Is CMC really that bad?

[sriches]

Hi JD Trader, I'm new to the trading game and just wanted to ask about the Oanda account stuff you mentioned here. I want to begin with an SB acc of roughly £1000 and just by following some 'strategies' I've come across when I try to factor in the risk/reward ratio and keep the risk at 1-2%, its almost impossible to get a decent £ per pip value to determine my stake. I alway get stuff less the £0.5pp which is less than the required £1pp for most companies. Would you say Oanda is an ok place to trade for some1 like me with low account balance and how has it worked for you?

Well depends on how you intend to trade ?

2% Rule or more or Rollacoaster trading all of the balance ?

Min is £1 per point with % of balance held on margin depending on stock, FX, Commodites or Indices.

Stocks range from 3%-25%

FX, Commodites, Indices have a fixed NTR from 30+

Its all explained on there site but if your good at trading £500 would be enough but if need more room to trade I'd say £1,500-£2,00. But saying that you can fund £200 and get some free courses.

One thing to remember they close all open positions if your balance falls below £100.

CMC Markets Trading IQ

I have an CMC account but I'm trying to build a Bankroll (poker term for your cash to play with) on Oanda where you can trade at a lot lower cost per pip as low as 1p (1 cent U.S) and fund with any balance as there is no min funding but its only a FX site.

YouTube - A look at the Oanda FXGame trading platform

This is Oanda Game but the TRADE platform is the same just real cash.

I found ETX, Paddy Power, IG simply flat grind platforms where both CMC and Oanda you can pop screens out and create your trading desk as you want it.

Hope this has helped sorry for any typo's lol

 

[tar]

Although I normally don't have a good word to say about spread betting outfits, I've had no real hassle about funding, apart from with ODL who rang about fifteen times.

I re-opened an account with IG maybe nine months ago, intending to try their 'Deal Thru' charting. A few weeks later, after I'd logged on a couple of times to have a look around, they disabled the advanced charting facility without notice, which didn't impress me much, so I've never deposited anything. They've never called to ask me to, though, probably because they think (rightly) that I'll just close the account if they do!

Also have a CMC account, which I used occasionally for a year or two, then withdrew the balance. Someone did ring a while later to ask why I'd stopped trading, but no requests for funding.

Advanced charting is working ...

 

[SSINGH]

We used CMC for about a month before giving up - Trading platform is awful. We now use IG - a much advanced system and excellent service.

I didn't think that Hedge Funds used spread betting companies????...you're with a hedge fund right.....well thats what you said in WallStreet1928's thread!

 

[mb325]

Hi JD Trader, I'm new to the trading game and just wanted to ask about the Oanda account stuff you mentioned here. I want to begin with an SB acc of roughly £1000 and just by following some 'strategies' I've come across when I try to factor in the risk/reward ratio and keep the risk at 1-2%, its almost impossible to get a decent £ per pip value to determine my stake. I alway get stuff less the £0.5pp which is less than the required £1pp for most companies. Would you say Oanda is an ok place to trade for some1 like me with low account balance and how has it worked for you?

I'm in a similar position and use Alpari. They're like Oanda in that they let you trade in very small amounts (steps of 0.01) and imo perfect for anyone with smaller accounts. I was using a SB company but Oanda/Alpari offer much more flexibility in this respect.

 

[TomTom]

Used CMC for years they let you open postions, but when it comes to take profits its a different story.
Do not be surprised if they suspend your online dealing in normal hours, indeed this is obstruction/ unfair practises.
For me I now stay well away from CMC.
Anyone thinking of dealing with them please, please use caution.
Best to go with IG and use pro spreads as the other SB firm.

 

[sriches]

I'm in a similar position and use Alpari. They're like Oanda in that they let you trade in very small amounts (steps of 0.01) and imo perfect for anyone with smaller accounts. I was using a SB company but Oanda/Alpari offer much more flexibility in this respect.

Thanks for info on Alpari. I'll def check them out as well. Hopefully I'll get the hang of this risk management stuff without wiping out my account!!