Yes agreed with that.His only hope is that the judge will have a different view to the FOS or even a Eurpoean court option if this is possible.
BSD
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No idea about IG, never traded with em.
But sthg to keep in mind:
http://www.trade2win.com/boards/gen...ndex-taking-me-bankruptcy-13.html#post1072272
But sthg to keep in mind:
http://www.trade2win.com/boards/gen...ndex-taking-me-bankruptcy-13.html#post1072272
"Then there is the question of why I.G. closed the trade when they did.They have traders working through the night,why wait til £90,000 + ? It could have been closed out a lot sooner."
i closed the positions myself when i was eventually able to check my account later that day. i dread to think when, if ever, IG would have closed my positions. their T&Cs say they are not obliged to ever close you out.
re the discussion about limited risk vs credit accounts - they're all credit accounts, according to the T&Cs, in that IG hold you fully liable for all your losses. the main difference between a limited risk and credit account would appear to be that the credit account allows you to open positions on credit, and nominally sets a credit limit on your losses. in reality, as IG are never obliged to close out your positions, you may be faced with the situation where you have open-ended credit to incur losses once the positions are open, as i did, regardless of which type of account you have.
re the transparency of IG's intraday pricing - only the settlement price is guaranteed. there can be wild divergences from the underlying index during the day. that's why i didn't use stops. worse case scenario, whether as a result of an IG-only price movement, or a genuine movement in the underlying index, i thought that i would lose the funds in my account + my credit limit. i never thought IG would leave my positions on to allow a £92k loss, limited only by my eventually closing them out myself.
i closed the positions myself when i was eventually able to check my account later that day. i dread to think when, if ever, IG would have closed my positions. their T&Cs say they are not obliged to ever close you out.
re the discussion about limited risk vs credit accounts - they're all credit accounts, according to the T&Cs, in that IG hold you fully liable for all your losses. the main difference between a limited risk and credit account would appear to be that the credit account allows you to open positions on credit, and nominally sets a credit limit on your losses. in reality, as IG are never obliged to close out your positions, you may be faced with the situation where you have open-ended credit to incur losses once the positions are open, as i did, regardless of which type of account you have.
re the transparency of IG's intraday pricing - only the settlement price is guaranteed. there can be wild divergences from the underlying index during the day. that's why i didn't use stops. worse case scenario, whether as a result of an IG-only price movement, or a genuine movement in the underlying index, i thought that i would lose the funds in my account + my credit limit. i never thought IG would leave my positions on to allow a £92k loss, limited only by my eventually closing them out myself.
N
Nan
Did you pay the 92K to IG then? I hope not!
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"Did you pay the 92K to IG then? I hope not!"
this issue / amount is still in dispute. i've tried the regulatory route, now i'll try the legal route.
call it sour grapes but i'm really not convinced how effective the FOS are in terms of investigating wider industry regulatory issues. they just focused on IG's T&Cs, which were drafted to be totally one-sided and watertight, rather on IG's behaviour and how that reflects on the industry and impacts small unsophisticated investors. i hope to get a more sympathetic judge...
this issue / amount is still in dispute. i've tried the regulatory route, now i'll try the legal route.
call it sour grapes but i'm really not convinced how effective the FOS are in terms of investigating wider industry regulatory issues. they just focused on IG's T&Cs, which were drafted to be totally one-sided and watertight, rather on IG's behaviour and how that reflects on the industry and impacts small unsophisticated investors. i hope to get a more sympathetic judge...
tar
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I am sorry for your big loss but i think your case is difficult , what is the proof u didnt c the losses mounting , maybe u was monitoring your positions and hoping for the market to turn around , if so then everyone has credit account will do the same wait till the market to turn and if it didnt he close the position and say hey y u didnt close my positions ?!
Waterfield
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When signing up they assess what you are worth, that isn't just for entrance into the firm, it's to see if you can honour your debt. This might be a problem if you lied?
