insidergates
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-11 for me (without slippage -6)!!!
langmeadman
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Yeah, disappointing today, but £ is at the top of its recent ranges. I know we shouldn't consider fundamentals but with £ breaking out against the € for the first time for over 18 months (> 1.20 yesterday) there is bound to be some weakness and profit taking and this weakens £. Also the Pru/AIG news has now been fully priced in. We'll bounce back...
peterf1966
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14 + 15 April was the last time we had 2 successive losses (-30/-30), and this one was not too much - but made worse by the IG slippage.
langmeadman
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Ah, good old Harry Hindsight... You wouldn't have said that if we'd got +50pips though... Lets see what tomorrow brings.
Well, I was gonna come on here and vent about the 4 pip slippage, but you have all beat me to it. IG are taking the **** now. Alex, can you let us know what they say?
This is what IG said:
Thank you for your email.
After investigating your query on an order to open for Spot FX GBP/USD, we can confirm that the order has been filled correctly at 14723.
Please find attached a copy of our charts which shows that at 6.57am the market registered a 14 points gap from low to high levels.
Therefore we can confirm that the slippage of 4.2 points is fair and reasonable, given the volatility registered at the time as well as the high volume of orders which were triggered at the same time.
If you have any further queries please do not hesitate to contact us.
I am now awaiting my manual - I am guessing IG Index may not be the best company to go with given the various comments about their tendency towards slippage... They may see their actions as 'fair' - but the fact is we all have a choice and as far as I can see other companies do not appear to have the same frequency of issues as IG... A quick Google of IG + slippage brings up a plethora of negative comments from IG customers... I am quite tempted by ETX's opening offer to cover up to £250 loss in the first 10 days of trading as a safety net... Or good old Capital Spreads with their small 2 pip spread....
Yeh, you're right of course. Best to keep discipline and not meddle. The track record is there for all to see, just have to take the losses and enjoy the +50 days when they come.
I had similar feedback to the above when I just called. They do maintain that as these trades are generally automated the high volume of orders should not prove an issue but I am now having my doubts. I have several spread betting accounts and they all have varying pros and cons. Capital Spreads is good for this market due to 2 point spread but they have no mobile support so tricky to check this if on the move come that crucial 8.30am. Also, slippage can work both ways. I have rarely experienced my stop loss being breached on IG in my 3 years of using them but had a flurry last year of trades on Capital Spreads where I was being taken out above my requested stop loss. I might give IG another week and if same issues, jump ship....
Trader333
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You may need to change the word "When" to "If" because (as is always stated) past performance is no indicator of likely future performance. Markets can and do catch out the most thoroughly of backtested systems and a remarkably high percentage of the time.
Paul
good point, I stand corrected. just my natural optimism getting the better of me.
Greenfever
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Hi all, only my second post and second week using Net Trap. I got in today with the buy signal and had similar results to you all. One thing I did think before placing my order was that the price of 14719 is quite high compared to the recent days, and my feeling was that getting an extra 50 pips on that was asking a bit much. It did get up to about 20 pips up before coming back down again, but just thought it was a big ask today. Never-the-less still learning and only on 10p so went with it. This seems to go in waves and today we were at the top of that wave (for now anyway.) My thoughts only, I dont like losing, but a good way to learn.
Anyway, good luck all.
Anyway, good luck all.
It could well be that they have a large quantity of orders being processed at the same time if there are loads of net trappers using IG (because Richard uses / recommends)... Slippage would generally occur for 1 of 2 reasons...
1) They are an unscrupulous broker creaming some of your profits or...
2) Their 'system' (software, hardware, business model) cannot cope with peaks in demand...
IG do have a reasonable reputation so we can probably rule out number 1... Which leaves number 2...
The answer is probably to seek out other honorable brokers with tight spreads... Obviously taking into account mobile support if this is necessary for your circumstances...
If IG do not see there is a problem then they will be in no hurry to 'fix it'....
1) They are an unscrupulous broker creaming some of your profits or...
2) Their 'system' (software, hardware, business model) cannot cope with peaks in demand...
IG do have a reasonable reputation so we can probably rule out number 1... Which leaves number 2...
The answer is probably to seek out other honorable brokers with tight spreads... Obviously taking into account mobile support if this is necessary for your circumstances...
If IG do not see there is a problem then they will be in no hurry to 'fix it'....
peterf1966
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Just opened an ETX account, and will try this out, especially as they are doing the £250 loss cover. Having just called them, they cannot show the BID price on their (IT finance)chart, only MID. Therefore, I assume I have to knock off 1.5 points to get back to match the IG bid price, or does it matter? The set up and spread matches IG, and orders must be a min of 5 pips away from current, which I think also matches IG.
Rugby Trader
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or 3) there was a gap in the price.
prices do not go up and down in a straight line and you don't always get the price you want.
If you want to find out whether they are diddling us all (i had slippage this morning too, forgot to close the trade though and lost 30) then you need to check a proper price chart.
Someone on here can probably point you in the direction of some decent and accurate charts to use.
Personally, I know and understand this is going to happen with a SB company. SB companies, from what i've learnt (mainly on this site) only give you a representative price and in fact can do what they like with the price. If you don't like this then you should look at going to a proper broker. I like the tax-free benefits of using IG even though I know they're probably going to diddle me out of pips here and there.
Have a search around the site and you’ll find a lot of information on what some of these companies may or may not get upto!
peterf1966
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I'm sure that what's happening is well with the terms and conditions of placing business with them. The problem is, it's not jus ta few pips here and there, this could make all the difference between +50 and -30, a whopping 80 pips, because of the set and forget nature of NetTrap.
So if there is slippage on entry, I would move my limit and stop accordingly, but...say it's 4 pips like today. That means setting target at +46 and loss at -34 to make sure of the same actual limit and loss triggers, which really skews the R/R ratio, for one, and undermines set and forget USP of NetTrap.
Thoughts anyone?
As I said, I will give ETX a go from tomorrow, and see what happens there for a couple of weeks.
