IG Index Trading Platform

[neil]

It would be appreciated if you would actually read what was written THEN add your comment. Quote "You should look at my actual entry point on the 5 minute Bar @ 1555" Now, if you would look at the 5 min bar exactly 1 hour earlier @ 1455. The LOW of that Bar is 1692.1 (I don't show a low 0f 1691.2 that day, which raises my eyebrows even further).
My SELL Stop was actioned 1 hour AFTER that AND the price NEVER fell back to that level. Have a look at it and tell me it's not uncanny that I pick the exact turning point again.

To re-Iterate, my beef is that it is just not the Once nor the thrice but much more than 5 times this has happened since July 1st. Either I am incredibly unlucky and manage to pick the precise turning point on the Indexes and the Metals or there is something unsavoury going on. Either way, IGM is a jinx on me and I will dump them and try another. Also, I am not blaming the Broker for my losses. Yet! But I am suspicious of the operation of their platform. I know it is possible to manipulate on-line casino gaming software to the casinos advantage and so it is done with several off-shore un-registered outfits. Because of this, I see no reason that it cannot be done with any software.

You say that it will be 100% the same for all Brokers. Do you actually know that for a fact, having tried all of them or is it your assumption that they will be the same?

Now, can anyone else recommend AN ALTERNATIVE brokerage with a good platform and free decent charting software with a Demo account facility to test them. This is all I really want to know right now as IGM and me are far from being a match.

if you have enough cash for futures trading try Interactive brokers www.interactivebrokers.co.uk
Otherwise it is pointless asking for peoples views since one mans' meat is anothers poison -you can only come to an individually tailored conclusion by trying out other brokers -start by using the brokers tab at the top of this page. I hope I can take it for granted you know the difference between a "broker" and a "spreadbetting" bookmaker?
If you don't have enough cash to trade daily futures (currencies or other instruments) then you are restricted to spread betting. This is only a brief outline since I get easily bored and disinterested these days.

 

[TonyQ]

Thanks for your input but I disagree with your statement re man's meat. I always use the reviews on Amazon, amongst others, to decide upon a purchase and critics views of anything that interests me.
IGM are both a broker and a spread betting bookmaker. However, I should have mentioned that for Day Trades, SB is my preferred route, as I am covered longer term elsewhere with my Options Account and am heavily invested in Short ETFs. That will limit my SB to UK firms but thanks for the i/p. P.S. How can you get bored with all the action happening out there?

 

[anley]

Tony

What market are you talking about and what are the exact time. I'll see what the futures were trading at that time.

As for the suggestion of IB, it's a good one as the only way to get 100% true and transparent fills is to trade on an exchange.

Also, if you're day trading then you must have done loads of trades, and it's only human nature to look for problems in the ones that don't work. The good ones are never really about luck (the bad ones are often about un-luck) always about our inherent skills as traders.

 

[neil]

Thanks for your input but I disagree with your statement re man's meat. I always use the reviews on Amazon, amongst others, to decide upon a purchase and critics views of anything that interests me.
IGM are both a broker and a spread betting bookmaker. However, I should have mentioned that for Day Trades, SB is my preferred route, as I am covered longer term elsewhere with my Options Account and am heavily invested in Short ETFs. That will limit my SB to UK firms but thanks for the i/p. P.S. How can you get bored with all the action happening out there?

Then why don't you use the reviews on this site ! Read the past posts regarding brokers.
And trading is different from a one off purchase of a book. Would you buy a car solely on what people say about it or would you rather test drive it first. What I am trying to say is don't compare apples with oranges, (a common philosophical mistake).

Ps. I think IG are excellent:clap:
but thats one mans meat eh?

 

[Apothecary]

My SELL Stop was actioned 1 hour AFTER that AND the price NEVER fell back to that level. Have a look at it and tell me it's not uncanny that I pick the exact turning point again.

This sort of thing happens to me too. I place a bet and then the price just turns around and I get stopped out, I catch it right at the bottom or top, it really is uncanny. I put it down to my own inexperience and bad trading because I'm very inexperienced at this and therefore not very good (I'm only speaking for myself here, I'm not in any way insinuating anything).

I find it all too easy for the paranoia to creep in but I figure IG don't bother with influencing market prices just to stop out my £2 a point bet on teh ftse100

Also, I check prices with another provider (fxcm), and so far, the charts seem to match, I suggest you do the same, it's quite reassuring.

 

[brettus]

This sort of thing happens to me too. I place a bet and then the price just turns around and I get stopped out, I catch it right at the bottom or top, it really is uncanny. I put it down to my own inexperience and bad trading because I'm very inexperienced at this and therefore not very good (I'm only speaking for myself here, I'm not in any way insinuating anything).

