rathcoole_exile
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Fib - great link, thanks for sharing that with us !
lurkerlurker
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Perhaps because I complained to the FSA about them? (I wonder if the FSA would consider a follow up complaint regarding their suspicious fill policy...a best execution waiver should not be a licence to screw people) Perhaps because I've had to ring their people to complain about everything from stops not being activated, money disappearing out of my account, pricing errors on their data feeds, markets being pulled offline, manual interventions and dodgy fills? Maybe because I have made and withdrawn some profits, and at the end of the day they don't want the hassle of hedging me - they would rather I just lost my money to them, and only filling trades which look like they will lose and prevent me making money when I am right seems to be the way to do that. IG/IB soon enough I think.
I've contacted them regarding my concerns, and await their reply, the nature of which will dictate whether I close my account or not.
I've commented a few times on this bucket shop here on T2W, and I've always been very fair and balanced. I am however losing my patience. I called them to ask about the slow executions, and they didn't mention dealer intervention until I worked it out for myself. They then gave me the impression they were doing this to all punters as the Dow has been volatile. I have seen someone else place a Dow trade on their account at the same time I tried to place a trade, and they were filled by the computer. They specifically have my account on manual fills and they are trying to ruin me. I'm losing the "fair and balanced" part since what I've seen with my own eyes (and have the screenshots to prove) appears so contrary to good faith that I can't really trust what these folk say any more.
As I have mentioned, this is the last in a long line of many issues I've had with this firm, and I look forward to going somewhere else. The sad thing is that they seemed like a good company to begin with, they had tight spreads and good executions on their automatic dealer, and their staff were always friendly and professional. Even when I have had problems, until very recently their staff always seemed to go out of their way to explain everything, and apologise where appropriate. Regrettably this is no longer the case.
Maybe theyv'e been reading your posts..................
lurkerlurker
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Very good. Interestingly I've not said too much against them on my posts here until this week, and as some of these issues have been ongoing I haven't named the firm. Perhaps they have been reading them though.....
Not terribly bothered if they do - they'll know the issues I refer to, and I'm just reporting the facts.
Are you trading large size, ie £100 + per point?
lurkerlurker
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I wouldn't trust a bucket shop with that size. Most trades are between £3pp and £5pp, with the very odd £10pp on FTSE. In other words, a human shouldn't need to be involved, and I hardly ever got dealer intervention before this week. I think they don't like me because I have complained when I have had reason to do so, and I've also withdrawn a good slice of profits.
Well, for crying out loud man, CLOSE THE ****ING ACCOUNT - IMMEDIATELY!!
It wont take you 15 minutes to open another online account and fund it with a few pounds from a debit card.....
Kevin21
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to be honest you have to accept the limitations of SB, because at the end of the day it has to be classed as gambeling for it to be tax free. In the early days i got frustrated with them, you know all usual crap everyone winges about, but that was because i was trying to scalp while SB, which in my experience and opinion is a non starter. After conversations with dino's about larger time frames, i went back to using SB for my bigger time frames for some of the instruments i trade, and to be honest i've had no problems, yeah you might miss out on 10 or so pts here and there, but over 3-4hr time frames i'm not really too bothered when it's tax free and i can easily transfer the money the same day if i ring before 11am. I go between 50 and 100GBP per point. It pays for my weekly spending and vices as i just leave my money in IB account and just keep on building the pot.
In my opinion people over complicate trading and make things harder for themselves and it's always easy to blame something/someone else. KISS...
In my opinion people over complicate trading and make things harder for themselves and it's always easy to blame something/someone else. KISS...
Kevin21
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From what i've picked up from you lurker, you seem to be trading with under 2000GBP, so why are you going 5-10pp?
lurkerlurker
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No, I used to trade with that. I've made some good profits sticking with this Dow collapse and adding to my positions, nicely supplemented with shorts on carry pairs. £10pp on the FTSE is roughly equivalent to £5pp on the Dow, which is 2 YM contracts - not too large. I'm generally only risking 30 points in most of my setups, so £150 risk on the Dow. This is risking around 2% of the account.
I think I am going to close the account. I'll get an IG account setup and I'm going to apply for an IB account also. I'm not blaming the SB firms for losses or trading mistakes as most do - I'm simply pointing out that they have loaded the dice so that I can no longer profit. I find that a bit unfair and misleading to be honest, especially since they weren't up front about putting my account on dealer intervention.
Since I don't have another account handy to trade, I've missed out on some major moves this week which I called correctly. Quite annoyed.
I think you are using this 'rogue sb firmr' story a bit too much. To claim that you have missed oppertunity this week is over compensating for something else perhaps.
If you really wanted to trade these recent moves then you could easily have opened another account and traded as I suggested in my previous post.
lurkerlurker
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It is not always the case that you can open an account within 15 minutes. As it stands I am awaiting the status of my IG account application. Hopefully that will be up and running by tomorrow, so I can make some pips going into end of week.
I don't think I am overcompensating for anything here. I can't use the account I normally use - I have applied for other accounts and am awaiting them being opened. I was just remarking how irritating it is to be unable to trade these moves.
Kevin21
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when i opened my CMC account i was trading that day. Filled in the form in online, then got a phone call a bit later when i was in a lecture asking for cash to put into my account lol. Then an hour later i had e-mail comfirming that my account was activated.
lurkerlurker
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Well I'm still waiting on IG. I'm sure it won't be too much longer now. Anyway - this thread is going a little offtopic now....
Well, good luck anyway, I just think that with so many firms out there touting for business you seem to prefer to go on and on at length about your particular firm when the simple solution would have been to switch accounts elsewhere - simple.
lurkerlurker
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Well, I will not bore the thread further by making further comments. I am just rather disappointed and feel that I ought to share my experiences with others who use this vehicle to access the markets. Sorry for taking the thread offtopic. I will start trading again when I get another account. I feel I have reached the stage where I could make a good go of trading, and am naturally frustrated at artificial obstacles to my development.
