Best Thread CMC Markets owner answers your questions

[gle101]

well i am not :cheesy:

Did you contribute.

 

[gle101]

I hope Peter will step in with some interesting news, ha ha.

 

[tar]

Did you contribute.

I mean that's what i've seen the last years not only yesterday

 

[Truth Seeker]

PC

I know I said I wasn't going to post here but this needs to be said. I like the way you have whinged because you don't like what has been reported about the slippage your company is dishing out regulary on my thread, but to get the MODs here to try and silence me by threatening to take your advertising away is below the belt. You might beable to control them here, but there are many other financial sites that are not easy to be influenced. So go ahead with the gestapo and silence me, it will only be here. All you have to do is stop the silly games and closing the market at will to stop your customers from profiting at volatile times, and cut back on the slippage, don't you make enough from the losers these days?

 

[scose-no-doubt]

 

[Jimmy Lulz]

PC

I know I said I wasn't going to post here but this needs to be said. I like the way you have whinged because you don't like what has been reported about the slippage your company is dishing out regulary on my thread, but to get the MODs here to try and silence me by threatening to take your advertising away is below the belt. You might beable to control them here, but there are many other financial sites that are not easy to be influenced. So go ahead with the gestapo and silence me, it will only be here. All you have to do is stop the silly games and closing the market at will to stop your customers from profiting at volatile times, and cut back on the slippage, don't you make enough from the losers these days?

This is silly. That thread lacks credibility and if anything is making CMC appear in a flattering light. The idea that Mr Cruddas is sending Barjon round to your thread to threaten your kneecaps is deranged.

You accused CMC of giving you 3 pips total slippage on 14 round trips, so 28 forex trades overall. A lot of people are going to think "They offer 0.7 spread and have minimal and occasional slippage? I'll be opening an account then!". But you seem to see this (which could just as easily happen in the real market) as evidence of fraud.

I reiterate - it is good to hold companies to account. But you are undermining your own efforts here.

 

[Truth Seeker]

This is silly. That thread lacks credibility and if anything is making CMC appear in a flattering light. The idea that Mr Cruddas is sending Barjon round to your thread to threaten your kneecaps is deranged.

You accused CMC of giving you 3 pips total slippage on 14 round trips, so 28 forex trades overall. A lot of people are going to think "They offer 0.7 spread and have minimal and occasional slippage? I'll be opening an account then!". But you seem to see this (which could just as easily happen in the real market) as evidence of fraud.

I reiterate - it is good to hold companies to account. But you are undermining your own efforts here.

I've had loads of really bad fills, one trade was slipped by 30 pips at a high volume time, but that was before I created my thread, I was just recording from the time of the thread beginning.

In bold below are my thoughts from my thread just now incase they are taken out of context as usual:
Because as I have said on many occasions, CMC fills were great and now they have changed their execution parameters. I want the old parameters back, is that too much to ask? Probably. But if you adertise 0.7 spread, then unless you're delivering it regularly you are in breach of the advertising standards of this country. A fair and just description has to be abided by, like : "we offer a spread of 0.7 to 4.9 in quite times and 0.7 to 30 in more busier times or we have the right to refuse your trade as we see fit"

That's what I have a problem with, suck people in with the 0.7 plastered everywhere in huge font and not hardly deliver it, just come up with excuses of latency etc, but not let anyone test their latency, come on now, really?

 

[Jimmy Lulz]

Jesus Truth, what do you expect if a company is offering a 0.7 spread? Why not go with Worldspreads instead, they have no spread. How do you think they make their money?

Not off the spread, it's tighter than the spread in the underlying market. Not off commissions or fees, there aren't any. So how?

Stop whining about nothing and sort yourself out. Get a broker (a real one) who wants you to win and who clearly shows you how he's making money off you. If you can't see how he's doing it, you won't like it. Trust me.

