Best Thread CMC Markets owner answers your questions

[Truth Seeker]

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..

Wrong on both accounts. Do you work for CMC or are you hoping for a job with your idiotic replies that were not even your place to answer?
CMC doing people a favour by slowing their executions by introducing multiclicks? Please.

 

[PC at CMC Markets]

Hi Tar,
absolutely right. we have access to all of the top top banks, remember Goldmans is a share holder in CMC so to execute large forex orders it is not an issue for us,
and 10 to 30 million will not move the markets. maybe by a pip or two in quiet times but when markets are fluid it wont even register. 30 million deals are also not that big for us as a company but of course we have thousands of small deals and lots of big deals. we take them all.

regards Peter

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 ...

 

[Truth Seeker]

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

I missed nothing, I know for a fact that CMC have closed accounts to constant winners whom I know personally, so you are not being truthful. For the record I am chilled.

I feel CMC are scared to introduce 1 click trading, and the fact you are dodging the questions raised here on this very subject confirms this, and btw making yourself sound very unprofessional by doing this.
Put your money where your mouth is and introduce 1 click trading, I will trade it and within a couple of months your company would have kicked me out, and I will prove it and come on here. If CMC haven't (which I doubt) i will show up and say "still here" right up to the point I do.
Let's go and get started.

 

[PC at CMC Markets]

Hi Truth seeker,
I will look into one click but I still think we have it but lets see how ours compares to others.
if you click to open a ticket then fill in what you want to do you can hold that ticket for as long as you want. so lets say you click open a ticket, select market order, fill in the amount, fill in the stop loss and profit orders (oco orders) then wait. you hold the ticket open and in the ticket window the market is up dating real time (same as our platform). you can hold and hold and hold and then when you are ready to trade pow the deal is executed on one click. it is executed automatically without dealer intervention, electronically. it is straight through and you get the market price.

you then get confirmation which is normal to show you what you have done. so all I am saying is when you are ready to trade click one time and deal is done. (turn off second confirmation in preferences) so thats one click right. if you say the first click is to detail what you want to do. you do not have to trade at that time. trade when you want. five minutes later if you like or hit it straight away. you have the choice.

when we execute with our banks or when you execute a deal on exchange (via internet) you have to fill in the amount right, select whether it is market order or limit order right and when you are ready to trade you click buy or sell. when deal is done you get order confirmation right. so how does ours differ from executing on exchange or with a bank.

tks pc

I missed nothing, I know for a fact that CMC have closed accounts to constant winners whom I know personally, so you are not being truthful. For the record I am chilled.

I feel CMC are scared to introduce 1 click trading, and the fact you are dodging the questions raised here on this very subject confirms this, and btw making yourself sound like an idiot by doing this.
Put your money where your mouth is and introduce 1 click trading, I will trade it and within a couple of months your company would have kicked me out, and I will prove it and come on here. If CMC haven't (which I doubt) i will show up and say "still here" right up to the point I do.
Let's go and get started.

 

[Truth Seeker]

Hi Truth seeker,
I will look into one click but I still think we have it but lets see how ours compares to others.
if you click to open a ticket then fill in what you want to do you can hold that ticket for as long as you want. so lets say you click open a ticket, select market order, fill in the amount, fill in the stop loss and profit orders (oco orders) then wait. you hold the ticket open and in the ticket window the market is up dating real time (same as our platform). you can hold and hold and hold and then when you are ready to trade pow the deal is executed on one click. it is executed automatically without dealer intervention, electronically. it is straight through and you get the market price.

you then get confirmation which is normal to show you what you have done. so all I am saying is when you are ready to trade click one time and deal is done. (turn off second confirmation in preferences) so thats one click right. if you say the first click is to detail what you want to do. you do not have to trade at that time. trade when you want. five minutes later if you like or hit it straight away. you have the choice.

when we execute with our banks or when you execute a deal on exchange (via internet) you have to fill in the amount right, select whether it is market order or limit order right and when you are ready to trade you click buy or sell. when deal is done you get order confirmation right. so how does ours differ from executing on exchange or with a bank.

tks pc

Peter
Is it really you? You should know what 1 click trading is. I have explained what it is in great detail, so have others, and it's not what you have. This is basic stuff my friend, and I can't understand why you don't understand?
You had it with your Market Maker!

