A Dashing Blade
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Stop trolling Jack 
Jack Hughes
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A Dashing Blade
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Your intial premise is factually incorrect therefore the question you postulate is irrelevent
Jack Hughes
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Beg to differ. It's been established that they're not automatically hedging in the underlying market, so I can't see why they need to use lot based trade sizes now. Isn't that why they reduced their minimum deposit and margins to be more in line with 'normal' spread bets? It would be good to have some clarification from the LCG horse's mouth, though.
ProSpreads
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Jack
The prices or data shown on the trading platform is actual market prices, anybody out there testing against other non SB platforms will clarify this. The reason for reducing initial deposit is that people like to test the platform, before depositing larger amounts.
The £1000 initial deposit does this.
Also i have been trying to keep out of the chat regarding the S&P stop, all i am going to say about the matter is that the person with the problem is not giving the correct information. ( client Confidentiality )
Its a a fact that what happened to me IMHO was incorrect, I have been at pains to state that I rate your platform highly (the best on the market for scalpers) and the service that I had received to date. I have also stated that you are within your rights to close the trade out before the stop was hit according to your terms and conditions. I just think it was wrong. I have not given any incorrect information, my interpritation of your service and charges may be incorrect, then again you should make it clearer, i.e. round trips etc.
- All I have stated is you are an expensive option
- Your platform closes limit stops and orders if closed down or connection is broke.
- You closed my position before the stop was hit.
Incidentally despite writing to your Managing Director and the complaints department as per your web site procedure, I have not received a written response yet? Perhaps your time should be spent chasing that along rather than worrying about this forum.
You're the only one who can state here what you say and what they say, so we can make our own minds up. I'm interested for one.
If your main claim is that they could have exercised discretion because you're a good customer, the converse is that they may have acted fast to potentially save losses. If it's the cancellation on disconnect thing, then I agree it's a pain, but it's all automatic? and their main obligation should be to make it clear in the docs what happens.
Xeno
In the end, I have moved my business, It was the last resort option as I liked those guys and the platform, in a short space of time I knew all their names, a very personable service. There is an argument for what they did, again never disputed. I just think it was wrong to close my position for such a small risk (1 car), on a well financed account. Remember it would have been a profitable trade. They need to make it clear that you need plenty plenty of margin in the account, there is no point stating that the margin is $700 per car to day trade when in reality its more than that. In my case 15 points away from the stop on the ES (within margin) and position closed out. Not good!! I will be interested if they can be bothered to reply to my formal if not completly pointless complaint? At the end of the day it was their call, one they were entiltled to make, just beware guys next time it could be you.................
In the end, I have moved my business, It was the last resort option as I liked those guys and the platform, in a short space of time I knew all their names, a very personable service. There is an argument for what they did, again never disputed. I just think it was wrong to close my position for such a small risk (1 car), on a well financed account. Remember it would have been a profitable trade. They need to make it clear that you need plenty plenty of margin in the account, there is no point stating that the margin is $700 per car to day trade when in reality its more than that. In my case 15 points away from the stop on the ES (within margin) and position closed out. Not good!! I will be interested if they can be bothered to reply to my formal if not completly pointless complaint? At the end of the day it was their call, one they were entiltled to make, just beware guys next time it could be you.................
Vaco
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There's nothing more to be said really.
bsmart has made it clear what his gripe is,
he has also explained he was not happy with the resoloution that was offered,
he has also told us he has voted with his feet and moved on.
So there you have it, you can use this info as you wish but theres really no point in continuing in a one sided debate as there have been no further developements.
As for the problems with trading fx with them they have also been aired here and on another thread and i'm sure prospreads are looking into fixing these bugs.
The only debate which needs clarifying in this thread as far as I can see is if their is any circumstance under which prospreads clients orders are NOT executed in the market.
Jack Hughes
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I don't doubt that the platform shows market prices, but isn't it true that PS clients aren't actually trading directly in that market? If they were, wouldn't the initial deposit and margins have to equal those required for futures?
