Hotch
Experienced member
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The price went down when they were long and up when they were short, what more evidence do you need!
Wow that's brutal. The majority of the complaints I've seen about SB firms are from people who were vastly over-leveraging themselves. This is my only gripe with certain SB firms that let you bet silly amounts per point with the available funds, IG is included in that. I agree that this part should be regulated. Add over-leveraging to the mix of betting during fast market conditions and it's an accident waiting to happen.
If used correctly spread betting is a good cheap way to trade liquid markets, just be aware of the risks.
So brutal that they've removed the related post since yesterday if I'm not mistaken. 😱
Anyway if you read the thread you'll get the idea about the brutality level.
wow the guy traded £200 per point with no stop and didn't monitor the position, and IG let him do that. Is that right? I still don't see how IG are to blame for trying to get 92k from a inexperienced punter, apart from morally of course. But when do financial markets and morals mix?
I went to the London traders Expo this year where I met a women who was (not pc I know but) completely off her trolley. She was an older women with mental health issues perhaps dementia.
It sounded like she did trade. She was completely delusional talking about being head hunted by Barclays. Funnily enough she is on T2W and said how everyone on t2W is always badgering her for advice!
That was back in April and every now and then she crosse my mind and the fact that there is no real safeguard against the mentally unstable trading their money away.
richarda47
Newbie
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Having read this thread with great interest and also being a large monetary sufferer of the tactics of IG Index. It pains me to see so many members slag off newbies for their mistakes - didn't we all make them in the beginning? Don't we all know that the SB firms undertake unscrupulous tactics? Should we not be putting information here to warn, teach and assist newbies and indeed ourselves to gain in the future? Trading is an extremely tough profession to pursue and negative treatment of our mistakes doesn't help anyone - in my humble opinion, if you have comments to make do them positively by suggesting courses of action rather than twisting the knife. We should have a thread on how we can suggest ways and means of fighting IG Index and the like - in fact I shall start one.
Some trading rules for newbies that I have broken many times. Not definitive but from the top of my head might help some. Please don't see this as a lecture as I don't trade currently.
Have a hard stop and don't risk more than 1% of your bank on a trade. Start trading to learn not to make money. Play the long game and see your progression over a series of trades rather than the next trade.
Set realistic goals.
Take ownership of your trading, don't rely on others for trading entries/exits.
Never scale into or double down on a trade. Martingale is a just a way to lose money more quickly for novice traders. Advanced traders can use this technique successfully IMO.
Know yourself, if Fear and Greed take over you are doomed.
Keep asking yourself questions. What has the market done, what is it trying to do. If it does this I expect that. Hypothesize, you can test them out on past data. Very useful for future trading IMO.
The outcome of your next trade is 50/50, repeat to yourself until you understand. It's a binary outcome, you either win or lose (I call breaking even losing). It is impossible to know the outcome of your next trade. Don't pretend otherwise.
Have a hard stop and don't risk more than 1% of your bank on a trade. Start trading to learn not to make money. Play the long game and see your progression over a series of trades rather than the next trade.
Set realistic goals.
Take ownership of your trading, don't rely on others for trading entries/exits.
Never scale into or double down on a trade. Martingale is a just a way to lose money more quickly for novice traders. Advanced traders can use this technique successfully IMO.
Know yourself, if Fear and Greed take over you are doomed.
Keep asking yourself questions. What has the market done, what is it trying to do. If it does this I expect that. Hypothesize, you can test them out on past data. Very useful for future trading IMO.
The outcome of your next trade is 50/50, repeat to yourself until you understand. It's a binary outcome, you either win or lose (I call breaking even losing). It is impossible to know the outcome of your next trade. Don't pretend otherwise.
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