Yes, IG seem committed to giving clients the worst price, which does seem eversoslightly contradictory to the MFiD idea.
Yes, IG seem committed to giving clients the worst price, which does seem eversoslightly contradictory to the MFiD idea.
Not as much as you are losing at the moment BS!! :clap: the writing is on the wall dudette! I hate it when I go from one bad trade to another, don't you?
Ig index I do not think is that bad, best of the bad bunch to be honest, everyone has been shaken out of a trade, fact of life really, especially if your stops are in stupid places.
tar
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FWIW IG gave me positive slippage much more than negative slippage ... until now i didnt find better service than IG .
B
Black Swan
Tar, fyi infinitep is a tiresome troll who frequents these forums each weekend...mods keep deleting some of the sillier/attack posts but the insanity keeps on coming...ah well..
It's just sad tbh, to reduce themselves to such behaviour is pitiful quite frankly..the behaviour has nothing to do with trading, it's simpy a nuisance. IMHO the mods should ban the freak...
...I have done my home work and basically know everything to do with them. I also spent some time with a competitor of theirs doing work experience, should we say.
Everyone on here makes comments on what happens at IG etc, how they operate, but these are all comments from people who have clearly lost money to IG and hold a grudge. I do not have an account with them nor have lost any money to them. If anyone wants to know anything about them then just ask as I know everything.
They do have clients over, and I know someone will say a FT250 company does not operate like this, but they do and there are lots of examples and proof of what they do. I know for a fact they have a big legal case on the horizon which will make the financial press where lots of information will be available for everyone to see exactly what they have been up to over the last decade, and it is not pretty.
I have nothing to gain and am not in here to profit in any way at all, I just feel that lots of their clients have been taken for a bit of a ride over the years with IG using their T&Cs to cover themselves and it is just not on.
FX Bandit
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So spill the beans. Waddaya know, waddaya hear?
How can you know everything if you've never worked for them?, only for a competitor...?
You've done your home work, so you've read up a bit, what does that tell you in truth...?
I guess this is one of your bits of homework:
http://www.financial-spread-betting.com/Igindex-hedging.html
pretty much describes alot of what you posted previously. Seems all pretty good and sensible practice, I really don't see what you're complaining about that is wrong with their practice...??
B
Black Swan
:rambo:
all sounds good to me! I'd like people following my trades as it make me richers since the price will move further in my favour...!!
I suspect what you say about winning clients not being allowed to trade the platform is rubbish! I've won consistently and not stopped me!
If they were scalpers, then most probably yes..
I suspect what you say about winning clients not being allowed to trade the platform is rubbish! I've won consistently and not stopped me!
If they were scalpers, then most probably yes..
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arabianights
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This is what all brokers do...
A good source told me a while back that in one quarter a third of CMC markets' revenue came from a suspicious bunch who knew an awful lot about spanish property shares.
I've said it before, and I'll say it again. Spread betting companies don't hedge positions. They hedge risk.
Following sensible clients is perfectly legitimate so long as you give the client the fills first (i.e. you don't front run them, trade against them, whatever). It makes markets mroe efficient. There isn't actually any rational reason to object to it other than a vague sense of unfairness.
A good source told me a while back that in one quarter a third of CMC markets' revenue came from a suspicious bunch who knew an awful lot about spanish property shares.
I've said it before, and I'll say it again. Spread betting companies don't hedge positions. They hedge risk.
Following sensible clients is perfectly legitimate so long as you give the client the fills first (i.e. you don't front run them, trade against them, whatever). It makes markets mroe efficient. There isn't actually any rational reason to object to it other than a vague sense of unfairness.
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B
Black Swan
:smart:
FX Bandit
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Good post.
Following clients trades is not ok, and even more so when we are talking about following clients who religiously make money when trading shares - do I need to spell that out to you? Google the names I have mentioned in my previous post, they are all being investigated for insider dealing and one has the SFO looking into them. They are all clients who IG followed religiously and did not report their deals to the FSA.
& for Leonarda who 'thinks' he has won consistently, I suggest you check out your P&L, or call IG and ask them to tell you what you P&L to date is. They are able to tell you this, they simply hit the F12 key and it is displayed in front of them. Better still, get them to email a screen shot. Then come back to me.
Not sticking up for IG or any other financial firm but they're not really doing much wrong because everyone should have realised by now that almost EVERY financial firm exists FIRST TO MAKE MONEY FOR THEMSELVES BY USING THEIR CLIENTS. Then, if there's anything left over the clients get it.
Sure, they all talk a good game with their crappy marketing slogans and usually morally offensive mission statements, one of Goldman's is "Our clients' interests always come first" but unless you're a moron you must realise what they're going to do and how they will ALWAYS operate.
The way to defeat this problem is to -
1) Recognise how they operate,
2) Don't trust them, and
3) Play by your rules and not theirs, ie try hard not to let yourself be in a position where they can shaft you (not always easy I admit, but still possible)
On point 3 when I spread bet I make sure my initial stop is far enough away that it's impossible for them to start playing games.
Sure, they all talk a good game with their crappy marketing slogans and usually morally offensive mission statements, one of Goldman's is "Our clients' interests always come first" but unless you're a moron you must realise what they're going to do and how they will ALWAYS operate.
