IG Index Thread

[rav700]

I run a credit a/c with IG. (also have one with FinSpreads). Generally pleased with IG; certainly they have the best trading platform in my opinion. I scalp the Dow with them mostly and look for situations where I think IG are 'wrong' compared to the realtime MACD. I then like to watch the Heiken Ashi measure to try to determine when to exit, lthough my biggest trading error is to pull out too early (ooh err missus).
One of the big plusses for me with IG is that the buy/sell buttons are in view constantly once you are in a trade, so I can close the position quickly, whereas with FinSpreads the price appears in a separate window and expires after 2 minutes (god knows why they do it like that)
Scalping does not really neccessiate the use of stops. However if I trade something else with them (shares or Forex) on a longer term basis I use them and have suffered slippage in quick moving markets. Slippage seems to be a very useful excuse for the SB co's and never works the other way ie stop triggered, then the market moves back in your favour but you cannot then trade it because it is a 'pending trade'. I think SB co's should be subject to Best Execution in those situations, especially as a stop normally means your trade is losing.
FinSpreads have better spreads on virtually everything. I have neve suffered slippage on trades with them. One of the things I like with FinSpreads is that they allow stops very close to the current price, whereas IG will only allow a stop to be a a fairly considerable distance further away in comparison. This is very handy when running a trailing stop on a winning trade.

Hope you find this interesting.

BigDeal

So what you suggesting to use finspreads or Igindex.....am confused mate.......

 

[BigDeal]

I'm not making a recommendation - just saw first post asking for comments.

 

[rav700]

I'm not making a recommendation - just saw first post asking for comments.

ok Cool mate Have you had no problems with finspreads at all......
I am surprised...
Best of luck with your trading my friend....

 

[simonbrew]

IG statement errors

For anyone starting out with IG, I would advise you to check your statements very carefully. They have made quite a few errors on my account. One bet of mine was stopped out at around $10, even though the minimum price for the day hadn't been below $11. They could offer no explanation of what happened. I'm actually in the process of moving to another company as the IG spreads on US stocks are now amongst the most uncompetitive around.

I've had the same problem with IG on 3 trades on 8th June 2006. When you say they could offer no explanation, does this mean they refunded your money or did you just have to suffer - as their Customer Agreement appears to allow?

 

[Hoggums]

I've had the same problem with IG on 3 trades on 8th June 2006. When you say they could offer no explanation, does this mean they refunded your money or did you just have to suffer - as their Customer Agreement appears to allow?

I've suffered this as well - opened a position on the Nasdaq and immediately it closed itself at my stoploss which was some 35 points away! Phoned them up and they re-opened the position for me - but had I not been vigilant nothing would have been done.

There's definitely an issue with their platform...

 

[The Baptist]

no, no-one has ever closed any of my accounts .... yet,

just a bit nervous after some recent comments from my broker on the phone is all.

Chrisw, ive spreadbet for many years now with several brokers and also operate some 'proper' fx accounts in the states - you've no more odds against you on sb as with any fx clearing house.

on slippage i would expect some with instant execution, however what im looking for is someone that uses ig index with stop entry orders, thats the way i operate. In my opinion you should get better more consistant fills with stop entry orders than 'button click' trades and i want to know if that's true with ig.

I use CMC and IGindex and do not like IG for stop entry's, while CMC are more transparent about when a stop is coming due to execution. I successfully trade BO's and phycologically always seem down on my IG account and up on my CMC. Can't explain but I prefer CMC's platform for limit and stop orders.

 

[martin brown]

I Opened an IGIndex account, made just 5% on my deposit after 2 days, they then put me on manual execution and then called me asking why i decided to close my account.

yet another "cowboy outfit"....

 

[Pippppin]

If SB companies such as IG Index really are the sharks they are so often portrayed as on T2W, surely the answer is to file an official complaint with the FSA, or failing that, reporting them to Trading Standards.

If they are indulging in sharp practice, they need to be brought to book, and maybe T2W members can organise a concerted campaign?

 

[laptop1]

If SB companies such as IG Index really are the sharks they are so often portrayed as on T2W, surely the answer is to file an official complaint with the FSA, or failing that, reporting them to Trading Standards.

If they are indulging in sharp practice, they need to be brought to book, and maybe T2W members can organise a concerted campaign?

I Concur

 

[Pippppin]

To be effective it might need a proper forum setting up on T2W to enable spreadbetters to pool experiences and organise a systematic campaign

 

[Jack o'Clubs]

For the last couple of weeks Country Life has featured Stuart Wheeler's restoration of his pad, Chilham Castle in Kent. Absolutely staggering - the man has taste. Nice to know where our money's going, anyway...

 

[Pippppin]

IG Index has introduced another variation on spreadbetting - Bracket Bets. The company say they have applied for a patent

Has anybody placed any Bracket Bets?

 

[stevespray]

Just been reading about 'bracket bets' on the IG website. Hard to see how they can apply for a patent since the idea of 'bracket orders' has been about for donkey's years.

Seems to be based around g/teed stops and limits attached to your opening order. Once opened you cant alter the levels of the stop / limit but can still close the bet in the normal fashion. The bet closes automatically when either the stop or the limit gets hit.

In my opinion the idea seems of more benefit to the company as the company is aware of customers stops and limit levels and can therefore bias its quotations taking into account these levels. Surely it's never a good idea to reveal your stop level to your counterparty especially when your counterparty is making the prices!

Steve.

 

[Pippppin]

Agreed - but the markets to be used for Bracket Bets initially (Wall Street, FTSE, gold) are likely to attract a number of clients. It is unlikely IG will move their spread (even momentarily) away from the underlying market just stop out a client, since that could make them vulnerable to offering an unduly favourable opening bet for somebody else. Their overall risk exposure is likely to be their main concern, rather than individual client position

 

[The Pear]

Just been reading about 'bracket bets' on the IG website. Hard to see how they can apply for a patent since the idea of 'bracket orders' has been about for donkey's years.

Steve,

its an interesting idea but basically agree with you. I have tried binaries and they work in certain circumstances but these products are built for 'flash' trading. Nothing like the real market.

 

[Windlesham1]

I cannort beleive that IG can legally get away with such a sh*t website- it works occasionally on the Mac and has crashed the Dell 3 times-using Firefox. I've used E trade, Finspreads and IB(for 3 years) with no problem apart from the spreadbetters taking the p*ss with trade exits. ths software is an utter disgrace and I would question its legality. Anyone else think it's sh*t?

 

[Pippppin]

maybe....but your language is not too impressive either

 

[bizmanny]

I cannort beleive that IG can legally get away with such a sh*t website- it works occasionally on the Mac and has crashed the Dell 3 times-using Firefox. I've used E trade, Finspreads and IB(for 3 years) with no problem apart from the spreadbetters taking the p*ss with trade exits. ths software is an utter disgrace and I would question its legality. Anyone else think it's sh*t?

I have encounter the same problem with IGindex . But their other website i have found them okay.I thought is because of my computer full of stuff and and different software. But if it happens to other people then this is might be IG problem. I think the best thing will to let them know.

 

[The Pear]

W - they all have problems with IT, whether it be buit inhouse or contractors. So while price nudging is a factor of the market - they are market makers (albeit thieving ones) - its best to look for platforms that will not blow up when X amount of concurrent users are trying to trade at the same time (ie over a figure).

 

[Windlesham1]

If we were allowed to download the platform and they just supplied the data feed-like IB,there would never be a problem. I suggest this is deliberate policy to give them an extra edge, and I challenge them to prove me wrong!