Best Thread CMC Markets owner answers your questions

[the hare]

I had a CMC account which was recently closed citing clause 9.5.2 of the terms of business. The clause is as you'd expect, vague to the point of basically saying 'we can close your account just because we want to', nothing unusual in that, almost all firms use the same kind of terms.........

Well it was obviously nothing to do with the fact that you where makng money. Just in case you didnt read it the following assurances where made in public, and on this thread..

"1. we have never asked a client to close their account because they are making money and never will do."
"2. we prefer clients to make money because if they are successful they hang around a lot longer and we can make the odd pip here and there."

Perhaps the following questions should be asked

a) How many accounts have been closed ?
b) Of the accounts which where closed what percentage where profitable ?
c) What where the reasons for these account being closed ?

I'm not a betting man, and I rarely make predictions, but on this occassion I'd wager that these questions will not recieve a stright or truthful answer.

 

[6am]

"1. we have never asked a client to close their account because they are making money and never will do."

That is strictly speaking true in this case. They did not ask the client to close an account, they closed it themselves. :cheesy:

 

[Black Swan]

One of my favourite strategies is to trade the volatility around news announcements. During such times I have software that fires lots of orders at anything up to 10 different platforms and I try to grab any liquidity availably to capture at least some of the spike. I use several large ECN brokers, Currenex, numerous market makers and occasionally futures. Providing I can control my orders and slippage to some extent I am happy to manage the risk of a poor entry and understand intimately the difficulties of getting money into the market during such volatility, however I am very profitable in this area despite all it's potential difficulties.

 

[PC at CMC Markets]

http://www.trade2win.com/boards/attachment.php?attachmentid=116132&stc=1&d=1307703120

Hi guys. Hope you like the above attachment. It is a photo of my friend David Hempleman Adams at the top of Mount Everest two weeks ago. He climbed it for the second time and opened a flag of CMC Markets on the summit. He was not paid for this and did it as a favour to me. Enjoy Peter

 

[Mrtan09]

I'm not a betting man,.

Really, isn't everyone on this forum?

 

[Black Swan]

http://www.trade2win.com/boards/attachment.php?attachmentid=116132&stc=1&d=1307703120

Hi guys. Hope you like the above attachment. It is a photo of my friend David Hempleman Adams at the top of Mount Everest two weeks ago. He climbed it for the second time and opened a flag of CMC Markets on the summit. He was not paid for this and did it as a favour to me. Enjoy Peter

Peter, you know these guys travel light, and they never pack toilet paper..just saying like..

 

[Black Swan]

Really, isn't everyone on this forum?

Weird thing is I only bet on the markets, even at the match I don't do the first scorer thing, I only do the National for the kids, don't do online poker, hate casinos, ( I ramble on about the odds ) so I'm not a betting man ( I don't think I am)...

 

[tar]

http://www.trade2win.com/boards/attachment.php?attachmentid=116132&stc=1&d=1307703120

Hi guys. Hope you like the above attachment. It is a photo of my friend David Hempleman Adams at the top of Mount Everest two weeks ago. He climbed it for the second time and opened a flag of CMC Markets on the summit. He was not paid for this and did it as a favour to me. Enjoy Peter

so now you have a CMC branch on the top of Mount Everest

 

[forker]

I'd be interested In Peter's comments about this

 

[PC at CMC Markets]

ha ha nice one Black Swan but flag seems clean ha ha

Peter, you know these guys travel light, and they never pack toilet paper..just saying like..

 

[PC at CMC Markets]

Hi Tar,
yes, we are the first. ha ha
problem is ipad keep freezing up so difficult to trade so just looking out for passing trade

:cheesy: pc

so now you have a CMC branch on the top of Mount Everest

 

[PC at CMC Markets]

about what ?

I'd be interested In Peter's comments about this

 

[forker]

Thats odd, the post must have been deleted.. In that case ignore me

 

[tar]

Hi Tar,
yes, we are the first. ha ha
problem is ipad keep freezing up so difficult to trade so just looking out for passing trade

:cheesy: pc

Then maybe you should consider an Android app

 

[PC at CMC Markets]

Hi Tar,
Yes working on that.
pc

Then maybe you should consider an Android app

 

[eastwood666]

I'll be very happy to email you or anyone else all the proof you could want Blackswan, as you're such a smart ass it will be fun to put you in your place. I can show you my account statements, bank statements with funds going in and out, whatever you like. I DO trade for a living, probably unlike you who seem to spend your life on forums judging by your volume of posts. Just let me have your email, and I'll send you the screenshots.

