I'm going mad with SB brokers please help!

No actual experience of it yet but i see BACS and CHAPS withdrawals being the main thing, so with BACS it's 2-3 working days but with CHAPS it's next working day I understand but it costs about £5. Don't quote me on this but that's the way I see it. For me, I can't see withdrawal times being any kind of problem though (it's the damn fills that causes grief LOL!)
 
No actual experience of it yet but i see BACS and CHAPS withdrawals being the main thing, so with BACS it's 2-3 working days but with CHAPS it's next working day I understand but it costs about £5. Don't quote me on this but that's the way I see it. For me, I can't see withdrawal times being any kind of problem though (it's the damn fills that causes grief LOL!)

I've now edited my previous post, but will repeat it here:

I should have made it clear that I was talking about a return to the debit card you had funded the account from. I have a feeling that this mechanism is distinct from BACS (which these days can involve "Faster Payments System" although may not always depending on circumstances).

If anyone who has worked in or works in retail banking would care to comment, I'd be obliged.


Um...withdrawal times could be a problem if you need the money in a hurry!
3 days seems a bit leisurely in this day and age.
 
There are a bunch of good SB companies today. Smart live markets looks like a promising company with its MT4 platform. Anyway, I am amazed to read over and over again that some traders think the answer to successful trading is mostly dependent on the SB company they choose. Yes, there are some security issues with SB, but this is mostly in the the nature of them being market makers. The real question should in fact be be, how can I secure myself in different trading scenarios, that is bound to occur from time to time (this regardless of the SB you trade with). This risk profile should include problems discussed here, as well as basic trading principles (money management being the most important one).
 
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You know what, I admire due dilligence (in any field) but here's how I *see* you; you're far too concerned with having all your ducks in a row before fully commiting to trading. I'm part of the JFDIWY* school of thought... The *problems* you mention are equally apparent with DMA...but here's the thing...

A while back I conducted an experiment, I scalped (well traded off an adjusted tick chart) with an SB firm and took exactly the same trades with the DMA firm. I always entered the dma trade second and closed it second, never veering from this pattern to (hopefully) prevent skewing of the results. Now, over a 250 trade sample what d'ya think the real difference was in terms of all the supposed faults you mention? As close to zero as to be irrelevant. The main issue was cost; the SB firms are approx 50% more expensive per trade/trip when scalping. The most noticeable part was that although close on 90% of my scalp trades go into profit at some stage with dma, with the SB firm P/L it could take twice as long (if at all) to show profit.

Here's the other issue you are going to experience and you will have it make no mistake, you already have bias, you expect the SB firm to 'play' you. So on the basis that we totally take responsibility for our trading life and trading decisions you need to eliminate the excuse of blame right now before it becomes part of you...

So, dismiss the issues re. tax liability etc, (you'd have to make approx. £10K trading forex before it becomes an issue) and open an account with a DMA forex broker, there's enough to choose from and on average a grand (sometimes less) is all you require with most to get started. You can then move over/intergrate SB when/if tax becomes an issue...
 
You know what, I admire due dilligence (in any field) but here's how I *see* you; you're far too concerned with having all your ducks in a row before fully commiting to trading. I'm part of the JFDIWY* school of thought... The *problems* you mention are equally apparent with DMA...but here's the thing...

A while back I conducted an experiment, I scalped (well traded off an adjusted tick chart) with an SB firm and took exactly the same trades with the DMA firm. I always entered the dma trade second and closed it second, never veering from this pattern to (hopefully) prevent skewing of the results. Now, over a 250 trade sample what d'ya think the real difference was in terms of all the supposed faults you mention? As close to zero as to be irrelevant. The main issue was cost; the SB firms are approx 50% more expensive per trade/trip when scalping. The most noticeable part was that although close on 90% of my scalp trades go into profit at some stage with dma, with the SB firm P/L it could take twice as long (if at all) to show profit.

Here's the other issue you are going to experience and you will have it make no mistake, you already have bias, you expect the SB firm to 'play' you. So on the basis that we totally take responsibility for our trading life and trading decisions you need to eliminate the excuse of blame right now before it becomes part of you...

