Best Thread CMC Markets owner answers your questions

[Truth Seeker]

I'm not a client yet. If I open an account, get good returns, and am asked to leave for no other reason than that I am making good profits, then I'll be back here to tell you all about it. I like to work with brokers / liquidity providers and that means both sides being accommodating so far as is possible that we can both do business.

If the MD of CMC Markets comes on here and states publicly that he would be happy to take my business at £600pp and hedge it back to back then I am happy to believe that. If my trading somehow interferes with their hedging I would expect them to contact me in the first instance to try and work around it. (sometimes opening and closing trades too quickly - within 30 seconds for example - can make it difficult to hedge - I don't trade like this)

£600pp in the Euro is not a big position by any means. CMC will get it hedged somewhere around 0.5-1.5p and charge me 1.6p for the privilege. The fact that I am also doing business in other venues does not appear to be an issue either.

Again, until we have a consistently profitable trader banned from CMC, it is rather disingenuous to speculate that this would be the outcome. I'd rather speculate that CMC have a few clients in the 7 figures per year bracket and hedge everything they do.

I am going to sign off now as this thread is not called "Hoodoo Man answers your questions". While we are on the subject, it might be interesting to read about what a hoodoo is...Dr Niederhoffer's site is a good place to start.

Good luck with that. I know traders who were accused of working for Banks and had their positions closed when trading @ £200pp. Then put on dealer (slippage/requotes) granted that was on Market Maker, but on the new platform I know traders who have been asked to leave for scalping @ £200pp, the only reason I can see (apart from what you win lowers their bottom line profits) is that they don't have time to hedge your positions, so they work against you, no matter what they tell you, or otherwise, why would would they want you to leave?
So if you're going to arrange to take a few million off them a year, the only way I can see that happening is if your style of trading is slow enough they can hedge by using limit orders etc.
But yes, come on here and advertise if they mess your trades around or ask you to leave. If they get single click trading sorted out (I'm not holding my breath here, but it would be good) I will return and once again start taking more money from them, and if they ask me to leave, I will plaster it all over the net. Because they rely on losing traders (90%) for their profits, so no traders = no profits. :smart:

 

[Ross Spur]

Good luck with that. I know traders who were accused of working for Banks and had their positions closed when trading @ £200pp. Then put on dealer (slippage/requotes) granted that was on Market Maker, but on the new platform I know traders who have been asked to leave for scalping @ £200pp, the only reason I can see (apart from what you win lowers their bottom line profits) is that they don't have time to hedge your positions, so they work against you, no matter what they tell you, or otherwise, why would would they want you to leave?
So if you're going to arrange to take a few million off them a year, the only way I can see that happening is if your style of trading is slow enough they can hedge by using limit orders etc.
But yes, come on here and advertise if they mess your trades around or ask you to leave. If they get single click trading sorted out (I'm not holding my breath here, but it would be good) I will return and once again start taking more money from them, and if they ask me to leave, I will plaster it all over the net. Because they rely on losing traders (90%) for their profits, so no traders = no profits. :smart:

I find that Next gen is already slow to open boxes, anyway, so could it be that the extra clicks are there to deter short-term traders?

 

[PC at CMC Markets]

Hi Hoodoo Man,

Back from jaffa cake patrol after my move. I am so tired I cannot wait to get back to work for a rest. ha ha.

anyway I will say it here publicly for all to see.
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.
3. we try every thing possible to help clients make money, free charts, free news, free support and help desk, free software, free analytical tools, real time prices, precision pricing, iphone to montor markets when they are away from desk. stop loss facilities, profit take facilities.
Even on next gen when a client opens a positions we generate a margin stop loss for them to protect them (they can switch this off if they want)
4. your £600 pp we can handle standing on our heads. we can put it through to banks or merge it with our positions. I started life as forex trader at a bank so your amounts are easy for us to handle.

