Finspreads...

[JamieM]

I recently reactived my account (Which was almost a year since I traded with them).

I started with £100, Monday this week, by Friday afternoon I had £1200 (I did make it to £1500, but then their platform only accepted trade that were so much further then the Quoted price and only if it was against me ultimately costing me £300, 10Sec~ Exectution time.) I used scalping as my trading method. I trades to the Maximum my Margin allowed me to at all times. I would consider I was very lucky with my trades as I normally make no where near this.

Did they close my account because I was scalping or because I Won £1000 in a week?

They said they would not tell me the reason why they closed my account either.

Do SB companies close your account if your too successful, if so what do SB companies allow you to win a day / week?

Dear Mr XXXX

In accordance with clause 30.4 of our General Terms, we hereby give you 30 days written notice of our intention to close your Account(s) with us. You will now only be entitled to close any Open Positions during this period as we reserve the right to refuse to allow you to enter into any further Trades or Orders, which may lead to you holding further Open Positions.

If open positions remain on your Account as at 28th November 2011 they will be closed. At any point up until the time of your Account closure you will be able to close these positions of your own volition. If you wish to close your Account(s) before the 30 day notice period ends, you may do so in accordance with clause 30.5 of our General Terms by notifying us in writing at the address provided.

Please call our Client Management Team on XXXXX should you have any outstanding balances that need to be returned to you.

Yours sincerely,

Cheers,

Jamie

 

[Splitlink]

I recently reactived my account (Which was almost a year since I traded with them).

I started with £100, Monday this week, by Friday afternoon I had £1200 (I did make it to £1500, but then their platform only accepted trade that were so much further then the Quoted price and only if it was against me ultimately costing me £300, 10Sec~ Exectution time.) I used scalping as my trading method. I trades to the Maximum my Margin allowed me to at all times. I would consider I was very lucky with my trades as I normally make no where near this.

Did they close my account because I was scalping or because I Won £1000 in a week?

They said they would not tell me the reason why they closed my account either.

Do SB companies close your account if your too successful, if so what do SB companies allow you to win a day / week?



Cheers,

Jamie

How many trades did you do to make that profit?

 

[JamieM]

How many trades did you do to make that profit?

I firsted used about 30 trades (small trades to familiaries my self with their platform) then about 250 Normal trades after that I guess, Lasting from 10seconds (Limits / Stops) to 3 mins in durations.

Averaged about 60 ~ 70 a day I think?

 

[G.O.A.T]

I firsted used about 30 trades (small trades to familiaries my self with their platform) then about 250 Normal trades after that I guess, Lasting from 10seconds (Limits / Stops) to 3 mins in durations.

Averaged about 60 ~ 70 a day I think?

What were you trading?

 

[JamieM]

What were you trading?

That would be the Germany 30 (DAX), Sorry for not containing this information in my original post, It was my first post So i wasn't expecting these things to be asked

 

[G.O.A.T]

I'm impressed that you managed to last a week....

 

[JamieM]

I'm impressed that you managed to last a week....

O right, Is it because I scalped or because I was "Successful"?

 

[JamieM]

In percentage terms those returns are pretty phenomenal - especially given you were doing it via a bucket shop. 15 times your initial balance in a week? Almost unbelievable in fact.

Still, if you can do that don't worry about getting banned. Open up an account you can trade DMA with ten grand or so and just pay the taxes. Net you'd still be looking at 75 grand a week, which you could probably live off.

Forgive me, but what do you mean by Bucket shop?

 

[G.O.A.T]

O right, Is it because I scalped or because I was "Successful"?

Well I'm guessing you will struggle to pull it off again without blowing up, start again with another co. and with the £100 and see how you get on If you are trading the dax with up to 70 trades a day then that's 70 points just to breakeven, hard to imagine.

 

[Ross Spur]

Whether it was a fluke or not, this seems to be an example of a SB not taking any notice of MIFiD. Tell them you're going to complain to the FOS and see what happens.

 

[JamieM]

Whether it was a fluke or not, this seems to be an example of a SB not taking any notice of MIFiD. Tell them you're going to complain to the FOS and see what happens.

I could try that But I am not familiar with the MlFiD, could you expand on this please. (Acronyms are a killer for me atm), but the way I see it, I agreed to them being allowed to close my account for any given reason (EULA), So I guess I have to lie down and take it?

 

[JamieM]

Anyway, what does it matter? He can just go somewhere else and make his 1500% per week.

That is what I wanted to do (Although I doubt I will be as successful as that again), But if I do I would only get closed down by the next company I go to, Which begs the question how much will a company let you win a weak... E.G £500 or 30% of your Investment.

 

[Splitlink]

That is what I wanted to do (Although I doubt I will be as successful as that again), But if I do I would only get closed down by the next company I go to, Which begs the question how much will a company let you win a weak... E.G £500 or 30% of your Investment.

I don't think that anyone knows, but I would suggest that that kind of money is peanuts to a company that size, providing they believe that they can handle your trading technique. I would be very interested to know the both sides of the story ie, their side.
Don't get me wrong, I am not criticising you, it's that they must have had a reason for
cancelling your account. We can surmise all we want about them being unethical but that is an incomplete and unsatisfactory answer for me, at least.

You must have a very sophisticted technique for putting those trades on at that speed.
Very few of the other clients could do it,

 

[tomorton]

Your account will not have been closed because you took the sum of £1000 profit in a week, I have done this with Fins and Capital Spreads with no advers consequences. Although my profit ratio has never been as good as yours.

There must certainly be another reason for the company's action. Either way, there seems litle point in arguing with them to keep your account grudgingly open just to prove you are right and they are wrong.

 

[G.O.A.T]

If you chose to try again elsewhere make sure you start with £100 again, unless £1500 is peanuts to you.

 

[Ross Spur]

Compounded up you'll soon be a millionaire, anyway, so why hang around here with the rest of us losers.

 

[alex2006]

Compounded up you'll soon be a millionaire, anyway, so why hang around here with the rest of us losers.

:clap:

 

[alex2006]

wondered why Il Stronzo's posts have been deleted.

 

[alex2006]

O right, Is it because I scalped or because I was "Successful"?

IMHO, because you scalped. being successful is not a big problem (it is, but not big problem, spread co profit from your loss + spread), but scalp is not allowed by any spread co as far as I am aware.

Most honest/reputable ECN brokers allow scalp. They profit from your commission/spread.

I used to make a few grand by comparing a betting firm's delayed quotes with DMA quote Guess what, they removed that product.

 

[Splitlink]

wondered why Il Stronzo's posts have been deleted.

Very fast! I saw it---then, I didn't!

Perhaps, he did it himself. I did not agree with it because I have been a Finspread client for more time than I can remember, certainly, before they went online and were telephone dealers.

That said, I didn't see anything illegal in what he wrote.