FXSCALPER2
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MarvinS said:
TRAILING STOPS and IF DONE orders. If you get those two, it will make a big difference. Thanks.
Crawsthorne
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MarvinS said:
Its ok Marvin - I was only joking about picking on me.
For the benefit of other readers, I have been using Worldspreads for a few weeks now and they have been very good. The addition of trailing stops and OCO would make them excellent in my opinion. And before anyone asks, I have no connections with Worldspreads.
Thank you Marvin
FXSCALPER2
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Marvin,
I can't see the OCO orders and the facility to close open trades.
I can't see the OCO orders and the facility to close open trades.
FXSCALPER2 said:
If you place 1 order in open trades/orders linked to a specific trade you may also add another order linked to that trade. There is no actual button that says OCO! You will then have 2 arrows linking an OCO order to that individual trade.
Phil Mibbutz
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FXSCALPER2 said:
No chance of trailing stops, I fear, but how about something that tells you when a stop has been hit, to prevent unintended opening of a new position?
Crawsthorne said:
Yes it was a personal attack on you! When the price feeds go down we love to individually refer 500 trades in the space of 20minutes. I can assure you it is no joy doing this but sometimes when CME or LIFFE goes down we have to do this. Bo ho for us, my pension fund has gone into Starbuck's double esprecco fund to keep me going.
I sincerely hope you enjoy trading with WS even with my sarcastic comments. As one client said to me today, my trading has significantly improved by trading with WS....
MarvinS said:
Marvin, let me suggest something in order to inform clients and give them better service. That when some kind of technical problem occurs, which could affect clients' trading, a message is shown, explaining or at least mentioning, this problem in the upper part of the screen. Clients will then not be alarmed, when they suddenly are being put on referral to a dealer. This message could be a system generated one liner, different ones depending on the problem, and should appear let's say 5 minutes after an exchange feed is down. It could be removed when the problem is fixed.
Yes I know you love to refer 500 trades within a space of 20 minutes, who wouldn't, a lot of money in that, ha ha! No really I am sure such a message system would be greatly appreciated among traders and would contribute to and benefit your goodwill account. It would also at the same time cut down the need for support, answering emails and, of course, the telephone.
Yes, I think I am finally getting the grip and understand this kind of British humor that some of you chaps are writing in disguise.
gle101 said:
Yes I would second that. It it more difficult trading during that time when you are looking for a few quick points here and there. An icon or something would suffice (on the Deal Ticket?) just to day it is in referral mode, otherwise you don't know until you have placed the trade...
Update on trading with Worldspreads!
Update on trading with Worldspreads!
I have now been trading nonstop with Worldspreads since the upgrade. I have done a huge no. of trades each day, while going in and out very quickly. Yes you can call me a scalper if you will, (short term trader sounds nicer though). Their is no problem whatsoever, the instant execution is great, and that really puts off some stress in my trading. Compared with other SB's, that do not apply this execution model, there is a substantial difference. I have not experienced any kind of excessive re-quote, only at times when one can reasonably expect it such as during important news releases (except for the problem mentioned below). I have previously taken up the need for knowing the odds in advance while trading, in an earlier post, and this is exactly what I meant by this. I feel secure in my trading, in that I know what to expect and when, from a broker. If something goes wrong in my trading, I have only myself to blame, nobody else is responsible if the market turns against me.
I feel that a really important issue, is that certain new features for coming platform upgrades, are now discussed openly on this thread, in a very constructive manner. Marvin and others are responding in a great way, and I think WS will, in fact, implement these new features, as soon as they possibly can. I use live feed for monitoring and the quotes are still up to the mark, WS follow the exchange live feed with very fast quotes. If one wants to have somewhat a feel of how DMA works, I think Worldspreads is the one broker among the SB's, that come closest to giving one this experience. This exclude futurebetting and twf as you have to add the commission to the spread quoted, besides they both have variable spread.