So, dismiss the issues re. tax liability etc, (you'd have to make approx. £10K trading forex before it becomes an issue) and open an account with a DMA forex broker, there's enough to choose from and on average a grand (sometimes less) is all you require with most to get started. You can then move over/intergrate SB when/if tax becomes an issue...
Yes I agree, it would be really interesting to know which instrument you used in your experiment, broker and SB company.
 
Yes I agree, it would be really interesting to know which instrument you used in your experiment, broker and SB company.

not relevant, result would have (probably ;) ) been similar whichever...TBH my reply was not nec. to the OP, his flowery intro. and the strange choice of tag (tired of conmen? ffs) suggests to me he might be a troll...It was more a bit of history/advice (fwiw) for all you guys on the SB part of these forums... gotta go...
 
not relevant, result would have (probably ;) ) been similar whichever...TBH my reply was not nec. to the OP, his flowery intro. and the strange choice of tag (tired of conmen? ffs) suggests to me he might be a troll...It was more a bit of history/advice (fwiw) for all you guys on the SB part of these forums... gotta go...
The grounds for the experiment is highly relevant as I see it, and could reflect the outcome as to DM being 50% cheaper compared to the cost of using SB. Anyway, one thing is clear, the member name he chosen does not reflect the SB industry as of today.
 
Anyway, I am amazed to read over and over again that some traders think the answer to successful trading is mostly dependent on the SB company they choose..

Couldn't agree more. If you know how to trade profitably then brokerage is just a matter of choice. Bad workmen .... tools .... etc
 
The grounds for the experiment is highly relevant as I see it, and could reflect the outcome as to DM being 50% cheaper compared to the cost of using SB. Anyway, one thing is clear, the member name he chosen does not reflect the SB industry as of today.

gle pm me if you fel the need, I'm never going to get into the "xyz broker is better than abc", or "spread-chops.com is better than spreadyalegs.co.uk" debate...IMHO they're all fine and do as exactly stated on the tin...One *tin* might be Heinz 57, the other might be a re-branded tin of beans from the same factory, but to me I've honestly never had that bad an experience, then again I'ver never been that precious re. any trade...
 
gle pm me if you fel the need, I'm never going to get into the "xyz broker is better than abc", or "spread-chops.com is better than spreadyalegs.co.uk" debate...IMHO they're all fine and do as exactly stated on the tin...One *tin* might be Heinz 57, the other might be a re-branded tin of beans from the same factory, but to me I've honestly never had that bad an experience, then again I'ver never been that precious re. any trade...

Well put. I think the "bucket shops out to ravish your wife and sell your children to Somali pirates" argument is a false one. Much of the ire levelled against SB companies is misdirected and counter-productive, if one wishes to progress as a trader.

That said, I wouldn't touch Finspreads with a bargepole.

Sir William
 
Hello all

Look, I don't know what a troll is! LOL!

I'm not out to hurt anyone.

Here's the thing: half the net says XYZ is bad, half says is ok. Who to believe? I'm only human.

Black Swan: you mentioned tax: is my allowance 10k even though I work and earn full time or does it then get complicated? Can I make 10k from trading over any time period before I have to declare even though I work for a living?

Also, you mentioned "choose a DMA FX broker, plenty out there"... ok, so please say!! Who is the best in your opinion? Which one should I use?!

William Waller: you agreed with the whole "SBs aren't out to get us" thing then ended your post with "I wouldn't touch FInspreads".... so now we're back to square one! My first post! Who would you touch???!

See what I mean? Even those with answers seem to argue it out.

Black Swan your experiement sounds great and I truly believe you. So yes I will go DMA if you can please answer me the tax issue question. Else if tax is going to be iffy, then SB is it. And obviously not FInspreads it seems (!)

And gle101: what is this SmartLive all about? I looked at thier site - do you/can you recommend and trust them from personal experience?

Many thanks to all!

