I'm finished, warning on spreadbetting

[imposter74]

That's it....i'm ******* done with spreadbetting, it's all one big fix.

I bought a FTSE data feed to help and i'm watching the market moving, scalping safely off the trends and putting in my orders via 'PaddyPower Trader' yet it is insistant on doing its own thing when it's time to make a big profit!!

No matter what i do in favour of the market the spread is being insanely manipulated by up to 6 points either way. Today I went short on the FTSE during it's freefall and all I got was 'Processing your order', I had to close the window and log back in and they act like nothing ever happened - they BLOCKED IT.

I went short on gold and they held the spreads at the same position until the market was against me, then all of a sudden bam!

This is not trading, it's gambling and you will always be in their pocket. They will let you make a BIT of money to make you happy and grow your confidence but then when it really counts they will use those spreads against you especially on a bad day when they are loosing money.

Heed these words.

£150 down and out. Lessons have been learnt so i'm now off to learn how to trade not gamble.

Thanks for reading.

 

[Mathemagician]

Sorry to hear about your negative experience, and thank you for sharing it for the benefit of all.

jj

 

[shadowninja]

The only spreadbetting company I'd use is IG Index. And scalping is not for beginners. And SBers dislike scalpers. It is interesting that newbies always come here saying how some SBer is a scam and then they also add that they scalp. Something for everyone to learn.

PS You're not related to Spanish89? He made a similar entrance.

PPS I find the name "Paddy Power" amusing. Would you trust "ShadowNinja's Delightful Trading Emporium"? Childish, I know.

 

[clin]

Thanks for sharing your experience. It is unfortunate that we all have to learn through experience and that such companies are permitted to continue to provide such services. If you are not aware the company behind Paddypower Trader is London Capital Group who is also behind Capital Spreads and Etrade Spreadbetting. Give them back some grief by making a complain to the Financial Ombusmen and Financial Standards Authority and let them spend some time investigating into it.

It is wise of you to realise its too big a gamble sticking with them.

From my experience paddypowers little financial section does provide the more realistic price levels except it can be slow at times.

 

[Paul71]

Thanks for sharing your experience. It is unfortunate that we all have to learn through experience and that such companies are permitted to continue to provide such services. If you are not aware the company behind Paddypower Trader is London Capital Group who is also behind Capital Spreads and Etrade Spreadbetting. Give them back some grief by making a complain to the Financial Ombusmen and Financial Standards Authority and let them spend some time investigating into it.

It is wise of you to realise its too big a gamble sticking with them.

From my experience paddypowers little financial section does provide the more realistic price levels except it can be slow at times.

FSA? What are they going to do? Why do people try to scalp an indicitive price with 150 quid?

Trying to make money....they've got more chance of calling Finspreads and speaking to Elvis!

 

[gamma]

£150 down and out. Lessons have been learnt so i'm now off to learn how to trade not gamble.

Wow!
The company you trade with must have devoted a massive amount of time,manpower,energy and resources at it command to fleece you of 150 pounds.
Very annoying this unfair favourtism they never seem to do the same for me when they take a 1000 pounds of me.
Spread bet companies !
They have a cunning plan to destroy all newbies.heh! heh! heh!

 

[tomorton]

The only spreadbetting company I'd use is IG Index. And scalping is not for beginners. And SBers dislike scalpers. It is interesting that newbies always come here saying how some SBer is a scam and then they also add that they scalp. Something for everyone to learn.


This really seems to be the lesson to be learned, not that SB companies have wide spreads and wide biases from the underlying and their quotes spike up and down to hit their clients' stops. Don't use SB to scalp, it will only work long enough to wipe you out.

 

[Splitlink]

The only spreadbetting company I'd use is IG Index. And scalping is not for beginners. And SBers dislike scalpers. It is interesting that newbies always come here saying how some SBer is a scam and then they also add that they scalp. Something for everyone to learn.


This really seems to be the lesson to be learned, not that SB companies have wide spreads and wide biases from the underlying and their quotes spike up and down to hit their clients' stops. Don't use SB to scalp, it will only work long enough to wipe you out.

