Be-aware of finspreads

[Splitlink]

have you always had your stops filled. With Direct access on several occasions the market went through my price didnt come back and I was left to accept a market price. So far this has never happened with SB, but in volatile times Im sure it will happen.

That happens a lot when the price crashes through the stop area, but I have, so far got stopped eventually, on my price. Watching this process, I admit, is horrible. That is one of the reasons that i prefer closing manually, with a stop lower down for emergencies.

With me, I have to go to work in the afternoons and so do not have to watch the above procedure. They can take all afternoon, if they want, but when I get home, if I've been stopped it has been on my price.

Split

 

[oddbod007]

I agree, my stop orders have eventually been filled at the right price with Finspreads but it can prevent you from trading, sometimes for hours. Either because you need to free up the profit/margin or because you want to trade the same market in the opposite direction. Its damn unfair, either its meant to be a realtime service or its not.

More of a worry at the moment though is the fact that I have quite a lot of cash in my Finspreads account and all their phones seem to have been cut off! Does anybody know anything, have they done a runner with my dosh?

 

[Lee Shepherd]

That happens a lot when the price crashes through the stop area, but I have, so far got stopped eventually, on my price. Watching this process, I admit, is horrible. :!:That is one of the reasons that i prefer closing manually, with a stop lower down for emergencies.

With me, I have to go to work in the afternoons and so do not have to watch the above procedure. They can take all afternoon, if they want, but when I get home, if I've been stopped it has been on my price.

Split

Exactly how I play.

 

[Phil Mibbutz]

Does anybody know anything, have they done a runner with my dosh?

Bad news, oddbod. Saw a bunch of blokes wearing striped T-shirts and carrying bags marked 'Swag' heading off down Moorgate St yesterday.

 

[alan5616]

Lol,

Relax, newbie is not a swear word.

Try changing or adapting your stoploss rule, wtf, it doesn't permit you, to allow a contract with an initial stop of 60-150 pts to then go on side of 260pts then to lose it all again without moving the stop closer needs looking at, I fail to see the 3:1 ratio in that. If it was closed out at that point then yes, 3:1, but to allow the trade to go 260pts in profit then to allow it to turn into a losing trade is not 3:1, this indicate's you are looking for a lot more, therefore carrying the risk over.

So, if you do not know about a simple hedge bet to protect your profits when things go wrong, I will assume (and rightly so) that you are new to this game, if what you say is true and you have years of trading experience, why the hell (replaced for fcuk) did you not know this extremely simple and effective rule????????????
You've been on trade2win for a few years, (although very quiet between oct 06 and march 08) surely you've read it somewhere before.

For a measly 2-4pts you could have locked in your 260pts profit, knowing there was rare but serious problem this would have been executed by a trader within seconds, if the platform comes back on line, shut the other down and you are no worse off but instead fully protected.

Also, why complain, this must have happened before if you are not a newbie.

Sorry mate, I could be wrong but my nose for a bacon butty is not often wrong and I just cant buy the fact you didn't know of this....Its text book stuff mate to protect money/profits/losses and total capital.

I've been trading for years but, have only switched to forex in the past 6 months. So far; so good.

This has happened to me before but, this was with a DA broker. At that time, I was trading the Dow with a tight stop loss. Therefore, no problem. As I only had the one account, I had no alternative but to sit it out. However, I have found now that giving trades lots of room to breathe, on the £/Y, produces far better results.

I admit that I should have taken steps to counter this server loss on Finspreads. I think I had a senior moment there. Fortunately, it's a good lesson learned. Although, I failed to lock in the 260 pts., the loss to the account was only 45 pts., when the initial stop got hit. My average winning trades are 250+ pts. Average losing trades - 80 pts. so it's not all bad news.

 

[alan5616]

I would just like to make all traders aware of the finspreads.
This company is so manipulative.......
I have been trading with them from several different account and the same problem...
They start holding the prices from you when you make consistent profits...
There are many other traders that have faced the same problem...
All I want to say is please beware of finspreads they are big time cheaters....
I have made a money from them but when I started doing this consistently they started playing dirty and I mean really dirty....stay away from Finspreads.....................

I agree. They are a disgrace. Closed my account today.

 

[TomTom]

I agree. They are a disgrace. Closed my account today.

Hi Allan,
I have had this problem with Finspreads and in a letter to me thay admitted that there quotes/prices are not straght forward as custermers believe.

There are people who attempt to wash away any bad comments on here that are SB related.

Now you know what really happends, I hope you will continue to trade however try DMA .
GlobalFutures.com Official Website - Futures and Forex Deep Discount Trading Firm
Im sure you will be impressed with fills and service.

 

[TomTom]

Had some fun today with Finspeads.
I set up stop orders at what I though to be the high of a trading range. trading Long.
Then set up large Sell Orders at this price, yes both orders got filled resulting in a shot postion.
When it was time to close, the platform froze and lossed conection.

Hey been a long time since I used my account and I still had trouble closing online, I had to phone to close this trade.