"I am sorry for your big loss but i think your case is difficult , what is the proof u didnt c the losses mounting , maybe u was monitoring your positions and hoping for the market to turn around , if so then everyone has credit account will do the same wait till the market to turn and if it didnt he close the position and say hey y u didnt close my positions ?!"
no one would let losses mount to 92k while watching them. 5k, 10k over the 5k credit limit maybe, hoping that the market would reverse, but 87k over the credit limit? i don't have the balls for that, that's why i'm not a trader like most on this forum. i was an unsophisticated investor, taking a punt on the market rising, not having the systems and time to monitor my positions, and relied upon IG to close me out within my credit limit - they didn't. ok, so if i was right, i wanted all the profits, but if i was wrong, my credit limit should have kicked in. that's what credit limits are for, if not why have them at all, other than to deliberately mislead?
no one would let losses mount to 92k while watching them. 5k, 10k over the 5k credit limit maybe, hoping that the market would reverse, but 87k over the credit limit? i don't have the balls for that, that's why i'm not a trader like most on this forum. i was an unsophisticated investor, taking a punt on the market rising, not having the systems and time to monitor my positions, and relied upon IG to close me out within my credit limit - they didn't. ok, so if i was right, i wanted all the profits, but if i was wrong, my credit limit should have kicked in. that's what credit limits are for, if not why have them at all, other than to deliberately mislead?
tar
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Again no proof , who told u no one will do it , maybe some punters will bet big then wait the market to turn around and if it didnt they close it and they go to court "i didnt know i thought IG will close my positions i didnt monitor my positions " ... if u didnt pay the 92 k then u found a big loophole in trading . Again i am sorry about your losses ...
Waterfield
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Just a note about SL's, not sure if this will be the same with account exposure limits.
What I find with IG is that if they do slip you, ie you are still in a negative trade past your non-guaranteed stoploss, it will stay open until that stoploss level is triggered, so any hope of keeping it open to go into profit is literally zero. Happened with ODL too.
This is very rare and only during the exact few seconds after news time.
What I find with IG is that if they do slip you, ie you are still in a negative trade past your non-guaranteed stoploss, it will stay open until that stoploss level is triggered, so any hope of keeping it open to go into profit is literally zero. Happened with ODL too.
This is very rare and only during the exact few seconds after news time.
i didn't lie on my IG application - i made it clear that i had no experience of spreadbetting before opening my IG account. how they interpreted this once they put the info through their deep thought credit supercomputer, i don't know, but they obviously thought i was worth 5k credit (that's in black and white)...extendable overnight to 92k. whose fault is that, mine or theirs?
re "Again no proof , who told u no one will do it , maybe some punters will bet big then wait the market to turn around and if it didnt they close it and they go to court" - if some punters, not including me, want to take on such a huge risk, that's up to them, but shouldn't their credit lender then say, err no, we don't think you should go so far beyond your credit limits? if you have some maverick putting on huge, unsecured bets, who's more at fault - the maverick or the "professional" credit provider who allows them to do so?
and none of my detractors have yet answered the question, what is a credit limit for, if not to limit the amount of credit you're extended?
re "Again no proof , who told u no one will do it , maybe some punters will bet big then wait the market to turn around and if it didnt they close it and they go to court" - if some punters, not including me, want to take on such a huge risk, that's up to them, but shouldn't their credit lender then say, err no, we don't think you should go so far beyond your credit limits? if you have some maverick putting on huge, unsecured bets, who's more at fault - the maverick or the "professional" credit provider who allows them to do so?
and none of my detractors have yet answered the question, what is a credit limit for, if not to limit the amount of credit you're extended?
tar
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I didnt say u lied , i was wondering only how u manage to open a big bet without enough funds to cover the margin req . You say here that it is up to the punters to take huge risk but again i repeat here it is not risk they will do the same and not pay and they will go to the court and claim they didnt know ... they thought .... etc . BTW the credit limit it is b4 u open the position , ie your credit 5k then u can open positions with margin req of 5 k , this is not your losses limit , even if u dont have credit limit at all you r liable for all the losses even if it exceeds your initial deposit , remember u signed their T&C and u can c this on their home page : " Remember that financial spread betting is a leveraged product and can result in losses that exceed your initial deposit. Spread betting may not be suitable for everyone, so please ensure that you fully understand the risks involved. " . You will say u dont know that you r liable for losses over 5 k , but again as i said b4 others will do the same and claim we didnt know we thought ... etc . Anyway good luck ...
tar
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yeah i attached 2 screenshots on post # 22 ...
Seems to boil down to taking a large position and believing there was a duty on IGs part to close him out before he lost too much. IG did not believe they had such a duty. Interesting that this thread is about not being closed out while there's another thread attacking IG for closing someone out.
N
Nan
Did IG contact you or attempt to contact you to ask for you to supply margin at any point?
N
Nan
Here's a big fallacy in the T&C's lol!!!
4. Our charges and tax
(1) We will not charge you commission for our services. We will instead seek to make
our profit on our Spread, which applies when you open and close a Bet.
"what a load of old ****!"
4. Our charges and tax
(1) We will not charge you commission for our services. We will instead seek to make
our profit on our Spread, which applies when you open and close a Bet.
"what a load of old ****!"
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