And yes, I think plenty of people would agree the word "conmen" is a fair word for many brokers out there... how comes there are so many??! Do they all make good livings by taking tiny spread cuts? Methinks not....
 
Hi TOC,

You really have to try them out for yourself, but for what it's worth, I have been perfectly happy with IG Index thus far, and I think you could do a lot worse than start with them. If you start getting problems, then it's time to look elsewhere.

Spread betting profits are tax free, if you trade DMA profits are taxable.

As for Finspreads, they might be fine, I just didn't like them. I thought the platform was poor and I experienced too much slippage.

You might also want to check out FXCM - very nice charting package.

Hope this helps,

Sir William
 
Hi TOC,

You really have to try them out for yourself, but for what it's worth, I have been perfectly happy with IG Index thus far, and I think you could do a lot worse than start with them. If you start getting problems, then it's time to look elsewhere.

Spread betting profits are tax free, if you trade DMA profits are taxable.

As for Finspreads, they might be fine, I just didn't like them. I thought the platform was poor and I experienced too much slippage.

You might also want to check out FXCM - very nice charting package.

Hope this helps,

Sir William

Thanks Sir William!! I'm just this second trying out a new demo with this Smart Live company. They do have a refreshing "air" about them actually. Plus tiny minimums of 10p per point and MT4 charting. For a SB company they seem to look the part. Am gonna go on faith with this one and make them my live broker.

Oooooh exciting!

T_O_C
 
Thanks Sir William!! I'm just this second trying out a new demo with this Smart Live company. They do have a refreshing "air" about them actually. Plus tiny minimums of 10p per point and MT4 charting. For a SB company they seem to look the part. Am gonna go on faith with this one and make them my live broker.

Oooooh exciting!

T_O_C

That sounds good - with small sizes like that you can learn a lot without spending a lot, and MT4 is a cracking charting package.

See how you go - if you're happy, great, if not try one of the others.

Good luck with your trading (y).

Sir William
 
That sounds good - with small sizes like that you can learn a lot without spending a lot, and MT4 is a cracking charting package.

See how you go - if you're happy, great, if not try one of the others.

Good luck with your trading (y).

Sir William

Thanks for your help!

Regards
 
gle pm me if you fel the need, I'm never going to get into the "xyz broker is better than abc", or "spread-chops.com is better than spreadyalegs.co.uk" debate...IMHO they're all fine and do as exactly stated on the tin...One *tin* might be Heinz 57, the other might be a re-branded tin of beans from the same factory, but to me I've honestly never had that bad an experience, then again I'ver never been that precious re. any trade...
No problem, I just thought a valid and accurate comparison was interesting between DMA and SB.
 
Really, lately there has been some good comments about Cityindex and Finspread.:)

That's interesting, maybe they've changed somewhat. I was thinking about the last time I used them which would probably have been over a year ago now.

It might be worth having another look at them.

William
 
Demo account with SmartLive looks great and MT4 is great because no longer do I find myself looking a chart feed that differs from the fill price with an SB broker. What you see is what you trade, looks very promising....
 
STOP THE PRESS!

Just checked my email and CMC have announced today they have a whole new spreadbetting platform and system which means no requotes!!

From the email:

We've rebuilt our spread betting platform from the ground up - including CMC Markets' revolutionary new pricing and trading engine.

Central to our new platform is 100% Automated Execution -
which means:

No requotes - so you can trade with confidence
No dealer intervention - just consistently competitive pricing
Point, click, trade - experience exceptional real time pricing and execution


...if this is true and it really works properly then maybe it's the end of "Steal4Free" reputation and a whole new brave world for CMC to storm ahead to be No.1 in the world of SB brokers? We could truly start seeing SB being as good a "real" trading vehicles finally!

Any thoughts?


EDIT: Hang on... just looked at webpage and saw "live prices" ... Dow Jones 30 is 4 points spread... hmmm... SmartLive is 2. Cable is 3 with CMC, it's 2 (I think) with SmartLive, etc... ok the no requotes promise is tempting but the spreads aren't.
 
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