Also, I'm sure Mr Cruddas himself can confirm all I have said with regards to my CMC account and no doubt several other accounts of traders who scalp news events. I have software linked to numerous news feeds and execute many orders in numerous markets the instant the news hits depending on my set parameters, it's not unusual, in fact it's a growing market even at the very high end with many service providers actively catering to this area of trading, Dow Jones has alphaflash, Reuters has newsscope and there are many others as well as bespoke solutions like my own. Google the above if you're in doubt.

With regards to CMC, it is, or was, 1 of many accounts I use and as I said I bear them no ill feeling, obviously my trading approach doesn't fit their risk profile. No big deal, and I actually have quite a lot of respect for Mr Cruddas's achievements. I do however resent some cocky forum dweller calling me a liar. So, as I said, send me your email address and I'll take great delight in shutting you up.

 

[Black Swan]

I'll be very happy to email you or anyone else all the proof you could want Blackswan, as you're such a smart ass it will be fun to put you in your place. I can show you my account statements, bank statements with funds going in and out, whatever you like. I DO trade for a living, probably unlike you who seem to spend your life on forums judging by your volume of posts. Just let me have your email, and I'll send you the screenshots.

pwned..

 

[eastwood666]

pwned..

I'm 30 years old Blackswan and I grew out of teenage gibberish and smiley faces quite a while ago.

I'm not going to labour the point and get involved in an irritating to and fro, it's tedious for other readers and a waste of my time. There's more respect in admitting when you're wrong, not much respect to be found in reducing the conversation to silly teen speak. I stand by all I've said, if you, or anyone more grown up seriously questions what I stated feel free to drop me an email and I'll back it all up. Aside from that I have nothing more to contribute and will leave this thread in peace. Cheers.

 

[Black Swan]

I'm 30 years old Blackswan and I grew out of teenage gibberish and smiley faces quite a while ago.

I'm not going to labour the point and get involved in an irritating to and fro, it's tedious for other readers and a waste of my time. There's more respect in admitting when you're wrong, not much respect to be found in reducing the conversation to silly teen speak. I stand by all I've said, if you, or anyone more grown up seriously questions what I stated feel free to drop me an email and I'll back it all up. Aside from that I have nothing more to contribute and will leave this thread in peace. Cheers.

There's only one thing more irritating than people trying to blow smoke up your ar5e is when they do it as if they're on the pipe..

No one successfully scalps, over an extended period of time, news events through SB firms. In fact no one (long term) successfully scalps news events period. Heh, I dunno, you could be the one in a million exception that is so sprinkled with stardust that you always get it right on news events but I doubt it.

The likes of FXCM pump up NFP day to mug people off/inflate revenue on the day..and I like FXCM, they're OK..but the best anyone will do on news events is 50-50. Even if you get the direction/data right that's only half the battle, contending with the 'double spikes' is the other. Most experienced retail players I know find news events a pain, unless they simply like a small throw away punt on the day...

Let's take Trichet yesterday, price on the Euro reverted back to its weekly trend after a 2 way spike, of course you're gonna tells us that you saw it coming widened your stops, had limits in place on your short and long hedge so whatever the spike direction was one trade would be breached the other hit limit you walk away with 30-50 pips...righto...heard it all before..

The CMC issue I'm not answering, none of my business, I read your sophist clap trap, and then the bit about clever algo software that scalps ten different platforms etc. nah..doesn't wash..but heh, knock yourself out..

 

[Ross Spur]

There's only one thing more irritating than people trying to blow smoke up your ar5e is when they do it as if they're on the pipe..

No one successfully scalps, over an extended period of time, news events through SB firms. In fact no one (long term) successfully scalps news events period. Heh, I dunno, you could be the one in a million exception that is so sprinkled with stardust that you always get it right on news events but I doubt it.

The likes of FXCM pump up NFP day to mug people off/inflate revenue on the day..and I like FXCM, they're OK..but the best anyone will do on news events is 50-50. Even if you get the direction/data right that's only half the battle, contending with the 'double spikes' is the other. Most experienced retail players I know find news events a pain, unless they simply like a small throw away punt on the day...

Let's take Trichet yesterday, price on the Euro reverted back to its weekly trend after a 2 way spike, of course you're gonna tells us that you saw it coming widened your stops, had limits in place on your short and long hedge so whatever the spike direction was one trade would be breached the other hit limit you walk away with 30-50 pips...righto...heard it all before..

The CMC issue I'm not answering, none of my business, I read your sophist clap trap, and then the bit about clever algo software that scalps ten different platforms etc. nah..doesn't wash..but heh, knock yourself out..

Have you ever considered that there might be someone else who actually knows more about something than you?