davecrom01
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Aah well, everything just says "closed" now. Look like it was technical. A pain in the bum, but better that than the alternative possibilities I was starting to worry about.
Best Thread Capital Spreads
davecrom01
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Hello Tar,
It usually takes 20 to 30 seconds. That figure seems to be the most often quoted around here and the one I experienced. And yes, that's not around news - that's the figure when we see normal price movements.
However, do not miss the main point. The main point, as commented on here on quite a number of occaisions, is that during that 20 to 30 seconds, if the market happens to move in your favour by even a couple of pips you will have your trade rejected. If however the market moves against you during that time you will be filled and start your trade underwater by more than the quoted spread.
Now imagine the same thing on exits - you decide to exit say on hitting a fib line, or a bollinger band reversal, or a stop and reverse, or a "big number" - you then sit and wait another 20 to 30 seconds trying to get out, during which time, if the price continues through in your direction you will be out with your profit. If it turns on you, then down you come leaking pips like a sieve until the dealer lets you out.
In theory, CS have said that a trade will be rejected if the price has moved by more than the spread during the trade execution process, but it does seem to happen more if the movement is in your favour. And with 20 to 30 seconds to make up their minds the advantage you are passing to the dealer is absolutely huge.
There is only one conclusion. That is it is not an automatic execution despite what Simon says. We are all on some sort of delayed execution where the dealer has time for a look in. Dealer wins or trade rejected.
abobtrader
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WARNING TO ALL CAPITALSPREADS USERS REGARDING PHANTOM TRADES:
- My experience when trading with CS is that if I receive the 'price no longer valid' ticket, then this trade will not go through and I can forget about it. However, if the ticket times out (for whatever reason), I will often get a message saying something along the lines of 'check the orderbook' to see if the order has gone through. If this happens, checking the order history is futile because it never shows anything. However, the order may still be alive and sitting at the CS, invisible to your screen, and it can get processed over half an hour later!
Everytime you get one of these timed-out tickets, the only fail-safe solution is to phone CS everytime to confirm there are no pending orders on the account (which is what I do). CS simply need to change the message on this ticket so people stop thinking their trade has disappeared. Why hasn't this been done already? Good customer relations and tight spreads can only compensate a poor product so far, and I can't believe I am thinking of reverting to City Index.
Please note that when it comes to filling these phantom trades, I have not found a significant bias in CS's favour i.e. they do not seem to cancel the profitable trades in favour of the losers.
One last note regarding differences of opinion between the trader and the broker: If you have the computing power, I recommend using a programme that records all the action on your screens. Myself, I simply take multiple 'print screen' screen grabs at the end of my trades (and sometimes during) using the free clipboard tool 'ClipX'. Keeping a trail of evidence should help us if we ever needed to make a case (I haven't had to use these screen grabs yet, but it's good to take precautions).
ps - Apologies for not posting on this issue earlier. It's been going on for many months now, and I thought CS would have got around to fixing it.
- My experience when trading with CS is that if I receive the 'price no longer valid' ticket, then this trade will not go through and I can forget about it. However, if the ticket times out (for whatever reason), I will often get a message saying something along the lines of 'check the orderbook' to see if the order has gone through. If this happens, checking the order history is futile because it never shows anything. However, the order may still be alive and sitting at the CS, invisible to your screen, and it can get processed over half an hour later!
Everytime you get one of these timed-out tickets, the only fail-safe solution is to phone CS everytime to confirm there are no pending orders on the account (which is what I do). CS simply need to change the message on this ticket so people stop thinking their trade has disappeared. Why hasn't this been done already? Good customer relations and tight spreads can only compensate a poor product so far, and I can't believe I am thinking of reverting to City Index.
Please note that when it comes to filling these phantom trades, I have not found a significant bias in CS's favour i.e. they do not seem to cancel the profitable trades in favour of the losers.
One last note regarding differences of opinion between the trader and the broker: If you have the computing power, I recommend using a programme that records all the action on your screens. Myself, I simply take multiple 'print screen' screen grabs at the end of my trades (and sometimes during) using the free clipboard tool 'ClipX'. Keeping a trail of evidence should help us if we ever needed to make a case (I haven't had to use these screen grabs yet, but it's good to take precautions).
ps - Apologies for not posting on this issue earlier. It's been going on for many months now, and I thought CS would have got around to fixing it.
davecrom01
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I'm starting to see some patterns now. All the previous trades went though the dealer called JOHN. JOHN seems to work 24 x 7, so I think he is a bot. He processed all the trades that went through in seconds.