5. dont worry about some of the posters here, they keep trying to wind me up and some times I bite but getting a bit used to the site now so can handle it better.
next time you are around pop in for a jaffa cake still have a few left.
cheers pc

I'm not a client yet. If I open an account, get good returns, and am asked to leave for no other reason than that I am making good profits, then I'll be back here to tell you all about it. I like to work with brokers / liquidity providers and that means both sides being accommodating so far as is possible that we can both do business.

If the MD of CMC Markets comes on here and states publicly that he would be happy to take my business at £600pp and hedge it back to back then I am happy to believe that. If my trading somehow interferes with their hedging I would expect them to contact me in the first instance to try and work around it. (sometimes opening and closing trades too quickly - within 30 seconds for example - can make it difficult to hedge - I don't trade like this)

£600pp in the Euro is not a big position by any means. CMC will get it hedged somewhere around 0.5-1.5p and charge me 1.6p for the privilege. The fact that I am also doing business in other venues does not appear to be an issue either.

Again, until we have a consistently profitable trader banned from CMC, it is rather disingenuous to speculate that this would be the outcome. I'd rather speculate that CMC have a few clients in the 7 figures per year bracket and hedge everything they do.

I am going to sign off now as this thread is not called "Hoodoo Man answers your questions". While we are on the subject, it might be interesting to read about what a hoodoo is...Dr Niederhoffer's site is a good place to start.

 

[PC at CMC Markets]

hi truth seeker
are you and ross spur the same people or do you have your own fan club with two members only. you and him seem awfully supportive of each other maybe your postings are a team effort. give ross my best regards when you have your next meeting.
:cheesy:
pc

Good luck with that. I know traders who were accused of working for Banks and had their positions closed when trading @ £200pp. Then put on dealer (slippage/requotes) granted that was on Market Maker, but on the new platform I know traders who have been asked to leave for scalping @ £200pp, the only reason I can see (apart from what you win lowers their bottom line profits) is that they don't have time to hedge your positions, so they work against you, no matter what they tell you, or otherwise, why would would they want you to leave?
So if you're going to arrange to take a few million off them a year, the only way I can see that happening is if your style of trading is slow enough they can hedge by using limit orders etc.
But yes, come on here and advertise if they mess your trades around or ask you to leave. If they get single click trading sorted out (I'm not holding my breath here, but it would be good) I will return and once again start taking more money from them, and if they ask me to leave, I will plaster it all over the net. Because they rely on losing traders (90%) for their profits, so no traders = no profits. :smart:

 

[PC at CMC Markets]

Hi Hoodoo Man.

Many thanks for your posting.
I think we have one click trading. let me explain.

when you click buy/sell this is to open a ticket for you to place your various buy/sell orders including stops/profits/trailing stops. You can do this by amounts by points or from charts that are incorporated into the tickets. you can place oco orders, stop entry orders. so the first click is to set the ticket.

Once you have set your entry levels, remember you might not want to trade at market but place limit order, you click trade and the deal is done. (there is reminder ticket that you can disable through preferences) You will get a deal confirmation within seconds.

So the first click is to set the ticket, the second is to trade which is one click because you can hold this ticket open for as long as you want to follow the markets. the ticket prices are updated real time, the third click is to confirm the deal .

the above only applies to new deals. If you want to close out existing positions as individual trades or average positions you can do it all from back office with one click.

also quotes are good for amounts say £200pp and you can trade as many times as you like upto the maximum ticket size. soon we will offer larger amounts to trade on our prices. coming very soon.

to be honest we have seen a very big up take of next gen and in general our clients find the whole process easier because they can set everything within a ticket and when they are ready to trade they click and it goes through.

hope that helps.
tks pc

I have opened a demo account and had a quick go yesterday.
Without a doubt it is a very visually appealing, very polished, very simple interface, and also a complete trading platform with all the information the average home / semi pro speculator would need. The look and feel seems to be borrowed heavily from Apple UI, which is probably no bad thing.

However, I am interested in Nextgen as an order entry platform only, so the most important feature for me is how I can get in and out of positions. I'll never use the other bells and whistles - I ignore news, and have my own charts and tables.

