Do not use Finspreads-detailed reasons why

Unfortunately I'd have to agree. Today I had a sell order for £1 per point placed on NRK before the market opened set to trigger immediately - i.e. 0.1 below. At the end of the day NRK closed down 161.8 and yet I only realised £48. I thought I'd done my sums wrong but no..my limit order was only placed 5 points above and Finspreads confirmed that the current price was more than 160 away fro mmy limit order. All I can deduce is that my order wasn't filled until the market had fallen over 100 points past where it was set, there was no gapping! Go figure...
Similarly I had the same strategy today with HBOS, which fell 48.6 and realised £34 as it should have done.
Could it, perchance, be that Finspreads knew everyone would be shorting NRK today and screwed everyone over???
 
Shorting Nothern Rock

So did everyone make a killing shorting northern rock, how much did you all make?
Spreadbetting companies must have lost quite a bit.
Anyone care to explain what 'hedging is' and why sb cxompanies do it, I've read 2 sb books and still don't understand it.
 
chriz0528 said:
So did everyone make a killing shorting northern rock, how much did you all make?
Spreadbetting companies must have lost quite a bit.
Anyone care to explain what 'hedging is' and why sb cxompanies do it, I've read 2 sb books and still don't understand it.
Click to expand...

I did well shorting Footsie on Friday
 
Sally Nicoll's spread betting diary

I don't think this is worth making a new thread over but I'm half through through this book and can honestly say that this is probaly the worst sb book I've ever read. The books a diary about Sally Nicoll not spreadbetting. I thought it would be full of inside information, secrets and advice on sb, instead it was Sally Nicoll rambling on about her life,friends and so on. :(
If you haven;t already got it, don't buy it.

The best sb book I've read is 'The beginner's guide to financial spread betting' by Michelle Baltazar and its free from tradindex.
 
This gets better...
Last night I moved my stops to 4 points above. This morning HBOS has risen on Finspreads market by 34! but the order has not been filled - wiping out yesterdays gain completely and turning it into a loss...I don't see any movement in the market at all at Digitallook. I can't cancel my previous order or get out of the market and have now got to sit here and get screwed over again. Meanwhile NRK is 'suspended'.....has now opened and is 30 points up. Again my stop order has not been fulfilled.

How the f&*k can they get away with this day in day out?
'There's no guarantee an order will be filled'
Why??? No shares are being traded it's purely a bet...
Oh of course...it's so they can fiddle it. DOH
BENT BENT BENT
 
No one should be trying to trade in this market. You won't get a price, even with a broker if they do not want to trade. In the first half hour Footsie had fallen to 6157; risen to 6224 and fallen back to 6190- Filling orders is going to be tough on the banking sector, I think.
 
I agree on that point but I'm not really talking about trying to get into a market to place a trade, I'm talking about getting out of a trade that was in profit, not being allowed to and then ending up losing significantly on the trade.
 
I know how you feel. I've been in overnight gap situations, myself, which is why I am trying to become a day trader. Maybe Fins are to blame for your problems, but I'm not sure if they are any different from the rest. Before online trading, I tried to get in touch with a broker to sell shares. He was a reputable one, too, but he wasn't picking up any phones until the market settled.

Split
 
gaps in the direct market sense and SB market makers pricing are not the same thing anyway.
Start from the viewpoint that SB is a profit making enterprise. It does this through the interaction of making a market and allowing punters to place their bets...it mirrors the underlying market through it's own computer program...it manouvers it's limited ability to cope with extreme volatility and the punters bets in such a market to achieve it's stated goal of making a profit. This does not mean someone could not make money from an SB ,it does mean certain types of price action and trade fequency make that much less likely. They have tactics and you have tactical choices and if you understand theirs you will have a much better chance of making a living.
 
chriz0528 said:
Anyone care to explain what 'hedging is' and why sb cxompanies do it, I've read 2 sb books and still don't understand it.
Click to expand...

Hedging is essentially eliminating risk of financial loss for the SB company. If you are long £10 per point with a SB company they don't sit and prey that the market moves against you so they can pocket your loss. They want to make as much money as you would be winning, and are willing to loose as much as you are risking. They charge you a spread so £10 per point on the FTSE for example would be around £20 in their pockets.