I find it all too easy for the paranoia to creep in but I figure IG don't bother with influencing market prices just to stop out my £2 a point bet on teh ftse100

Also, I check prices with another provider (fxcm), and so far, the charts seem to match, I suggest you do the same, it's quite reassuring.

Yeah Tony. This is just frustrating trying to help you because you don't give us the exact trade times. Also i'm pretty sure we're going to prove you wrong and that you were rightfully filled. You said you were filled an hour later. Are you sure you're looking at the right time on the chart? Send us the details of the trade. Entry time and price. exact entry time to the min or second if you can.

 

[brettus]

It would be appreciated if you would actually read what was written THEN add your comment. Quote "You should look at my actual entry point on the 5 minute Bar @ 1555" Now, if you would look at the 5 min bar exactly 1 hour earlier @ 1455. The LOW of that Bar is 1692.1 (I don't show a low 0f 1691.2 that day, which raises my eyebrows even further).
My SELL Stop was actioned 1 hour AFTER that AND the price NEVER fell back to that level. Have a look at it and tell me it's not uncanny that I pick the exact turning point again.

To re-Iterate, my beef is that it is just not the Once nor the thrice but much more than 5 times this has happened since July 1st. Either I am incredibly unlucky and manage to pick the precise turning point on the Indexes and the Metals or there is something unsavoury going on. Either way, IGM is a jinx on me and I will dump them and try another. Also, I am not blaming the Broker for my losses. Yet! But I am suspicious of the operation of their platform. I know it is possible to manipulate on-line casino gaming software to the casinos advantage and so it is done with several off-shore un-registered outfits. Because of this, I see no reason that it cannot be done with any software.

You say that it will be 100% the same for all Brokers. Do you actually know that for a fact, having tried all of them or is it your assumption that they will be the same?

Now, can anyone else recommend AN ALTERNATIVE brokerage with a good platform and free decent charting software with a Demo account facility to test them. This is all I really want to know right now as IGM and me are far from being a match.

at 14:55 i have the low at 1691.8 on the sell price and 15:55 i have the low at 1696. So you would have been filled at both times. The mid price at 15:55 is 1696.2, which is probably what you're looking at. Capital spreads have 1691.7 and 1696.2. Not sure from their charts if this is the mid price, bid price or ask price. Finspreads has 1692 as mid price at 14:55 and 1696 at 15:55, so you would have been filled on both those occasions. IG didnt screw you! The market did. Welcome to trading!

 

[chizd]

Well, I've traded with IG for 10 years and I've found them to be nothing but good. I don't use stops but it sounds like the behaviour you've described is just what they're supposed to do.

 

[TonyQ]

I cannot give you the exact timing of the trade. I use 5 min bars and cannot retrieve the minute details as the system wont allow me to reduce to under 5 minutes on a 3 day old chart. I opened my order 8th Aug at approx 1550. It was filled during the 1555hrs, 5 minute bar.
I have no idea why the exact second would be of relevance but as far as I am concerned, the point of entry is very important.

Elsewhere someone has mentioned that my charts are set to mid-prices. This is true but the spread is just 50 cents so that will not explain the anomaly. Also, I see am no longer alone with this phenomena. It is odd that I do not have the same problem on the GFT demo. Maybe it will show up when I go live. In which case I will accept my uncanny bad luck.
I have noticed a few people coming out and extolling the virtues of the the IGM platform. I have serious reservations with them and the feed from IGM supporters seemingly borders on nepotism. That won't be a first, of course, when it comes to complaints on services using the internet.
Sellers often plant themselves amongst the relevant blogs to try and counter any adverse comments against their company.
Now, I wonder if we have them here.

Yeah Tony. This is just frustrating trying to help you because you don't give us the exact trade times. Also i'm pretty sure we're going to prove you wrong and that you were rightfully filled. You said you were filled an hour later. Are you sure you're looking at the right time on the chart? Send us the details of the trade. Entry time and price. exact entry time to the min or second if you can.

 

[TonyQ]

Oh dear! Neil please get yourself some other interests. Or are you practising to become pub bore of the year?
I have been using those reviews and that is why I am on the move. Fortunately there is a lot of competition out there. All I wanted is feedback from other punters and an alternative recommendation and what do I GET? The IGN Supporters club. Sorry but they have too many black marks for me to carry on with them. I am currently trialling 3 others. In the meantime I shall play with day-trading as a pass-time as I am well covered with my short positions on the Indexes.

