Best Thread CMC Markets owner answers your questions

[ActionCool]

What we need to know is whether the alleged slippage happens both ways, negative and positive, as it should if the platform is fully automated. If it does then we can't really complain.

Agree. Slippage can always happen if there is not enough liquidity. I don't think slippage is a real issue on this platform.

Another thought about one-click-dealing:

It seems that, for some reason, a one-click-dealing feature is not an option at the moment. If that's the case, we should accept and respect that.

But what about an API? As far as I know, on the "old" platform there was an API available.

 

[peto]

Hi PC

Why do you close markets before the time you state they should close? I often trade up to the bell ( my clock is synchronised) but can't get within a minute or so of the close with you.

On Friday for example I got stuck in a position with the footsy when I was unable to close at 20.59.20 (you may have closed earlier, but I can't tell until my order is cancelled. This is no isolated example, in fact it seems to be the norm. Dealers off home early? The underlying always closes to the second in my experience.

Thanks.

 

[gle101]

What we need to know is whether the alleged slippage happens both ways, negative and positive, as it should if the platform is fully automated. If it does then we can't really complain.

I agree to when it comes to entering with a market order, but not with a stop order, it should be exact on the point. It might not be an issue with small stakes but with larger stake it might hurt you. You must be able to calculate your Risk & Money Management parameters correctly. I believe it is a technical issue and I am quite sure CMC will solve it.

 

[gle101]

Hi PC

Why do you close markets before the time you state they should close? I often trade up to the bell ( my clock is synchronised) but can't get within a minute or so of the close with you.

On Friday for example I got stuck in a position with the footsy when I was unable to close at 20.59.20 (you may have closed earlier, but I can't tell until my order is cancelled. This is no isolated example, in fact it seems to be the norm. Dealers off home early? The underlying always closes to the second in my experience.

Thanks.

Yes this is annoying. City have the same issue regarding the opening of the FTSE. I have to trade with some other SB to be able to be in when the action take place. There are plenty SB around to choose from, so it is not really a major problem.

 

[gle101]

Agree. Slippage can always happen if there is not enough liquidity. I don't think slippage is a real issue on this platform.

Another thought about one-click-dealing:

It seems that, for some reason, a one-click-dealing feature is not an option at the moment. If that's the case, we should accept and respect that.

But what about an API? As far as I know, on the "old" platform there was an API available.

Peter have said an update is around the corner, this month if I understood him right. Traders on this forum did not accept it and some waited to start trading live with them, CMC listen, and a feature for this is on its way, very good.

 

[PC at CMC Markets]

Hi Mr Action,

Many thanks for your first posting on this site.
Thank you for your positive feed back.
One click is coming in a couple of weeks. You will be able to open a buy and sell ticket at the same time, set what you want and click either. there will also be defalt amounts.
Cannot tell you launch date but by end of September.

good luck with your trading.
regards Peter

Hi PC

Tested the new CMC Platform a few days ago and I really like it, well done.

Positive:

- terrific spreads
- low margins
- mobile trading on the Iphone availabe
- cool looking flash platform
- extremely flexible unit sizes. CFD's can not only be traded in 1 unit, but also in 0.1 or 0.01 units
- Open positions of a single symbol are displayed as a single position as well as combined into one position. This is very helpful because then, invididual positions can be modified or all units can be closed at once.

Negative:

- No One-Click-Dealing available. With this, it would be the perfect platform. Is something planned regarding One-Click-Dealing?

 

[PC at CMC Markets]

hi Ross,

It does work both ways. The point is, we do not offer a fill or kill service, we offer fill or fill service. so when you place a market order you get the price we are quoting when the ticket hits our servers. As I have said on numerous occasions there is no intervention by our dealers the system quotes you and it does not read clients as buyer or seller. you get the price at the time. this can equally be in your favour or against you. But either way you get executed on your trade. I have never understood why our competitors offer a fill or kill service. In essence if the markets are volatile and you are trying to buy when the market is moving higher during a volatile period, you will keep missing the price. When you trade futures on an exchange and you enter market order it gets executed at the prevailing price. this is no killing of the ticket. That is the service we offer, fill or fill.

tks pc

What we need to know is whether the alleged slippage happens both ways, negative and positive, as it should if the platform is fully automated. If it does then we can't really complain.

 

[PC at CMC Markets]

hi action.

one click definitely coming. api is not available on new platform (this is where another broker can connect to our execution engine) but it will come in due course.

tks pc

Agree. Slippage can always happen if there is not enough liquidity. I don't think slippage is a real issue on this platform.

Another thought about one-click-dealing:

It seems that, for some reason, a one-click-dealing feature is not an option at the moment. If that's the case, we should accept and respect that.

But what about an API? As far as I know, on the "old" platform there was an API available.

 

[PC at CMC Markets]

hi peto,

I have no idea, I know they havent gone home because at 10pm on a Friday they send me update.
I will find out and let you know but does seem strange to me.

tks pc

Hi PC

Why do you close markets before the time you state they should close? I often trade up to the bell ( my clock is synchronised) but can't get within a minute or so of the close with you.

