Spread bet, ha!

[wasp]

Why do people persist in doing it?

Over and over again there are threads started or brought back to life to complain about one aspect or another in spread betting. No one ever seems to open a thread to say how wonderful and great it is to SB.

We all know the one reason why SB'ing is supposed to be better but the tricks of all these bookies make sure that very few get to realise this wonder and then the taxman finds a loop hole scuppering everyones cunning plans of tax free millions anyway.

There are so many funny tricks and things said on these boards about SB'ing (My favourite being Simons (capitalspreads) 'cable guys' who 'do wonderfully' and make a packet - sounds great but spin is an amazing thing).

I, regretably have been there and done it until I started doing well, but I soon learnt my lesson and jumped out. There have been numerous threads regarding this but you'd think that would wise people up....

So, if you really are a good trader, why make things harder for yourself?


worldspreads
capitalspreads
finspreads

 

[BroadSword]

Interesting... I remember (I think, correct me if I'm wrong) you saying in the past that you used CS to trade on the medium timeframes...did you find they delayed quotes, slipped orders etc?

Out of interest was there a discernable 'cut off point' at which time you experienced problems (such as if your account was flagged all of a sudden) or did they sort of just creep up on you?

 

[wasp]

Interesting... I remember (I think, correct me if I'm wrong) you saying in the past that you used CS to trade on the medium timeframes...did you find they delayed quotes, slipped orders etc?

Out of interest was there a discernable 'cut off point' at which time you experienced problems (such as if your account was flagged all of a sudden) or did they sort of just creep up on you?

I used to use them but after a while it just became virtually impossible to continue with them.

I don't think it was a particular financial value which triggered the change, just after applying a tad more discipline the little tricks started coming out the woodwork... When long, their price is high and short vica versa, constant invalid prices and slippage, numerous server problems and 'telephone only' when volume increases or news is due out etc, etc...

Soon as I moved to IB and OANDA trading became that much easier. I know for ages I thought SB'ing was a great way to trade, it wasn't until I moved I realised just how bad they really are!

 

[rols]

Why do people persist in doing it?

Over and over again there are threads started or brought back to life to complain about one aspect or another in spread betting. No one ever seems to open a thread to say how wonderful and great it is to SB.

We all know the one reason why SB'ing is supposed to be better but the tricks of all these bookies make sure that very few get to realise this wonder and then the taxman finds a loop hole scuppering everyones cunning plans of tax free millions anyway.

There are so many funny tricks and things said on these boards about SB'ing (My favourite being Simons (capitalspreads) 'cable guys' who 'do wonderfully' and make a packet - sounds great but spin is an amazing thing).

I, regretably have been there and done it until I started doing well, but I soon learnt my lesson and jumped out. There have been numerous threads regarding this but you'd think that would wise people up....

So, if you really are a good trader, why make things harder for yourself?

Chris, people do mainly I suspect because of small funds and try and pretend it's the same as real trading which it aint.

I tried it once. In retrospect should have tacked it on to incest and Morris dancing.

I suspect there's no harm in betting the odd quid here and there and learning some basics about trading, such as 'always take away the first number you thought of and multiply by the number of r's in the month.'.

As you say it's hard enough already without extra obstacles on the croquet lawn and if you can turn a profit at SB then you must be either a blessed fool or bloody good!

Glad to see the Emporor's clothes are finally wearing thin...

 

[wasp]

I know what you are saying, we all fall for it, I use a futures broker in london for trading the EURUSD Futures and s&p, But I will say this, I put in a 1000 quid to see what world spreads is like and I made just over 700 quid in 2 days, But from late today I have been having problems with fills. is this cos of me making money or because of feed problems well thats what they told me....only time will tell.

Time will certainly tell, but of course they are going to say they are having 'feed problems', their not going to admit their just ripping you off your hard earned money are they!?

 

[Ripcord]

I have copied this post from the one I made on the CS spread by request.

I can only echo the other comments in that you really should only ever use a SB and partularly Cap Spreads if you want a gamble or like I do through a couple of quid in there to test ideas. If you want to trade and make some money then you must use a professional broker.



I see that the shocking shower in the Capital Spreads shed are once again performing to the highest standard.

The site has been down for 20 mins but hey no problem its only the middle of the US session so I guess no one is that bothered!

