arabianights
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The underlying spread on the dow is not usually one tick... They'll be hedging the dow in the future whether cash is open or not surely?
Phil Mibbutz
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Not sure I follow, arabianights: when the cash is open, YM usually looks like 1pt spread (or effectively zero by placing direct buy/sell orders at bid/ask), whereas it's 2-3-4pt at other times, which applies to their hedge?
neil
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Not so fast Mr Goose
Aha !!
Not until you get a charting programme for the trading platform:whistling
Aha !!
Not until you get a charting programme for the trading platform:whistling
timsk
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Hi Ian,
Howz it hangin'?
I have a question which may well have been asked already, but I'm feeling too lazy to trawl through the thread to find out! If this is the case, I'll delete the post. If not, I suspect others will be interested in your reply.
The question is: of your clients who appear to be consistently profitable*, can you give a rough indication of the timeframes for their trades please. I've offered 6 categories that cover most styles (I think), but feel free to amend as you see fit.
A. < 1 hour: ___% (very short term intraday traders)
B. 2-8 hours: ___% (intraday swing traders)
C. 1-2 days: ___% (short term overnight traders)
D. 3-5 days: ___% (longer term multi-day swing traders)
E. > 1 week: ___% (short term position traders)
F. > 1 month: ___% (long term position traders)
Cheers,
Tim.
* For the purposes of this exercise, by 'consistently profitable', I mean clients who have made their accounts grow steadily over time, as opposed to a punter who justs gets lucky on one big trade. In other words, ignore the outliers.
Howz it hangin'?
I have a question which may well have been asked already, but I'm feeling too lazy to trawl through the thread to find out! If this is the case, I'll delete the post. If not, I suspect others will be interested in your reply.
The question is: of your clients who appear to be consistently profitable*, can you give a rough indication of the timeframes for their trades please. I've offered 6 categories that cover most styles (I think), but feel free to amend as you see fit.
A. < 1 hour: ___% (very short term intraday traders)
B. 2-8 hours: ___% (intraday swing traders)
C. 1-2 days: ___% (short term overnight traders)
D. 3-5 days: ___% (longer term multi-day swing traders)
E. > 1 week: ___% (short term position traders)
F. > 1 month: ___% (long term position traders)
Cheers,
Tim.
* For the purposes of this exercise, by 'consistently profitable', I mean clients who have made their accounts grow steadily over time, as opposed to a punter who justs gets lucky on one big trade. In other words, ignore the outliers.
I would start with A. < 5 min. (very short term intraday traders).
Tim,
Blimey, that's a question!!!
Sorry for not responding sooner, believe it or not, i'm not actually subscribed to this thread!!
All the e-mails I receive from T2W are clogging up my inbox.
I would say most of the winners are position traders (talking Spreadex here) I wouldn't like to put a percentage figure on it though. It is amazing though how you keep seeing clients fall into the next category, i.e clients that are successful one hour/day traders and then run a loser for days/weeks.
That's disclipline for you!! We have some very experienced traders (short-term, probably 1/2 days) that did remarkably well in the bull market but are struggling in these conditions despite the swings.
Also have a very successful 'longer-term swing trader' who got beat up in the FTSE this morning. All unhedged as I was adamant we were going lower!!
Not quite the answer you were looking for but it's tough to quantify.
Ian
neil
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No scalping then??
Doesn't sound like you can scalp the FTSE with this company then (one minute charts)?
Doesn't sound like you can scalp the FTSE with this company then (one minute charts)?
neil
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No - its the fact that after viewing your firms videos I noticed they contain examples of trades held for days. reading between the lines suggested to me that scalping is not encouraged. (5mins plus)
Any chart will do - IG charts for example.
While you're here - where is that 90% winner system :whistling
It's not really 90%, I was just off on a rant with someone selling their system.
As for the videos, I think you're reading too much into it. You must have been bored, they're aimed at newbies!
neil
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Shorts and Longs Recommendation
I would like to say that despite my initial teething problems Shorts and Longs are actually pretty sweet.
Fills are exceptionally fast probably giving IG a run for their money. In terms of trade rejects I got 3 from the multiple trades I took. So hardly any at all, there was no bias either 2 actually worked in my favour.
The only drawback is the stop levels which is why for the moment I am going to use someone else. I'm finding for my type of trading a 21 point FTSE stop is a bit big. My discipline isn't the best so I like to have a stop in for safety.
I would also take my hat off to Ian here, he isn't like your usual robotic S/Bet employee. He has his own opinions and some differ from that of the company !
Anyways, as soon as the stop levels are changed I will be back for sure.
I would like to say that despite my initial teething problems Shorts and Longs are actually pretty sweet.
Fills are exceptionally fast probably giving IG a run for their money. In terms of trade rejects I got 3 from the multiple trades I took. So hardly any at all, there was no bias either 2 actually worked in my favour.
The only drawback is the stop levels which is why for the moment I am going to use someone else. I'm finding for my type of trading a 21 point FTSE stop is a bit big. My discipline isn't the best so I like to have a stop in for safety.
I would also take my hat off to Ian here, he isn't like your usual robotic S/Bet employee. He has his own opinions and some differ from that of the company !
Anyways, as soon as the stop levels are changed I will be back for sure.
Yes it sounds pretty good, but it probably requires more time trading with them to give a fair evaluation. It seems they are off to a good start though. My guess, they will probably offer a closer stop loss (without the guaranteed stop loss of course) in the near future. Do keep us updated if you decide to keep trading with them.
Thinking of giving these guys a try, mainly because I'm tired of the 2pt spreads on FTSE and 4pts on Dow. The eventual cost of that can quickly build up.
