They are absolutely not doing anything illegal by closing an account, they have every right not wanting you (not referring to you personally) as a client.I'm raging NO WAR, just obtaining information, plain and simple
Some spread betting companies have closed successful accounts, and how is that fair and just? So if you can make consistant profits, you're one of the persistant successful ones.......but hell, you can't do that and get away with it, they will close your account
I think we have to realize, this is the gambling industry. They are market makers, there is no such thing as free money. If they are losing money (e.g. not being able to hedge) they will stop you, period. You have to move on to DMA in order to trade directly against the real market and other traders. It might not be so easy though.You're right it's not illegal, just immoral, and speaks volumes doesn't it?
Hello Trades,
I think we have to realize, this is the gambling industry. They are market makers, there is no such thing as free money. If they are losing money (e.g. not being able to hedge) they will stop you, period. You have to move on to DMA in order to trade directly against the real market and other traders. It might not be so easy though.
Well this is exactly my point, good post and shows the problem one might encounter. As said before I am also against individual manipulation. EU MiFID II "Best execution" directive will tighten up the regulation even further. They closed your account, and that is in my view point the only thing they are allowed to do, except for putting you on referral on high bets (not to be misused by the SB though on a consistent basis). Delay, designer slippage and such on an individual basis is not allowed according to the MiFID.Hello Trades,
It was 2008-9. I used to make consistent profit from CMC. Old platform.I used to do 80-100 trades on indices with fairly big stakes. £40-50 a point. They started playing their usual tricks.... delaying, re quoting,rejecting.... But i still continued to trade with them(Personally i had no option but to trade aggressively as i had some big debts to repay)
Fortunately i made a lot of money that year and one day out of nowhere this chap called me from CMC and asked me if i want to close my account. He also said he does not want me in their client list as i was not taking all of their re quoted prices.Since i was financially weak at that time, i promised him that i will not reject their prices and trades less frequently.But again after few months my account was closed and money returned.No explanation given.
It is a fact that SB's dont like people who trade frequently with them.(sort of scalpers).It is also true that if you make too much profit in a very short period of time they try to play games with you. Remember whatever SB's say they do take the opposite position on most of your trades. So they donot like losing. Fact.
Also it is just not CMC, almost all of them are dirty. Capital Spreads,Tradefair and all London Capital Group companies do the same. They simply delay the execution, if i their favour they accept and reject if in your favour. Remember LCG has got too many white lables but all trades are executed by 'Well paid White collar Simon' and his gand at capital spreads. Others like worldspreads,prospreads,spreadco are not worth talking about. I don't know much about City and IG.
All in all, i fell if you are geting P***d with one SB just move on to the next one. There is no point trying to sort them out. It just does not work and the FSA and other Authority are too busy sorting out PPI's
Hope it helps
Take care
Absolutely not, it is a realistic standpoint from somebody who has been in this game for quite awhile. As said before, trade the real market then, it might not be a problem free enviroment. SB has its drawbacks, but also its advantages as do trading the real market. You just cannot have it all.
Hello Trades,
It was 2008-9. I used to make consistent profit from CMC. Old platform.I used to do 80-100 trades on indices with fairly big stakes. £40-50 a point. They started playing their usual tricks.... delaying, re quoting,rejecting.... But i still continued to trade with them(Personally i had no option but to trade aggressively as i had some big debts to repay)
Fortunately i made a lot of money that year and one day out of nowhere this chap called me from CMC and asked me if i want to close my account. He also said he does not want me in their client list as i was not taking all of their re quoted prices.Since i was financially weak at that time, i promised him that i will not reject their prices and trades less frequently.But again after few months my account was closed and money returned.No explanation given.
It is a fact that SB's dont like people who trade frequently with them.(sort of scalpers).It is also true that if you make too much profit in a very short period of time they try to play games with you. Remember whatever SB's say they do take the opposite position on most of your trades. So they donot like losing. Fact.
Also it is just not CMC, almost all of them are dirty. Capital Spreads,Tradefair and all London Capital Group companies do the same. They simply delay the execution, if in their favour they accept and reject if in your favour. Remember LCG has got too many white lables but all trades are executed by 'Well paid White collar Simon' and his gang at capital spreads. Others like worldspreads,prospreads,spreadco are not worth talking about. I don't know much about City and IG.
All in all, i fell if you are geting P***d with one SB just move on to the next one. There is no point trying to sort them out. It just does not work and the FSA and other Authority are too busy sorting out PPI's
I am in this game for too long to get upset with these SB's
Hope it helps
Take care
Good.
Not for me
this is the website, does not look too impressive
Algorithmic Trading and Clearing House for Futures Forex Equities and Options Traders