On Friday for example I got stuck in a position with the footsy when I was unable to close at 20.59.20 (you may have closed earlier, but I can't tell until my order is cancelled. This is no isolated example, in fact it seems to be the norm. Dealers off home early? The underlying always closes to the second in my experience.

Thanks.

 

[PC at CMC Markets]

hi gle101,
a stop becomes a market order when the price trades and so you will get executed at our prevailing market price once the stop level has hit. However, I think we can improve on this and be more accurate and improve stops.
I should say that limits have had a lot of price improvements because when limit order hits the order becomes a market order and frequently we have improved the price but I agree we need clarity and should have something in place soon.

tks

pc

I agree to when it comes to entering with a market order, but not with a stop order, it should be exact on the point. It might not be an issue with small stakes but with larger stake it might hurt you. You must be able to calculate your Risk & Money Management parameters correctly. I believe it is a technical issue and I am quite sure CMC will solve it.

 

[6am]

I should say that limits have had a lot of price improvements because when limit order hits the order becomes a market order

I am confused. This is a quote from your own order execution policy

A Limit Order to buy at a Price below the prevailing market Price will be executed at the first available Buy Price which is equal to or less than the Target Price.
A Limit Order to buy at a Price above the prevailing market Price will be executed at the first available Buy Price which is equal to or more than the Target Price.

According to these definitions Limit order cannot become a market order. Limit order to buy at a Price below the prevailing market may have price improvement. But limit order to buy at a Price above the prevailing market Price will never have price improvement.

 

[ActionCool]

hi action.

one click definitely coming.

tks pc

Outstanding! You guys do a terrific job. Keep up the good work.

 

[gle101]

hi gle101,
a stop becomes a market order when the price trades and so you will get executed at our prevailing market price once the stop level has hit. However, I think we can improve on this and be more accurate and improve stops.
I should say that limits have had a lot of price improvements because when limit order hits the order becomes a market order and frequently we have improved the price but I agree we need clarity and should have something in place soon.

tks

pc

Thanks, I am sure you will find a satisfactory solution to this problem, at least until I have the possibility to trade with you.

 

[PC at CMC Markets]

hi action,
thanks, my pleasure. we get a lot of free advice from people on this thread.
all recommendations are passed onto the team and we will try to implement everything.
It is good free research for us and we listen.

tks pc

Outstanding! You guys do a terrific job. Keep up the good work.

 

[PC at CMC Markets]

hi 6am

yes you are right, I confused the issue. When you place limit order, if it trades at the price you get executed at the price or better. I can tell you we have passed on price improvements on limit orders.

tks pc

I am confused. This is a quote from your own order execution policy



According to these definitions Limit order cannot become a market order. Limit order to buy at a Price below the prevailing market may have price improvement. But limit order to buy at a Price above the prevailing market Price will never have price improvement.

 

[gle101]

hi Ross,

It does work both ways. The point is, we do not offer a fill or kill service, we offer fill or fill service. so when you place a market order you get the price we are quoting when the ticket hits our servers. As I have said on numerous occasions there is no intervention by our dealers the system quotes you and it does not read clients as buyer or seller. you get the price at the time. this can equally be in your favour or against you. But either way you get executed on your trade. I have never understood why our competitors offer a fill or kill service. In essence if the markets are volatile and you are trying to buy when the market is moving higher during a volatile period, you will keep missing the price. When you trade futures on an exchange and you enter market order it gets executed at the prevailing price. this is no killing of the ticket. That is the service we offer, fill or fill.

tks pc

Peter, take City as an example, right on the point, I have traded hundreds of stop orders with them, not slippage on a single one of them. Whatever you named them is secondary, you know it is correct, and I don't need to check to see if the price I got is correct or not. OK, I have to admit, I understand the problem with fractions of a point, especially if you are dealing with ten fractions of a point, on a market making based on an instrument, that does not follow the same setup in which the product is based upon. Did I get it right, hope so.

 

[uk dave]

This is easy to solve, just offer guaranteed stop and limits like your competitors. While you are here pc, are you going to tighten up your market order slippage? At the moment I'm rarely getting your quoted spreads.

 

[gle101]

This is easy to solve, just offer guaranteed stop and limits like your competitors. While you are here pc, are you going to tighten up your market order slippage? At the moment I'm rarely getting your quoted spreads.

What do you get and how many trades do you make on a daily basis. Like to hear from live traders trading the Dow (US30) with CMC next-gen.

 

[PC at CMC Markets]

hi gle
sorry didnt understand your last sentence.
pc

Peter, take City as an example, right on the point, I have traded hundreds of stop orders with them, not slippage on a single one of them. Whatever you named them is secondary, you know it is correct, and I don't need to check to see if the price I got is correct or not. OK, I have to admit, I understand the problem with fractions of a point, especially if you are dealing with ten fractions of a point, on a market making based on an instrument, that does not follow the same setup in which the product is based upon. Did I get it right, hope so.

 

[PC at CMC Markets]

hi Dave,
Yes but are you getting price improvements
pc

This is easy to solve, just offer guaranteed stop and limits like your competitors. While you are here pc, are you going to tighten up your market order slippage? At the moment I'm rarely getting your quoted spreads.