Of course as you are going long, someone else is going short with them. They can simply match the opposite bets up and manage their overall exposure. You are not a name, but a number. You are a small part of a very large book that is hedged on an overall basis. They don't want you to loose my friend because if you keep loosing then you will stop trading and stop paying the spread.

In other words owning an SB firm is a relatively risk free license to print money (if it is managed correctly!). How do you think this guy got so rich?

http://www.thestar.com/Business/article/254525

The reason they hedge is to prevent them from loosing money.

JK
 
I have to agree that the finspreads platform is absolutely dreadful, today i was nicely in profit and i wanted to close my position, however there's a slippage in the fill, the price keeps fluctuating and the system doesn't allow u to cancel or amend the order while the order is waiting to be filled!!!
 
nunrgguy said:
I agree on that point but I'm not really talking about trying to get into a market to place a trade, I'm talking about getting out of a trade that was in profit, not being allowed to and then ending up losing significantly on the trade.
Click to expand...
Yes I trade with Finspreads and today I wanted to close my long trade on the Dow with an automatic limit order that I set up last week. The index reached my limit order but it was not executed and the system would not allow me to close manually. After about 25 minutes the order was still not filled, I was getting very worried. So I phoned them to ask when it was going to be filled. The lady from Finspreads was very apologetic and she filled my order at the limit trigger and NOT at the current price, which was 15 lower at the time of my call. I asked why it was not filled and she said it was a manual process and sometimes because they are busy it takes some time to fill.

On balance I feel that Finspreads should have filled my order a lot quicker than they did, but I know that if this happens again that it just takes a call to sort out.
I feel that it's not in the interests of Finspreads or any other SB company to be dishonest, I think there processes let them down sometimes, but which companies processes work all the time - In any industry?

Trust me I'm the sort of person that if they didn't want to respect my limit order, I would send a letter of complaint, plus a copy would go to the FSA.

Moral of this tale, if you’re limit order or any other kind of order is not filled the way it was intended, then phone your SB company and ask them what happened. I think you will find that they will fill it at your trigger level as they can't afford to have you complaining to the FSA or take any other action.

So another happy trading week on the Dow which has given me a steady income for over 6 months now.
 
I closed my account with finspreads many years ago primarily because they would block online trading whenever a big move would start. I withdrew all of my funds the very same day and closed my account. This is not intended as a plug, but I've been with IG for several years and they are very good.

I got into a bit of jip with them when they reset all my favourites and I entered the wrong contract. But they reimbursed me. The charting is the best I have seen comparable to the likes of esignal and qcharts (no data export though).
 
Last Monday, when the big fall was on, I tried to close my Footsie short and was given the famous "Price has moved on, please try again" box. I tried again and got a better price.

The same day, shorting GBP, I had a mental stop on it which, when I decided to close the trade, resulted in the same box. When I tried again, the price had fallen away from my stop level and I did not close, resulting in a good trade.

This does not seem like the actions of a totally unscrupulous dealer to me. I think that they are far too busy taking money off of poor traders. They have no mercy with me, when I do a bad trade but when it is a success---no problems.

Still cannot give a reasonable excuse for closing my account, yet.

Split
 
by using saxo broker,...not u literaly...

a.) if tp was reached,..profit in my account
b.) if closing trade,...trade closed,
c.) if sl set, and hit only small slippage may occur
d.) if locking profit with sl,...and if hit, profit in my account..

...:!:
 
de123 said:
by using saxo broker,...not u literaly...

a.) if tp was reached,..profit in my account
b.) if closing trade,...trade closed,
c.) if sl set, and hit only small slippage may occur
d.) if locking profit with sl,...and if hit, profit in my account..

...:!:
Click to expand...

Seems OK and I'm not saying who is best. but you probably trade with more capital than I do. It's horses for courses. The object of my post is to question those who are discontented with Fins. I suggest that, in general, it is poor trading and putting the blame where it should not be. I trade poorly, same as everyone, but, when I do, I know what the real problem is, nine times out of ten.

Split
 
Savills ...

Can someone do me a favour please and tell me if Savills (march) is closed on fins ???
This is the second time in 2 weeks I have a position and the items closed ? but all others are open ... ???? :rolleyes: :eek: :eek:
 
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