FTSE100 Spreadbet Execution problem

[Jaydee]

Afternoon all

I have a question regarding a trade I tried to make today for the FTSE100:

The FTSE100 Rolling contract dropped like a stone today (along with the FTSE100, of course) and I decided to jump on short side. However, there was problem!

Normally, I set the amount I wish to trade per point, click trade and I am greeted with a buy and sell box with real time prices displayed underneath them. I then hit the appropriate button to execute my long or short position. But today, the market dropped 80 points so quickly that these two buttons were greyed out and I got a message saying, 'Prices have changed, please try again later'. What's that about? Normally the prices constantly change and they show up in realtime on that screen!

I'm annoyed because I could have made near to 80 points but made nothing close to that by the time I finally got to execute my trade.

Is this normal during volatile periods or is my spreadbet firm a bit rubbish and I need to change it? The whole reason I got into this was so I could ride a big swing one day - when it finally comes I can't do it because of execution problems! I called the spreadbettign firm and they told me that the paltform couldn't handle the large volume going through - what do you think of that?

Sorry, rant over - any advice would be most welcome though. I'm sure you appreciate that this game is hard enough without having to fight technology as well.

Cheers

JD

 

[Visaria]

Sorry, which firm were you trading with?

 

[Jack o'Clubs]

"...or is my spreadbet firm a bit rubbish and I need to change it?"

In short, yes, and their excuse is shocking. FWIW I traded a spreadbet through that fall yesterday and my order was getting filled in real time with no problems, with such reliability that I could trade not only the collapse, but also the retracements. There seems to be huge variability in the quality of service from different firms (see my comments on the 'Fins ain't what they used to be' thread for a less happy experience), and punters should vote with their feet. Remember, your firm's appalling service cost you money yesterday...

 

[Jaydee]

Thanks for letting me know. I'm with Finspreads and it happened again today where I couldn't get executed. I understand that there is massive volume going through at the moment, I'm sure the LSE's SETS platform is working hard, but that's no excuse to not get executed. After what you said and what has happened I'm considering a move. I would happily see an increase in spread and get timely execution than have to make trades with a lack of confidence due to the platform.

Who are you with and I'll check them out? Do they offer good spreads and a good range of trading contracts?

Thanks for the advice.

JD

 

[Jack o'Clubs]

I have accounts with IG and CMC and both of those are excellent. CMC is better in my experience in a fast market, but IG has a far bigger selection of mid and small cap stocks. There are plenty of threads on here where you can check other people's views.

I also use TwoWayFutures, which is a bit more specialised (spreadbettting futures) and needs a fairly sizeable deposit before you can open an account, but it's effectively a direct access platform, and so can't be beaten when the market is volatile.

On other threads there's lots of discussion about size of spreads, etc, but after the last few weeks spread size seems to me to be more and more like the price of can of beans in a supermarket, and quality of service is much more important. There's no point having a spread a pip smaller than the competition if the platform won't let you get a trade on, or requotes you, costing you real money as a consequence.

My experience as a new customer of Finspreads is appalling and I simply won't be using them again if their platform can't cope in a volatile market. Having said that, I've made that comment on the 'Fins' thread and several satisified customers have posted to say they've found Fins to be excellent. However, I can only speak from experience and their platform cost me the best part of a grand this week and that is not acceptable to me.

 

[Jaydee]

Fins is normally very good - their platform has never given me a problem in the past and I do like the interface. It just loses the plot when the trading volume is as is has been over the last 4 days - not very good really when the money is made on such days.

Thanks for the information, I will check out the spread firms you mentioned.

 

[hungvir]

Jaydee,

You can use Fins' stop and limit orders to avoid missing trades like what happened to you the other day. Don't take the price you're given but specify a price you want to get in. It may be some points (or ten points) away from what the market is traded but the thing is you'll get filled when the market gets there.

Hope this helps.

By the way, I don't like CMC because they don't take market orders. You have to go with their quotes and for me that's not good enough. You can't put in a limit order to take your profit with them either I believe.