But let me explain once more for clarity and to save you trawling through my posts.

You will have a live prices on a particular instrument, on one side is the 'offer' and the other side is the 'bid' price on this ticket, you will have a place to input the amount you want to trade (on YOUR Market Maker you could even save this amount as default).
So, when you want to place a trade, you simply click ONCE on the 'Bid' (to sell short) or ONCE on the 'Offer' to buy (long) the market, at that point you are straight into the market, no silly 'Are you sure you want to (Buy or Sell) at (the amount) this trade?' tickets to confirm the trade.
Are we now clear, please say we are, I just explained it to my six year old, and he gets it (I had to draw a box though for visual effects). Actually, here it is, it is very basic because Maths was my thing, not Art:

 

[forker]

I missed nothing, I know for a fact that CMC have closed accounts to constant winners whom I know personally, so you are not being truthful. For the record I am chilled.

I feel CMC are scared to introduce 1 click trading, and the fact you are dodging the questions raised here on this very subject confirms this, and btw making yourself sound very unprofessional by doing this.
Put your money where your mouth is and introduce 1 click trading, I will trade it and within a couple of months your company would have kicked me out, and I will prove it and come on here. If CMC haven't (which I doubt) i will show up and say "still here" right up to the point I do.
Let's go and get started.

How old are you? Calling names and accusing CMC of not giving you what you want is childlike.

 

[Truth Seeker]

How old are you? Calling names and accusing CMC of not giving you what you want is childlike.

Forker

Read over my posts again, you don't understand the point I have been trying to make. My questions have been avoided and the whole point of this thread is 'CMC Markets owner answers your questions' is it not?
I take it English is not your first language. I expect you also think I have only been trading since Jul 2009 too? Add eight more years then you will be close.

 

[hoodoo man]

so how does ours differ from executing on exchange or with a bank.

With a market maker (oanda, fxcm, ig) or a bank (liquidity available on the reuters, ebs, currenex, interactive brokers, or cfh markets platform) you have deal tickets which look like this screenshot and will show you both sides simultaneously with a specified deal size allowing you to buy the offer or sell the bid on a single click.

Executing on a futures exchange, every frontend I've used (TT, Interactive Brokers, Open E-Cry) has the ability to buy or sell a preset size as either a market order or a limit order set at the ask for a buy or the bid for a sell.

Your platform requires clicking once for a side, entering a position size (cannot be preset), choosing whether or not to set contingent orders, and then confirming the deal. Your Market Maker software had the true 1-click functionality which has been requested here.

For many traders, it will not be a handicap to go through this process. For traders who need to input a lot of deals, it is not optimal. For traders who are monitoring several markets and / or executing on several platforms it will be more complicated. It is not expected that a spread betting platform will have hotkey functionality, but most bank / futures frontends do, which simplifies things somewhat. Since your platform is flash based, the easiest thing you can do to benefit traders who enter lots of orders or use other platforms would be to enable 1 click dealing. Not every client may want to use this, and I suggest that enabling it is a preferences option not set as standard.

 

[forker]

I take it English is not your first language. I expect you also think I have only been trading since Jul 2009 too? Add eight more years then you will be close.

Need I say more!

 

[Truth Seeker]

Need I say more!

Zzzzz. I wouldn't really say any more because you have been off topic from the start and personal, either way I don't care and you will not throw me off from finding out about the 1 click trading if that's your goal. Don't respond because I wont be listening. Have a good evening.

 

[Black Swan]

Wrong on both accounts. Do you work for CMC or are you hoping for a job with your idiotic replies that were not even your place to answer?
CMC doing people a favour by slowing their executions by introducing multiclicks? Please.

Can you not grasp why CMC have that order process in place? Perhaps with a little more experience, smarts and life wisdom it'll eventually sink in...or not..

 

[Black Swan]

Forker

I expect you also think I have only been trading since Jul 2009 too? Add eight more years then you will be close.

I'd expect anyone who has been trading for circa ten years to *get it* by now..

 

[Black Swan]

I know for a fact that CMC have closed accounts to constant winners whom I know personally...

 

[Ross Spur]

Can you not grasp why CMC have that order process in place? Perhaps with a little more experience, smarts and life wisdom it'll eventually sink in...or not..

