Am I barking mad & up the wrong tree using SB’s?

[JFK]

Couldn’t decide what to title this - Slippage, Spread Betting & FSA or am I safe with SB’s? Or, Another good reason not to use SB’s. How about – When I lose, I lose big with SB’s or Am I barking mad & up the wrong tree using SB’s? As you can see the more I looked at this site, the more annoyed I became.
http://www.arielcommunications.co.uk/products.htm
We all know it goes on, but trying to prove it is a different thing. I found this website which offers services to Spread Betting companies & some of the well known SB’s are already using them. It looks as if its easy for the SB’s to set their own parameters on your account?

It was always reassuring when you see “We are regulated by the Financial Services Authority (FSA)” on the SB’s agreement. NOT – What a waste of time. FSA regulations for SB’s just covers how they advertise. WOW that’s handy as along as the advert is ok, I’m safe…
If you do have a complaint against any of these SB with evidence of anything mentioned on the site you could try the Financial Ombudsman Scheme, but from their web site I could not find any rules for SB companies.
How can we be sure brokers don’t have similar systems? Answers on a postcard please. If I am barking up the wrong tree, then let me know. I am off to try a brokerage & pay my taxes.

 

[frugi]

Good find JFK.

LOL at the slippage parameter: "Set by client, market and size to make extra pips on stop orders."

No surprise that four well known SB companies are clients.

 

[pogle]

They also offer a "nudge interface" on their FX product. Makes them sound like a fruit machine vendor, surely not??

 

[charliechan]

but sb is tax free and the sb company is NOT out to take your money. they are out for a fair game played on a level playing field.

i know this is true because all the sb t2w experts tell us it is at every opportunity they get - so i guess it must be.

id watch out if i were you. people have been banned from this site for stirring arguments that PROVE sb is a losers game (like i didnt already know).

 

[wasp]

Excellent find!

Certainly puts answers to a few things!

 

[jonnyy40]

When I used a SB firm I had a very strange window appear on my screen that made me stop using SB firms.Unfortunately I didn't know about screen capture then or I'd tell you what firm it was and the message.

 

[rols]

When I used a SB firm I had a very strange window appear on my screen that made me stop using SB firms.Unfortunately I didn't know about screen capture then or I'd tell you what firm it was and the message.

What did it say?

"Stick 'em up loooooooser!"

 

[Pippppin]

the notion that spreadbetting profits are tax free is probably the most powerful advertising message spreadbetting firms could devise

of course, if they choose to - like any bent bookmaker, they can effectively ban you from the course by making it almost impossible for you to make a profit.

In many ways it would far better if the "tax free" mantra was abolished. At least then spreadbetting companies would be up against genuine market platform providers....but of course, that would see a drastic reduction in spreadbetting client numbers, who are chasing fools gold and seeing their accounts wiped out in the process

 

[rossored]

people have been banned from this site for stirring arguments that PROVE sb is a losers game

Actually, 'people' got banned for other reasons. Stirring arguments was just one of them.

 

[charliechan]

the notion that spreadbetting profits are tax free is probably the most powerful advertising message spreadbetting firms could devise

of course, if they choose to - like any bent bookmaker, they can effectively ban you from the course by making it almost impossible for you to make a profit.

In many ways it would far better if the "tax free" mantra was abolished. At least then spreadbetting companies would be up against genuine market platform providers....but of course, that would see a drastic reduction in spreadbetting client numbers, who are chasing fools gold and seeing their accounts wiped out in the process

why do you use the word 'bent' with bookmaker? what you call 'bent', the (any) house calls an edge.

i dont think much will ever decrease client numbers anywhere. the mortality of most is short anyway, so the model is based on constantly attracting noobs. besides, most brokers never actually really close accounts, they just leave them dormant cos it looks better to have a high number of accounts on the book. i think this is true from experience with 'real' brokers, but cant comment on sb's.

 

[ampro]

My $0.02as always

GJ

And the value of those 2cents, worth their weight many, many times over with regards all of your points in the prev two posts!!

Shame the majority will merely disregard most of those comments & trudge blindly on regardless tho - still, that's what makes a market

and a profitable one for those who approach, execute & manage it sensibly.

great posts!

 

[Racer]

Or perhaps this is another Site to show you what goes on