Boo to Finspreads!

[snichols]

I was up 90 points on the rolling FTSE this morning, but how ever much I tried was unable to close the deal - the system just wouldn't respond. By the time I was able to the profit had decreased to 27 points.

Anyone else recommend a better company?

S.

 

[black bear]

TEST em and see

I was up 90 points on the rolling FTSE this morning, but how ever much I tried was unable to close the deal - the system just wouldn't respond. By the time I was able to the profit had decreased to 27 points.

Anyone else recommend a better company?

S.

Phone each potencial Sb firm up at night when the Dows tanking

try trade desk 1st

then customer service, note the small c




The one that answers the fastest is the winner :-0

sorry the one that answers is the winner

Try a limit order in the market next time and target R - 10 pts or something

 

[Slapshot]

Always have the phone numbers of the trading desks to hand. Not only for the reason you've highlighted but as a safety backup should anything else happen i.e PC failure, internet connectivity loss etc.

If ever I loose the ability to view my position through technology failure I always phone straight away and close my position. Some may view this as hitting the big red panic button, but in my experience the markets can move very quickly and it's better to be out and live to fight another day.

 

[laptop1]

Spread bet frims must be making a killing in this marketarty:

 

[tomorton]

In defence of Fins, I was short on the Dow when the Fed announced the 0.75% rate cut. By the time I got back to the screen from doing something in the office I had gone from 60 points in profit to 130 down. I had set a stop (not guaranteed) just below my entry point and I am glad to say the Fins system (eventually) said my stop had been hit and I was out with a small profit. Similar things have happened in the past, and I have never had to use a guaranteed stop.
So I have to say, this was a cheap lesson for you, you still got a profit. Always set a stop-loss.

 

[wanttotradewell]

I wonder...

is your computer quite slow? because I find the finspreads platform can be quite power sapping on my poor laptop lol

Try closing the platform and re opening it...or as tomorton suggests, use a stop! maybe trail your profits slightly (If I had nailed trailing profits I would tell you how, but that is something I am currently working on, If I had that nailed I would have taken over 200 points today ...I just need to have more balls! )

I think finspreads can be slow sometimes but I think that its more a hardware issue or a broadband issue. I have never had problems with regards to stops...although I have never held over night so I dont know how they are on that. (and unless I have 100 points and a guaranteed stop loss I never will, I refuse to gamble my hard earned points on a 50/50 chance they will still be there in the morning )

 

[black bear]

In their Defence

In defence of Fins, I was short on the Dow when the Fed announced the 0.75% rate cut. By the time I got back to the screen from doing something in the office I had gone from 60 points in profit to 130 down. I had set a stop (not guaranteed) just below my entry point and I am glad to say the Fins system (eventually) said my stop had been hit and I was out with a small profit. Similar things have happened in the past, and I have never had to use a guaranteed stop.
So I have to say, this was a cheap lesson for you, you still got a profit. Always set a stop-loss.

Its a Game


errrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr thats because they new it was prob spike, arr look a spike:cheesy: how much can we make on this one:clap:

Have you worked it out Bill, "ye thats 34 K"

Verrrrrrrrrrrry Nicccccccccccccccccccccce, Hey Bill don"t forget to give them a bit back, they will be so relieved

Spike 3 min bar then decent for the nxt 12 min to where it came from I think

I have had it where it takes 5 mins = your open pl is still climbing, you end up on the phone for 5 mins while some errrrrrrrrr trader checks it out , if your lucky he will work for Fins, I was answered by City Index guy once (takeover period) he said

"The whole system here is S...t,(excellent marketing) now let me see if I can find you"

Another day I questioned a stop, I was told good fill, who"s he I said :?: it missed by a couple of ticks mate

narrrrrrrrrrrrr screen shot mins later errrrrrrrrrrrrrrrrrr oh ye I see what you mean I now:idea: Ill put you back in if you like errrrrrrrr pass I have been on the phone for the last 10 mins jogging about taking screen shots, just credit it and while your there SHUT IT MATE

In the mean time your stuck not knowing if it will or will not be honoured =

should I go in again at better level or hedge with another firm etc etc

sorry mate I do not see in their defence argument at all, bunch of ........ sorry someone else put it far better than me...........


"Spread your legs boys"

 

[tomorton]

No point us debating how honest / dishonest spreadbetting firms are,because that's not the point. Always set a stop-loss.

 

[Splitlink]

No point us debating how honest / dishonest spreadbetting firms are,because that's not the point. Always set a stop-loss.

Like you, I've always been stopped out on the dot by Fins. Manual stops are dangerous in volatile markets. I've used them but the price obtained was, sometimes, disappointing. However, quite a few times I have had the "Try again, price has moved on" box and have got a better price than quoted before. As far as I'm concerned, the jury is still out on that one.

As you say, it's better to have a stop.

Split

 

[wasp]

In regards to the OP though, the stoploss was not the issue, rather not being able to exit a position. When you react to market behaviour (S/R or trendlines etc) as the day progresses and consequently don't have set targets, you should be able to exit your position within a reasonable distance from the current price (unless its 2 seconds after NFP or rate changes) so there is fault with said bookie IMO.

 

[tomorton]

hi wasp -
In an ideal world, yes, you should be able to get the SB to react within seconds to market behaviour and usually I find Fins do just that (although, in practice, is spreadbetting the best vehicle for finessing this sort of game? And is phone trading a realistic approach?)

But trading without a stop is like crossing a road without looking. Most times it will be OK and often you will get across quicker: eventually you will get killed. Such voices are under-represented in debates between traders on forums etc. but there could well be more of them than there are of us.