And what is that argument? You say later that they state a margin, and then use some different figure. That implies they were in the wrong, but you clearly can see why they did what they did. It's just I can't ;-)
Xeno,
When I say argument I refer to the Prospreads Terms and conditions, basically they have the right to close your position if in their "opinion" it poses a risk. Actually they retain the right to close any position period. What I am trying to do is be balanced haveing read the replys to my comments.
They comments fall into 2 camps, 3 if you include the Prospreads employee/groupie pit pony.
Camp 1
Defend the bookie - SB companies, and everyone else is an idiot, i.e. - we dont get it, and that we should not use the forum to discuss bad experiences, just good ones. Interesting that some in this camp refer to Prospreads closing my position to protect me? Interesting thought, given I had a stop. They also say Prospreads have no real means of reply, well a reply to me personally would be welcomed, like I say nothing in response to my formal complaints using their proceedures.
Camp 2
Members who use this forum to evalate SB Companies like Prospreads using real life experiences. Not withstanding the fact that I may be wrong according to Prospreads and those in camp 1, it does not change my experience. I therfore should have the right to share it. Now members are at least aware they require to hold more margin than Prospreads state if like me you are within 15 ticks of your stop (within the advertised margin). If this saves one member from being closed prematurley then job done. If we all did this (demand to be valued) - perhaps Prospreads and others will think twice before dismissing complaints.
Remember my stop may have been hit and my loss could have been greater, this however would have been down to my trade plan, this was a loss that was predetermined if the trade was a non performing, in the end it wasnt exactly a performer (if it aint a loss its a winner) but it was a scratch trade.
Thank goodness my bad experience was with a small amount of money and not my usuall size of trade.
There is not much more to be said on the matter as per Vaco's post
A Dashing Blade
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You HAVE checked out what exchange minimum requirements are havn't you Jack <cough!> :whistling
A Dashing Blade
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If it were my software I'd be matching in-house orders for a start . . .
Xeno
Yes, so am I, im still waiting for a formal reply. Verbally they say the market could have gapped. My contention was that I was 15 points from my stop and within margin, if the stop was uncomfortable for them whey did their system allow it to be made? If the trade had been left alone I would be in slight profit for the trade. They need to increase the margin or ammend their system so you cannot place a trade unless it is within the Prospreads paramaters, otherwise they can pull your trade at their discretion.
Its a really stupid amount of money £350, its the principle of what they did and the way it has been handled from a customer service perspective all this with total lack of communication. Remember im still waiting on a reply to my complaint, apart from the posts in this forum I have nothing in writing from Prospreads. When they were trying to get my business they were never of the phone and would send me lots of emails.
Yes, so am I, im still waiting for a formal reply. Verbally they say the market could have gapped. My contention was that I was 15 points from my stop and within margin, if the stop was uncomfortable for them whey did their system allow it to be made? If the trade had been left alone I would be in slight profit for the trade. They need to increase the margin or ammend their system so you cannot place a trade unless it is within the Prospreads paramaters, otherwise they can pull your trade at their discretion.
Its a really stupid amount of money £350, its the principle of what they did and the way it has been handled from a customer service perspective all this with total lack of communication. Remember im still waiting on a reply to my complaint, apart from the posts in this forum I have nothing in writing from Prospreads. When they were trying to get my business they were never of the phone and would send me lots of emails.
B
Black Swan
Jack Hughes
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Yes <splutter>, that's why I asked the question.
Not really. Some of the info I was after came later in post #216. It was clear to me when I posted the above that we hadn't had any detail of PS's response.
stevehiggins
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Hello All
Anyone here using Prospreads to trade Spot forex?
They look interesting and I've done a couple of webinars. Don't seem to have charting package. I emailed them to ask if Ninjatrader was an option as it was when they were known as futuresbetting.
Any feedback would be great..
Cheers
Anyone here using Prospreads to trade Spot forex?
They look interesting and I've done a couple of webinars. Don't seem to have charting package. I emailed them to ask if Ninjatrader was an option as it was when they were known as futuresbetting.
Any feedback would be great..
Cheers