IG Markets robbery!!
- Thread starter Technically Fundamental
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foredog
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Yep.
Mike2000uk
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The crude spread with IG is large sometimes. Im always very wary with stops around big numbers like 50.
B
Black Swan
Aaron a couple of things; firstly you've now moved away from paper trading and no matter how many times you hear the phrase "it's different" you're now experiencing it for real. Back testing a strategy before trading never accounts for factors such as slippage and or the true cost of exit/entry. Oil spread on IG is poor, at times the spread is eleven points, your guaranteed stop will be 3 points and unless you time the entry perfectly the entry always 'steals' 3-4 points. You can be 17 points down as the trade goes 'live', IMHO (as a short time frame day trader) this often kills oil off as a spread.
Suggestion; do not trade it, look for trades with a spread of 2-3 pips with a stop loss cost of the same, even these will cost approx. 7-8 points on entry on your limited risk account. Trade cable, trade Euro/dollar, trade the ftse, trade Wall st (when it shrinks to 4 pips spread). These 4 opportunities will give you a great understanding of so much, IMHO it's difficult to improve on these for you. Let's not forget after a bit of experience you can move to IG plus account and wont' pay for the stops - unless you want to place them.
Secondly, you've only just started trading and you're already bitching and chucking your emotions all over this suite of forums, I have some harsh news for you; it's not them it's you, you need to adapt, you need to take on board that you've got to control your emotions and figure out in a calm and reflective manner where you went wrong and I'm talking as a tea cup chucker/keyboard head basher/talking to myself nutter in my early days...but it passes, you will gain control you will figure out how to win/make money, then it's all about getting your head straight and keeping it that way.
To finish don't regard platforms such as IG as either your friend or enemy it's a cold, merciless machine, learn how to use it then play it..
Suggestion; do not trade it, look for trades with a spread of 2-3 pips with a stop loss cost of the same, even these will cost approx. 7-8 points on entry on your limited risk account. Trade cable, trade Euro/dollar, trade the ftse, trade Wall st (when it shrinks to 4 pips spread). These 4 opportunities will give you a great understanding of so much, IMHO it's difficult to improve on these for you. Let's not forget after a bit of experience you can move to IG plus account and wont' pay for the stops - unless you want to place them.
Secondly, you've only just started trading and you're already bitching and chucking your emotions all over this suite of forums, I have some harsh news for you; it's not them it's you, you need to adapt, you need to take on board that you've got to control your emotions and figure out in a calm and reflective manner where you went wrong and I'm talking as a tea cup chucker/keyboard head basher/talking to myself nutter in my early days...but it passes, you will gain control you will figure out how to win/make money, then it's all about getting your head straight and keeping it that way.
To finish don't regard platforms such as IG as either your friend or enemy it's a cold, merciless machine, learn how to use it then play it..
Technically Fundamental
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Aaron a couple of things; firstly you've now moved away from paper trading and no matter how many times you hear the phrase "it's different" you're now experiencing it for real. Back testing a strategy before trading never accounts for factors such as slippage and or the true cost of exit/entry. Oil spread on IG is poor, at times the spread is eleven points, your guaranteed stop will be 3 points and unless you time the entry perfectly the entry always 'steals' 3-4 points. You can be 17 points down as the trade goes 'live', IMHO (as a short time frame day trader) this often kills oil off as a spread.
Suggestion; do not trade it, look for trades with a spread of 2-3 pips with a stop loss cost of the same, even these will cost approx. 7-8 points on entry on your limited risk account. Trade cable, trade Euro/dollar, trade the ftse, trade Wall st (when it shrinks to 4 pips spread). These 4 opportunities will give you a great understanding of so much, IMHO it's difficult to improve on these for you. Let's not forget after a bit of experience you can move to IG plus account and wont' pay for the stops - unless you want to place them.
Secondly, you've only just started trading and you're already bitching and chucking your emotions all over this suite of forums, I have some harsh news for you; it's not them it's you, you need to adapt, you need to take on board that you've got to control your emotions and figure out in a calm and reflective manner where you went wrong and I'm talking as a tea cup chucker/keyboard head basher/talking to myself nutter in my early days...but it passes, you will gain control you will figure out how to win/make money, then it's all about getting your head straight and keeping it that way.
To finish don't regard platforms such as IG as either your friend or enemy it's a cold, merciless machine, learn how to use it then play it..
I know man. Just didn't expect that robbing spread. Thanks.
tar
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it is not the spread , it is your entry , even if u had 1 point spread on oil , your position is wrong ...
dont worry u will make your loss back
Technically Fundamental
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If the market ( including there spread) hit your stop whats wrong with that ?
When it becomes wrong is when the SB Firm increases/decreases the quotes to stop custermers out on highs/lows.
But this is spread betting and after all the postings on this site Im surprised that people bring this up time and time again.
When it becomes wrong is when the SB Firm increases/decreases the quotes to stop custermers out on highs/lows.
But this is spread betting and after all the postings on this site Im surprised that people bring this up time and time again.
Peaceful_Warrior
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I trade with IG, recently they changed their spreads from fixed to variable which I found annoying but thats life.
