In what I would call normal market conditions I feel 2.4 points slippage is very surprising and very disappointing. I have occasionally got better fills than I would have expected, but never more than 0.1 - 0.3 better - unfortunately no where near the negative slippage which often runs to a point or two on stops. For such an 'advanced' platform I feel it is unacceptable. I left IG because this sort of thing was happening - but not on practically every trade and not to this degree (in normal market conditions).
I can't see why it should take months upon months to initiate both Buy and Sell tickets, which is still a second best to a single Buy/Sell ticket. If I want to be ready to trade 4 markets I'll have to pre-load 8 tickets - which to me is nothing short of ridiculous - what's the advantage of Buy AND Sell tickets when Buy/Sell tickets have proven to be perfectly adequate!
Slow opening and closing tickets have now become a regular feature - all in all I now see no advantage in using CMC - reduced spread is no advantage if they make back door charges - I need to know how much a trade is going to cost before taking it, and not have to worry about a 10 or 20% surcharge.
PC implied that my question as to whether CMC would ever provide free guaranteed stops was a stupid question - perhaps it was a stupid question because it seems this is how they make up the shortfall in offering the tightest spreads - 0.7 is a great headline grabber but unfortunately only half the real cost.
Was really hoping that CMC had opened a new chapter in spread betting, but sadly this is not the case - back to IG for me.
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Yes this about slippage have all been up for discussion earlier. I kind of agree, the slippage have to eventually to even out in order to have the 0.7 spread as a standard offer. On the other hand, you will not be re-quoted or rejected, if that is enough compensation for extra slippage I don't know, it would not be enough for me. PC said they are working on getting control over the slippage, and I think they must in order to deliver a good execution service. The upgrade will for sure come soon as two dealing tickets is a standard feature on almost all trading platforms.
Personally I would be a lot happier with 1 point spread and solid stops, that way I know in advance what my costs are going to be for each trade.
Re-quotes have never been an issue with me, I trade most of the day and tend to avoid the market conditions when re-quotes are likely to happen.
I need what I feel are the most basic of requirements - none of which are being met by CMC.
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I do think CMC will get things in order. Too much money involved in the CMC netxt-gen project. Uncontrollable slippage is simply not accepted by traders, there are far too many good SB's around to choose from these days that will give you good execution. Slippage in fractions is ok though, as long as it is even out by positive slippage. I wonder if CMC will be able to keep the 0.7 spread though, with the fractions of slippage I am willing to pay. PC said they are looking into it, and I am quite confident they will find a solution to the slippage problem.
Call me cynical, but I think spreadbet slippage is always a feature of the platform that is designed to be adjustable. As with WS and Spreadco, theoretically narrow spreads are no use if they're effectively untradeable.
Time is running out for Next Gen!
I am sure you will give them till the end of the month?
costaricachris
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You shouldn't be on here when your business is making such a loss, maybe this is why CMC have stopped their own thread. If anything, when I tried the "Next Gen" platform I found it an eye sore.
CMC Markets posts £23.7m Loss
CMC Markets posts £23.7m Loss
Next Gen has been promoted as something new, when in reality it offers nothing new at all.
The tickets are useless.
You can't go Long and Short the same market at the same time (I occasionally like to trade different time frames and therefore like the option to do this).
Stop slippage is worse than I have ever experienced before.
Execution is now slower or at best equal to any other platform.
I can't 'stack up' several prepared tickets ready to go.
Tickets can't be moved out of the platform window costing valuable screen space.
At the end of the day the only 'advantage' is reduced spreads, but these are just front end costs and therefore only account for half the cost.
So yes, it has been a complete failure in my opinion - PC hasn't even heard of Gekko spreads (ok they are a minor company, but they do exist) - this sums up the amount of research that was done before development - if I was going to spend a few mill on something I would have done proper research and then produced the best kick-ass platform around, by miles. Perhaps it was just an ego trip and not a real desire to produce something for traders.
The tickets are useless.
You can't go Long and Short the same market at the same time (I occasionally like to trade different time frames and therefore like the option to do this).
Stop slippage is worse than I have ever experienced before.
Execution is now slower or at best equal to any other platform.
I can't 'stack up' several prepared tickets ready to go.
Tickets can't be moved out of the platform window costing valuable screen space.
At the end of the day the only 'advantage' is reduced spreads, but these are just front end costs and therefore only account for half the cost.
So yes, it has been a complete failure in my opinion - PC hasn't even heard of Gekko spreads (ok they are a minor company, but they do exist) - this sums up the amount of research that was done before development - if I was going to spend a few mill on something I would have done proper research and then produced the best kick-ass platform around, by miles. Perhaps it was just an ego trip and not a real desire to produce something for traders.
Yes, literally.
I absolutely agree - slippage must be adjustable, up or down depending on how well we/they are doing.
If a tinpot company like Gekko can offer free guaranteed stops then some of the bigger companies should be able to also. If it were my platform I would have a light which when on indicates guaranteed stops are in place and when off they are not.
There's no point someone coming on here saying they are making pioneering changes within the industry when in reality there is nothing new, apart from a headline spread that proves to be a just a bit of hype.
Truth Seeker
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That's a bit harsh Dave - I would have paid a tenner for it
Joking aside, the next generation platform will make or break CMC, I gave PC some good imput after going a few rounds with him he finally realised I was talking sense, but the slippage on market orders, the suspended markets and trade rejections will be their demise even if they introduced zero spreads.