There is no such thing as one click dealing on this platform. I'll attach my screenshot showing preferences for Peter. Even when turning off auto confirm and auto stop, I still require to do the following steps:

1. click on buy or sell (ideally, deal should be done as soon as I do this)
2. specify size (ideally, this should be preset by individual, asset class, or globally)
3. click confirm (to confirm size, deal is still not done)
4. the box shown on my screenshot appears, to give opportunity to set stop and limit - I must click confirm once more to get filled.

I would like the following features.
- preset position size
- preset stop and limit order distance (so I can make every order have an emergency stop of 20p and no limit for example)
- true one click dealing

Is my platform set up correctly? Is there another setting I need to change? 1 click should mean 1 click - either the feature exists or it does not. I count three clicks, not including work done entering size. I have just spoken to a trading associate who used to use the old Market Maker platform - apparently it remembered your trade size if you told it to and also had true one click dealing.

A final comment: since the max size is £200pp, it would be nice to get an option to have multiple deal tickets. It would be a nuisance to have to click three times, and it would be difficult to automate the process of bringing up manual tickets over and over.

 

[PC at CMC Markets]

hi gle101
long time no hear, just couldnt stay away eh.
you make a correct point. thanks for your positing.
regards pc

I don't agree, I am quite sure PC can stand the heat. Keep posting and express your views, whether PC is around or not doesn't matter. This is an open forum you know, CMC is not in ownership of this thread.

 

[Truth Seeker]

hi truth seeker
are you and ross spur the same people or do you have your own fan club with two members only. you and him seem awfully supportive of each other maybe your postings are a team effort. give ross my best regards when you have your next meeting.
:cheesy:
pc

Peter

I'm appalled at your reply, and you're the CMC owner? Feel free to check with T2W and you will see we are not the same people, and I can vouch for myself by stating that I do not know who Ross is.

So you think 1 click trading requires 3 clicks? Forest Gump trading?

You have side stepped my questions with a somewhat immature reply, and decided to only answer comfortable questions put by others. To myself this action has cemented my original thoughts - you do not want traders who do short term trades. You are fully aware of traders being told to leave, because your company will not entertain regular winners.

There you go people, here's the real CMC, they need the money of the inexperienced........exposed once again.

 

[the hare]

I think we have one click trading.

the first click is to .....
the second is to .....
the third click is to ....



This is beyond delusional. Seriously, people have been committed to psychiatric care for less.

 

[Truth Seeker]

the first click is to .....
the second is to .....
the third click is to ....



This is beyond delusional. Seriously, people have been committed to psychiatric care for less.

Careful 'the hare' we may be accused of being the same person, or maybe you're the third member of our fan club.....

 

[Ross Spur]

the first click is to .....
the second is to .....
the third click is to ....



This is beyond delusional. Seriously, people have been committed to psychiatric care for less.

Must be a chocolate high from eating too many Jaffa Cakes.

 

[Ross Spur]

Careful 'the hare' we may be accused of being the same person, or maybe you're the third member of our fan club.....

I can state categorically that I'm not you, but are you sure you're not me?

 

[hoodoo man]

Hi Hoodoo Man.

Many thanks for your posting.
I think we have one click trading. let me explain

Thank you for your reply. I note your comment about closing out all positions immediately - this is indeed possible, even in sizes > £200pp as I discovered on Friday. (this is still a two click operation however)

For a trader who does the majority of trades at market, and will have plenty of time in advance to put a limit order if one is required, the one click dealing ticket showing both sides and a pre-filled size is the optimum way to enter and exit positions. I would go as far as to say this type of dealing interface is perhaps industry standard. CMC supported it in the "Market Marker" software, and I've lifted a screenshot of what I mean from a CMC help guide PDF for Market Maker. Also included are screenshots from 8 other popular platforms all with this feature, including EBS, Thomson Reuters, Interactive Brokers, Currenex, CFH Markets, OandA, FXCM and even IG Index / IG Markets.

