spreadbetting & calculations

[wellray]

yeah seems I got caught on a spike, market opened below my level and in 1 minute gapped up 30 points over it, but the kicker is that the spike peaked 13 points below the fill level and the spread was only 17, i.e. it should have been filled at 8.5 above peak.
IG say "our December contract was trading approximately 13.5 points above this contract at the time"
which is pretty disingenuous - the buy & sell price were 8.5 either side, it just moved!
Time to move I think, but where?

 

[TonyQ]

There are several out there but my good market broker uses
http://www.cityindex.co.uk/ so they ought to be worth a look.

 

[TonyQ]

Thanks
And then if you think your stop should be at 398, you should put it at 393 to avoid it being tripped early by the sell price.
btw I called IG and they've agreed to send me the bloomberg chart. They also confirmed there is no order type you can set that will only trigger if your level gets hit!![/QUOTE]
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Should that not be "IG confirmed that THEY have no such facility?"

Other SB providers have guaranteed Stops but you pay a little more for them.
Also there is the Stop Limit Order which would protect you, instantaneously. The price rises, hits your Stop and instead of going into a Market Order, the Buy is Limited by your max. price Limit setting.

 

[Shanghai]

yeah seems I got caught on a spike, market opened below my level and in 1 minute gapped up 30 points over it, but the kicker is that the spike peaked 13 points below the fill level and the spread was only 17, i.e. it should have been filled at 8.5 above peak.
IG say "our December contract was trading approximately 13.5 points above this contract at the time"
which is pretty disingenuous - the buy & sell price were 8.5 either side, it just moved!
Time to move I think, but where?

To be honest you will probably not find a much better company. Markets can spike hugely in the first 20 minutes and spreads can also be much wider at that time. Tricks that one SB company plays the others play too. I learnt my lesson the hard way but I am still with IG, although it is not my main trading platform.

Best really to take stops off for the first 20 minutes if possible.

 

[Shanghai]

Also there is the Stop Limit Order which would protect you, instantaneously. The price rises, hits your Stop and instead of going into a Market Order, the Buy is Limited by your max. price Limit setting.

That's not much use though if the market gaps past your stop. Also I wasn't aware that IG did stop limit orders.

 

[meanreversion]

You should take a look at Interactive Brokers, they offer a bewildering assortment of stops/limits/stop limits, conditions on each one, etc.

 

[wellray]

To be honest you will probably not find a much better company. Markets can spike hugely in the first 20 minutes and spreads can also be much wider at that time. Tricks that one SB company plays the others play too. I learnt my lesson the hard way but I am still with IG, although it is not my main trading platform.

Best really to take stops off for the first 20 minutes if possible.

Yeah thats what I was thinking or trading just FX where it happens less, cos that kind of trading means you've got to be at the screen all the time.