IG 2008 Results

[donaldduke]

http://www.iggroup.com/content/files/IGG FY2008 Presentation.pdf

The cheats made just under 10million from financial binaries in the last year.

 

[rnicoll]

Yikes, that's harsh. The spreads on their binary bets are insane, though (5 pips), which kinda explains it...

 

[donaldduke]

Yikes, that's harsh. The spreads on their binary bets are insane, though (5 pips), which kinda explains it...

Their binary spreads are as wide as 8pips for some bets, even during quiet times, and close to expiration they widen the spreads even more...

If that wasnt enough they resort to cheating by delaying and rejecting bets from consistent winners.

 

[tar]

Their binary spreads are as wide as 8pips for some bets, even during quiet times, and close to expiration they widen the spreads even more...

If that wasnt enough they resort to cheating by delaying and rejecting bets from consistent winners.

I remember u said b4 that your bets on a dealer intervention , did u survived ?

 

[donaldduke]

I remember u said b4 that your bets on a dealer intervention , did u survived ?

I dont believe they do dealer intervention often, the screen says 'your order is being handled by our dealing desk' but i think 90% of the time when my orders are delayed they are being delayed by the software.. which automatically rechecks the price after X number of seconds..

Anyway i still find ways to beat them but i could make double or triple the money if they didnt cheat like they do...

 

[tar]

Thats good u still making money from them

 

[donaldduke]

Thats good u still making money from them

Hmm..

One of my strats is not feasible with their cheating tactics.. The other one still makes money: its only a matter of time before they stop me making money with that one too..

 

[tar]

Hmm..

One of my strats is not feasible with their cheating tactics.. The other one still makes money: its only a matter of time before they stop me making money with that one too..

They will stop u , really ? i thought IG dont care if u make some money look at their annual profits unless a trader make money by taking advantge of their platform mistakes .

 

[donaldduke]

They will stop u , really ? i thought IG dont care if u make some money look at their annual profits unless a trader make money by taking advantge of their platform mistakes .

Nearly all the binaries are unhedgeable. IG cannot lay off risk like they do with shares and futures ... So they do care if you win too much with binaries.. Just 100 additional binary accounts each making 100K a year would be enough to wipe out all the profit they make from binaries..

 

[tar]

Nearly all the binaries are unhedgeable. IG cannot lay off risk like they do with shares and futures ... So they do care if you win too much with binaries.. Just 100 additional binary accounts each making 100K a year would be enough to wipe out all the profit they make from binaries..

Yah , then few K's monthly from binaries and the rest from spreadbetting

 

[Hoggums]

Nearly all the binaries are unhedgeable. IG cannot lay off risk like they do with shares and futures ... So they do care if you win too much with binaries.. Just 100 additional binary accounts each making 100K a year would be enough to wipe out all the profit they make from binaries..

Actually that's not true. Each binary is in effect an exotic option and each position you take will have a calculable delta which can be hedged on the market.

 

[new_trader]

Anyway i still find ways to beat them but i could make double or triple the money if they didnt cheat like they do...

So what if you are losing up to 2/3 of your profits..think of all that money you are saving by not having to pay tax!

 

[neil]

So what if you are losing up to 2/3 of your profits..think of all that money you are saving by not having to pay tax!

New Trader.....who wants to pay betting companies 66% of ones' profits when HM Revenue takes a lot less ?:cheesy:

 

[rnicoll]

I dont believe they do dealer intervention often, the screen says 'your order is being handled by our dealing desk' but i think 90% of the time when my orders are delayed they are being delayed by the software.. which automatically rechecks the price after X number of seconds..

Anyway i still find ways to beat them but i could make double or triple the money if they didnt cheat like they do...

Last time I saw a dealing desk intervention, I was trading on a stock with a spread of over 100 pips.

Made 50 pips, anyway.

Would have made 400 if I'd held on longer.

Was still a bloody stupid idea though

 

[rnicoll]

Actually that's not true. Each binary is in effect an exotic option and each position you take will have a calculable delta which can be hedged on the market.

Although the upside of binary bets is they generally have people who have little idea what they're doing, on the other side. I made a decent profit off them with Finspreads, am actually quite tempted to re-open my account with them just to try binaries again. 5 pips is too much for even me to think it's a good idea.

 

[fptrader]

You may be interested in my experience. I had some very good days a few months back and made 10K in just a few days. Then I found my trades were being delayed and rejected. I spoke to the top man at IG. He told me my account was on watch. This was after strenuous denials by others I had spoken to.

However the delays have now been few. But what they have told me is that the tollerance on my trades has been moved from 4 points (standard) to 1 point. It makes it almost impossible to trade since the client/server difference is nearly always greater. So my account hasnt been closed but effectively it has

Anyone else had the same treatment ?

 

[tar]

You may be interested in my experience. I had some very good days a few months back and made 10K in just a few days. Then I found my trades were being delayed and rejected. I spoke to the top man at IG. He told me my account was on watch. This was after strenuous denials by others I had spoken to.

However the delays have now been few. But what they have told me is that the tollerance on my trades has been moved from 4 points (standard) to 1 point. It makes it almost impossible to trade since the client/server difference is nearly always greater. So my account hasnt been closed but effectively it has

Anyone else had the same treatment ?

lets say that the binary price is not moving like far prices ex. 3 or 4 , can u trade on them ?

 

[donaldduke]

lets say that the binary price is not moving like far prices ex. 3 or 4 , can u trade on them ?

Under this situation they sometimes move the price because you (as a consistent winner) want to bet on it. They then reject your order.

Lets the price is 15-18 and not moving much. You go to sell 15. They will delay your order for 30 seconds, and in the meantime move the price to 12-15. After they move the price they reject your order with a 'price no longer valid message'.

Basically they run a good scam, winners are effectively shut down from winning big, but consistent losers can lose as much and as often as they like...

 

[tar]

Under this situation they sometimes move the price because you (as a consistent winner) want to bet on it. They then reject your order.

Lets the price is 15-18 and not moving much. You go to sell 15. They will delay your order for 30 seconds, and in the meantime move the price to 12-15. After they move the price they reject your order with a 'price no longer valid message'.

Basically they run a good scam, winners are effectively shut down from winning big, but consistent losers can lose as much and as often as they like...

maybe it depends on size to , if u bet small i dont think they will move their prices even if u r a winner . by the way i remember choiceodds !! moved its prices because of me

 

[tar]

Donald read here what happened with me today , i took all bets from far place ( exotic odds 25 , 40 )
http://www.trade2win.com/boards/asia-pacific-indices/35605-topix-futures.html