 

[neil]

I cannot give you the exact timing of the trade. I use 5 min bars and cannot retrieve the minute details as the system wont allow me to reduce to under 5 minutes on a 3 day old chart. I opened my order 8th Aug at approx 1550. It was filled during the 1555hrs, 5 minute bar.
I have no idea why the exact second would be of relevance but as far as I am concerned, the point of entry is very important.

Elsewhere someone has mentioned that my charts are set to mid-prices. This is true but the spread is just 50 cents so that will not explain the anomaly. Also, I see am no longer alone with this phenomena. It is odd that I do not have the same problem on the GFT demo. Maybe it will show up when I go live. In which case I will accept my uncanny bad luck.
I have noticed a few people coming out and extolling the virtues of the the IGM platform. I have serious reservations with them and the feed from IGM supporters seemingly borders on nepotism. That won't be a first, of course, when it comes to complaints on services using the internet.
Sellers often plant themselves amongst the relevant blogs to try and counter any adverse comments against their company.
Now, I wonder if we have them here.

No problems with IG today

 

[TonyQ]

Strewth! I was not on-line @ 14:55 and had no working orders either, so that is totally irrelevant. Read what is written, I did get filled, I do have mid-price set. For the last time, I shall explain that this is not the sole time this has happened. At least 5 times over the past 30 days and several before then. I have been position trading for over 10 years but day trading for just 12 months. This is my experience and I find it suspicious. None of you IGM fans apparently have noticed it before and this is nowt to do with lack of experience.
My entry stops are positioned at the 75% ATR point - well clear of short/long covering points and that is what bothers me. Seems to me this might be a case of the lady doth protest too much as you seem to have gone OTT with your price checks. Fancy having access to all of those brokers/book makers. Book makers make their own rules don't they?

at 14:55 i have the low at 1691.8 on the sell price and 15:55 i have the low at 1696. So you would have been filled at both times. The mid price at 15:55 is 1696.2, which is probably what you're looking at. Capital spreads have 1691.7 and 1696.2. Not sure from their charts if this is the mid price, bid price or ask price. Finspreads has 1692 as mid price at 14:55 and 1696 at 15:55, so you would have been filled on both those occasions. IG didnt screw you! The market did. Welcome to trading!

 

[TonyQ]

So, I am not alone with this thread. I used to think like you, that it was inexperience. However, it is well know that many traders position themselves one tick below a previous top or below a previous bottom as a Stop Order which would explain the reversals at that point. That is why I use a much wider margin based on the ATR. I cannot believe that by chance, so many times, I hit the turning point.

I found this website yesterday. It's geared to Forex but the advice is Better late than never.

http://www.forexpeacearmy.com/public/review/www.igmarkets.com

Also this one today. And it is very relevant.
http://www.reviewcentre.com/reviews89473.html

This sort of thing happens to me too. I place a bet and then the price just turns around and I get stopped out, I catch it right at the bottom or top, it really is uncanny. I put it down to my own inexperience and bad trading because I'm very inexperienced at this and therefore not very good (I'm only speaking for myself here, I'm not in any way insinuating anything).

I find it all too easy for the paranoia to creep in but I figure IG don't bother with influencing market prices just to stop out my £2 a point bet on teh ftse100

Also, I check prices with another provider (fxcm), and so far, the charts seem to match, I suggest you do the same, it's quite reassuring.

 

[brettus]

Strewth! I was not on-line @ 14:55 and had no working orders either, so that is totally irrelevant. Read what is written, I did get filled, I do have mid-price set. For the last time, I shall explain that this is not the sole time this has happened. At least 5 times over the past 30 days and several before then. I have been position trading for over 10 years but day trading for just 12 months. This is my experience and I find it suspicious. None of you IGM fans apparently have noticed it before and this is nowt to do with lack of experience.
My entry stops are positioned at the 75% ATR point - well clear of short/long covering points and that is what bothers me. Seems to me this might be a case of the lady doth protest too much as you seem to have gone OTT with your price checks. Fancy having access to all of those brokers/book makers. Book makers make their own rules don't they?

Tony. I just explained to you that every single broker out there would have filled you at 1696. Not just IG! The price got there. I don't see any problems with the fill. I just proved to you that at 15:55 the price traded 1696 with capital spreads, finspreads and IG. You were filled! That's where the market traded. What don't you get? There were no abnormal spikes at all. Everywhere has the same price at that time!!!!!

 

[TonyQ]

I wouldn't know about other brokers out there as I had just the one. I get it but apparently you don't. THIS IS NOT AN ISOLATED INCIDENT. You are focussed on this one time. For me it was the tenth time and the last straw. I am not alone either. Check these out ...........

http://www.reviewcentre.com/reviews89473.html

That tells me I am not the only one and because of that, I have now dumped them. As I have said earlier they are just too iffy for my money.

