Best Thread CMC Markets owner answers your questions

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hi jimmy

could not have put it better myself.

tks pc

Jimmy Lulz said:
This is silly. That thread lacks credibility and if anything is making CMC appear in a flattering light. The idea that Mr Cruddas is sending Barjon round to your thread to threaten your kneecaps is deranged.

You accused CMC of giving you 3 pips total slippage on 14 round trips, so 28 forex trades overall. A lot of people are going to think "They offer 0.7 spread and have minimal and occasional slippage? I'll be opening an account then!". But you seem to see this (which could just as easily happen in the real market) as evidence of fraud.

I reiterate - it is good to hold companies to account. But you are undermining your own efforts here.
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hi truth seeker,

why are you posting here, dont you have your own thread to go to.

can I ask you one question. do you have a live active account with us
or are your findings based on a demo account.

pc

Truth Seeker said:
I've had loads of really bad fills, one trade was slipped by 30 pips at a high volume time, but that was before I created my thread, I was just recording from the time of the thread beginning.

In bold below are my thoughts from my thread just now incase they are taken out of context as usual:
Because as I have said on many occasions, CMC fills were great and now they have changed their execution parameters. I want the old parameters back, is that too much to ask? Probably. But if you adertise 0.7 spread, then unless you're delivering it regularly you are in breach of the advertising standards of this country. A fair and just description has to be abided by, like : "we offer a spread of 0.7 to 4.9 in quite times and 0.7 to 30 in more busier times or we have the right to refuse your trade as we see fit"

That's what I have a problem with, suck people in with the 0.7 plastered everywhere in huge font and not hardly deliver it, just come up with excuses of latency etc, but not let anyone test their latency, come on now, really?
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hi jimmy

well according to truth seeker he only has a demo account. so maybe he doesn't like us making money out of his demo account. can any one explain that one to me please.

pc



Jimmy Lulz said:
Jesus Truth, what do you expect if a company is offering a 0.7 spread? Why not go with Worldspreads instead, they have no spread. How do you think they make their money?

Not off the spread, it's tighter than the spread in the underlying market. Not off commissions or fees, there aren't any. So how?

Stop whining about nothing and sort yourself out. Get a broker (a real one) who wants you to win and who clearly shows you how he's making money off you. If you can't see how he's doing it, you won't like it. Trust me.
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hi wiz,

yes of course you can use all your free equity to trade with. this is real time.

thanks for feed back on platform. glad you like it.

thanks for your posting.
regards peter

thewiz said:
Hi

A quick question for PC if he could spare two secs, regarding changing up from MarketMaker to NextGen .... simply regarding access to the P&L of 'open' trades.

1. I post £20,000 to my new account. I take a spreadbet position thru NextGen, let's say £100 long GBPAUD at 1.5300, as a rolling cash bet. To carry this trade, CMC sets aside £3,825 as margin (0.25%), leaving £16,175 as free equity. I leave the trade in place for a period of weeks, during which time the price of GBPAUD improves by say 500 pips.

'Free equity' (as it is called in MM speak) in my account is now £66,050 (£20,000-£3,950+£50,000)

Can I (like I used to be able to do with MarketMaker) withdraw £30,000 from the account? Or is the entire £50,000 P&L portion of the trade locked up until that particular GBPAUD trade is closed?

I did talk to your customer services department, and a guy there seemed to suggest that the withdrawal functionality of the new account is different now, but somehow this didn't seem to ring true. E.g. I can put new positions on in other instruments using that 'free equity' ... in which case, why can I not simply withdraw it? Does the trade not roll every night (ie. in effect close & reopen at a new level the next day)?

Thanks Peter - great news about the new improvements to all angles of the platform - looking forward to using it once this question is answered ...
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PC at CMC Markets said:
hi jimmy

well according to truth seeker he only has a demo account. so maybe he doesn't like us making money out of his demo account. can any one explain that one to me please.

pc
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I have been a customer since 2002, through the dodgy dark days to the point I withdrew and left a couple of grand in there for keepsakes until one day I got a phone call from one of your sales team "Hello Sir, we now have a new platform with trade fills in a fraction of a second and slippage is a thing of the past". So I transferred my money over from the old MM account to the new account and started using you again, and what the sales guy said was true up until a month ago. Now it's gone all Pete Tong, not as bad as before, that was almost impossible to make a few quid unless you quarterly or swing traded, but the fills have definately got slower, and closing the markets now sucks eggs, and not very sporting old chap is it?
 
hi jimmy

bloody ell you are a bit intellectual for me. ha ha

pc

Jimmy Lulz said:
I did not know that. Mind you, I didn't know that there was such a thing as a genuine LV bag these days. I thought people who bought them were going for that new "Shopping from a bloke with a suitcase on the street who runs off when the local rozzers come strolling into view" chic. :LOL:

I do understand though why people are very concerned that their designer gear is real and not fake, there's a huge difference. The fake stuff is garbage made by Chinese people in appalling sweat shops in China. Whereas the genuine stuff is garbage made by Chinese people in appalling sweat-shops in Naples.
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PC at CMC Markets said:
hi wiz,

yes of course you can use all your free equity to trade with. this is real time.

thanks for feed back on platform. glad you like it.

thanks for your posting.
regards peter
Click to expand...