Well, I've been trading for over ten years, but the reason why I think CMC have that order system in place may not be correct, so please explain it to us dullards.

 

[Black Swan]

Well, I've been trading for over ten years, but the reason why I think CMC have that order system in place may not be correct, so please explain it to us dullards.

I'm shocked, genuinely shocked..:-0

 

[tar]

Yes, I know. Please re-read that sentence. I was referring to a lot of general guesswork and uninformed comments from traders who think I am a mug for wanting to do that size at CMC etc.

Ok mate , you could also check IGmarkets they have institutional forex service :

http://www.igmarkets.co.uk/cfd/institutional-forex.html

 

[Truth Seeker]

I'm shocked, genuinely shocked..:-0

Black Swan

Why do you continually feel the need to run to Peter from CMC's defense? All you're trying to do here is discredit any member who asks decent questions that Peter has tried hard to avoid answering.
Do you think you're fooling anyone here? Give it up.
I will repeat myself because you seem to have a convenient memory - the only reason I can see that CMC have a cumbersome multi-click platform now rather than the decent platform (with true 1 click trading) they had on their previous platform (Market Maker) is to deter short term traders (you know, the ones that can pull in good amounts of profits in short periods of time) because even though they state they hedge every trade, this proves they don't because they must be losing, well in fact they are, otherwise why would they ask short term traders to leave?
Believe me or not, but as I type this here now, I can swear it has, and continues to happen.
One guy I personally know (not an online friend, one who I have met and have continued contact with and seen his wealth first hand) used to trade the S&P on the Market Maker, one instrument that he learned like the back of his hand, nothing else which he studied for a full year learning every twist and turn. He used to trade large amounts per point after building his account up and on average would pull in 3% per day.
Now if you compound this amount over a year with a starting capital of 5k and you will see serious amounts of profits. Let me help you out, it's over £6 million.
When he got to just £100pp he got asked to leave and his account was closed, reason? They said he must work for a Prop firm or a Bank. Go figure. So what he did was to bite the bullet, and he started trading direct through ECN and has got a great accountant and has now own many homes, one abode in a specific island for tax purposes because he was sick as he put it 'of the underhand decieving games that the 21st centuary bucket shops of the 1930's do to take the money off the average trader'. He paid Tax to get to the point of reduced Tax status, but he got there never the less. He would have got there alot faster if the spreadbetting firms had not messed him around along the way. As he put it, 'if they were half as smart as they think they are, they would have shadowed his trades'. But the point is they don't, which concludes that spread betting profits are reliant on the majority of traders who lose...95%? The odds are in their favour which is greatly increased if they kick out the winners who eat greatly into their profits.

Now I have spent some time on this subject, I've given you background to why I'm asking my questions, I hope you can see my points are valid and will deter from anymore de-railing tactics.

 

[Truth Seeker]

With a market maker (oanda, fxcm, ig) or a bank (liquidity available on the reuters, ebs, currenex, interactive brokers, or cfh markets platform) you have deal tickets which look like this screenshot and will show you both sides simultaneously with a specified deal size allowing you to buy the offer or sell the bid on a single click.

Executing on a futures exchange, every frontend I've used (TT, Interactive Brokers, Open E-Cry) has the ability to buy or sell a preset size as either a market order or a limit order set at the ask for a buy or the bid for a sell.

Your platform requires clicking once for a side, entering a position size (cannot be preset), choosing whether or not to set contingent orders, and then confirming the deal. Your Market Maker software had the true 1-click functionality which has been requested here.

For many traders, it will not be a handicap to go through this process. For traders who need to input a lot of deals, it is not optimal. For traders who are monitoring several markets and / or executing on several platforms it will be more complicated. It is not expected that a spread betting platform will have hotkey functionality, but most bank / futures frontends do, which simplifies things somewhat. Since your platform is flash based, the easiest thing you can do to benefit traders who enter lots of orders or use other platforms would be to enable 1 click dealing. Not every client may want to use this, and I suggest that enabling it is a preferences option not set as standard.

Repeated just in case Peter from CMC missed this earlier post and the image of what 1 click dealing tickets look like! Oh look, there's the ticket I mentioned that Peters own company used on his Market Maker platform in the image.....funny that he can't seem to grasp what 1 click dealing is?? Hmmm.