 

[brettus]

I wouldn't know about other brokers out there as I had just the one. I get it but apparently you don't. THIS IS NOT AN ISOLATED INCIDENT. You are focussed on this one time. For me it was the tenth time and the last straw. I am not alone either. Check these out ...........

http://www.reviewcentre.com/reviews89473.html

That tells me I am not the only one and because of that, I have now dumped them. As I have said earlier they are just too iffy for my money.

You are just being unlucky and a complete noob. I proved that the one fill you got was legit. The others i don't know about and i assume you were just unlucky again. You would have been unlucky whoever you traded with. They don't skew prices on your £2 a point. Don't be so naive!

 

[anley]

Tony

Like others have said on this thread it doesn't really matter which broker you go to because you're going to have exactly the same problems.

Not having a go at you but your gripe is the same as on 10,001 threads on this and other boards over the years, they're all the same, ie 'broker playing with me, not playing fair etc'.

One thing to note though is be prepared because there's a good chance you'll find your new broker even WORSE than IG.

Many have left IG in the past because they were 'running stops' or 'stealing' or 'not filling me on the low' and so on only to return as they view them the best of a bad bunch...........

The only way out of your predicament is to trade on an Exchange where the price and fills are 100% transparent.

 

[nunrgguy]

Obviously I can't properly comment without full information but I'd only add that firstly charts are indicative only, prices quoted are indicative only, secondly, spreads are variable, and thirdly, new traders often forget/don't realise that their chart is usually showing bid and their entry and stop will (depending on trade direction obviously) be at bid or ask i.e. not the same price.

I'd further add that price only based stops in markets at obvious levels at short term, near to levels is asking to be slaughtered.

Re charts: why do you think static internet charts on 5 minute TFs showing bid only and the poster saying - "the trade was not a loss, there was 2 pips profit" are bullsh1t?

It's only when you stop blaming the broker you can move on and become a better trader.
Are you really THAT profitable yet that they are bothered?

 

[TonyQ]

I see you, have to lower yourself to the level of name calling, to try and prove your point. Your point, apparently, is that several other SB bookmakers called the same low. I am not going to check it, as you appear to have done, for it is not that important to me. What is important is the frequency of these events and if you would check out these reviews, you will find that all is not well in the state of IGM.
http://www.reviewcentre.com/reviews89473.html .

An example....
Written on: 20/05/2010

IG index are definitely cheats. If you use the Metatrader 4 platform as well you can compare the Spot FX trades. I can't speak about stock and options, but they have definitely rigged their Spot FX charts. The MT4 candles start faster on every TF and have moved several pips before the IG Charts even a register a change.


All along I have said that these uncanny spikes are "SUSPICIOUS". You have tried to convince me that it is just me. Well, these reviews demonstrate I'm not alone. As far as I am concerned, IGX and IGM are bad history and from those reviews, they sound like they have cowboys in their marketing department.
You have failed in your attempt to put all of this at my feet and as you seem to know my actual stake, I now wonder what department you work for at IGX.

Furthermore, re that paltry £2 stake.
You conveniently forget that I am talking of software manipulation here and it maybe just a small stake but that is amplified to the Stop level (33 points) so a nominal £2/pt stake becomes a loss of £66 for me and a £66 GAIN for the BOOKMAKER. And we are talking BOOKMAKER here. They make their own rules they are not restricted by the FSA. Now Multiply that little £66 by the thousands that Spread Bet each hour of the working day and you have a nice little earner, don't you? And that is just for Gold. What about the little earners in FX and the Indexes? Now do you see my point? Of course you do, that is why you are trying to lay this on me and divert the attention away from the "iffy" IGM.

You are just being unlucky and a complete noob. I proved that the one fill you got was legit. The others i don't know about and i assume you were just unlucky again. You would have been unlucky whoever you traded with. They don't skew prices on your £2 a point. Don't be so naive!

 

[Shanghai]

TonyQ, what you are missing is that if IG were manipulating their prices away from the market prices to stop you out deliberately this would offer wonderful chances for arbitrage for a trader to make a lot of money with both direct access and a spreadbetting account, by taking advantage of the differences.

I trade using interactive brokers and I also have an account with IG. Usually I trade with IB but if the cost of doing business on certain markets is less with IG then I will use them. In 6 years of trading with IG I have queried prices twice and both times after investigation I have found that the underlying market did actually trade at those prices. I often hear complaints about spreadbetting companies hunting for stops, however it is the market hunting for stops not the SB companies, that's how the markets work.