The only problem unaccounted for, is when there is some technical problem, i.e. a certain exchange price feed is down. The trader is then referred to a dealer and given a re-quote. Anyway, this is to be expected, but as suggested in my previous post, one has to be alerted in some way, either, through the system or by an input from the dealers, that there is a technical problem existing at the moment, and that they are working on solving the problem. In fact, various exchange feeds are, in my experience down temporarily quite often. If this takes a minute or so, it is not a problem, but if this extends for a longer period of time, it causes irritation, especially when the cause for this is unknown. Timely information on such problems will, at least the way I see it, in return, create satisfied and relaxed clients.
One member of this forum said that after a couple of weeks trading, it was too early to tell how Worldspreads performed, and he decided not to give his impressions in trading with them. Speaking for myself, I don't agree with this viewpoint. Through continued posting one's trading experience on this board, one can in advance alert WS when traders are dissatisfied with issues concerning the platform and trading with them. Thus, they create client feedback, making WS go towards the desired direction. I am quite sure Worldspreads wants satisfied customers, this is the only way to grow. This goes both ways, we as traders want an economically, healthy and stable company, because we put our hard earned money in their care, and expect our money to be safe in their trust.
I have heard previously, from some of you, that I give a way too positive picture of trading with Worldspreads. Maybe this is so, but this is my honest reflection and if somebody else on this forum has a different opinion, while trading on the platform after the speed upgrade, I would very much welcome that input.
Update on trading with Worldspreads!
I have now been trading nonstop with Worldspreads since the upgrade. I have done a huge no. of trades each day, while going in and out very quickly. Yes you can call me a scalper if you will, (short term trader sounds nicer though). Their is no problem whatsoever, the instant execution is great, and that really puts off some stress in my trading. Compared with other SB's, that do not apply this execution model, there is a substantial difference. I have not experienced any kind of excessive re-quote, only at times when one can reasonably expect it such as during important news releases (except for the problem mentioned below). I have previously taken up the need for knowing the odds in advance while trading, in an earlier post, and this is exactly what I meant by this. I feel secure in my trading, in that I know what to expect and when, from a broker. If something goes wrong in my trading, I have only myself to blame, nobody else is responsible if the market turns against me.
I feel that a really important issue, is that certain new features for coming platform upgrades, are now discussed openly on this thread, in a very constructive manner. Marvin and others are responding in a great way, and I think WS will, in fact, implement these new features, as soon as they possibly can. I use live feed for monitoring and the quotes are still up to the mark, WS follow the exchange live feed with very fast quotes. If one wants to have somewhat a feel of how DMA works, I think Worldspreads is the one broker among the SB's, that come closest to giving one this experience. This exclude futurebetting and twf as you have to add the commission to the spread quoted, besides they both have variable spread.
The only problem unaccounted for, is when there is some technical problem, i.e. a certain exchange price feed is down. The trader is then referred to a dealer and given a re-quote. Anyway, this is to be expected, but as suggested in my previous post, one has to be alerted in some way, either, through the system or by an input from the dealers, that there is a technical problem existing at the moment, and that they are working on solving the problem. In fact, various exchange feeds are, in my experience down temporarily quite often. If this takes a minute or so, it is not a problem, but if this extends for a longer period of time, it causes irritation, especially when the cause for this is unknown. Timely information on such problems will, at least the way I see it, in return, create satisfied and relaxed clients.
One member of this forum said that after a couple of weeks trading, it was too early to tell how Worldspreads performed, and he decided not to give his impressions in trading with them. Speaking for myself, I don't agree with this viewpoint. Through continued posting one's trading experience on this board, one can in advance alert WS when traders are dissatisfied with issues concerning the platform and trading with them. Thus, they create client feedback, making WS go towards the desired direction. I am quite sure Worldspreads wants satisfied customers, this is the only way to grow. This goes both ways, we as traders want an economically, healthy and stable company, because we put our hard earned money in their care, and expect our money to be safe in their trust.
I have heard previously, from some of you, that I give a way too positive picture of trading with Worldspreads. Maybe this is so, but this is my honest reflection and if somebody else on this forum has a different opinion, while trading on the platform after the speed upgrade, I would very much welcome that input.
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Dear gle,
Like yourself, I am a short term trader and have been trading with them for a few weeks and am very happy with their service so far. Whether this continues or not I dont know as I still am not convinced whats in it for WS. Marvin says something like when there is big volume, it balances itself and they make their profit but I'm not sure.
