IG ... it wouldnt close

[grimweasel]

I'd steer clear of CMCMarkets. On Friday night I was trading the DOW. I went short at 2035ish and the position went £300 into profit. I then tried to close the position and had no response from the dealer for 1m then I got a requote. I only had 2 seconds to action it, so I missed it. I then tried to close the position again, andother wait for what seemed like 2m's or so, then another requote.

By this time the price had shot back up and killed my short and taken me into a loss. Is this an acceptable level of service? I think not. All this crap about fast moving markets is shoddy. If your system can't cope then you should not offer the system in my view.

This is the 2nd time I've had this with CMC so my advice would be steer clear. I'm sticking with IG. Much better and more realiable service! Well, until I read this. Does anyone know a GOOD SB company? I may look at futuresbetting?

Grim

 

[Trader333]

I can understand that my order would be in a queue

This is not how SB companies operate, there is no queue to open and close trades.


Paul

 

[Bladerunner]

punched the key board in anger

"I hit the buy button, the screen asked me to set a stop loss. ?? I panicked this has never happened before, I closed the window and tried again, my profits were falling, the same happened again. A third time I tried to buy, again asking me for a stop loss, I punched the key board in anger, the amount entered was invalid."

So you were under full control then ?

you had a list of what if scenarios and action required to be taken

At those stakes you had access to a personal broker with IG = a direct telephone

Not really having a go at you, just others can learn from it and maybe you to, its a real valuable one and you have been lucky enougth to escape in profit

Same happened to me a few years ago with City Index (2006 crash/ sorry pullback) up over 1500 (over lever"d idiot) and press press press by the time I got out + 350 I was in such a panic I even told the dealer which way round I was trading

bet he could not believe his luck that day


Been with IG for a long time and seen most sb tricks and stunts with most firms

STOP & LIMIT on deal ticket

MAX LOSS (which can be outside your usual manual loss ) = emergency exit

LIMIT for profit, in these conditions even a short run trader should have limit set at realistic hours target .............just in case

If a large fast move starts the internet connection to sb firms is always unreliable, just the way it is, get over it and move out on your tf or whatever.

They will (sb firms) lock platform down or the innocent explaination, to much volume and platform and dealers can not cope= same result = causes panic behind enemy lines

IG deal ticket gives option to set all that in one action and have it ready to go

Guarenteed if you like for an extra 3 pts I think

extra 3 pts = thats nothing in these conditions with sb market quote , Ig are pretty close when I have observed them but they still step over and under depending on whatever. Best just to pretend the spread is 10 and trade a better method if you must use them intra day and trade longer moves

thats just the way it is

IG CFD account,(same layout online as sb one but with bit more clued up staff) you can have access to the real market and you do not require total funds/ margin requirements to access their platform which includes OTC products

I have not tried their direct access because the staff at IG seemed none to clued up on how to get you out/check account status live if your connection went down or other worst case events

Not in the habit of standing up for any provider, but except for the period of time when IG went live to soon with the pure deal platform I have had very few problems to report.

Traded and execution as been no problem at all, almost instant infact but then again I do not enter on the mad up or down bars because price is probably not there anyway and its asking for trouble


don"t look back in anger

All best :clover:

Andy

 

[TomTom]

My thoughts are all Spread Betting Companies are BAST@@@S.
If you deal with these people you will be guarenteed to have your account wiped out soon.

 

[Lee Shepherd]

My thoughts are all Spread Betting Companies are BAST@@@S.
If you deal with these people you will be guarenteed to have your account wiped out soon.

Sounds like sour grapes to me.

I've been using SB companies for years full time and the losses I can attribute to myself and me only. That also goes in reverse and I take all credit for my gains, not Spread betting anomalies.

 

[Lee Shepherd]

Sounds like sour grapes to me.

I've been using SB companies for years full time and the losses I can attribute to myself and me only. That also goes in reverse and I take all credit for my gains, not Spread betting anomalies.

Thanks Jaydee and Bladerunner,

I dont usually disclose figures as its all relevant and personal to the person
playing the markets.

However, I thought I'd show a couple of screenshots (edited only to remove account numbers) to show that good days and bad days happen. I take full responsibility for every day I trade. It is me that presses the button and it is my responsibility to make sure I can close out, if in doubt, get out and dont trade. (switch companies, set stops, go DMA whateva, but your responsibilty)

NB: all trades are currently closed due to having a break and due to recent losses.

