gedward3
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Your better off not SB after market hours as the SB firms will be quoting their
own indicative pricing. In otherwords you have nothing to compare the price
against if you believe you were stopped out. It will be their price they quote a
and not the market price of the stock. You could probably trade one of the indices
such as the ES as that trades overnight and you will have a price to reference to.
Ged
Ged thanks for your response!
Maybe I should give more detail on what I was trying to do...
I wanted to place a spread bet on a gold mining stock listed in the US, I compared it to the price of gold at the stock's close yesterday. Overnight gold had risen around $15, so my assumption was that there would be a move in the gold mining stock on the open, so I tried to place a spread bet order on the stock at yesterday's closing price. The order did not get filled and the stock opened higher. So I missed out!
Is there an online spreading betting firm that would have allowed me to place a bet at or near the previous days close?
Other than spread betting, how else could I have gained exposure in this situation?
Thanks
Ben
gedward3
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Hi Ben,
Heres a couple of firms you can trade the shares with 24 hours with but be wary firstly of the margins. As you will be trading out of hours they may unexpectedly raise the margins quite high and find a reason to stop you out prematurely which could cost you.
City Index UK - Spread betting and CFDs on financial markets
Cantor Index - 24 Hour Betting
Spread betting with CMC Markets 24 Hours a day
Ideally i would if i were you look for a share that is multi listed if you can on all the major exchanges like Asian, UK and American stock markets then that way the SB Company will be able to take the proper market traded price off their Bloomberg and you are not getting an indicative price the SB company makes up. Im not sure if you can find a mining share on all exchanges though. A call to the SB Co's above should give you the info you need.
The other option which im guessing at is you could open an account with Interactive Brokers who you can trade on all the major exchanges with. You may be liable to Pattern Day Trader rules with the US. Im not sure about Asian markets but im sure someone will better knowledge of these areas will add some more shortly.
Ged
Ged thanks again!
From what I can see those firms do trade 24 hours as they trade global markets and they'll allow you to trade/SB each different market when its open.
What about firms that allow you to trade/SB after hours of a market not currently open?
Ben
lancenicolase
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gedward3, great answer regarding spread betting brokers quoting their own indicative prices.
As to the original post, as I understand you want to trade that company during the night, so when you see spike in gold you want to buy that company?
There're two things there as:
1. You cannot trade shares when the stock markets closed, so you can only trade London shares only between 8:00 and 16:30 (they usually start and end a few minutes before).
2. The main thing if the price of gold goes up it doesn't guarantee that the price of a gold mining company will go up as there're much more things that can effect the price of shares.
Hope it helps.
As to the original post, as I understand you want to trade that company during the night, so when you see spike in gold you want to buy that company?
There're two things there as:
1. You cannot trade shares when the stock markets closed, so you can only trade London shares only between 8:00 and 16:30 (they usually start and end a few minutes before).
2. The main thing if the price of gold goes up it doesn't guarantee that the price of a gold mining company will go up as there're much more things that can effect the price of shares.
Hope it helps.
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Umbrella
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Guys, I've been trading with IG for many years now and they'd never offered any trading in shares during out-of-hours. The only exceptions are ADRs. I would be extremely surprised if City Index or Cantors offer trading in UK shares after 16.30 or in US shares after 21.00. The firms simply can't afford the risk.