Ok - so I can use the P&L part of my free equity to provide margin for fresh trades - but the question was, can I withdraw from the account all (or part) of the profit of an open trade ... as was possible under the old MarketMaker platform? Your customer service people told me NO, the trade would have to be closed ....
 
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PC at CMC Markets said:
hi jimmy

could not have put it better myself.

tks pc
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PC

I think you will find jimmy has more faces than a dice if you read all his posts, he can't stand your company and considers it to be a 'second rate bucket shop' as he put it ;)

At least with me you know where you are and I give positive as well as negative points, just don't treat me like an idiot and side step questions I ask, you know I'm right about the execution parameters being changed, and really I'm holding back with the info I have. :smart:
 
hi wiz

yes of course you can. any free equity you can withdraw no problem. so long as you have enough margin to cover your position. Of course margins are so low now that you need to make sure you have sufficient funds to carry your position. If you need any assistance let me know and I will get somebody to call you.

spread betting is a leveraged product so you should understand the risks before trading.

thanks for your post. good luck with your trading

pc

thewiz said:
Ok - so I can use the P&L part of my free equity to provide margin for fresh trades - but the question was, can I withdraw from the account all (or part) of the profit of an open trade ... as was possible under the old MarketMaker platform? Your customer service people told me NO, the trade would have to be closed ....
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PC at CMC Markets said:
ha ha ha

good one.

pc
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Now that really would be a good joke. :LOL:

Truth Seeker said:
I have been a customer since 2002, through the dodgy dark days to the point I withdrew and left a couple of grand in there for keepsakes until one day I got a phone call from one of your sales team "Hello Sir, we now have a new platform with trade fills in a fraction of a second and slippage is a thing of the past". So I transferred my money over from the old MM account to the new account and started using you again, and what the sales guy said was true up until a month ago. Now it's gone all Pete Tong, not as bad as before, that was almost impossible to make a few quid unless you quarterly or swing traded, but the fills have definately got slower, and closing the markets now sucks eggs, and not very sporting old chap is it?
Click to expand...

I can't believe I'm getting involved in this again. I just find this whole thing crazy, and actually a shame, because there would be good things to be had from a serious thread which seriously held poor practice to account.

1. If you don't like it, move. Full stop.

2. You get very tight spreads, but out of 28 opportunities for slippage you got slipped three times for a total of 3 pips.

3. You have never addressed the fact that you could easily get a lot worse in the real market.

4. What is the worst that is going on here? The absolute worst? You are getting a ton of benefits, free everything, ultimate granularity, simplicity, stupidly tight spreads etc etc. To pay for this CMC's system clips the occasional pip when they can get away with it by giving you a little slip here and there (sorry PC, I know you won't like that, and I am NOT making any accusations or saying that's how it is, just posing a potential worst case hypothetical).

Do you know how attractive that is going to be to people? They get all the benefits and convenience of a spread bet company, they get tighter spreads than you get in the underlying, and all they have to do is turn a blind eye to the odd bit of artful slippage? Are you serious? Rather than trading the actual market, where you've got to trade in full lots, you pay comms, fees etc, and if the market's not there there's no getting out?

Seriously? If that is the worst that can be said of them, I think I might ditch my broker and just bet with CMC. They don't even have to slip me, I'll post them the equivalent of 3 ticks in cash for every 28 trades I do. In fact, I'll make it 5 ticks just to show good will.

Get a grip man. If that is the worst you can say about them, trust me that is such good advertising for them I am beginning to suspect that this whole thing is a set up and that in fact you are PCatCMCMarkets in disguise. :LOL:
 
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Truth Seeker said:
PC

I think you will find jimmy has more faces than a dice if you read all his posts, he can't stand your company and considers it to be a 'second rate bucket shop' as he put it ;)

At least with me you know where you are and I give positive as well as negative points, just don't treat me like an idiot and side step questions I ask, you know I'm right about the execution parameters being changed, and really I'm holding back with the info I have. :smart:
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You do talk some rubbish. They are all second rate bucket shops, and so what? They serve a purpose, and that's it. Just like IG do. Just like brokers like IB do.

I've got no opinion about CMC in particular. They are an SB company, with all the good and bad that entails. I keep telling you, understand that, use them if it suits your style, if not use a DMA broker.

