One of the shortest and most sensible posts on this thread.
IG Index 'stole' £5500 back from me
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Steve, why don't you make a deal with this fellow? Share the profit if you win in court. If you lose likewise, share the costs for the trial. My guess is that you are not interested in such an adventure, because the prospect of winning such a case is just too slim.
I wonder what the trial costs would be for such a case if it went against you. We are talking about a considerable amount of money, if the case were to be settled in court.
counter_violent
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I'm not particularly interested in posting about contract law anymore other than to say I have been through it enough times to get the message into my thick skull that in terms of costs and aggravation it is worse than the probabilistic outcomes of learning to trade. Period. Understand that first and foremost the legal profession is the biggest winner...sound familiar ? Christ I could write a book on this stuff.
You can bring a claim to small claims court ,but I am not up to date on the claims ceiling value anymore. Thought it was up to £5,000 ,but that may no longer be the case. In that event you can represent yourself just paying the court application fee which is probably between £150 to £200 pounds ish.
In the event that you have a claim for £5500 and that was above the ceiling you might wish to consider dropping the value claimed to get under the value claimed ceiling simply to get into the legal process without paying for solicitors.
Nicely the other side cannot claim any legal costs either ,nor indeed are they likely to get any additional costs re time etc. So that put's you on an equal footing.
What isn't clear to me is if you brought a case in small claims could the SB have it referred to County court and negate what you are trying to do in avoiding legal costs, I don't know the answer to that.
Not bad to say I didn't want to talk about contract law anymore !
Maybe Steve would be interested in becoming his lawyer.You can bring a claim to small claims court ,but I am not up to date on the claims ceiling value anymore. Thought it was up to £5,000 ,but that may no longer be the case. In that event you can represent yourself just paying the court application fee which is probably between £150 to £200 pounds ish.
In the event that you have a claim for £5500 and that was above the ceiling you might wish to consider dropping the value claimed to get under the value claimed ceiling simply to get into the legal process without paying for solicitors.
Nicely the other side cannot claim any legal costs either ,nor indeed are they likely to get any additional costs re time etc. So that put's you on an equal footing.
What isn't clear to me is if you brought a case in small claims could the SB have it referred to County court and negate what you are trying to do in avoiding legal costs, I don't know the answer to that.
Not bad to say I didn't want to talk about contract law anymore !
counter_violent
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I could'nt agree more.
At a practical level I was involved with construction companies as a sub-contractor to a company who did work for main contractors....after a few years of watching and being party to these protracted arguments and attending meetings with rooms full of f***in a** h****......some of these guys can and do argue that black is white.....and the best thing I ever did was get the hell out of that environment.
For those who have never ventured into this arena....take some advice....don't go there...live a simple life....it's too short as it is.
cv
Hi Poker Trader, I used to play poker quite a bit online but only at £2/5 levels. MAde a bit of money playing Now I just play Friday nights with some friends - £20 in so hardly high stakes. I also made some money playing poker but lost a fair amount when I started trading
Anyway, just a quick question to all of those who say that the SB platforms are against you and want you to lose, so therefore the odds are stacked against you. Being relatively new to trading (3 years) I am not sure how this can be the case in highly liquid markets unless the prices quoted are not "real".
I generally trade currencies, crude oil futures, gold and the Dow which could all be said to be highly liquid markets where it would be difficult for any one individual/group of individuals to manipulate the price in any meaningful way.
What I do wonder is how accurately the prices quoted on SB platforms reflect the the price of the real underlying instrument. I trade on CMC and they seem to have a pretty bad reputation. However is this deserved if they are quoting real prices or is it just a case of people trading poorly and without discipline and then just blaming the SB platform minstead of accepting responsibility for their poor choice of trade?
nine
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It's both drill.
The SB's are bucketshops so even the best will be less than perfect. The worst will be scurrilous.
The traders are human and most blame others for their mistakes. They also grieve over them and try to make them make sense in that context. Here in Aus, it seems that every third time someone dies in a road accident there is a foundation formed to do something wonderful to stop it happening again. Most of the groups, foundations, and societies must disappear in a few months or there would be more foundations than Aussies. Similarly people attack the broker/software/etc on T2W or another board, supposedly to save newbies from themselves. Lockstock has recently taken up attacking NinjaTrader for a fault that is basically his own but perhaps getting it out is one of the benefits of boards like T2W.
Of course, sometimes the complaints are justified and the thread does people other than the OP a service.
The SB's are bucketshops so even the best will be less than perfect. The worst will be scurrilous.
The traders are human and most blame others for their mistakes. They also grieve over them and try to make them make sense in that context. Here in Aus, it seems that every third time someone dies in a road accident there is a foundation formed to do something wonderful to stop it happening again. Most of the groups, foundations, and societies must disappear in a few months or there would be more foundations than Aussies. Similarly people attack the broker/software/etc on T2W or another board, supposedly to save newbies from themselves. Lockstock has recently taken up attacking NinjaTrader for a fault that is basically his own but perhaps getting it out is one of the benefits of boards like T2W.
Of course, sometimes the complaints are justified and the thread does people other than the OP a service.
It might be off topic but this is something I wrote on another thread.
