Is CMC Markets That Bad

ChaseLa

Junior member
Hi

I am new to trading and searched far and wide for a broker to trade cfds.

I came across CMC markets and tried their demo.

I liked it especially the design of it, since it is only a demo version I don't get full access to their product list.

I see negative comments across other threads is it really that bad ?

Which cfd brokers would you recommend ?

Thanks
 

x4x

Well-known member
Hi

I am new to trading and searched far and wide for a broker to trade cfds.

I came across CMC markets and tried their demo.

I liked it especially the design of it, since it is only a demo version I don't get full access to their product list.

I see negative comments across other threads is it really that bad ?

Which cfd brokers would you recommend ?

Thanks

Yes, they're horrible, and you definitely don't want to trade with a broker because you like their design - in practical terms, CMC are about as bad as it gets.

IG allow you to trade at 50p per point and allow you to grow your stakes in penny increments rather than whole pounds. I see you're in Ireland, presumably a Euro account would be the same but with Euros/Cents.

There are lots of advantages to IG over CMC, most of which won't come in to play until you have gained a bit of experience, but you may as well start with the best rather than with the worst.

One simple bit of advice: do not trade at more than 50p per point until you are consistently profitable and your MM allows you to - if you do that your learning shouldn't cost you much.
 
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yellowfloyd

Active member
Hi

I am new to trading and searched far and wide for a broker to trade cfds.

I came across CMC markets and tried their demo.

I liked it especially the design of it, since it is only a demo version I don't get full access to their product list.

I see negative comments across other threads is it really that bad ?

Which cfd brokers would you recommend ?

Thanks

Hi,

I have used CMC’s before and it wasn’t too bad. Don’t believe everything you read on these forums.

I ended up trading with CMC for a few months and although I didn’t really have a bad experience, I decided to move to a provider which offered me direct market access. I currently use Saxo Bank (Forex Trading Online - Trade FX, CFDs, FX Options at Saxo Bank), IG Markets (IG international offices) and Accendo Markets (CFDs, Spreadbetting and Spot FX - Accendo Markets) for my CFD trading as these guys offer me direct market access (better liquidity/pricing etc)

Hope that helps!
 

WR1

Active member
you are better off believing the majority of what you read about this outfit

as the poster above confirms - its a horrible experience
awful charts, constant reqoutes, and can hardly ever get a winning trade closed

i wanted to pull my own hair out - quite literally

and IG are not that much better (if your a winner)

Ask yourself, how does one man - Mr CMC, become the richest single man in Londons square mile
(10bill in 15-20yrs)

looser's are quite welcome at both CMC and IG
winners not so welcome
 
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x4x

Well-known member
Does IG provide direct market access or is it a market maker like CMC ?

IG provide a spread betting platform and are therefore market makers, but I use third party charts and data, IG's prices match point for point 99% of the time. They don't mess people about and you can win consistently with them.
 

x4x

Well-known member
you are better off believing the majority of what you read about this outfit

as the poster above confirms - its a horrible experience
awful charts, constant reqoutes, and can hardly ever get a winning trade closed

i wanted to pull my own hair out - quite literally

and IG are not that much better (if your a winner)

Ask yourself, how does one man - Mr CMC, become the richest single man in Londons square mile
(10bill in 15-20yrs)

looser's are quite welcome at both CMC and IG
winners not so welcome

So how do IG stop you winning exactly?
 

ChaseLa

Junior member
I tried the IG demo account and hated it, they don't have any US shares like cmc, or company overview.

I have been consistently profiting using the CMC demo account.

Why cant you close winning trades ?

If anyone could recommend me a better broker i'm all ears
 

yellowfloyd

Active member
I have been consistently profiting using the CMC demo account.

Hi ChaseLa,

Make sure you understand the difference between Live account and demo account. My advice is to contact all the brokers which is FCA regulated and use their demo account and ask for trading materials. Once you understand the trading and how platforms works, you'll make profit in real not in demo. You can lose in real as well. For me platforms are like Windows or Linux operating system.
 

SpreadBeta

Junior member
Hi ChaseLa,
Having traded via both CMC And IG over the (11+) years I have had good and bad experiences with both of them.
As such I still have accounts with both (and a couple of others also) and use whichever one gives me the best experience, prices etc at the time, or if I hit problems with one i can switch to the other in minutes..
Can I suggest you consider opening an account with more than 1 company and then place say half your position thru one and half thru the other.
Gaining first hand experience of the instruments that YOU are trading will them (which may be different the other posters) will allow YOU to assess which gives you the best facilities, slippage, charts, commission, overnight charges etc... by comparing the results from each..
Bottom line is your will learn more by trying and comparing companies in this way than any other method..Just remember to trade in small amounts until you feel confident in the way each of them operate
 

ChaseLa

Junior member
This is a screenshot I took of my demo account today I started with 1,000,000 now I am at $1.27m.

