Decent CFD Brokers please!!...

[Jigs]

Guys..
I know we have been here before...and I have managed to read all I could on here..to look for details on who is most well balanced broker...

I have concluded it to be GNI Touch..in terms of their coverage, direct access, hence no hidden spreads etc..

What do you peeps think.. I already have an account with TD Waterhouse, but I cant
find much in terms of their CFD reputation..

Heard a few good and equally bad things with CMC too!..so really confused about them..

Cant really think of many others worth mentioning..but some direction from you experienced traders would be invaluable..

Cheers..

 

[Magos]

I would go with IG index after lots of research

 

[Boofy]

I like IG Markets

 

[Jigs]

I will check IG for sure, and in fact take your word as gospel & go for it..but from your experience how is it better then GNI (from your research. ) Is it DMA.. various markets..better platform etc.. Look forward to your reply..
By the way, how do you guys find CFD trading..i am very new to it..anything I should be aware of..etc etc...

 

[Magos]

I hope you are going short lol

 

[Jigs]

lol..well..I think I will go with IG...just compared some prices etc.. is their platform pretty good too?? seems so..
is your preference going short? is it less risky?.. how long do you usually hold your position?.. wont ask you about stops, as they are for buses!..lol..
Magos, I'm completely new to trading, let alone CFD!.. but I believe in jumping in the deep end.. I see you are in London.. you going to any meets?.. I need to change my settings.. In London too..

 

[Magos]

lol..well..I think I will go with IG...just compared some prices etc.. is their platform pretty good too?? seems so..
is your preference going short? is it less risky?.. how long do you usually hold your position?.. wont ask you about stops, as they are for buses!..lol..
Magos, I'm completely new to trading, let alone CFD!.. but I believe in jumping in the deep end.. I see you are in London.. you going to any meets?.. I need to change my settings.. In London too..

No, unfortunately never attempted a meeting will do though in the future. You can bet on it/
Be very careful: going short is the highest of all the risks, be careful you can get liquidated , 20% level at CFD’s they usually liquidate your positions starting with the highest exposure.
Yes I am currently in London and I am working currently in the CITY and everyone is trying to survive. Survival of the finest.
Also
Never believe your brokers
If you believe you place a trade (working order) or stop or limit ( take profit or stop loss)and it wasn’t triggered send an email to customer support. Is a 70/30 % you are right not them. Even if the market gaps. You can negotiate with them the filling of your position.

 

[Jigs]

I was to open an account with IG today, but just did not manage to do it..I definitely will over the weekend.
I am in the city too, St. Pauls. perhaps one evening ey?..
Do you deal on L2 with IG.. I was reading about it, any good?.. It is direct access right? They dont mess with the prices & spreads, do they?..

 

[Magos]

everybody messes with prices and spreads, since cfds are essentially derivative positions on stocks (underlying asset).
for instance in emerging markets companies like IG, SAXO let you go only long

 

[Boofy]

Sorrry about the delated reply - I've been pre-occupied with an unwell bubby.

Anyway, the reason I chose IG is probably not the same as what most people would choose them on.

After doing a lot of homework and active trading to test the waters, I've realised that if you give yourself a solid trading plan and are disciplined enough to stick to it, it shouldn't matter which broker you use as long as you get to know the quirks of each.

So after trying a couple of the demo ones out there, and making sure they had the criteria I was looking for, (ie, i wanted a DMA or as close to it as possible),

I searched for a platform that was web based and not a desktop application so that I could check on my trades from any old computer,

I wanted a platform that was easy to use and had a good support desk

I wanted a platform that had easy to access data and tic charting.

IG was the only one to fit all those profiles, so I went with them and haven't had a single problem with them. I've been with them nearly a year now.

My style of trading is mostly day trading. If my position hasn't paid in 3 days I cut the trade.

My tips - plan your trade before the market opens - know how much profit you want to make, know where you are going to put your stop and your limit and then just walk away and let it breathe. If you've done your homework and your math correctly, it should pay.

Do as much reading as you can and dont skip past the sections on the mindset of trading. The psychology is the most important part. It's a discipline and the reason a lot of people lose money on cfd's is because they bend their rules.

My personal trading plan has replaced my income and I really enjoy it.

Know they self and you should find a plan that works for you.

Enjoy

Tanya Black

 

[eagletower]

I think Tanya has made some great points, I have used the IG platform because i wanted DMA and in my opinion it's very good, used CMC very breifly once, but if the market moved i would often get requoted and lose a few points when closing a position- not always a biggie if you don't trade often but if you do it can be.

IG quoted me 0.10% online and 0.15% on telephone execution- i managed to go with another broker who clears through IG ( so uses their platform) and managed to get 0.09% on both online and telephone made me a happy bunny!

 

[Magos]

good choice then.

Tip: Web based platforms are slower than application platforms (platforms you download in your pc) in terms of updates, price feeds, feeling positions and server response.

 

[Jigs]

Tanya, you are superb, hit the nail right on the head...I made the same observations & I am on my way to IG, and I also wish to work on a similar strategy intra-day trades etc.. I also think the charges are very competitive, although this is a bonus no doubt.
I plan on using web based for a while before I move onto L2, had a brief look at L2 today, lot to absorb, but more to the point, need to become fluid before I can make the most of the potential of L2..

 

[Preacher-Man]

Onya Tanya. For what it's worth, I've been reading up on just about every CFD broker I could find... and came to the same conclusions as you. I'm now opening with IG and plan to use their level 2.

I've seen a very interesting system being promoted by Daniel Kercher (from Platinum Pursuits) involving using options to hedge your CFD positions. Anyone got any comments / experience / opinions here?

Catchya,
Preach

 

[CFDplayer]

I think Tanya has made some great points, I have used the IG platform because i wanted DMA and in my opinion it's very good, used CMC very breifly once, but if the market moved i would often get requoted and lose a few points when closing a position- not always a biggie if you don't trade often but if you do it can be.

IG quoted me 0.10% online and 0.15% on telephone execution- i managed to go with another broker who clears through IG ( so uses their platform) and managed to get 0.09% on both online and telephone made me a happy bunny!

what is that? an IG's agent?

 

[eagletower]

i went through another broker who white labels IG's platform . quite a few brokers white label platforms. eg Barclays white lable city index, RBS white label CMC. If you do a fair few trades and can negotitate quite well, there are savings to be had. I am not a very heavy trader but the account executive was a fairly nice chap and sorted it out for.

 

[Magos]

white label: A product or service, especially common in the in the financial sector, where the provider of the service purchases a fully supported product from another source, then applies its own brand and identity to it, and sells it as its own product. The purchaser assumes the seller is selling its own product. (webopedia)

help the guy a bit

 

[hanzahar]

what so good about IG's L2?

 

[eagletower]

in my opinion, the platform is really simple to use, Direct Market Access and doesn't freeze up. You can customise it quite well, watch lists are easy to view . It does what i need it to do really. i think with platforms a lot of the time it's suck it and see.

 

[hanzahar]

so cmc's market maker is not better then IG's DMA platform?

Since I'm from singapore I'm looking at IG singapore...I thoughts CFD has micro account...I mean a 10cent per tick account...

anyone knows where can I trade the emini dow or dow jones for 10cents a tick

ABM amro's marketindex is unavailable to SG'ers