking longer than normal to execute.

------------------------------------------------------------------------------------------

Dear Sir,

Thank you for your email.
The orders that were placed on your account today were manually checked by the desk,
and as such there was a delay.

If you have any queries please do not hesitate to contact us.

Regards,

..
IGIndex

---------------------------------------------------------------------------------------------------

Basically what is there to check?, not my order. What they check is their own price, and if they think its incorrect, mainly because i tried to hit it, then they will move the price.

I dont have any extra information compared to IG. Basically if like a price then i take it, and i try to get out if i am wrong. The prices that IG quote are very accurate, my edge is mostly getting out when im wrong, my edge is not exploiting a weakness in their pricing.

I know a little bit about binary bets and how they work, as i've been the other side of the bet before. These companies have the opportunity change the volatility, and if they feel the volatility at the time was incorrect giving a weak price, they will reject the price, then change the volatility, which will obviously skew the price against you.

 

[Sharepunter]

Conditions are becoming increasingly difficult with IG.
Some of my orders for as little as £2/pt are now subject to delay!
Unbelievable. IG made £10m+ from binaries in its last financial year.
Scrooge comes to mind!

I would happily have recommended IG previously as I think its practices are, on the whole, fair.
However, now I would have reservations.
IG binaries have certain features built in to the quote which are sufficient for them to consistently profit by. The obvious example is the spread. I accept this and other "features" as the cost of trading.
What I think is unfair is the following feature of IG's manual order execution.
Where an order is delayed and the price moves away from the order; the order will likely be accepted at the original price and not the better price. Price improvement is not applied.
For example, order placed for binary to finish up at 73. Target profit 27pts.
Order delayed. Price falls to 66 to finish up. Order accepted at 73.
Conversely, where the price moves towards the binary goal the order is rejected with "price is no longer valid". I.e. order placed for binary to finish up at 73. Order delayed. Price moves to 80. Order rejected as price no longer valid.
This, in my book is plain unfair.

Either IG should reject the order in both instances with "price is no longer valid" or accept the order; in the first scenario at a price of 66 and the second at 80.

Comments anyone?

 

[markt99]

Conditions are becoming increasingly difficult with IG.
Some of my orders for as little as £2/pt are now subject to delay!
Unbelievable. IG made £10m+ from binaries in its last financial year.
Scrooge comes to mind!

I would happily have recommended IG previously as I think its practices are, on the whole, fair.
However, now I would have reservations.
IG binaries have certain features built in to the quote which are sufficient for them to consistently profit by. The obvious example is the spread. I accept this and other "features" as the cost of trading.
What I think is unfair is the following feature of IG's manual order execution.
Where an order is delayed and the price moves away from the order; the order will likely be accepted at the original price and not the better price. Price improvement is not applied.
For example, order placed for binary to finish up at 73. Target profit 27pts.
Order delayed. Price falls to 66 to finish up. Order accepted at 73.
Conversely, where the price moves towards the binary goal the order is rejected with "price is no longer valid". I.e. order placed for binary to finish up at 73. Order delayed. Price moves to 80. Order rejected as price no longer valid.
This, in my book is plain unfair.

Either IG should reject the order in both instances with "price is no longer valid" or accept the order; in the first scenario at a price of 66 and the second at 80.

Comments anyone?

You say they are executing orders manually! - When I was trading last year they seemed to go through so quickly that they cant have been manual and Im sure I got 'price improvement' on a number of times. Do you think things have changed?

 

[donaldduke]

I been doing binaries since 2003.

Your order either gets filled instantly

Or if there is a delay then

If the delay is longer than 30 seconds chances are your order has gone to a human dealer, this is quite rare.

If the delay is between 5 seconds and 30 seconds it most likely the computer server holding your order, checking the price and possibly rejecting and then requoting the price/volaility of the binary.

I think orders are more likely to get delayed if the spread bet firms order book for that binary is relatively empty. An active book already has punter order flow priced in.

Also if you are very profitable at binaries your cards will be marked and your orders will have a much higher chance of being delayed compared to when you first started binaries.

 

[Sharepunter]

You say they are executing orders manually! - When I was trading last year they seemed to go through so quickly that they cant have been manual and Im sure I got 'price improvement' on a number of times. Do you think things have changed?

Yes. Things have changed for me!
OK - maybe they're not manually accepting/rejecting orders as the delay is not 30+ seconds (as Donald's post above states).

 

[brettus]

Yes. Things have changed for me!
OK - maybe they're not manually accepting/rejecting orders as the delay is not 30+ seconds (as Donald's post above states).

Orders dont take 5 seconds to accept or reject.

 

[Sharepunter]

Orders dont take 5 seconds to accept or reject.

Brettus - please elaborate.

 

[brettus]

Brettus - please elaborate.

Ok. FFO for ladbrokes and party gaming. I've accepted/rejected trades. It takes about 2 seconds to realise whether its a bad bet or not. Eventually you get to know the clients and you know when they are trying to pick you off. I understand the clients point of view though. When a trade comes up and its in the clients favour it says odds 5/1 should be 3/1, generally that will get rejected straight away. If you sit there all day accepting bets, you will know what the odds should be, and as soon a winner tries to trade, you are alerted straight away to the vols being off.

It's not a coincidence that you get 5 clients trying to hit you at 28/1 in eurusd on 5mins.

If you do a binary a little bit more obscure then there's more chance of it getting accepted.

 

[donaldduke]

Ok. FFO for ladbrokes and party gaming. I've accepted/rejected trades. It takes about 2 seconds to realise whether its a bad bet or not. Eventually you get to know the clients and you know when they are trying to pick you off. I understand the clients point of view though. When a trade comes up and its in the clients favour it says odds 5/1 should be 3/1, generally that will get rejected straight away. If you sit there all day accepting bets, you will know what the odds should be, and as soon a winner tries to trade, you are alerted straight away to the vols being off.

It's not a coincidence that you get 5 clients trying to hit you at 28/1 in eurusd on 5mins.

If you do a binary a little bit more obscure then there's more chance of it getting accepted.

Very interesting thanks for posting.

I have a feeling that IG have automated this manual process of adjusting binary volatility/odds based on winning punter bets. It would not be very hard for a computer to do.

 

[Sharepunter]

Very interesting thanks for posting.

I have a feeling that IG have automated this manual process of adjusting binary volatility/odds based on winning punter bets. It would not be very hard for a computer to do.

Yes. No doubt IG has inbuilt programming which functions akin to the Virtual Dealer software that delays order acceptance and re-quotes prices.

 

[Omoh101]

I quite enjoyed reading this thread as I have recently experienced something similar move from electronic to manual execution on a broker platform! Is anyone still trading Binaries and getting elctronic executions? Please let me know especially on FX 5mins TF

 

[Omoh101]

It looks as though IG have put me on manual execution as a number of my orders (but not all) have been delayed over the last couple of days. Coincidently, I had my most profitable week ever last week.
Oh well, guess I'll just have to adapt to the new conditions.

Any changes on the slow execution / constant re-quotes?
How much did you make beofre they placed you on manual execution?