pboyles, i have made an enquiry regarding that but arnt expecting any substantial reply. It was peculiar tho in my view. Im sorry but i cant agree with the comment that sb firms dont move price. Time and time again you hear of people who continuously get frustrated at getting their stops hit all the time, which is why i dont use them. Sb firms themselves open positions in markets to hedge against potential losses, that in itself influences prices. This may sound a bit daft, but iv never really wanted for anything expensive in life, flashy cars, big houses, holidays every few months etc, and only ever saw the account reading '£25,000'. It was just a figure - i had no rush to want to withdraw it and 'realise' the profits because i have always been comfortable living within my means. Im a little frustrated at the term 'gambling' as a couple have mentioned, as i have actually done considerable study before i started trading. I suppose trading without a stop loss is exactly that tho, gambling ! This was a one off trade that went wrong and cost me, but its a lesson learnt. This particular trade did go where my study indicated it would, I take a lot from that, but I failed to recognise the pace of the move, and didnt allow for a 'breather' during strength in the market. People have lost a lot more than this, which is pennies in the real world. I also think excitement played more of a role in the trade than what it should have, due to the confidence i had in the trade, but again a lesson learnt. Good to hear some feedback tho and some fair points taken on the chin !
The people that say SB companies don't fool around with price are the same people that were defending retail forex companies saying slippage wasn't their fault etc etc. Now we have had two of the biggest fx companies fined millions for dishonest slippage practices. Knowing how SB companies work you were asking for trouble running positions that size, it was just too tempting for them. With an account that size you could have had a proper futures account, all water under the bridge now though.
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People that think they lost a trade because of the broker/SB moving the price are the same people that will continue to blame someone else for their loss, rather than their own actions - and will therefore never learn to trade successfully.
Prices are very easily checked against other brokers/data providers - VERY EASILY.
Prices are very easily checked against other brokers/data providers - VERY EASILY.
Yes but even if they are different the SB company is going to argue that they make the price. What was the date and time and price?
From what I'm reading the conspiracy theorists are suggesting something unfair was going on - if numerous other brokers have the same price then it was a fair price and you have to take responsibility yourself. They didn't need to move the price falsely because it was only a matter of time before the market did it for them anyway. When someone gambles their whole account on one trade it is always only a matter of time.
They dont move the DAX they move their version of the DAX, the German 30 or whatever they call it. When you spreadbet you are not trading the index futures you are trading on what the bookmaker has created for you to bet on.
I think its what happened to price once the trade was opened is now the discussion. I have taken responsibility - i didnt have to trade that day and if i didnt id still have 25 to trade with and we wouldnt be posting on this thread, iv no issues with that. It was just remarkable how literally once the account was cleaned out, price then resumed the predicted direction.
So you are suggesting mrfigures' SB firm offered a discount on the DAX's actual level just in case he might be screenwatching and just in case he would then take fright and close his position, and all the while hoping other traders by the score would not go long on this suddent irrational mis-pricing opportunity?
I think you would be a fool to assume a spreadbet company would not rip you off if they had the chance. FXCM forex screwed their US customers out of $8 million, why wouldnt a SB company manipulate spread/price in their favour? It may not have happened in this case, we dont know as the OP hasnt been specific with date, time, price but to assume they are all honest and would never do such a thing is plain naive.
Perhaps they do, perhaps they don't - the point is if you use proper trade and money management it doesn't make too much of a difference, does it. He would have lost 2% instead of 100%.
I won;t believe this SB price fixing hogwash until the evidence emerges - which should be easy surely? Surely all it would to catch them out take would be 2 charts side by side, one from the SB, the other showing the underlying - spot the difference and ring the SFA to collect your prize.
It's drivel pboyles.
It's drivel pboyles.
I don't think that you require opinions from us. I think that you know.
What you are showing other traders is what happens to the psychological you when you do lose that much. You are showing others that it is possible to lose the lot and the feeling one has, when cleaned right out. Put as cheerful a face on it as possible but the fact is that you have to start all over again and, probably, without the same confidence.