The first 5 or so trades I lost miserable because I was just trying to understand trading, the past few trades I've been analyzing charts and trends and have been profiting nicely using margin.

If I had a $10,000 budget to begin in real life would I not have 2700$ in profits following the exact same trades ???

This is over a 2 day period.

 

Vasco da Banana

Established member
If I had a $10,000 budget to begin in real life would I not have 2700$ in profits following the exact same trades ???

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Yes, but your chance of doing it is probably about the same as winning the lottery jackpot.
 

BILLV

Active member
If I had a $10,000 budget to begin in real life would I not have 2700$ in profits following the exact same trades ???
Probably not because when you are trading real money your mentality and acceptance of risk will be totally different.

It should not come to you as a surprise that most people lose money trading and don't expect to be consistently profitable after only 2 days.

And as they say don't risk money you cannot afford to lose because the odds are against you. Good luck
 

Joules MM1

Established member
This is a screenshot I took of my demo account today I started with 1,000,000 now I am at $1.27m.

The first 5 or so trades I lost miserable because I was just trying to understand trading, the past few trades I've been analyzing charts and trends and have been profiting nicely using margin.

If I had a $10,000 budget to begin in real life would I not have 2700$ in profits following the exact same trades ???


in realty your risk is diff, you'll react differently, it's real money, a whole part of your psyche kicks in that you cannot experience in sim mode, in sim mode the slippage isnt there and you'll rarely if ever get positive slips, the effect of stops is not the same... make all your decisions about the trade and not about the money

in reality your risk structure from the beginning needs to be minimal with a small advantage that you can place fractional trades to forward test, such as a 1/4 contract on gold or spx...while it may seem too miniscule, you need to forward test while taking on all within the auction process.....catalogue patterns, video trades where possible or at least screen capture, revise at the close of each session....avoid having your account balance open, have the positions summary tab open if you have to.....you need to work on memory of contracts and sizes that you have open while remembering the levels your trading...while you can mark levels of pricing you need to concentrate on several levels of price ....

here's the downside to cfd's ....theyre very expensive relative to many round trips with the only advantage that youre not incurring any more costs when you scale in/out in smaller sizes.... say you take 50 contracts of one instrument which might be the equiv of 2 whole contracts in the underlying fute....if you scale in/out your cost is the same regardless but if you roundtrip it's expensive relative to the actual fute in many cases....weight for weight it's expensive but, in the fute if you have 2 contracts open all you get to play is 2x1 but the strategy can be diff on a cfd due to break down of a single contract...so, cheap, if say, youre learning with a 1/4 size contract your paying the spread which could be $1 or 4 points, whereas, the fute only needs to tick and you could scratch the trade flat with no loss, but, the cfd would need to travel 4 points to scratch even, ...so you see how expensive cfd's actually are in reality on a whole round-trip pro rata....you are in reality trading or recovering an instant loss...be absolutely clear about that

another challenge is that the feed is not bourse fed....it's a market made platform.....you need to understand what the instrument is being governed by, what is driving the data...for example you cannot look at 'gold' and say oh this is what gold is doing, you'll need to be cognizent of underlying futures markets and how theyre constructed so you wont be surprised when the spx cash goes down to 1640 but the cfd goes to 1639 before reversing and the cfd is not the same as the es ( i've tried/tested all the bollox tracking/correlation)
'tracking' what(?), is the question ...ask your friendly account assistant to tell you what determins price....there is a chasm between tracking and following...

another challenge is the bars are less than empiric ....go and look at ninja t videos and then compare them to cmc ...nothing beats concise clarity

be clear what youre using the platform for...fully understand the diff between leverage and margin....start with cash size small enough so when you make your gaffs they wont hurt you (your account size needs to withstand a large series of drawdowns, hence fractional contract size as well as fractional position size)

:smart:

edit:
the "dom" is completely useless....of course it is....there is no ladder the underlying fute ladder would not work (horse n cart) mostly because the pricing would confuse you even if you could receive ladder feed gratis

edit2: the sentiment is of limited value...might only serve to give you confidence, if gold is at 83% long all common accounts you can be sure a shake out is coming....but such things have a cr@p flip-side, meaning price length can travel much further against you while youre waiting to gain on the 'fade' of the sentiment.....done it, burnt on it...learn it on small size and then forget about it....lol

edit3: indicia - haha!

edit 4: indicia - still laughing......
 
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