 

[pboyles]

hi gle101,

no had 8am meeting and have just got around to reading the thread. have to say a lot of the stuff being posted on his disappoints me.
I think t2w are starting to let their standards slip.
This site (not just my thread) should be about reasonable dialogue and not ranting off. by hosting bad behaviour it not only brings down the reputation of t2w but will encourage bad behaviour and also stop the site being used for good market practice.

really t2w you need to get a grip and stop the bad behaviour.


pc

I dont think anyone uses this site for what you term good market practice. If it wasnt for all the abuse the site would consist of nothing more than idiots asking what forex robot is best.

I also think that attitudes towards brokers are changing, some of the arguments put forward here recently and the rebuttals made against them are exactly what people were saying about retail forex a few years ago. The problem you have now is that the conspiracy theorists who were moaning about forex slippage and other dodgy practices were actually proven right in the end. As you know FXCM and others were caught with their fingers in the till to the tune of several million.

I think more people are questioning the integrity of brokerages now and you can probably expect a few more unkind posts now and again regardless of how well CMC treats clients. To have posts deleted and people banned is probably going to backfire on you. Mike Baghdady tried it and whilst the posts are gone from T2W google is now full of hits about him. Just type in Mike Baghdady to google and see what autofill options it gives you.

I'm afraid you will have to take the rough with the smooth if you participate here.

 

[Jimmy Lulz]

Good points PB, especially about poor old "World Trading Champion but no income from trading" Mike.

Why though do people persist with this nonsense? There are costs to doing business no matter what. Some of the more, ahem, creative things that one sees are a cost of SB. It might still be worth it, in which case fine. If not, people should just get a proper broker who wins when you win because the more you win the bigger you trade and that's how he makes money off you.

I dont think anyone uses this site for what you term good market practice. If it wasnt for all the abuse the site would consist of nothing more than idiots asking what forex robot is best.

Hahahahahahahahahahahaha! So true.

I also think that attitudes towards brokers are changing, some of the arguments put forward here recently and the rebuttals made against them are exactly what people were saying about retail forex a few years ago. The problem you have now is that the conspiracy theorists who were moaning about forex slippage and other dodgy practices were actually proven right in the end. As you know FXCM and others were caught with their fingers in the till to the tune of several million.

I think more people are questioning the integrity of brokerages now and you can probably expect a few more unkind posts now and again regardless of how well CMC treats clients. To have posts deleted and people banned is probably going to backfire on you. Mike Baghdady tried it and whilst the posts are gone from T2W google is now full of hits about him. Just type in Mike Baghdady to google and see what autofill options it gives you.

I'm afraid you will have to take the rough with the smooth if you participate here.

 

[pboyles]

Good points PB, especially about poor old "World Trading Champion but no income from trading" Mike.

Why though do people persist with this nonsense? There are costs to doing business no matter what. Some of the more, ahem, creative things that one sees are a cost of SB. It might still be worth it, in which case fine. If not, people should just get a proper broker who wins when you win because the more you win the bigger you trade and that's how he makes money off you.

It just shows how effective retail FX and SB marketing has been over the years, its the first stop when someone wants to get involved in trading with £200. In reality they should be told to wise up and come back when they have £10,000 to open a futures account.

 

[pboyles]

Are you trying to take black swans place? LOL, good luck with that. I do trade with proper brokers, ECN's, but i will SAY AGAIN AS YOU'RE NOT LISTENING....You have to pay up to 50% tax in this country, and if you get a off shore you still pay over 20%, but Cameron is putting stops to this too, so that's temporary, spread bet is ZERO TAX, so if they performed as well as a proper broker AS THEY ADVERTISE we will be winners. Simple really, now re-read what i said and stop repeating the same line of questioning, it's getting boring.

Yes but everybody lies in their advertising nowadays, try to make a complaint to the ASA about it and you'll see why everyone is at it.

 

[Benny Dorm]

Anyone know a good forex bot?

 

[pboyles]

Anyone know a good forex bot?

Here you go, what could possibly go wrong? It says 'no skills required', I dont know if that refers to the set up of the robot or just a general absence of skills, I suspect the latter.