I suppose that this why, over the few years that I have been a contributor to this board, I have always been puzzled by posters who have felt cheated by spreadbetting companies.

I do not trust SB companies. I accept them for what they are and try to live with their tricks. With time and competition they have improved a lot. Maybe their platforms could be a lot better but they and I seem to be able to live with each other.

I do not trade anything that I consider has a wide spread. I stick to the area that I think that I know and where, I believe, I can accept the trade in the knowledge that I can exit in reasonable time, taking into consideration that they are not DA brokers. Wide spreads and out of the ordinary instruments I leave alone. I try to enter and leave trades in quiet moments, when I get quick fills. I never chase anything because, then, the price is never favourable.

I've done thousands of trades and never had to ring them afterwards with a query over anything. Consequently, I have been with my firm since before the went into online trading and haven't had the hassle of changing from one to another, which some posters seem to have.

I say things as they are. I have no reason to defend them.

Split

 

[0007]

I suppose that this why, over the few years that I have been a contributor to this board, I have always been puzzled by posters who have felt cheated by spreadbetting companies.

I do not trust SB companies. I accept them for what they are and try to live with their tricks. With time and competition they have improved a lot. Maybe their platforms could be a lot better but they and I seem to be able to live with each other.

I do not trade anything that I consider has a wide spread. I stick to the area that I think that I know and where, I believe, I can accept the trade in the knowledge that I can exit in reasonable time, taking into consideration that they are not DA brokers. Wide spreads and out of the ordinary instruments I leave alone. I try to enter and leave trades in quiet moments, when I get quick fills. I never chase anything because, then, the price is never favourable.

I've done thousands of trades and never had to ring them afterwards with a query over anything. Consequently, I have been with my firm since before the went into online trading and haven't had the hassle of changing from one to another, which some posters seem to have.

I say things as they are. I have no reason to defend them.

Split

I second that. It's just like the market - keep on top of it or it will turn round and bite you. SBs are a trading tool with limitations and from all the evidence, unsuited for some tasks eg scalping. Lewis wouldn't race in a people-carrier would he ?

 

[gamma]

I am not going to defend sb companies but lets examine the victim in this case
when someone makes a statement like

No matter what i do in favour of the market the spread is being insanely manipulated by up to 6 points either way. Today I went short on the FTSE during it's freefall and all I got was 'Processing your order

Yes! this is a diligent hardworking scalper who was treated awfully by those nasty manipulative spreadbet companies who went all out to get his 150 quid.(mp160 maybe you want to get some lessons from this guy lol: )
They probably if anything taught him a cheap lesson. Namely do not trade until you know what you are doing which in his case he obviously does not.

And the post by clin

making a complain to the Financial Ombusmen and Financial Standards Authority and let them spend some time investigating into it.

Yeah! go ahead it should give them something to laugh about !

 

[jev]

Hi Everybody
I am new to this forum indeed new to writing in any forums in general.
I have been spreadbetting the financial market since last september and have accounts with 4 companies.
My only complaint is of my own doing. Yes they all have their faults, i.e. some are slow in accepting prices or even giving a price to trade. But unless you are trading to a very high stake and need the price bang on your call to enter, then it shouldn't make too much of an issue.
I have been making regular money for six months until taking a big hit last month...my own fault for taking my focus of the markets and being in too heavy. So I am at the stage of rebuilding my confidence and treading water lightly.
What I am trying to say is that if you do your research correctly and stick to markets that are easily tradeable, then the only way you will lose major money is through your own calling.

 

[gle101]

That's it....i'm ******* done with spreadbetting, it's all one big fix.

I bought a FTSE data feed to help and i'm watching the market moving, scalping safely off the trends and putting in my orders via 'PaddyPower Trader' yet it is insistant on doing its own thing when it's time to make a big profit!!

No matter what i do in favour of the market the spread is being insanely manipulated by up to 6 points either way. Today I went short on the FTSE during it's freefall and all I got was 'Processing your order', I had to close the window and log back in and they act like nothing ever happened - they BLOCKED IT.