In light of what you've said though, perhaps I was wrong about them. 3 ticks in 2 slips out of 28 trades? Sounds like the best place on earth to trade. :LOL:
 
Jimmy Lulz said:
You do talk some rubbish. They are all second rate bucket shops, and so what? They serve a purpose, and that's it. Just like IG do. Just like brokers like IB do.

I've got no opinion about CMC in particular. They are an SB company, with all the good and bad that entails. I keep telling you, understand that, use them if it suits your style, if not use a DMA broker.

In light of what you've said though, perhaps I was wrong about them. 3 ticks in 2 slips out of 28 trades? Sounds like the best place on earth to trade. :LOL:
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Erm, that was a good day, said that umpteen times, you just don't get it, and it equated to 14.3%, on a GOOD day. But you won't understand the relevance of this because all you do is type all day, you do not trade. enough of you now, you write and read what you please, you mis-quote like that idiot who was banned, you are two faced, then deny it (of course) so we are done.

Here's the link to PROVE you said CMC were a second, no sorry, you even said third, rate bucket shop, that's even worse!!!

http://www.trade2win.com/boards/spr...ills-here-research-needed-29.html#post1673362
 
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Truth Seeker said:
Erm, that was a good day, said that umpteen times, you just don't get it, and it equated to 14.3%, on a GOOD day. But you won't understand the relevance of this because all you do is type all day, you do not trade. enough of you now, you write and read what you please, you mis-quote like that idiot who was banned, you are two faced, then deny it (of course) so we are done.
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What have I denied? I haven't denied anything. How am I "two-faced"? I have made my opinion perfectly clear both here and on the other thread (and countless times before). SB companies are what they are. If they suit you, accept the drawbacks and use them. If they don't, don't. Get this through your thick skull - THEY ARE WHAT THEY ARE.

I don't "type all day", in fact I'm sitting through a drawdown on my solitary ES trade as we speak. :LOL:

I don't get it? It is not 14.3% (for God's sake, 0.3%!). 14 "trades" as you call them are actually 28 - 14 opens, 14 closes. So 2 out of 28 is not 14.3%, it's 7.1428571%. And it's three pips - YES, THREE WHOLE PIPS - on 14 round trips where you're getting a spread of less than a pip.

I repeat, if that is the worst you have to put up with, then CMC must be the best place in the world to trade.

You are absolutely clueless.
 
Truth Seeker said:
Here's the link to PROVE you said CMC were a second, no sorry, you even said third, rate bucket shop, that's even worse!!!

http://www.trade2win.com/boards/spr...ills-here-research-needed-29.html#post1673362
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Make it fourth rate if you want, Chumpton, what difference does it make? Do you even know what "bucket shop" means?

You seem to be the only one here who doesn't get what a spread bet company is, and how to use one. You also don't get that what you are moaning about - your ludicrous little but of slippage - is actually extremely impressive and attractive to most people, especially those used to trading in the actual market.

CMC should have you on the payroll, you'll have done more for them with your whining than all their advertising for the last quarter. Maybe longer.

And thanks for pointing out that third rate is worse than second. That needed clarifying.
 
scose-no-doubt said:
I swear this guy should have his own show.
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LOL You're a nice guy Scose. (y)

Life's too short to waste doing stuff like this. I think you're still young? Walk away while you can buddy. Money is meaningless in the end and the freedom that people talk about doesn't justify the space we occupy in this world. And what else can trading give you except money and some freedom?

Life needs a purpose. You're a Muslim I believe? Let me ask you something: why is Islam so resurgent and vibrant, even (or perhaps especially) in the decadent, post-religious West, whilst Christianity shrinks and atrophies? Because it is strong, it stands for something, it has meaning, it gives people a purpose. That God-shaped hole will never go away.

In the end, no matter how successful, everyone involved in this thing is a failure. Doesn't matter whether you win or lose, whether you're a punter or or a bookie or whatever, everyone loses.

This is the second and last serious post. :)
 
Jimmy Lulz said:
LOL You're a nice guy Scose. (y)

Life's too short to waste doing stuff like this. I think you're still young? Walk away while you can buddy. Money is meaningless in the end and the freedom that people talk about doesn't justify the space we occupy in this world. And what else can trading give you except money and some freedom?

Life needs a purpose. You're a Muslim I believe? Let me ask you something: why is Islam so resurgent and vibrant, even (or perhaps especially) in the decadent, post-religious West, whilst Christianity shrinks and atrophies? Because it is strong, it stands for something, it has meaning, it gives people a purpose. That God-shaped hole will never go away.

In the end, no matter how successful, everyone involved in this thing is a failure. Doesn't matter whether you win or lose, whether you're a punter or or a bookie or whatever, everyone loses.

This is the second and last serious post. :)
Click to expand...

When was the first?
 
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