 

[Jimmy Lulz]

It just shows how effective retail FX and SB marketing has been over the years, its the first stop when someone wants to get involved in trading with £200. In reality they should be told to wise up and come back when they have £10,000 to open a futures account.

And then they should be trading one car at most.

An excellent post as we have come to expect from you.

The SB's and small accounts are great for having a go, getting used to the way things work, even building up a small account. But to expect your average bucket shop to be basically a real broker but your profits are tax free is nuts.

I suggested he look at the Kyte Group if he really needed the SB wrapper, but he didn't like that. So he thinks he can turn CMC into what he wants them to be.

 

[Truth Seeker]

Yes but everybody lies in their advertising nowadays, try to make a complaint to the ASA about it and you'll see why everyone is at it.

ASA are not so easily bought though Pboyles, I don't agree. Just because most are doing it, doesn't make it right. If you sit back and do nothing, everything remains the same. People need to stand up for what they believe in no matter the cost, it's how we beat that tyrant Hitler. At least in those days people had more balls, god help us now.

 

[Benny Dorm]

Here you go, what could possibly go wrong? It says 'no skills required', I dont know if that refers to the set up of the robot or just a general absence of skills, I suspect the latter.

Salvation lies within!

At last.

 

[Truth Seeker]

And then they should be trading one car at most.

An excellent post as we have come to expect from you.

The SB's and small accounts are great for having a go, getting used to the way things work, even building up a small account. But to expect your average bucket shop to be basically a real broker but your profits are tax free is nuts.

I suggested he look at the Kyte Group if he really needed the SB wrapper, but he didn't like that. So he thinks he can turn CMC into what he wants them to be.

I didn't like the way they don't segregate your money, print all the facts. I am in discussions with them at present actually, off the board, they seem quite good so far, but don't they all, proof is in the testing and then live trading.

 

[Jimmy Lulz]

Are you trying to take black swans place? LOL, good luck with that. I do trade with proper brokers, ECN's, but i will SAY AGAIN AS YOU'RE NOT LISTENING....You have to pay up to 50% tax in this country, and if you get a off shore you still pay over 20%, but Cameron is putting stops to this too, so that's temporary, spread bet is ZERO TAX, so if they performed as well as a proper broker AS THEY ADVERTISE we will be winners. Simple really, now re-read what i said and stop repeating the same line of questioning, it's getting boring.

First, do not insult me by comparing me to Swannyballs. Second, I have been one of the very, very few who has supported you or even given you the time of day.

Finally (highlighted in red) if they performed as they advertise, they probably wouldn't exist. What if serious, big traders used them because they could get such great terms? How would they hedge in the underlying market?

Wake up. A bucket shop is what it is. Accept that and use them, use ibetfinancials and accept their drawbacks, or use a real broker. That is all you can do.

If you do have complaints, make them good ones, not moans about 3 pips in 14 round trips.

 

[thewiz]

Hi

A quick question for PC if he could spare two secs, regarding changing up from MarketMaker to NextGen .... simply regarding access to the P&L of 'open' trades.

1. I post £20,000 to my new account. I take a spreadbet position thru NextGen, let's say £100 long GBPAUD at 1.5300, as a rolling cash bet. To carry this trade, CMC sets aside £3,825 as margin (0.25%), leaving £16,175 as free equity. I leave the trade in place for a period of weeks, during which time the price of GBPAUD improves by say 500 pips.

'Free equity' (as it is called in MM speak) in my account is now £66,050 (£20,000-£3,950+£50,000)

Can I (like I used to be able to do with MarketMaker) withdraw £30,000 from the account? Or is the entire £50,000 P&L portion of the trade locked up until that particular GBPAUD trade is closed?

I did talk to your customer services department, and a guy there seemed to suggest that the withdrawal functionality of the new account is different now, but somehow this didn't seem to ring true. E.g. I can put new positions on in other instruments using that 'free equity' ... in which case, why can I not simply withdraw it? Does the trade not roll every night (ie. in effect close & reopen at a new level the next day)?

Thanks Peter - great news about the new improvements to all angles of the platform - looking forward to using it once this question is answered ...