Smart move, but only if you stay away.
You were playing a rigged game because of the spreads but you can win with a rigged game but only if you play in the short term, and get it right of course. Long term though and you're doomed!
Best Thread IG Index - Custom Betting
- Thread starter BigInTheCity
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Smart move, but only if you stay away.
You were playing a rigged game because of the spreads but you can win with a rigged game but only if you play in the short term, and get it right of course. Long term though and you're doomed!
donaldduke
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A normal IG Binary is quoted something like: 70-75.
You know the price you can buy for and sell at.
A custom bet is just one price to buy for, say 68.
Quoting just one side allows IG to over price or under price the bet without punters being able to hit them on the other side.
For some custom bets you can see the opposite bet (for a no touch bet, look at a one touch bet with the same expiry). When you do this you will see the 'hidden' spread IG are making. It will be something 68-78.
The custom bets with the smallest spread seem to simple up/down bets on the current price. These have a spread of around 5%.
Other bets, on prices far away from the current price, seem to have a much wider spread.
The hidden spread on a cutom bet can also be seen on your P/L just after you open a bet, this will be very negative when you open the bet.
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donaldduke
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so much for the £10,000 account dream in your original post.BigInTheCity
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haha I asked about the £10,000, because I intended to put £10,000 in to trade with. I did the right thing and tested out the bets with a small amount I can afford to lose. However, for now, I have decided to stick to trading spot EUR/USD through DUKASCOPY.
Regards
Big.
Regards
Big.
donaldduke
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IG totally taking the p!ss with EUR/USD custom bets, now the no touch, one touch and binary range bets seem to have a 20% spread on them.
Dont know how long this has been the case as i havent placed any custom bets for many months.
But today I did a £10 per point bet (ie the payout was £1000 if i won), my running P/L was shown as being down £200 straightaway (ie the spread they are charging is 20%).
Wont be betting on those again.
Dont know how long this has been the case as i havent placed any custom bets for many months.
But today I did a £10 per point bet (ie the payout was £1000 if i won), my running P/L was shown as being down £200 straightaway (ie the spread they are charging is 20%).
Wont be betting on those again.
BigInTheCity
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I'm back using them again, I only use the EUR/USD fast moving bets!
Over all I am in profit, just........ haha
Over all I am in profit, just........ haha
something tells me you're not very good in trading spot fx :cheesy:
BigInTheCity
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Hi tomsonfmz, yeah still with IG, the only fixed odds site I properly trust. Ladrokes are good until you make money and they start playing funny beggers and say the price moved etc etc.
Kubek, I also trade spot fx succesfully thank you ;-)
Kubek, I also trade spot fx succesfully thank you ;-)
Sharepunter
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IG will eventually delay acceptance of your binary orders should they deem you're winning too much.
BigInTheCity
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Hi Sharepunter
Now the question is, what do they deem too much?!
Big.
Now the question is, what do they deem too much?!
Big.
Hi BiginTheCity,
I've tried custom bets on fx. Initially I was attracted to it because of the limited risk.
Eventually gave up - compared to normal spot forex available profit was much worse (for the same position open on the custom bets and normal position). I don't think that limited loss guarantee is worth the difference. Also for some of them you have time factor which I found very limiting and they tend to tweak it nicely in their favour.
PS I've tried quite a few: one touch, no touch etc. IMO If successful with custom bets, best to compare it to normal trading and choose whatever gives you better profit. I'm not clear as what happens around important reports (non farm etc.), but I wouldn't be surprised if they try to discourage the customers from winning big.
riskarb
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FWIW, these bets are fairly straightforward to price and are traded upwards of $100MM notional per ticket in the OTC markets. Standard deals are monthly out to five years, so the short-duration bets are pure stat-vol and difficult for IG to hedge. IOW, they're not overtly trying to rape you... they have to take a lot of edge as they're not netted outside their client book.
Has anyone traded indices on the custom bet platform?
Has anyone traded indices on the custom bet platform?
BigInTheCity
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Update:
Total bets: 356
Profit/(Loss): (£1.43)
LOL LOL
Total bets: 356
Profit/(Loss): (£1.43)
LOL LOL
BigInTheCity
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Update:
Total bets: 574
Profit: £342.33
That's a hell of alot of bets for a little profit so far!!! LOL
Total bets: 574
Profit: £342.33
That's a hell of alot of bets for a little profit so far!!! LOL
Big, it is a lot of bets but IG has done great. So as I've long said, you're working very hard FOR YOUR BROKER!
BigInTheCity
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haha so true, aslong as I make tax free money I don't mind too much!
Well, it's still not that good an idea because IG are playing you very successfully.
Custom bets were designed for a purpose, as a new risk-free profit centre for IG to make money, not as a gesture to their clients, although that of course is what the marketing will promote.