"I have been trying to get this across for two years, the fact that SB is definitely not as bad as many like to portrait them to be. Failure with SB is often tied up with insufficient experience, poor money management and a way too high risk profile, rather than poor service from the SB company in question. As you are saying, it is very important to monitor the underlying asset. Also, an exchange live feed is preferable, in order to assure yourself that the SB quote actually reflects the "movement of the underlying asset". Notice I said "reflect". By this, I mean that it follows the movement, it does not necessarily have to show the same figures as the underlying asset. Over the years, the SB industry has greatly improved the speed of their feed, so today there is no lagging of quotes to speak of. I have to say that I am quite impressed with how well they have been able to solve this technically rather difficult issue".
gamma
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The above post is an illustration of my trading for the first 2 years of my trading life.
And yes it was always the SB company at fault, when I lost. I have been trading for 10 years now (8 of those successfully ) this is my main source of income, I do not scalp or day trade and use proper money management.
I use the big established S.B companies and have not had a problem with them for 8 years.
And yes it was always the SB company at fault, when I lost. I have been trading for 10 years now (8 of those successfully ) this is my main source of income, I do not scalp or day trade and use proper money management.
I use the big established S.B companies and have not had a problem with them for 8 years.
Gle,
"I am quite impressed with how well they have been able to solve this technically rather difficult issue".
With respect, Gle, this is probably more a reflection of your lack of knowledge (which seems to surpass my relative lack of knowledge) on this subject.
"an exchange live feed is preferable" to confirm the SB's quote. This shouldn't be necessary.
Gamma,
Why do you use SB's rather than DMA? Surely you would be better off.
That's two satisfied customers. I made a fortune as an early investor in a Ponzi scheme.
Grant.
"I am quite impressed with how well they have been able to solve this technically rather difficult issue".
With respect, Gle, this is probably more a reflection of your lack of knowledge (which seems to surpass my relative lack of knowledge) on this subject.
"an exchange live feed is preferable" to confirm the SB's quote. This shouldn't be necessary.
Gamma,
Why do you use SB's rather than DMA? Surely you would be better off.
That's two satisfied customers. I made a fortune as an early investor in a Ponzi scheme.
Grant.
gamma
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I tend to trade longer term so I am not really bothered about the spread.
And at the risk of sounding completely stupid I am totally ignorant of DMA
After reading your comment I have started an exploration into DMA and would appreciate any further advice on the subject either here or a pm.
gamma
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Thanks Trader333,
That is what I thought but started exploring just in case I may have missed something,
The fact that I am non domiciled from the u.k and not having to pay tax fits perfectly with my present arrangement.
But I am always willing to learn something new or have someone point out anything I may have missed.
That is what I thought but started exploring just in case I may have missed something,
The fact that I am non domiciled from the u.k and not having to pay tax fits perfectly with my present arrangement.
But I am always willing to learn something new or have someone point out anything I may have missed.
Gamma,
Advantages of DMA vs SB's.
transparency - trade at market prices, not approximations, guesses, whims or biases.
tighter spreads
faster execution, greater flexibility/range in types of orders
trade against the market, not the market and the broker
more professional environment.
Re your foreign residency, you still won't pay any tax (unless there is a local requirement).
Given your success, this seems a better route.
Grant.
Advantages of DMA vs SB's.
transparency - trade at market prices, not approximations, guesses, whims or biases.
tighter spreads
faster execution, greater flexibility/range in types of orders
trade against the market, not the market and the broker
more professional environment.
Re your foreign residency, you still won't pay any tax (unless there is a local requirement).
Given your success, this seems a better route.
Grant.
gamma
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Thanks for pointing out the advantages.
couple of questions please I you don't mind
Are dma firms open during the night or do they do just normal hours,
2 Althought I am abroad I still have property in the u.k and all my banking is done through British banks
I know I do not have to declare anything through my spreadbet accounts but would the situation change if I use DMA'S I would not like to declare my earnings to any of the authorities of any of the countries I move about in.
couple of questions please I you don't mind
Are dma firms open during the night or do they do just normal hours,
2 Althought I am abroad I still have property in the u.k and all my banking is done through British banks
I know I do not have to declare anything through my spreadbet accounts but would the situation change if I use DMA'S I would not like to declare my earnings to any of the authorities of any of the countries I move about in.
Gamma,
They're open as long as the markets are open - Europe, US, Asia - which I suppose means 24-hours.
Re you're tax, I suspect you would need to inform is your local tax office - the UK Inaland Revenue has no business with you (but I wouldn't put it past Brown to tray and change this). I'm sure none can be as bad as the UK. Whether you choose to inform them is up to you.
Out of curiosity, where are you based currently? It's fine if you don't want say - don't worry, I can respect privacy.
Grant.
They're open as long as the markets are open - Europe, US, Asia - which I suppose means 24-hours.
Re you're tax, I suspect you would need to inform is your local tax office - the UK Inaland Revenue has no business with you (but I wouldn't put it past Brown to tray and change this). I'm sure none can be as bad as the UK. Whether you choose to inform them is up to you.
Out of curiosity, where are you based currently? It's fine if you don't want say - don't worry, I can respect privacy.
Grant.