In anycase if WS are happy with this arrangement then all the better and who am I to complain
Good luck to them.
Like yourself, I am a short term trader and have been trading with them for a few weeks and am very happy with their service so far. Whether this continues or not I dont know as I still am not convinced whats in it for WS. Marvin says something like when there is big volume, it balances itself and they make their profit but I'm not sure.
In anycase if WS are happy with this arrangement then all the better and who am I to complain
Good luck to them.
Hi DDI, nIce to hear that your trading is progressing well.DDI said:
Yes, I am quite sure Worldspreads are making good money on this whole operation. Otherwise they simply wouldn't continue with the 1 point spread philosophy. They have other instruments as well, from which they are also making good profit. I guess Worldspreads wants to attract a lot of new clients, and at the same time keep a good continued service for the current ones.
1 point spread and instant execution are certainly some of these important features, but definitely not all they depend on. There is so much more to it. The competition in this industry is fierce and you have to have a good and solid business operation, this in order to stay well ahead or along side with your competitors.
DDI said:
Hi, I have been trading with WS for a few weeks now short term trading and am happy with the experience. The automated trades (most of the time) are nice and fast, I feel other spread betting companies are slower at this (perhaps because there is manual intervention?) and the 1 point spread is excellent.
I don't think people should get too concerned about the money making aspect with a 1 point spread. Anyone who actually trades with them may have noticed they are very clever when quoting such that when the market is going up, they tend to quote high and when the market is going down they tend to quote low. Let me give an example to show you what I mean:
Say the market is going up (i.e. the last tick or so was up) and the underlying price is 1.9490 (I have other feeds to compare such as reuters), they would quote 1.9491 Sell and 1.9492 to Buy. So to go long (most likely scenario for short term traders) you are 2 points away. When he market is at tops and bottoms it pretty much straddles the underlying price so it really is 1 point.
Also the prices do not move as fast as the underlying market, so if you are hoping to catch a quick point when it jumps up and down, you won't, it's not that easy. When the underlying price has settled on where it wants to go, then it will move to that value. However it will also move very fast if there is a significant move in any direction.
(By the way I am not complaining about this, I just think it is smart, and helps them make money on a 1 point spread).
I have contacted them a few times about one or two issues and they have always been helpful and more than reasonable. (No, I have no connection with them).
Hi qmpma1, thanks again for a good post.qmpma1 said:
Yes I think Marvin will have a few words to say on this "weighting" again, ha ha! If this happens to be the case, which Marvin previously said it was not. Nevertheless, if you go long, it is correct as you are stating. On the other hand if you go short you will "earn" 1 point. I don't see that there really is enough time or possibility with the 1 point spread for the dealers to actually know, in which way the market and the instrument in question is heading. This kind of "weighting" is a risky business indeed. I also got the impression at first, that there was some automatic "weighting", but after Marvin explained the issue, I assumed that I didn't use the correct live feed for that instrument we were discussing at the time. Of course there has to be some wrapping around the live feed to create the spread itself, but this is another thing altogether. We will have to wait for Marvin to comment on this matter again. To tell you the truth, it is not a big deal for me either, interesting issue though.
I am sorry weighting of spreads on cable or any market at a 1 pip spread is impossible. If you really think that we manually weight an automatic 1 pip spread against the direction of a market that can move 100 pips in 30 seconds you have to be insane! I will be honest we take on a good day over 5000 gbp trades from a variety of £1 to £100 per pip trades. If you thought we loaded the price against any market direction then you are talking absolute dribble. Can anyone really see the direction of cable? and if we could WS has a magic wond that waves around a trillion USD per day. It is time to get real traders! We do not weigth prices at all. Get clued up we are not CMC!!!
WS are getting direct access currency traders from FXCM and SAXO bank that are opening now! On top of that traders that want to trade Wall Street futures on a 1 pip spread. Also direct access Eurex traders on the DAX are coming from abroad. I have to say the up take from LIFFE FTSE traders has not been so good. Watch this space for all those that are price sensitive! An upgrade to the orders system is on its way and no more harsh close out prices, that stuff you on exit. Was that a fully automated system that traders wanted at a 1 point spread?
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