 

[Ross Spur]

Black Swan

Why do you continually feel the need to run to Peter from CMC's defense? All you're trying to do here is discredit any member who asks decent questions that Peter has tried hard to avoid answering.
Do you think you're fooling anyone here? Give it up.
I will repeat myself because you seem to have a convenient memory - the only reason I can see that CMC have a cumbersome multi-click platform now rather than the decent platform (with true 1 click trading) they had on their previous platform (Market Maker) is to deter short term traders (you know, the ones that can pull in good amounts of profits in short periods of time) because even though they state they hedge every trade, this proves they don't because they must be losing, well in fact they are, otherwise why would they ask short term traders to leave?
Believe me or not, but as I type this here now, I can swear it has, and continues to happen.
One guy I personally know (not an online friend, one who I have met and have continued contact with and seen his wealth first hand) used to trade the S&P on the Market Maker, one instrument that he learned like the back of his hand, nothing else which he studied for a full year learning every twist and turn. He used to trade large amounts per point after building his account up and on average would pull in 3% per day.
Now if you compound this amount over a year with a starting capital of 5k and you will see serious amounts of profits. Let me help you out, it's over £6 million.
When he got to just £100pp he got asked to leave and his account was closed, reason? They said he must work for a Prop firm or a Bank. Go figure. So what he did was to bite the bullet, and he started trading direct through ECN and has got a great accountant and has now own many homes, one abode in a specific island for tax purposes because he was sick as he put it 'of the underhand decieving games that the 21st centuary bucket shops of the 1930's do to take the money off the average trader'. He paid Tax to get to the point of reduced Tax status, but he got there never the less. He would have got there alot faster if the spreadbetting firms had not messed him around along the way. As he put it, 'if they were half as smart as they think they are, they would have shadowed his trades'. But the point is they don't, which concludes that spread betting profits are reliant on the majority of traders who lose...95%? The odds are in their favour which is greatly increased if they kick out the winners who eat greatly into their profits.

Now I have spent some time on this subject, I've given you background to why I'm asking my questions, I hope you can see my points are valid and will deter from anymore de-railing tactics.

The way I see it, SBs can decide whether they have someone as a client or not. It therefore seems perfectly reasonable for them not to want people who make consistent gains on short-term trades, when there are plenty more losers to sign up. If they just say, 'Sorry, we don't want you.' that seems fair enough, but it seems more usual to nobble clients by putting them on dealer referral and delaying trades, which is underhand and goes against the spirit of MiFID.

 

[Black Swan]

Twusty sword of Twuth Seeker,

I've skim read your rant, I've seen it repeated so many times on this forum it's boring. The tales from the riverbank anecdotes are always particularly painful, however a few points..

Firstly there is a direct correlation between folks' complaints and their experience/success, I gave up *blaming* my broker and or the SB firm after the few months of trading when the fact hit me that it's me that had to adapt, discover and develop an edge, improve or move on..The 'tw@t factor' (as I refer to it) probably amounts to no more than three percent of my trades; bad fills, widening spreads, slippage, stops being blasted through..all part of the price of doing business in this business.

And if SB-ing is your preferred route to market you'd know that trading off the low TFs (the only reason for really *needing* one click in the fashion you demand), will increase your chance of experiencing the above factors exponentially, I've stated it many times, SB firms are set up they way there are for a reason, don't hate the game or the players, play the game and play the players ..

As for my defense of CMC nope, I don't do sycophancy or creep, arguably it's been a *failing * of mine during life, I just never have been able to climb those greasy corporate ladders by brown nosing and I'm not about to start now, it's just not my style..What I do admire is that Simon at Capital and Peter of CMC are prepared to take the abuse, remain calm and attempt to (when possible) answer all the queries, however, on this thread, (as with CS's) there's probably only been half a dozen reasonable points or queries raised recently, that will help CMC improve their customer experience.

Einstein stated it's the definiton of madness to continue doing the same sums expecting a different result, I'd extend that to suggest regurgatating the same circuitous arguments, as many do on this thread, as equally insane.

So where do you stop on your bizarre mission; CMC give you the type of 'one click trading' you demand in a similar style to (for example) FXCM, and having encouraged them to be fashioned for your preferences you'd then only deal with them? Doubtful, you'd simply find some other sad, bitter complaint and make it your delusional obsession for a week or so..