I went short on gold and they held the spreads at the same position until the market was against me, then all of a sudden bam!

This is not trading, it's gambling and you will always be in their pocket. They will let you make a BIT of money to make you happy and grow your confidence but then when it really counts they will use those spreads against you especially on a bad day when they are loosing money.

Heed these words.

£150 down and out. Lessons have been learnt so i'm now off to learn how to trade not gamble.

Thanks for reading.

Sorry to hear about your hard learned lesson. However, I am quite convinced that you would have lost much more trading the DMA. Perhaps you could consider money management (1-2% of the capital, stop loss included). Did you change anything with this particular SB, or stop trading and move on to another SB, when you found out in which direction you were heading? As I see it, it is money well spent for the sake of learning the rules of the game. You'll be back pretty soon.

 

[rnicoll]

No matter what i do in favour of the market the spread is being insanely manipulated by up to 6 points either way. Today I went short on the FTSE during it's freefall and all I got was 'Processing your order', I had to close the window and log back in and they act like nothing ever happened - they BLOCKED IT.

No, you closed halfway through, their system went "Bloody hell, what happened?", did the safe thing and backed out of the transaction.

That said, sounds like their system is lag-tastic, and you're very much better off as far away from it as possible.

I went short on gold and they held the spreads at the same position until the market was against me, then all of a sudden bam!

Sucks, doesn't it. However; spread bets tend to have an expiry, against a specific agreed thing (FTSE at end of day, for example). Up until that point, the price can and will do whatever they feel like having it do. That said, a good spreadbet firm will stick fairly closely to the underlying market.

£150 down and out. Lessons have been learnt so i'm now off to learn how to trade not gamble.

Look on the bright side, I lost £600 my first week of spreadbetting. If you do decide to come back to spreadbets sometime, Twowayspreads have worked well for me for a while, Finspreads were fair enough but far too slow if you're watching it point by point, and CMC Markets seem good for the month I've been with them.

Which is another point; don't be afraid to open half a dozen accounts, try them all out, and see what you like/don't like. You may well lose a bit, but consider it an educational expense.

 

[mp6140]

Yes! this is a diligent hardworking scalper who was treated awfully by those nasty manipulative spreadbet companies who went all out to get his 150 quid.(mp160 maybe you want to get some lessons from this guy lol: )They probably if anything taught him a cheap lesson. Namely do not trade until you know what you are doing which in his case he obviously does not.

=================================

hmmm -- how much is 150 squids ?

mp

 

[gooseman]

=================================

hmmm -- how much is 150 squids ?

mp

$6,842

 

[Trader333]

To convert the answer from gooseman to USD then divide the answer given by 22.92 which equates to $298.50


Paul

 

[gooseman]

sorry -i was using zimbabwean dollars

 

[nine]

They must have been 2002 zimbwedolls ... otherwise you're wildly optimistic.

 

[ascott007]

Hi,

Sorry to hear about those spread betting companies intentionally shutting you out like that. It doesn't surprise me that they'd do something like that, actually. They don't want you to take the bet unless it's in their favor.

I've had a good experience on betfair.com though -- have you tried that? In that case, you're not taking a bet against the company in charge of the website, but another user. So, it's not in betfair's interest to shut you out of the website. I've been using it to bet on the US Dow Jones, since I can get live quotes easily from yahoo.com. I want to bet on the FTSE, though, because it has more liquidity -- more people are betting there, so you can get better odds. But I can't find a good inexpensive FTSE data feed. You mentioned that you bought one. How was it and how much did it cost?

 

[eagletower]

scalping with spread betting is silly in my opinion, indicative prices are never going to be in your favour, but i doubt anyone would go out of their way for £150.

It's funny when i have asked people why they like spreadbetting, they mention tax benefits , i think once you have learnt to make money on the markets tax shouldn't be a worry, it should be a blessing!

I only use spread bets for long term trades ( few and far between now) and scalping CFDs dma now,