I use them to test trades so it doesn't clutter up my main trading account but how on earth anyone trades with them as a main SB or broker is beyond me.

For example this morning in a market that was not fast moving it took FIVE minutes for a stop to be executed after it had been hit. Mind you my own personal record with them is 17 mins from stop being hit to being executed so you could say its improving.

What do they run this place with, a bunch of monkeys on YTS sitting at Commodore 64's?

I would be very embarrased if I worked there, Simon talks a good game but clearly is unable to deliver!

 

[wasp]

Does anyone here have a chart for the FTSE today who can tell me their lowest price at 9:15 (ish) this morning?

I placed a trade with capitalspreads and got stopped out at 5688 at 9:12am today yet every other available chart and price quote I've looked at online (ADVFN, Digitallook, Yahoo, LSE) all put the low around 90, not 88.

Thanks

 

[Ripcord]

Does anyone here have a chart for the FTSE today who can tell me their lowest price at 9:15 (ish) this morning?

I placed a trade with capitalspreads and got stopped out at 5688 at 9:12am today yet every other available chart and price quote I've looked at online (ADVFN, Digitallook, Yahoo, LSE) all put the low around 90, not 88.

Thanks

CMC had a low of 5686 at that time so it looks like you would have got hit anywhere.

 

[wasp]

CMC had a low of 5686 at that time so it looks like you would have got hit anywhere.

Oh, well, it all just looked a little convenient since I couldn't find the same price elsewhere. C'est la vie.

 

[wasp]

Can anyone else state the price from a different SB or broker?

 

[wasp]

anyone? anyone at all?

 

[TheBramble]

Does anyone here have a chart for the FTSE today who can tell me their lowest price at 9:15 (ish) this morning?

5692.9 lowest at 09:16. But largely immaterial. SBs set their own prices mate. It's what THEY claim it was at that counts.

 

[wasp]

5692.9 lowest at 09:16. But largely immaterial. SBs set their own prices mate. It's what THEY claim it was at that counts.

Really settles it I guess.

You cannot trade any market through an SB and actually trade the market as the only price that matters is their market. Not one independant chart or source I have tried has equaled the same as capitalspreads and therefore, I wasn't trading the FTSE, I was trading the SB based on a chart that just so happened to have 'FTSE' written at the top although it bore absolutely no relation to it in the slightest.

 

[TheBramble]

Really settles it I guess.

You cannot trade any market through an SB and actually trade the market as the only price that matters is their market. Not one independant chart or source I have tried has equaled the same as capitalspreads and therefore, I wasn't trading the FTSE, I was trading the SB based on a chart that just so happened to have 'FTSE' written at the top although it bore absolutely no relation to it in the slightest.

More or less, yes.

But keep your account open with the minimum you need to, to maintain your data feed from them, while searching for a direct access platform or broker more in line with your current trading needs.

Keeping tabs on the SBs as they haul their prices around relative to the underlying is another useful information source. They're not stupid. Use them.

 

[wasp]

From capitalspreads...

Our rolling daily prices are derived from the front month futures contract. The FTSE June reached a level of 5684 and with a fair value of +3 this brought the mid price to 5687. With our spread around this figure our bid and ask quote reached 5686-5688 which in turn made your order executable.

So at least now it can sort of be followed independantly from other sources.

 

[TheBramble]

Is that the price they were feeding you at the time your stop was hit?

 

[wasp]

Well I got stopped out at 88 so yes I guess... not sure with SB's now!

 

[TheBramble]

Are you using and charting or TA techniques.? Not being funny, but if you're working with their specific price feed for this product of theirs (front month's futures adjusted for fair value) rather than any other derivation of an underlying, you shouldn't have had this problem.

If you're working with a different instrument to that which you're trading then you'll need reinforced pants.

All previous suggestions and recommendations re:SBing stand however. You're not stacking the odds in your favour.

 

[wasp]

I have been using alternative price charts as I cannot access CS's on my work computer.

Therein lies the problem as I wasn't trading the FTSE par se, I was trading their FTSE, not the one shown on Yahoo, ADFVN etc.

Had I known I wasn't, I wouldn't have bothered in the first place.

 

[TheBramble]

Put it down to experience. (And expense!)