The way to defeat this problem is to -
1) Recognise how they operate,
2) Don't trust them, and
3) Play by your rules and not theirs, ie try hard not to let yourself be in a position where they can shaft you (not always easy I admit, but still possible)
On point 3 when I spread bet I make sure my initial stop is far enough away that it's impossible for them to start playing games.
exactly, well said! this is how I try and play it, and consistently make money as a result.
0007
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Point 3 is vital. Good post which will help far more than the minutae of which type of ma to use.
Personally, I said a lot of nasty things about IG Index in the past when I was new to trading. addmittedly this was because the platform was a dog to use and had awful glitches that were really messing around with my trading and I thought it disengenuos. However, I have to now say they have absolutely ironed out all of that nonsense and the iPhone app is simply breathtakingly good. The charting is stable and the system does what it says on the tin!! Well done IG for turning this around.
That said I agree with the above poster, you need to remember they are here TO MAKE MONEY and that means they will provide for example tools to use but the default settings are not standard ones like moving averages being away from classic values. Only expereince will tell you this, and that is why also it is a good thing to know what you are doing before you play with your money.
it took me YEARS to change that feeling of wanting to trade anything instantly as long as I had credit in account to not wanting to trade at all unless I had a sensible trading strategy based on something concrete and of value. Man... what a tough road
That said I agree with the above poster, you need to remember they are here TO MAKE MONEY and that means they will provide for example tools to use but the default settings are not standard ones like moving averages being away from classic values. Only expereince will tell you this, and that is why also it is a good thing to know what you are doing before you play with your money.
it took me YEARS to change that feeling of wanting to trade anything instantly as long as I had credit in account to not wanting to trade at all unless I had a sensible trading strategy based on something concrete and of value. Man... what a tough road
0007
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Agree with that. Sounds simple to do but ............ !!
Even when you've got a decent strategy it's still so difficult to be patient. Wasn't it J. Livermore who said the hardest bit is the sitting and waiting until the time is right? Exits are important but a good entry gets you off to a nice start.
Boy_Plunger
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I have a friend whom I trust work at a SB firm. He told me that clients who make money, are put into a different class with delayed execution and slippage added. Those who are consistently profitable, the firm shadow their trades.
I said to him, "that is illegal, are you sure??"
To which he replied (and I kid you not!) "trust me!, of course I am sure, I AM THE ONE WHO DOES THAT!, so if you ever open an account with us, I will make sure your account is safe"
He said over 90% of the clients lose money, possibly even 95%. He said the **** he has to deal with on the phone when clients ring up is unbelievable... once he had a client ring up and said something along these lines..
*Remember this is a SB firm like IG...
Client said "So I've just deposited X amount (it was a significant sum), what are YOU going to do with my money today? how are you going to invest it for me???"
ROTFLMAO!
I cannot disclose the name of the SB firm for obvious reason.
My friend is basically doing trade support/execution - and he says retail clients are soooo freaking stupid! he hates his job!
When he told me this I realised that may have been true with my execution with IG (back when I was profitable) I was up 300% on my account (mostly due to luck as this was when equities were recovering well after the crash - I traded FTSE, Dow and crude oil on IG).
I also noticed that I received a lot a phone calls from IG (can't remember what it was for) but they stopped once I lost most of my money.
So do I think IG delay execution? of course, I've experienced this many times - especially over figures like NFP.
I recalled once during the flash crash or around that time... The spread on the dow by IG increased a lot!.. the actual quoted spread! - this was on top of the added slippage!
I thought everyone knew this!!
Personally, I believe you still can make money on IG if you trade long term, but why would you do that? just get DMA. By the time most people are good enough to make money in the markets they would be using DMA anyway... why would they want to 'downgrade' to IG - perhaps just to pi$$ IG off?
Yes, I did foolishly try to scalp in IG betting up to £20 per point on the Dow - when I first started trading.. we all have to learn through our experiences..
I said to him, "that is illegal, are you sure??"
To which he replied (and I kid you not!) "trust me!, of course I am sure, I AM THE ONE WHO DOES THAT!, so if you ever open an account with us, I will make sure your account is safe"
He said over 90% of the clients lose money, possibly even 95%. He said the **** he has to deal with on the phone when clients ring up is unbelievable... once he had a client ring up and said something along these lines..
*Remember this is a SB firm like IG...
Client said "So I've just deposited X amount (it was a significant sum), what are YOU going to do with my money today? how are you going to invest it for me???"
ROTFLMAO!
I cannot disclose the name of the SB firm for obvious reason.
My friend is basically doing trade support/execution - and he says retail clients are soooo freaking stupid! he hates his job!
When he told me this I realised that may have been true with my execution with IG (back when I was profitable) I was up 300% on my account (mostly due to luck as this was when equities were recovering well after the crash - I traded FTSE, Dow and crude oil on IG).
I also noticed that I received a lot a phone calls from IG (can't remember what it was for) but they stopped once I lost most of my money.
So do I think IG delay execution? of course, I've experienced this many times - especially over figures like NFP.
I recalled once during the flash crash or around that time... The spread on the dow by IG increased a lot!.. the actual quoted spread! - this was on top of the added slippage!
I thought everyone knew this!!
Personally, I believe you still can make money on IG if you trade long term, but why would you do that? just get DMA. By the time most people are good enough to make money in the markets they would be using DMA anyway... why would they want to 'downgrade' to IG - perhaps just to pi$$ IG off?
Yes, I did foolishly try to scalp in IG betting up to £20 per point on the Dow - when I first started trading.. we all have to learn through our experiences..