I do note your comments about client uptake on the new platform, and as I have mentioned previously the interface is very clean and simple to use, yet functional. Perhaps it is true that the one click dealing you had in MarketMaker wasn't popular, or led to error trades, or clients told you they preferred the ability to set stops / limits for every position. I do not know how much it would cost to add this feature into NextGen, or whether you consider it is worthwhile to conduct some research into whether your clients would find it useful. I appreciate that T2W isn't representative of your client base, and further that my requirements are probably quite specific. Two people here asking for a feature isn't going to persuade you to implement it, but perhaps it is something to consider further.

From my own perspective - the application is self contained flash, so interacting with the environment becomes more complex. Java based or other applets with their own windows in the Windows window manager (try saying that three times quickly with a mouthful of jaffa cakes!) are easier for scripts / macros / programs to control and interact with. I wouldn't like to manage with three clicks and typing the stake size to open and two clicks to close, along with getting the deals done on my other platforms. I would really need MarketMaker style "1-click" in order to use your software. In the event this isn't added to NextGen, could you take deals in the sizes we were discussing through the MarketMarker platform instead?

I appreciate your feedback. I know there is no problem filling that size - interestingly I've received a lot of T2W feedback to the effect that it is huge size, I will move the market, CMC will hunt my stop, CMC are crooks and won't let me win, I should trade in the interbank market (despite my being an individual and not a bank) etc - all from people whom I suspect are either 2 lot traders or non traders and have no professional or institutional experience dealing these sizes. Like yourself, I am adjusting to the site and members also. Thank you for your offer - if I go ahead with an account opening I may pop in for a jaffa cake when setting up.

 

[Black Swan]

Peter

I'm appalled at your reply, and you're the CMC owner? Feel free to check with T2W and you will see we are not the same people, and I can vouch for myself by stating that I do not know who Ross is.

So you think 1 click trading requires 3 clicks? Forest Gump trading?

You have side stepped my questions with a somewhat immature reply, and decided to only answer comfortable questions put by others. To myself this action has cemented my original thoughts - you do not want traders who do short term trades. You are fully aware of traders being told to leave, because your company will not entertain regular winners.

There you go people, here's the real CMC, they need the money of the inexperienced........exposed once again.

I can only see 2 reasons for what you term "short term" trades; the punter has discovered a gap in the SB firm's pricing and wants to exploit it to death before it's closed, or the punter is criminally inexperienced. *Genuine* low TF trading with SB firms is trading suicide, perhaps CMC are doing traders a service in not allowing them to be too..ahem..hasty..

 

[PC at CMC Markets]

Hi Black swan how are you.
well all I can say is that you cannot please every body all of the time.
regards Peter.

I can only see 2 reasons for what you term "short term" trades; the punter has discovered a gap in the SB firm's pricing and wants to exploit it to death before it's closed, or the punter is criminally inexperienced. *Genuine* low TF trading with SB firms is trading suicide, perhaps CMC are doing traders a service in not allowing them to be too..ahem..hasty..

 

[PC at CMC Markets]

hi hoodoo man.
let me look into this and speak to the team. i will look at the functionality of both platforms and see what we can do. will know more next week.
tks peter

Thank you for your reply. I note your comment about closing out all positions immediately - this is indeed possible, even in sizes > £200pp as I discovered on Friday. (this is still a two click operation however)

For a trader who does the majority of trades at market, and will have plenty of time in advance to put a limit order if one is required, the one click dealing ticket showing both sides and a pre-filled size is the optimum way to enter and exit positions. I would go as far as to say this type of dealing interface is perhaps industry standard. CMC supported it in the "Market Marker" software, and I've lifted a screenshot of what I mean from a CMC help guide PDF for Market Maker. Also included are screenshots from 8 other popular platforms all with this feature, including EBS, Thomson Reuters, Interactive Brokers, Currenex, CFH Markets, OandA, FXCM and even IG Index / IG Markets.