I'm impressed with the 1pt FTSE spread, so well done. Guaranteed stop without having to pay a premium or wider spread also seems good (this only applies to Indices and Currencies/markets that are traded 24 hours, right? Would seem crazy otherwise.) Have you sorted out openiong orders at limit yet?
3pts on the Dow is better than most, but it would be nice to have it at 2pts. I don't think this is as unreasonable as you claimed in an earlier post. If it is between 1-3 pts in reality, then sometimes let it be between 2-3 points on your platform. In my mind, if you can do 1pt on FTSE you should be able to do 2 pts on DOW, at least some of the time.
One other selling point would be if you had volume. Most spread betting firms don't have this, and I'm sure it annoys plenty of customers. You could offer volume data since you are saving money by not offering charts, and then we could use IGIndex charts and your volume and we'd be laughing
Maybe I'm hoping for too much...but if you really want to get a lot of customers in, these things would be a huge draw. Right now there is also futuresbetting, which will offer the same spreads as you (if you trade reasonably frequently in a month), better added features and platform, and the big draw is that the firm isn't betting against you. It is straight to market. I'm leaning towards them, but I will give you guys a try first.
One last question. What is your carry over procedure? If I'm long the FTSE, and market closes, is that bet closed out, and a new one opened (essentially paying the spread again), is it opened at a more advantageous price than paying the full spread a 2nd time, or is it just closed.
I'm impressed with the 1pt FTSE spread, so well done. Guaranteed stop without having to pay a premium or wider spread also seems good (this only applies to Indices and Currencies/markets that are traded 24 hours, right? Would seem crazy otherwise.) Have you sorted out openiong orders at limit yet?
3pts on the Dow is better than most, but it would be nice to have it at 2pts. I don't think this is as unreasonable as you claimed in an earlier post. If it is between 1-3 pts in reality, then sometimes let it be between 2-3 points on your platform. In my mind, if you can do 1pt on FTSE you should be able to do 2 pts on DOW, at least some of the time.
One other selling point would be if you had volume. Most spread betting firms don't have this, and I'm sure it annoys plenty of customers. You could offer volume data since you are saving money by not offering charts, and then we could use IGIndex charts and your volume and we'd be laughing
Maybe I'm hoping for too much...but if you really want to get a lot of customers in, these things would be a huge draw. Right now there is also futuresbetting, which will offer the same spreads as you (if you trade reasonably frequently in a month), better added features and platform, and the big draw is that the firm isn't betting against you. It is straight to market. I'm leaning towards them, but I will give you guys a try first.
One last question. What is your carry over procedure? If I'm long the FTSE, and market closes, is that bet closed out, and a new one opened (essentially paying the spread again), is it opened at a more advantageous price than paying the full spread a 2nd time, or is it just closed.
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trader_dante
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Currenty the "credit your account" link is not working...somewhat annoying as I need to crack the Bunds desperately with S&L
All sorted now... think of the money S+L saved you on those bunds (have dropped 40 pts!!)
Thanks for notifying me,
I'll respond to the other points tomorrow
Cheers
Ian
trader_dante
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lol, lucky break there...I have to say, exceptional customer service though.
Ceydababy,
Thanks for your kind words, what can I say - I trade myself and I'm also very vocal when I see things I don't like. I'm pleased you got on well with the site and can understand the frustration on the stop distance. I can't see them going to 10 because of the free guaranteed stops factor but would you be okay with 15? No promises though.
Calinor, the free guaranteed stops apply to every market. Crazy indeed but that's what draws in the business! The Dow spread is likely to stay at 3 points, it's 4 wide in the market as I type but I do take the point it's often 1 throughout the day.
The daily rollover procedure for ShortsandLongs is quite simple, as long as you tick to roll and have sufficient funds (don't put stops to 100% of the funds in the account) your position will stay exactly the same and you will be credited/debited for funding costs. It's far more advantageous to roll over in this manner than closing/reopening.
Charts - In the pipeline, will look into providing volume. Thanks
Thanks for all of your comments,
Ian
Thanks for your kind words, what can I say - I trade myself and I'm also very vocal when I see things I don't like. I'm pleased you got on well with the site and can understand the frustration on the stop distance. I can't see them going to 10 because of the free guaranteed stops factor but would you be okay with 15? No promises though.
Calinor, the free guaranteed stops apply to every market. Crazy indeed but that's what draws in the business! The Dow spread is likely to stay at 3 points, it's 4 wide in the market as I type but I do take the point it's often 1 throughout the day.
The daily rollover procedure for ShortsandLongs is quite simple, as long as you tick to roll and have sufficient funds (don't put stops to 100% of the funds in the account) your position will stay exactly the same and you will be credited/debited for funding costs. It's far more advantageous to roll over in this manner than closing/reopening.
Charts - In the pipeline, will look into providing volume. Thanks
Thanks for all of your comments,
Ian
Thanks for taking the time to answer Ian. Shame that you can't have a dynamic spread on the Dow, changing from 2-3 points throughout the day as necessary. But as I said, you're still doing better than many others.
Yes I prefer your rollover procedure (assuming the overnight carry costs are reasonable).
The 20 pt stop doesn't bother me when opening a trade. But when the trade moves sufficiently in my favour, I do like to exit some of my position, and move my stop to open. 20 pts on the FTSE is quite a distance. 20pts on the Dow is fine though. So yeah, I think any improvement to 15 pts or whatever would be beneficial.
Yes I prefer your rollover procedure (assuming the overnight carry costs are reasonable).
The 20 pt stop doesn't bother me when opening a trade. But when the trade moves sufficiently in my favour, I do like to exit some of my position, and move my stop to open. 20 pts on the FTSE is quite a distance. 20pts on the Dow is fine though. So yeah, I think any improvement to 15 pts or whatever would be beneficial.
