rc450
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yeah i've had it before,what time did you get slipped 16?
isatrader
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I don't use IG, but my spread betting firms charts are delayed slightly by about 20 seconds. So you might not be getting slippage. I'm not sure if it's the same at IG but you need to make sure you are watching the prices box when you order and not just the chart.
traderman1
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TheBramble
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There’s something inspiring about this piece.
That a 50+ mother of three (doesn’t mention father so she’s obviously on her own, and therefore fat, ugly and stupid) working for the police dept. and presumably has no prior knowledge of the markets, trading, probably anything other than police admin and bringing up kids.
So she borrows $3000 on a credit card and tries to ‘predict changes in currency rates’. Genuine LOL.
By some freak accident and twist of fate, not only does she not end up owning a yacht and putting all her kids through Harvard, she actually loses all her borrowed money. Front page stuff.
The problem isn’t that SBing is ‘fixed’ or currency trading is ‘fixed’. The problem is ease of access to general public who by definition are, well, general. They’re not specialists.
They decide to play in the same playground as multi-PhD Quants, acres of computer power, finely honed and focused educations, the carefully managed career development and gazillions of years combined experience from hedges, institutions, banks etc. And they think they’re going to take money FROM these people and treat the market like an ATM, for pocket money, to shove the day job and earn a living if not a fortune.
This woman would not have thought about being a plumber or an electrician. Both of which pay a lot better than shuffling paper for the police dept, because both have an element of trade or craft and a clear awareness of the need to educate oneself and become qualified. Plus, it would have required effort and time – and brains.
"There's lots of education showing, 'Here's how to do it right.' … Do most people heed the advice? No, of course not." Drew Niv, FXCM's chief executive. Damn right.
While I’ll continue to champion the need for personal responsibility, it’s not the SB companies or the retail FX companies that are to blame. Loss of personal responsibility and the need to blame someone else is as a direct result of continuing pacification of the people by our governments who prefer compliant sheep to independence of thought and action. Up the revolution.
On a serious note, the final paras intrigued me. I simply do not believe FXCM (or any company operating in this area) would offer to refund her losses. That would set one hell of a precedent….
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TheBramble
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I note a worthy from this site had a link from that piece pretty much along the same lines as mine above.
Good to know you're not a lone voice sometimes.
Good to know you're not a lone voice sometimes.
100% correct.
There's no Blue Square Bet South league in trading, you're thrown straight into the Premiership after taking a get-rich-quick-and-easy £2000 weekend course.
It always amazes me that new traders think they can compete from day 1 against people working 10-12 hours a day with decades of experience and knowledge. But then I suppose most of them get taken in by the marketing, Doji Darren, Winters et al.
Take a few golf lessons and expect to compete with players like Woods, that's what they think is possible..............
counter_violent
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I do wonder sometimes why it is that people do'nt make more use of limit orders to close profitable trades. I actually proved to myself that positive slippage on profitable trades can almost offset negative slippage on stoploss trades. This will obviously depend broker to broker of course.
TheBramble
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CV - are you discussing this within the context of an SB specific platform?
It's Friday. It's sunny. It's probably just me....but...
I'm having trouble understanding how the price hitting a free-standing limit order to take profits has any advantage over it hitting a stoploss which has been moved behind the price to lock in a profit and which is also effectively a limit order.
It's Friday. It's sunny. It's probably just me....but...
I'm having trouble understanding how the price hitting a free-standing limit order to take profits has any advantage over it hitting a stoploss which has been moved behind the price to lock in a profit and which is also effectively a limit order.
counter_violent
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Your right and i did say the positive slippage almost negated the negative slippage. The point is i spose that a stoploss (if slipped ) can only ever result in a worse outcome than the price you have in mind, whereas a limit close can only ever be slipped positive or better than the price you have in mind for a close.
TheBramble
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You've lodged a bit of your response in what appears to have been my original post.
Fuggin' mods...can't trust any of 'em...
My point was a profit taking limit order is exactly the same as a risk reduction stop loss order - they are the same type of order. Both are limit orders and both take you out of the trade (in the context of an existing trade).
If your chaps are uniformly and generally a bit 'slack' on the fill it should be swings & roundabouts which is what you are saying (I think).
I thought initially you were suggesting they were targeting each traders’ individual trades to maximise their own gain by slipping a limit on a contra move and hitting the profit take target to the pip.
Fuggin' mods...can't trust any of 'em...
My point was a profit taking limit order is exactly the same as a risk reduction stop loss order - they are the same type of order. Both are limit orders and both take you out of the trade (in the context of an existing trade).
If your chaps are uniformly and generally a bit 'slack' on the fill it should be swings & roundabouts which is what you are saying (I think).
I thought initially you were suggesting they were targeting each traders’ individual trades to maximise their own gain by slipping a limit on a contra move and hitting the profit take target to the pip.
nunrgguy
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Yeah. What I think he's getting at is that most SBs do not offer stop limit orders only stop market orders AFAIK.