I have instructed for my account to be closed, I was questioned why and when I answered it was stated that these problems do occour when custermers have firewalls on there comp.

Fu**ing jockers LOL .....

Still think they do not play a fair game.

Over the past 9 months, this has become more of a problem and having scammed them with there stop hunting ( to close a small trade with a stop order ,then open a much larger one in the oppersite direction to open at the same time they have eventually seen my activities ) .

Thankyou for the stop hunting Finspeads knowing how they opperate and made it work for me has
been a pleasure while it lasted.

You too can do this, it really works as the stops get hunted, its difficult for the SB not to execute the other trade, the small pulll back with a higher stake is extreamly profitable.

Good Luck Traders !

 

[montmorencyt2w]

Tom Tom,

What is stop-hunting?

Thanks,
M.

 

[ibex666]

finns

Had some fun today with Finspeads.
I set up stop orders at what I though to be the high of a trading range. trading Long.
Then set up large Sell Orders at this price, yes both orders got filled resulting in a shot postion.
When it was time to close, the platform froze and lossed conection.

Hey been a long time since I used my account and I still had trouble closing online, I had to phone to close this trade.

I have instructed for my account to be closed, I was questioned why and when I answered it was stated that these problems do occour when custermers have firewalls on there comp.

Fu**ing jockers LOL .....

Still think they do not play a fair game.

Over the past 9 months, this has become more of a problem and having scammed them with there stop hunting ( to close a small trade with a stop order ,then open a much larger one in the oppersite direction to open at the same time they have eventually seen my activities ) .

Thankyou for the stop hunting Finspeads knowing how they opperate and made it work for me has
been a pleasure while it lasted.

You too can do this, it really works as the stops get hunted, its difficult for the SB not to execute the other trade, the small pulll back with a higher stake is extreamly profitable.

Good Luck Traders !

THOUGHT YOU DIDNT USE SB you keep banging on how bad they are (especially finns) and here you are s-betting!!!!!!!!!!!!!!!

 

[ibex666]

global futures

Expensive !!!!!!!!!!!
tomtom, still waiting to know how bad cmc stung you all those years ago!!

 

[TomTom]

THOUGHT YOU DIDNT USE SB you keep banging on how bad they are (especially finns) and here you are s-betting!!!!!!!!!!!!!!!

Read the post M8 I was having some fun Spreadbetting.

I do SB but its on 10% of the trades ....

 

[pit pony]

I agree. They are a disgrace. Closed my account today.

i have had a few spreadbetting accounts, but i think the best 1 i have had so far and the closest to DMA is Futuresbetting.com, actual mkt prices,fast and no re quotes,they do add there spreads but i think a small price to pay.

 

[ibex666]

10%

Read the post M8 I was having some fun Spreadbetting.

I do SB but its on 10% of the trades ....

10% blah blah blah its still s/betting. come on when did cmc sting you????

 

[TomTom]

Expensive !!!!!!!!!!!
tomtom, still waiting to know how bad cmc stung you all those years ago!!

Allways got on well with CMC untill when they suspended my friends Online trading to phone orders only, when he wanted to close a £2k per point position at a substancial proffit.

For there recless behavour they must be held acountable, for there actions dont you agree ?

 

[TomTom]

SB is ok for some traders who like paying high fees to deal a small amount of money.
I do admit I still do ocasionally Spreadbet and hold accounts with these firms.
These accounts are used when neceacery and are part of my own business stratogy. However as a rule 90% of the time personly I prefer to DMA purely for cost, better fills and reliability isshues.

For a core SB trader, any one can see skered quotes that do not directly follow the actuall market, but thats up to them if they accept this method of conducting business.

 

[ibex666]

sb

SB is ok for some traders who like paying high fees to deal a small amount of money.
I do admit I still do ocasionally Spreadbet and hold accounts with these firms.
These accounts are used when neceacery and are part of my own business stratogy. However as a rule 90% of the time personly I prefer to DMA purely for cost, better fills and reliability isshues.

For a core SB trader, any one can see skered quotes that do not directly follow the actuall market, but thats up to them if they accept this method of conducting business.

Use all types of brokers for your trading arsenal
appreciate you prefer dma tom but sb does have its uses!!!

 

[alan5616]

Allways got on well with CMC untill when they suspended my friends Online trading to phone orders only, when he wanted to close a £2k per point position at a substancial proffit.

For there recless behavour they must be held acountable, for there actions dont you agree ?

CMC make Finspreads look like the Salvation Army

 

[Pippppin]

CMC make Finspreads look like the Salvation Army

Spreadbetting companies are not accountable to anybody (it is why they are banned in the US, but allowed to reign free in rip off Britain).

 

[Splitlink]

If we are going to talk about ripping people off, we might start with Worldcom and other financial companies which went bust before this crisis became headlines. Thousands of pensioners lost the lot.
It's true the CEO went to gaol---big deal for the pensioners!

The thing is that it was allowed to happen in the good, old US of A.