Summa sumarum...
Greeting, Simon - et al!
Having just spend the best of two days reading through this loooong thread, I feel like I have earned the right to add my two pips to the conversation.
I have been trying out CS demo for a while (as have a few of my friends) and have found it consistant, mostly userfriendly ... and then there are the spreads which are really good. I now have an account with CS.
Any problems that I have encountered have been found to be down to the demo and would not occur on the live platform.
The latest change of looks on the platform, although purely cosmetic, are a welcome improvement too. Well done!
I do, however - and you knew it was coming - have a few things I would like to mention. I am not the first to point these out as I have gleened from this extensive thread, and feel it wouldn't hurt to sumarise them:
1. Stopp loss - Although I understand fully the need to enforce clients to have a S/L, making one up for us is not helpful. It can be changed after the order has been placed (or triggered), but I will stipulate that most - if not all - will opt to change your suggested one immidiately (you might prove me wrong on this one, though I can't imagine so). I - and I hope I speak for others too - would find it much more usefull if I could dictate the the S/L at the time I made the bet, as opposed to afterwards. If you still like your suggested S/L, nothing to hinder you from prefilling the box with it. This would also take care of part of the contingency orders suggested.
2. Limits - Same as above, really. I would presonallyl prefer that I could just specify the limit on the opening bet (be it market or limit in itself) up front. I don't mind it being separate tickets/orders when filled/executed. It would just make it so much friendlier to be able to specify all aspects of a bet in one place (as per above too).
Note that points one and two would actually give you most of the contingency order functionality in an elegant and userfriendly way.
3. Opening hours - Yes, I hear you sigh and think 'not again'. I just wanted to say that, from reading this thread, it is, contrary to your own assesment, something on people's collective mind. You might again prove me wrong as you have a larger customer base to compare too.. To treat electronic trading as an overnight gab when most people trade with you via an electronic platform is almost an oxymoron. You did inform us that all bets are manual executed, thus demanding staffing overnight which is probably the explanation. Still, it would probably get you more customers. Also, I think I can speak for a few when I say that it is not the actually trading during the night, but rather the knowledge that if the market goes against me, my S/L will be executed. I think I would sleep better without the fear of waking up to a margin call at 7 in the morning (even if you say that, statistically, it is often just a spike so it works to my advantage.)
4. S/L visibility - Minor point, really, but it would be ideal if I were able to see active S/L on any given bet in the Open Positions area. Posibly any limit too, if space allows.
5. Stake visibility - When placing a bet, it is important to me to see what the stake is. I cannot do that, short of refering to your PDF file prior to opening any bet. A good example is the New S&P. A mistake here would cost me tenfold. (Maybe this is academic as I don't know how often this changes, but that is the point exactly: I don't know). If that information could somehow be fitted into the Open Bet box, it would really be helpful. Makes sense too, as this is where you OK the contract and it is always good to know what you are OK'ing. (Alternatively, stating the exposure in cash could do as it would give pretty much the same info.)
For the reasons above, I find myself still having to use my 'older' (IG) broker for many bets. They do - my apologies - have a slight up on you regarding platform and hours as per the above points - but I certainly pay for it too! Getting just some of the above in would really be a incentive to stick with CS only.
Simon, let me - please - stress that the above is critisism and negative in nature, but for each of the points, I can find two or more good things to say about you. They are meant as suggestions, and by reading this thread, I don't think it would be unreasonable to say that many would like to see them.
All in good spirit, naturally.
I have one last question - either for Simon or someone else who have understood and don't mind setting me straight:
Our bid offer should at all times reflect the relevant real futures bid and offer but it must be realised that sometimes our price will be out of line with the futures because our price only updates every 1-2 seconds (which can be a long time in financial markets).
I am only trading futures (S&P, Dow, Crude, Gold, FTSE, USDEUR, USDGBP). If I understand you right, as long as I find your markets with a months attached (mainly quaterly), I should be able to take it as read that your numbers are exaclty that of the underlying future?
I did get some doubt as you did state that the FX was derived from the spot prices. Was this with reference to daily rolling (cash) only or does that go for the quaterly contracts too?
Sorry if I am being slow on this one. I would really appreciate it if someone would set me straight. I find it hard enough to read the market without having to add further calculations on top of the futures curves.
Lastly, thank you for always taking the time. It has been this thread that made me even consider CS in the first place! Apparently, I am far from being the only one, so it is paying off.
All the best...
