true:cheesy:
You are speaking from the point of view of a scalper, which I am not. I have mentioned my doubts about those (and there is a Scalping Footsie thread , on this site) who say that they are scalpers when the reality is that they are short term traders. OP, judging by the number of trades that he made, is a scalper.
I, as a client of Finspreads, do not understand how he did it. The trading platform is far too slow to support that activity. Frankly, a scalper would know, in a very short time, that he was not in the right place for what he wanted to do.
If Finspreads are not geared up to deal with "scalping" traders, why shoukl they deal with them?
What I do not agree with is their lack of clarity in not stating their reasons for closing an account.
If, in their email to OP, they had given the reason for the cancellation of the account then he would not have had a reason for posting the letter here and, perhaps, this thread would not exist.
G
G.O.A.T
He might have been banned..... again!
Whatever they say, it should be something. Otherwise, we are going by OP's version of events. Even what you say (above quoted) is an insinuation against their integrity , but it is their fault for not beng clear.
There is a lot of stuff posted on here by posters of whom we have no clue as to who they are. Are we to believe everything we read and disbelieve the other side?
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True scalping is impossible with SB. I just make a lot of trades that win or lose a few points.
We don't know if the OP made his £1200 just by grabbing a few points hundreds of times, or let some trades run, but City/Fins seem to have a system for flagging accounts that might lose them money on short-erm trades and introducing a delay. This goes against the MIFiD guidance, I believe.They have no obligation to take a client's business, so what they should do is close the account and say why, rather than use underhand methods to claw back a few quid.
They closed the account but did not say why. I suppose that gives a certain degree of correctness, rather than use the alternative, underhand, methods that you mention.
Shakone
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It's possible they don't know why (beyond the profitability). They know he's taking quick trades, and making money. There are three possibilities, he's either using a better feed, or he knows how to trade like that or he was lucky. They probably don't know which, but decided either way, that he wasn't worth having as a client.
I had problems with Finspreads in the past. After a very good week, they rejected trades 6 or 7 times in a row both on entries (which was bad) and exits (which was far more scary), even though the entries and exits should have been valid. I tried the limit order route with them, and they refused to fill limit orders that should (going by their own prices, and the prices of the general market) have been filled, but weren't. They're a shady operation in my view and I left them quite quickly.
Stay away. Be glad they closed your account. There are much better places to trade.
I had problems with Finspreads in the past. After a very good week, they rejected trades 6 or 7 times in a row both on entries (which was bad) and exits (which was far more scary), even though the entries and exits should have been valid. I tried the limit order route with them, and they refused to fill limit orders that should (going by their own prices, and the prices of the general market) have been filled, but weren't. They're a shady operation in my view and I left them quite quickly.
Stay away. Be glad they closed your account. There are much better places to trade.
What I mean is, If my Finspreads had £10,000 start instead of £100 initial investment, and I managed to do the same return (hypothetically speaking), would they pay out the £120,000 or would they try find a reason not to pay it.
They could try to wriggle out of it using one of their 'fair use' T&Cs, but they'd need to prove something, or it would be like a bookie getting out of paying winnings by saying the wrong horse won.
That's a bit concerning, by "need to prove something", what exactly is there to prove which would give them an excuse not to pay?
I agree scalping with any sb company is virtually impossible particularly finspreads.I use city which I believe is the same platform and its way to slow to scalp.
If I had a scalping sysytem that worked I would not be worrying about finspreads I would be making money with a "real" futures broker but I suspect what you may have (and of course I am only speculating as we don't know the details) is a system that works becuase its exploits a weakness in their platform and there for would not work in the real market and frankly if that is the case I don't blame them for not letting it continue would you if it was your company?
If I had a scalping sysytem that worked I would not be worrying about finspreads I would be making money with a "real" futures broker but I suspect what you may have (and of course I am only speculating as we don't know the details) is a system that works becuase its exploits a weakness in their platform and there for would not work in the real market and frankly if that is the case I don't blame them for not letting it continue would you if it was your company?
I am not worried about finspreads at all, I was querying about SB's in general regarding my question about them trying to not paying out. I won't be trading with finspreads again purely because of how hard it was get correct entries, I only was with them because I remembered I had an account from a year ago when I started trading. My next stop is of course one of these "Real" brokers.
Have a look at ProSpreads.