I do note your comments about client uptake on the new platform, and as I have mentioned previously the interface is very clean and simple to use, yet functional. Perhaps it is true that the one click dealing you had in MarketMaker wasn't popular, or led to error trades, or clients told you they preferred the ability to set stops / limits for every position. I do not know how much it would cost to add this feature into NextGen, or whether you consider it is worthwhile to conduct some research into whether your clients would find it useful. I appreciate that T2W isn't representative of your client base, and further that my requirements are probably quite specific. Two people here asking for a feature isn't going to persuade you to implement it, but perhaps it is something to consider further.

From my own perspective - the application is self contained flash, so interacting with the environment becomes more complex. Java based or other applets with their own windows in the Windows window manager (try saying that three times quickly with a mouthful of jaffa cakes!) are easier for scripts / macros / programs to control and interact with. I wouldn't like to manage with three clicks and typing the stake size to open and two clicks to close, along with getting the deals done on my other platforms. I would really need MarketMaker style "1-click" in order to use your software. In the event this isn't added to NextGen, could you take deals in the sizes we were discussing through the MarketMarker platform instead?

I appreciate your feedback. I know there is no problem filling that size - interestingly I've received a lot of T2W feedback to the effect that it is huge size, I will move the market, CMC will hunt my stop, CMC are crooks and won't let me win, I should trade in the interbank market (despite my being an individual and not a bank) etc - all from people whom I suspect are either 2 lot traders or non traders and have no professional or institutional experience dealing these sizes. Like yourself, I am adjusting to the site and members also. Thank you for your offer - if I go ahead with an account opening I may pop in for a jaffa cake when setting up.

 

[PC at CMC Markets]

Hi Ross.
I never said I ate Jaffa cakes, there you go again jumping to conclusions.
It was the removal men eating them. I completely deny that I had the odd jaffa cake behind the wardrobe when nobody was looking. I gave up jaffa cakes about ten years ago and i will sue anybody that says otherwise. :cheesy:

pc

Must be a chocolate high from eating too many Jaffa Cakes.

 

[PC at CMC Markets]

Hi Truth seeker,
very sorry if I hit a raw nerve there. calm down no need to be appalled. this is a fun site as well as serious site. maybe you need a chill pill. :cheesy:
you should refer to my previous posting where I said that we do not close winning clients accounts. I think you missed that due to you being appalled. I hear jaffa cakes are quite nice and help calm the nerves.
have a nice day.

pc

Peter

I'm appalled at your reply, and you're the CMC owner? Feel free to check with T2W and you will see we are not the same people, and I can vouch for myself by stating that I do not know who Ross is.

So you think 1 click trading requires 3 clicks? Forest Gump trading?

You have side stepped my questions with a somewhat immature reply, and decided to only answer comfortable questions put by others. To myself this action has cemented my original thoughts - you do not want traders who do short term trades. You are fully aware of traders being told to leave, because your company will not entertain regular winners.

There you go people, here's the real CMC, they need the money of the inexperienced........exposed once again.

 

[Ross Spur]

Hi Ross.
I never said I ate Jaffa cakes, there you go again jumping to conclusions.
It was the removal men eating them. I completely deny that I had the odd jaffa cake behind the wardrobe when nobody was looking. I gave up jaffa cakes about ten years ago and i will sue anybody that says otherwise. :cheesy:

pc

I apologise unreservedly for suggesting that you ate JaffaCakes, or had ever used chocolate substances in a recreational capacity.

 

[PC at CMC Markets]

Dear Ross,
I was appalled that you thought I would ever use jaffa cakes in any way.
I was just drafting a letter to my lawyer when i took a chill pill and realised that you didnt mean it. I appreciate the apology and lets be friends.
tks pc
ps if you want a jaffa cake I know a good dealer...

I apologise unreservedly for suggesting that you ate JaffaCakes, or had ever used chocolate substances in a recreational capacity.

 

[tar]

interestingly I've received a lot of T2W feedback to the effect that it is huge size, I will move the market ...

Mate a trade size of 10-30 Million on the Euro is considered small size in the Forex markets and you definitely will not move the market ...