Then, after a string of 10 wins with only 1 loss on Monday - the delay got to the 10 to 20 seconds stage. Then, ALL the trades, no matter how small, started going through dealers with different names. This was 100% cooincident with the sudden upsurge of "PRICE NO LONGER VALID" messages.
I have been told that "CS reserve the right to put any trade through their dealers as they see fit." and that "dealers reject ALL trades outside the spread when executed.
In which case it shouldnt be so common to open a EURUSD trade, go through a dealer, and find yourself already looking at 6 pips in the hole to begin with. And if this were possible, through some issue of timing, then it should also be possible to open a position and have it move some pips in your favor WITHOUT getting PRICE NOT VALID.
All trades are going through this delay now, even ones of half the lot size I have used for weeks without problems.
0007
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Funny thing. I'm running a demo account with CS at the moment. John does all my trades no problem.
davecrom01
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Thats my point. When "JOHN" handled my trades I didnt have any problems with excessive delay during execution.
Well I see that it has taken 383 pages for people to realise that what CS offers is good customer service, tight spreads but UNRELIABLE DELAER INTERVENED FILLS. For a full time trader like myself this is akin to suicide especially as I trade Crude Oil which can move 100 points in a 10 min candle! For spread betting these days I have moved back to Ig. They have higher spreads but this shouldnt be an issue unless you are scalping..and if you are scalping you are not going to be profitable SB'ing anyway.
I also moved to Futures Betting which has been a revelation!! Those of you who are happy with CS, I am really pleased for you and those of you who are unhappy..MOVE
I also moved to Futures Betting which has been a revelation!! Those of you who are happy with CS, I am really pleased for you and those of you who are unhappy..MOVE
nkruger
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I'm not going to defend CS but during the day I have 5 screens up with charts from 4 SB co's (and current spread prices very prominent) and I don't think I've ever seen such a discrepency....
Maybe I sleep during the day more than I'm aware
Thankyou for posting ! EXACTLY WHAT HAPPENED TO ME. After this happened which is clearly a CAPITAL SPREADS issue I was pretty much labelled a CON ARTIST by CAPITAL SPREADS even though it was the first time in 20 months of daily use that I had phoned with an issue like this. From being a loyal customer, I am now telling EVERYONE I meet don't touch CS with a barge pole.
Two words to summarise Capital Spreads. TOILET and DOWN:cheesy:
Good luck to those still persisting. Trust me it's not worth it !! Better fills, more robust platform and better charting at 99% of other providers !!
Lee Shepherd
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good words Ceydababy,
What make's me laugh is the amount of people that are still trading with them over months and complaining when theres more than one spread bet firm to choose from. If your happy with them, stay, if not, move.
If I had any of these experiences on a more than once basis I would seriously question why I'm paying them money everytime I trade. It wouldn't take me long to move and I can guarantee all that have a problem with Capital Spreads is that I would have moved long before coming onto a forum and complaining that they're still stuffing me everyday.
Stop the complaining and move. Thats my advice. Dont like how they work. Move firms, theres plenty to choose from.
What make's me laugh is the amount of people that are still trading with them over months and complaining when theres more than one spread bet firm to choose from. If your happy with them, stay, if not, move.
If I had any of these experiences on a more than once basis I would seriously question why I'm paying them money everytime I trade. It wouldn't take me long to move and I can guarantee all that have a problem with Capital Spreads is that I would have moved long before coming onto a forum and complaining that they're still stuffing me everyday.
Stop the complaining and move. Thats my advice. Dont like how they work. Move firms, theres plenty to choose from.
0007
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Good advice. It's the same as quitting a losing trade. Just do it.
It's unfortunate that CS doesn't seem to have listened to complaints and attempted to fix them.
The delay in execution has been a major gripe; if you want quick execution from CS then enter a trade that will immediately go against you. It will get filled in seconds. If it's moving in your favour, forget being filled; worse, if it's news time their dealers hold it as long as it takes for them to see the top of the spike and fill it there.