 

[wasp]

hi wasp -
In an ideal world, yes, you should be able to get the SB to react within seconds to market behaviour and usually I find Fins do just that (although, in practice, is spreadbetting the best vehicle for finessing this sort of game? And is phone trading a realistic approach?)

But trading without a stop is like crossing a road without looking. Most times it will be OK and often you will get across quicker: eventually you will get killed. Such voices are under-represented in debates between traders on forums etc. but there could well be more of them than there are of us.

Oh I'm not saying don't use a stop, I'd never suggest that, its one of the most simple, fundamental and basic MM factors all newbies should get into the habit of immediately. As for spreadbetting, well, that's a well travelled road of debate on T2W.......

 

[Splitlink]

In regards to the OP though, the stoploss was not the issue, rather not being able to exit a position. When you react to market behaviour (S/R or trendlines etc) as the day progresses and consequently don't have set targets, you should be able to exit your position within a reasonable distance from the current price (unless its 2 seconds after NFP or rate changes) so there is fault with said bookie IMO.

That's true, stop losses were not the issue, I haven't tried limit orders.

 

[snichols]

Hi,

Just an update - after an exchange of e-mails Finspreads agreed to pay me an ex-gratia £25 payment as their "systems had been playing up". And to the other respondent, yes their system uses lot of resources. I had a message saying that my machine was out of memory the other day.

Point taken on Stop Loss - yes, you can get seriously pickled without (I should know!). With the current market volatility I think that nearly every trade would hit the stop loss through, probably in just a few minutes. The FTSE was swinging by +/- 50 in less than 5 minutes the other day.

Not convinced that SB is a wise man's game!

S.

 

[yakatan]

I just got a reply from Etrade regarding their spreadbetting price quotes. They said that theoretically they can quote any price they want. Great, you can really trust them then.

So what does this mean? It means that they can legally go stop loss hunting unless their small print says otherwise. I don't know if it does.

So is it wise to use stop losses? I don't know but it is probably wiser to keep your eye on the ball and do it manually especially if you have a lot riding on it. Don't forget the more times you are knocked out the more money they make on you.
That is why when I went to a CMC seminar the guy couldn't stop telling us to use stop losses. Believe me his good intentions were for the company not us.
I asked a chap there if they follow our trading and he said yes if it is over £10 or £20 a point . People why do you think they do that??

I've tried to get info out of a few SB firms to see if they play fair and all of them have been cagey with their answers. You won't get a direct answer from them.

 

[purplekiwi]

With finspreads when you set a stop you have the option of selecting it to be trigged based on their quote or the market. If you select market then they can not go hunting for you.

 

[Splitlink]

I just got a reply from Etrade regarding their spreadbetting price quotes. They said that theoretically they can quote any price they want. Great, you can really trust them then.

So what does this mean? It means that they can legally go stop loss hunting unless their small print says otherwise. I don't know if it does.

So is it wise to use stop losses? I don't know but it is probably wiser to keep your eye on the ball and do it manually especially if you have a lot riding on it. Don't forget the more times you are knocked out the more money they make on you.
That is why when I went to a CMC seminar the guy couldn't stop telling us to use stop losses. Believe me his good intentions were for the company not us.
I asked a chap there if they follow our trading and he said yes if it is over £10 or £20 a point . People why do you think they do that??

I've tried to get info out of a few SB firms to see if they play fair and all of them have been cagey with their answers. You won't get a direct answer from them.

What do you mean by a lot?

I suppose it is relative, a lot to one is peanuts to another. If I had a smallish amount that meant a lot to me I 'd do as you say, but once you get over a couple of contract sizes, I think one should go to DA , where the waters are a bit clearer.

I trade without problems with my SB company, but I have a feeling that big traders attract their attention more than small ones.

Split

 

[yakatan]

What do you mean by a lot?

I suppose it is relative, a lot to one is peanuts to another. If I had a smallish amount that meant a lot to me I 'd do as you say, but once you get over a couple of contract sizes, I think one should go to DA , where the waters are a bit clearer.

I trade without problems with my SB company, but I have a feeling that big traders attract their attention more than small ones.

Split

Hi Split,

Yes you are right a lot is relative to us but it is not relative to the SB firms. They know what a lot is and, according to one of the senior CMC staff I spoke to, they start keeping an eye on you from about £10 a point. He was trying to play it down but I can read the between lines. Anyway It seems they get nervous at that price level.

 

[jimbeam]

Finspreads

Yep. I also have had multipe bad experiences with Finspreads. The biggest being on Tuesday when the Fed cut .75. There system wouldnt allow me to close & all there phone lines where "ENGAGED". This went on for about 15mins. When I eventaly got through they didnt give a sh**. I lost my total bank.

Anyone ever complained and got anywhere??????????

Info gratefuly received.

cheers
jb.

 

[yakatan]

Yep. I also have had multipe bad experiences with Finspreads. The biggest being on Tuesday when the Fed cut .75. There system wouldnt allow me to close & all there phone lines where "ENGAGED". This went on for about 15mins. When I eventaly got through they didnt give a sh**. I lost my total bank.

Anyone ever complained and got anywhere??????????

Info gratefuly received.

cheers
jb.

Hi jimbeam,

When you pressed the button to close your position what exactly happened?

If they are quoting a price in the window and you press the button to close your position then their server should receive the message to close. What's their excuse? Our servers are crap.
Servers can handle thousands of request per second. As market makers are they not obliged to deal at their quoted price?