Good trading,

H

 

[Visaria]

Jaydee,

You can use Fins' stop and limit orders to avoid missing trades like what happened to you the other day. Don't take the price you're given but specify a price you want to get in. It may be some points (or ten points) away from what the market is traded but the thing is you'll get filled when the market gets there.

Hope this helps.

By the way, I don't like CMC because they don't take market orders. You have to go with their quotes and for me that's not good enough. You can't put in a limit order to take your profit with them either I believe.

Good trading,

H

CMC take market orders just the same as any other firm. They also offer limit orders.

 

[hungvir]

Visaria,

By market orders I mean market price orders, say buy the FTSE when it breaks thru 6000 mark. They just don't take it. They only allow you to buy it at their quote and they quote can be 6000 when the market is not there yet.

H

 

[Visaria]

Visaria,

By market orders I mean market price orders, say buy the FTSE when it breaks thru 6000 mark. They just don't take it. They only allow you to buy it at their quote and they quote can be 6000 when the market is not there yet.

H

That's called a stop order and, of course they let you do it!!! I've done hundreds of them!! Hungvir, you need to brush up on your terminology

 

[hungvir]

I suppose I do need to, Visaria

It seems like we're talking about two different CMC here I did phone them up and ask if they take orders based on market price (vs their quotes) and the answer was a flat 'no'. That's why I moved all my fund back to my bank account.

Have a good weekend!

H

 

[bootsyjam]

Had the same problem today with the DJIA

Was a quick move-bang-switched to phone trading only-so was locked into a losing position, and also could not react quick enough to ride the trend and make money. Finspreads are useless, the system goes down (as in throws me out-not refuses to take bets) constantly when the US markets come online. You can make consostent money, then this happens, and if you are the wrong side of it your profits will be wiped in a flash. The guaranteed stops are too far away for tading of this nature before anyone asks.
I'm looking elsewhere-CMC are supposed to be ok, and I'm also thinking of finding a new route to the markets away from spreadbet firms. They're for longterm bets only as far as I can tell right now.

 

[rav700]

" Another trader get ripped off by Finspreads"
This is the headline of the trade2win news everyday.........I had massive probs with them on bins and forex ...........These people are the scum of the earth .
NEVER TRADE WITH THEM........................

 

[chrissutch]

Had a problem with Tradindex yesterday afternoon, They actually suspended trading meaning no one could exit or enter trades on their web site. I sent them a email as I was none too impressed as i had tried to exit with a twenty pip profit which I saw reduced to a one pip profit. here is there reply.

Dear Sir,

Thank you for your email.

Yesterday afternoon the CBOT trading exchange failed which resulted in our
feed suppliers being unable to supply feeds for the mini Dow which we use to
update prices on the website. As a result of this we suspended the feeds
which were not updating. We were able to change our feeds so that we took
prices from the Dow pit trading which allowed us to resume trading on the
website.

At no point would we ever suspend trading as a result of our exposure to any
markets. Any investor who has a position and is unable to trade via the
website is welcome to ring in to close; unfortunately due to the sheer
numbers of players on our system we are not able to take player trades over
the phone.

I trust this answers your question, should you require further information
please do not hesitate to contact us.

Kind regards

Mic Mills

Futures Trader
020 7422 3836

Ring in to close! yeah right.

 

[Visaria]

Had a problem with Tradindex yesterday afternoon, They actually suspended trading meaning no one could exit or enter trades on their web site. I sent them a email as I was none too impressed as i had tried to exit with a twenty pip profit which I saw reduced to a one pip profit. here is there reply.

Dear Sir,

Thank you for your email.

Yesterday afternoon the CBOT trading exchange failed which resulted in our
feed suppliers being unable to supply feeds for the mini Dow which we use to
update prices on the website. As a result of this we suspended the feeds
which were not updating. We were able to change our feeds so that we took
prices from the Dow pit trading which allowed us to resume trading on the
website.

At no point would we ever suspend trading as a result of our exposure to any
markets. Any investor who has a position and is unable to trade via the
website is welcome to ring in to close; unfortunately due to the sheer
numbers of players on our system we are not able to take player trades over
the phone.

I trust this answers your question, should you require further information
please do not hesitate to contact us.