You guys are right, there are better options elsewhere. When you look at any advantage that CS has had on its competition in the past, the disadvantages now far outweigh any previous advantage. I feel that they will be complacent about it all until they start losing market share; a bad business practice !
The delay in execution has been a major gripe; if you want quick execution from CS then enter a trade that will immediately go against you. It will get filled in seconds. If it's moving in your favour, forget being filled; worse, if it's news time their dealers hold it as long as it takes for them to see the top of the spike and fill it there.
You guys are right, there are better options elsewhere. When you look at any advantage that CS has had on its competition in the past, the disadvantages now far outweigh any previous advantage. I feel that they will be complacent about it all until they start losing market share; a bad business practice !
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I'm not going to defend CS but during the day I have 5 screens up with charts from 4 SB co's (and current spread prices very prominent) and I don't think I've ever seen such a discrepency....
Maybe I sleep during the day more than I'm aware
I called to ask and was told by Louise that "IG work out their FTSE price differently than us"...40 points difference???!!
Fully agreed. There are just too many variables that they have control over and I have no confidence that theyx apply them fairly. Despite what Simon says, I believe their lack of automatic fills to be a deliberate commercial practice to further skew things in their favour. In addition to their unreliable platform that mysteriously goes down whenever it feels like it (and if you happen to be stuck in a trade ..tough luck!) and the accusatory nature of their traders during conflict resolution, I feel trader are at a HUGE disadvantage. Dont forget that the other issues like when you get confirmation that your stop has been successfully moved but then CS close out your trade (always with the excuse that your original stop was hit a milli second before you moved it)
What was laughable was the claim that if the price moves greater than the spread before the trade is executed, then it is rejected. This is a licence for CS to print money and is so open to abuse that Im amazed Cs has the gall to even admit it!!
Good luck to those who are still sticking with them. If there are any "good news" stories from people who use them on a regular basis..I'd be interested to hear them so that we have some balance in the debate.
FXSCALPER2
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If you are a serious day trader, you certainly would not use Capital Spreads. The basic problem with Capital Spreads is that it is such a badly run company. You can see this if you read Simon's posts. He really thinks all he has to do is provide rubbish service and then explain why he provides rubbish service.
How incompetent is this man? Why doesn't he change the system and requote like CMC do? That way you know where you stand, you can accept or cancel the deal. He has a system where you enter a trade and have no idea whether it has been filled sometimes for several minutes?!! Damn Simon dear boy, you don't really think that is going to fly, do you? Get it sorted mate and fast.
If he doesn't sort this out immidiately, the solution is simple. Leave Capital Spreads in droves. What are you, mugs?
How incompetent is this man? Why doesn't he change the system and requote like CMC do? That way you know where you stand, you can accept or cancel the deal. He has a system where you enter a trade and have no idea whether it has been filled sometimes for several minutes?!! Damn Simon dear boy, you don't really think that is going to fly, do you? Get it sorted mate and fast.
If he doesn't sort this out immidiately, the solution is simple. Leave Capital Spreads in droves. What are you, mugs?
FXSCALPER2
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This is one 'debate' in which you do not require balance. Either they provide good service or they shut down. It makes no difference to you whether I am happy with them if they are playing with your trades. Capital Spreads are playing a dangerous game and you guys who trade there should force them to change or close down. WTF?!
NO EXCUSES CAPITAL SPREADS, JUST FIX IT NOW
I am kind of surprised to read all these negative posts lately. I will therefore say it again, I have experienced a noticeable improvement in the execution speed from CS in recent weeks. I trade the indices and not FX. One could ask, why do some traders have these negative experiences while trading with CS, when I, on the other side, see a completely different picture? Could it be that these are mostly FX and news traders? During news releases at DMA the spread widens considerably, no doubt about that. Take for instant the biggest retail FX broker Oanda, who widen their spread just before a news release, in order to cover up for the real market spread. This is the problem with SB and fixed spread, the SB cannot guarantee a fixed price all the way out, especially when there is a major difference from that of the real market price. I do not defend CS, they clearly have some issues to deal with, but to say they are all bad is far from the truth. As for Simon, his appearances at this board have become more and more seldom, I for one do appreciate it when he does stop by. There are very few representatives of the SB industry attending this forum. I am quite sure they will stop posting, if they are also targeted privately and the discussion is based on groundless facts.
