Better Platforms than IG?

[astondan]

Hi all,

I’m a newcomer and would like ask a few questions regarding spreadbetting, or more accurately, the various spreadbetting firms and their practices.

I have been reading various technical analysis books, paper trading, back testing, and I have a system based on MA’s and Candlesticks which is (naivety alert!) pretty damn good at making me points.

I have been using IG Index and have been paper trading using my system, and coming away with healthy profit. However, when I then follow the same system and trade real money (well, only 10/20p a point), my stops are always triggered, no matter how far away I put them or how the market is generally behaving. FYI, I do not subscribe to any ‘real’ market data and so am at the mercy of IG Index’s own charts.

I suppose I’m just looking for advice and guidance from more time-served guys and gals on here on whether I’m just another sucker, or am I dealing with the devil!

What are the advantages of going Direct Access? Are there better or more trustworthy spreadbet firms? Etc etc.

Thank you in advance for any help you can give.

Dan

 

[shadowninja]

I don't think their prices are wrong. I sometimes watch them move with Alpari's charts and haven't noticed anything suspicious on a day to day basis. They do have the occasional data error which you are entitled to complain about if it affects a trade.

 

[chilltrader]

IG are bunch of crooks. Stay away from them!

If you really have no option currently (funds stuck etc), trade only with small positions.

 

[RedCabbage]

There seem to be more criticisms than recommendations on this site.

Please prove me wrong.

 

[Hoggums]

I like IG - I think they have a great platform and have never had a problem with them. I also like the range of instruments.

My only critism is if I have a rolling daily open and want to close it between 4:30-4:45 - can't do it online until the system has finished processing the rollover.

 

[shadowninja]

Not had any problems that would stop me using them...

 

[astondan]

Thanks all so far. Another question: do you use automatic stops, or do you keep your stops in your head and close at that point?

 

[oiltanker]

ig prices are sensitive and do spike about a bit. Also if your stop is say 20pts don't forget to add the spread on top as the price leads with the spread . In these markets you need wider stops. plenty are not trading because of that.

one way to get a 'better price' is to buy when the market is moving in the opposite direction . then you get extra wiggle room. but its just a easy to add the spread.

 

[RedCabbage]

Automatic stops are especially useful when you are starting out.

I always set a stoploss and a limit when opening a position it helps keep your feet on the ground and helps close the position at a sensible profit or loss.

 

[Shanghai]

As a regular user of IG I don't see much evidence of them hunting out my stops. I see lots and lots of evidence that the market is hunting for stops though. If your stops are triggered have a look at what the underlying market has been doing. If you had been buying the instruments directly would you also have been stopped out?

I had a buy stop triggered yesterday where the market touched it, triggered my order and then sold off. Happens sometimes but that's just trading. I don't blame the SB company.

 

[cryten]

I had a buy trade yesterday FTSE daily future and market spiked down to touch my stop at 4,109.5.
Seemed a bit ify to loaded my prorealtime charts and low and behold the FTSE on the same 15 min candle's low was 4,109.5

I got stop hunted but NOT from IG, my own fault for putting my stop where every bugger else did! lol

 

[PurplePerson]

I have used IG alongside other spreadbet accounts for the past 18 months on a daily basis, and I am happy with IG.

One HUGE advantage is that IG do not (like some other firms) automatically aggregate bets. If I open, say, 3 seperate downbets on a stock, at say £2 per point, with 3 different starting prices - they remain as 3 bets. They don't get merged into one bet at an averaged opening price. And they can be closed in any order.

Stoploss levels can be set on each separate bet individually. So if you fancy placing say a £12 bet on a stock, you can if you wish place 3 seperate £4 bets, at the same opening price BUT WITH DIFFERING STOPLOSS LEVELS. So your overall bet gets stopped out in stages if you want that. Say one £4 bet getting stopped on a 5% move against you, another £4 stopped on say 7.5%, and the remainder only stopped out if the move against you passes 10% (or some other set of numbers).

IG also offer Trailing Stoplosses. You set a stoploss say 20pts away when playing an index, and if the index moves your way the stoploss stays with it at 20pts behind the latest level, so some of any gain gets locked in. If the stoploss subsequently gets triggered it does so at a level better than originally set.

 

[astondan]

Thank you all for your replies.

It's quite reassuring actually as I do enjoy trading on IG (price alerts, trailing stops, decent charts etc etc). I have been a little annoyed all week by my early week trading but as i said, i am new to this and i actually feel today that my losses are more important than my wins because they are teaching me more.

I would also like to ask a simple question which i'm sure is going to elicit some interesting responses: how many points/pips do you look to make per day?

 

[oiltanker]

>how many points/pips do you look to make per day?<

every day is unique. its would be like asking how many fish does a fisherman expect to catch.

there is a setup, trigger and take profit. so it depends how many setups that prove successful in reaching the take profit point? expectations are the hardest thing to let go of.