Today so far (up until beer opened) down £-350 odd (41 trades and I pay to work)
Friday up over 9k. (6 closed from week and held til confirmed reverse)
3rd pic, no open positions (so free to drink)

The ironic thing is is that friday was an extremely easy day for me and I made loads, today has been extremely long and hard and a lot of effort only to lose money. The moral of the story is the money in trading comes easy on the good days, the bad days are hard work only to find your out of pocket and down on the day.

I'm am currently having a carling.

 

[TheReverend]

Wow Lee, thanks for the insight, I don't know how you guys can trade like that day in, day out!! I've given it a try on a few occasions, mostly on the DOW of an evening with a glass of wine (I know, 3 mistakes already). I tried it on my day off a few weeks ago, and by some fluke managed to short the banks on the Monday they went through the floor; that was in the morning, and by the afternoon I was back to losing. I do find it very exciting though, which is a major problem as these things should really be a mechanical process.

 

[riogordo]

I'd steer clear of CMCMarkets. On Friday night I was trading the DOW. I went short at 2035ish and the position went £300 into profit. I then tried to close the position and had no response from the dealer for 1m then I got a requote. I only had 2 seconds to action it, so I missed it. I then tried to close the position again, andother wait for what seemed like 2m's or so, then another requote.

By this time the price had shot back up and killed my short and taken me into a loss. Is this an acceptable level of service? I think not. All this crap about fast moving markets is shoddy. If your system can't cope then you should not offer the system in my view.

This is the 2nd time I've had this with CMC so my advice would be steer clear. I'm sticking with IG. Much better and more realiable service! Well, until I read this. Does anyone know a GOOD SB company? I may look at futuresbetting?

Grim

I would take a look at Futuresbetting. I would not go back to IG or CMC. FBc have a great platform and a very good client service desk.

 

[Lee Shepherd]

Wow Lee, thanks for the insight, I don't know how you guys can trade like that day in, day out!! I've given it a try on a few occasions, mostly on the DOW of an evening with a glass of wine (I know, 3 mistakes already). I tried it on my day off a few weeks ago, and by some fluke managed to short the banks on the Monday they went through the floor; that was in the morning, and by the afternoon I was back to losing. I do find it very exciting though, which is a major problem as these things should really be a mechanical process.

Just keep chipping away at it, you'll soon discover whether trading is for you or not. Keep your trade size small, keep enjoying it and, oh, dont drink and trade.

 

[Jaydee]

Lee, wonderful - excellent work mate. I'm sure that £350 down day didn't bother you too much after last Friday. I bet you had a great weekend

 

[Lee Shepherd]

Lee, wonderful - excellent work mate. I'm sure that £350 down day didn't bother you too much after last Friday. I bet you had a great weekend

Thanks dude,

Weekends are usually the same, they include drink, lots of eating and drinking and the occassional trip away.

Here is todays result, been a trying day as target market was little trending.

Results are:
21 trades
up +£723.50p.....dont forget the 50p, pennies make pounds.
and all out flat as can be seen.

Exclusions are small trades via a demo trade with trading friend and deposit of £100, hence the 50p. (testing new system)

edited only for account number for security purposes.

 

[brutusdog]

Thanks dude,

Weekends are usually the same, they include drink, lots of eating and drinking and the occassional trip away.

Here is todays result, been a trying day as target market was little trending.

Results are:
21 trades
up +£723.50p.....dont forget the 50p, pennies make pounds.
and all out flat as can be seen.

Exclusions are small trades via a demo trade with trading friend and deposit of £100, hence the 50p. (testing new system)

edited only for account number for security purposes.

well done mate good work,

hope the new strat is shaping up well.

bet the beer tastes good, im back on the drink now so next time we can have a proper night!:clap:

cheers bd.

 

[Lee Shepherd]

well done mate good work,

hope the new strat is shaping up well.

bet the beer tastes good, im back on the drink now so next time we can have a proper night!:clap:

cheers bd.

Haven't fully implemented the new strat yet but research and demo trades continue all the time I am without a position in the market, until we can see a firm bottom to the market then I will look to get back in. Too rich for my blood at the moment.

Will be looking to day trade only, something I dont enjoy as much and find it hard work, being allergic to hard work am limiting to working 8 hours (ish) a day.

Look forward to catching you out for a drink, was great chatting last time.