Kind regards

Mic Mills

Futures Trader
020 7422 3836

Ring in to close! yeah right.

I don't understand. I've often closed trades over the 'phone with SBs (no experience with Tradindex) when either they have gone down or my connection has failed.

 

[bootsyjam]

I don't understand. I've often closed trades over the 'phone with SBs (no experience with Tradindex) when either they have gone down or my connection has failed.

"At no point would we ever suspend trading as a result of our exposure to any
markets. Any investor who has a position and is unable to trade via the
website is welcome to ring in to close; unfortunately due to the sheer
numbers of players on our system we are not able to take player trades over
the phone."

Say what now?? Does that read: please ring in to close your trade. But because of caller volume you couldn't ring in to close your trade. Sorry.

So let's get this straight-the data feed went down, and they managed to get another one. Well, why not use this feed in the first place.
Trading on the internet was suspended so you couldn't ring in to close your position. But if you had rung in, they were so busy, they couldn't have taken your order as you would not have got through. Although in my experience, when trading a fast market, by the time you have dialled, been connected, got the price, executed, you are a minute or more down-life and death in the markets....

 

[chrissutch]

The problem I have with closing trades by phone is the time it takes, I can close a trade online in less than 10 seconds it has taken me up an over two minutes before by telephone, I have no problem executing longer term trades by phone but when it comes to scalping it becomes totally unthinkable as per my exit yesterday.
I close my trades in two mouse clicks yesterday I had to go to another page to see that trading had been suspended on the Dow, dial Tradindex, get an answer, give details and close trade.
Ok I was lucky and still got out with a profit and went on to make further profits but what I fail to understand is why was I not able to close my trade online it was only the Dow Jones they had suspended the rest of the web site was running perfectly. I could see the trade turning against me on my screens They could give me a price over the phone so why was my close button disabled. Disable the buy and sell buttons by all means but don't disable the close button. I didn't loose my feed, They lost their feed and I couldn't exit the trade at the price that I wanted. Tradindex do not normally trade by phone so you can imagine what happens when their feed goes down every one tries to call them at the same time.
It is of my opinion that they should've let me close at the price I requested even if their feed was down, If a bank is robbed they don't say sorry we lost your money and if the feed goes down in the bookies they don't keep moving the finnish line until the feeds back up. Their feed went down and they moved the goalposts to my cost.
Anyway it's done now and I think its unfair but the Dow opens in another 45 minutes and I need to go and set my pivots up. Happy Trading.

 

[chrissutch]

"At no point would we ever suspend trading as a result of our exposure to any
markets. Any investor who has a position and is unable to trade via the
website is welcome to ring in to close; unfortunately due to the sheer
numbers of players on our system we are not able to take player trades over
the phone."

Say what now?? Does that read: please ring in to close your trade. But because of caller volume you couldn't ring in to close your trade. Sorry.

So let's get this straight-the data feed went down, and they managed to get another one. Well, why not use this feed in the first place.
Trading on the internet was suspended so you couldn't ring in to close your position. But if you had rung in, they were so busy, they couldn't have taken your order as you would not have got through. Although in my experience, when trading a fast market, by the time you have dialled, been connected, got the price, executed, you are a minute or more down-life and death in the markets....

You hit the nail right on the head.

 

[mikewilliams]

" Another trader get ripped off by Finspreads"
This is the headline of the trade2win news everyday.........I had massive probs with them on bins and forex ...........These people are the scum of the earth .
NEVER TRADE WITH THEM........................

i have had the same proboblem with cmc at the moment but still not impressed .taken into trades by resting orders only to have to dispute it over the phone if if anyone can suggest a reliable ( I know its relative) trading firm i would appreciate their name

 

[Splitlink]

i have had the same proboblem with cmc at the moment but still not impressed .taken into trades by resting orders only to have to dispute it over the phone if if anyone can suggest a reliable ( I know its relative) trading firm i would appreciate their name

My FT trads with Fins. I can only trade until 1330 due to work commitments

Last Thursday 14 points; Last Friday 35.2 points; Monday 10.2 points; Tuesday 13.1 points;
Today 31 points.

Split