I still use them as I can manipulate the leverage to my advantage and my account manager is pretty high in the pecking order so if anything goes wrong, I make a call and things happen.
The other thing I might say is that whatever platform you use, they are still only a tool in your armory, you just need to workout which is the best way to use them, as they change the working conditions, you also need to rethink your position to see if they still fit into your requirements of a platform.
I personally use 4 platforms and I openly discuss the pros and cons with each of the account managers and they know if they are not up to standard I start transferring funds to the others.
They work for you, you don't work for them.
But hey thats just my approach to platforms, I believe in working it and it also lets them know what their customers are looking for.
cheers
I still use them as I can manipulate the leverage to my advantage and my account manager is pretty high in the pecking order so if anything goes wrong, I make a call and things happen.
The other thing I might say is that whatever platform you use, they are still only a tool in your armory, you just need to workout which is the best way to use them, as they change the working conditions, you also need to rethink your position to see if they still fit into your requirements of a platform.
I personally use 4 platforms and I openly discuss the pros and cons with each of the account managers and they know if they are not up to standard I start transferring funds to the others.
They work for you, you don't work for them.
But hey thats just my approach to platforms, I believe in working it and it also lets them know what their customers are looking for.
cheers
tar
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yes and no, if he's looking to score a quick thirty pips 'off the charts' then IMHO a large spread such as you get with IG on oil should be avoided. Take on board your point though...
if he has a " plus account " and he use normal stop the spread on Daily crude is 6-8 pip average during the US session
B
Black Swan
I know that bud but he's on a limited account therefore has to pay for the guaranteed stop etc... the point I was making for him is that whilst he's 'breaking himself in' he's best searching for the trades with the consistently lowest spreads. Taking oil, when it can be as high as 10-11 spread, and paying the guarantee = nervous trade before/as it's executed...
Technically Fundamental
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Just read through Trader Dantes old thread on complaining about spreads on platforms.
Now that I've reverted back to my normal self I'll explain that what I see as the "scam" is it looks to me like the charts are behaving a differently to what I was seeing on the demo accounts and the spreads and slippage were a lot worse than I expected.
Instead of kicking off and being a t*t I'll just warn anyone else who is about to go live of what they can expect.
Suppose it can only really benefit me in the long run. I have to pick my trades more carefully and hold on to them for longer. Just what I needed anyway really.
Now that I've reverted back to my normal self I'll explain that what I see as the "scam" is it looks to me like the charts are behaving a differently to what I was seeing on the demo accounts and the spreads and slippage were a lot worse than I expected.
Instead of kicking off and being a t*t I'll just warn anyone else who is about to go live of what they can expect.
Suppose it can only really benefit me in the long run. I have to pick my trades more carefully and hold on to them for longer. Just what I needed anyway really.
B
Black Swan
Just read through Trader Dantes old thread on complaining about spreads on platforms.
Now that I've reverted back to my normal self I'll explain that what I see as the "scam" is it looks to me like the charts are behaving a differently to what I was seeing on the demo accounts and the spreads and slippage were a lot worse than I expected.
Instead of kicking off and being a t*t I'll just warn anyone else who is about to go live of what they can expect.
Suppose it can only really benefit me in the long run. I have to pick my trades more carefully and hold on to them for longer. Just what I needed anyway really.
This is a common bit of new trader mild paranoia; different charts whilst trading and not trading
...definitely fits in with Mark Douglas' thoughts on the physche parts of trading. Are you using IG real time charts? if so they're fine. If you don't like them/trust them get, for example, a sharescope package. Try this as an exercise, overlay your IG real time chart for either the ftse or wall st daily with another chart, you'll find near as damn it they match.
Technically Fundamental
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TBH I was being a pr*ck. I entered the trade and I was blaming the platform instead of blaming myself for entering a dud trade. I know I panicked and i know I should have bought at my entry point instead of shorting where I did but I was still blaming the platform. I need to just chill out and only consider trades where my target is way ahead of the spread. I havent got thousand at my disposal liek on the demo accounts so scalping is basically out.
The Joys of IG
Peaceful_Warrior.........maybe that's the answer! We should all cosy up to a senior member of IG in the hope of preferential treatment.
I have had an account with IG since '03. I have stopped using them, vowing never to return. I now trade US stocks direct access. It is a joy to pit myself against the market, and not against the market AND IG.
They have recently introduced "variable spreads". I like it....I notice they have introduced a few new gimmicks to try and woo more "mugs".
Puredeal. They must **** themselves laughing..........
Peaceful_Warrior.........maybe that's the answer! We should all cosy up to a senior member of IG in the hope of preferential treatment.
I have had an account with IG since '03. I have stopped using them, vowing never to return. I now trade US stocks direct access. It is a joy to pit myself against the market, and not against the market AND IG.
They have recently introduced "variable spreads". I like it....I notice they have introduced a few new gimmicks to try and woo more "mugs".
Puredeal. They must **** themselves laughing..........
Technically Fundamental
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Technically Fundamental
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what they should do is make the demo account exatctly the same as the live account. spread and all.
