mostly for laptop1 about spreadbetting companies

[temptrader]

When they ban you what do they actually do? Do they send a nice little letter saying that they will close your account etc. . . .

I'm actually sick and tired of all this BS about them wanting their customers to win, since it seems to be patently obvious to me that they don't want me to win since their interface always have funny "issues" popping up now and again so as to put you off guard when you should be really concentrating on trading.

I mean if they wanted their customers to win they would try to iron these issues out, or apologise for them. But they come up repeatedly, so it just can't be me that having these problems.

I had to move from finspreads to worldspreads because I just can't be profitable with finspreads now because of the issues of filling me on time, server going down etc. . . but even with worldspreads there are issues, but not as bad as finspreads.

I just wish these spreadbetting companies would just cut the BS and tell us how their business works instead of f*cking us around. I know you're going to tell me to move to IB or some other brokerage where the conflict of interests is not there, but I can't afford to do that yet in my trading journey.

 

[Kevin21]

i feel your pain mate. The way i see it is that most of the times you just get raped by SB companies in one way other another. I try and scalpe a few points here and there to try and walk with 20pts a day, but when you've gotta contend with 5-10pt spread and the fact that the spread isn't the actual price of the market, it just screws me. I've got a live intraday feed with sharescope pro, and the prices i get on my graph never really add up with what cmc are offering me. The opportunites i see on my graph to take 10 points for example means that in reality i've got to take 20-25points on what cmc offers. Then theres the stop losses that never seem to kick in at all, the fact that they talk to me like i'm a complete moron when i phone them up, the list goes on. I think i'm just gonna bite the bullet and get an account with IB and trade mini dow futures because thats like going $5 a point, which is like 2.50-3 quid. Just not to keen when my trading captial is around 2k sterlin.
I go back to uni in sept to my masters and i'll be getting a 1k grant ontop of my student loan that i don't have to pay back, so i'll be able to sink another 2k into the account if things are going a bit pear shaped in a couple of months or so...

good luck bud...

 

[laptop1]

Hi temptrader

If I was you I WOULD NOT TRADE WITH WORLSPREADS let me make that clear..WS marketing material is misleading because it will not allow your trades to be executed instantaneously, They cover all the angles, because they know someone will complain. They made life hard for me placing me on reffral up to 30 to 45 secounds...Exaple, long the Dow Futures, lets say 13500, and the market went against me by 10 points they would fill me,I had no choice in the matter, I had to go long 10 ticks below where I wanted to go long. I had a a box saying check your open positions."it felt like your are filled take that sucker".

Now if the market went my way, I could wait anything from 20 to 50 seconds for a fill, then eventually I would get a different message saying, I had 3 seconds to confirm a price usually about 5 ticks above the market price. Basically because I was making money, they played tricks on me. AND THEY WILL DO IT WITH YOU IF YOU WIN.......most don't say nothing because most lose money...

I phoned them to ask whats going on, they said. We are entitled to either accept or reject a proposed trade and entitled to check any price that I wanted to deal at by referring me to a dealer before accepting my bet. saying their Terms and Conditions reserve the right not to accept any bet from any particle client for whatever reason it seems fit. I told them, basicaly you got me by the ba11s...They went on to say there are plenty of spread bet firms around if your are not happy sir...I told them, you only want lossing traders and put the phone down. I cant say much more becuse I have a complaint in with the FOS. Once the situation has been resolved I will tell all.... I have warned you.

PS fins done the same sort of thing, but with them it was the platform going down all the time.

I now trade with direct accses Berkeley's Futures with great support from them, with no platform going down and no silly tricks that the spreadbetter play.

DONT TRADE WITH WORLDSPREAD THEY WILL NOT ALLOW YOU TO TAKE MONEY OFF THEM

 

[temptrader]

looks like I'm screwed then, thanks for all the replies.

I am making money, but only recorded 3 incidences last week, this is getting a little creepy, I really don't like the sound of this. I been with WS for about a week now, why can't they just be honest about it all?

 

[free4440273]

what a thoroughly depressing read! especially when it's your money at stake. why not just go with igindex? or am i missing something?

 

[options]

Ok. I agree with what laptop says about ALL Sb Co's.
I have had more then my fair share of hanged trades, requotes, system outage' not answering phone etc. Even misplacing trades in the system!

They have really got you by the short and curlies. On occasion I have had trades re credited. But they generally don't give a toss.

I even have a friend who has advised the board of Worldspreads about various items and it appears his views for which he has been paid for as a consultant have been totally ignored. Even his trades have been 'scrambled' as a 'normal' punter until action by a higher up.

But there is a way to beat them!

I would offer that most complaints come from 'scalpers'. Intraday bettors. They do not like this type of trader no matter what the blurb says. They don't have the chance to 'hedge'. So if you are trading with size they hate you. You are now taking money off them, and not the smaller players.

The only way to beat this is to stretch out the working time frame. If you can get onto a daily time frame chart then a 20 second delay is gonna mean sod all.

 

[JTrader]

Hi temptrader

They made life hard for me placing me on reffral up to 30 to 45 secounds...Exaple, long the Dow Futures, lets say 13500, and the market went against me by 10 points they would fill me,I had no choice in the matter, I had to go long 10 ticks below where I wanted to go long. I had a a box saying check your open positions."it felt like your are filled take that sucker".

Now if the market went my way, I could wait anything from 20 to 50 seconds for a fill, then eventually I would get a different message saying, I had 3 seconds to confirm a price usually about 5 ticks above the market price. Basically because I was making money, they played tricks on me. AND THEY WILL DO IT WITH YOU IF YOU WIN.......most don't say nothing because most lose money...

I phoned them to ask whats going on, they said. We are entitled to either accept or reject a proposed trade and entitled to check any price that I wanted to deal at by referring me to a dealer before accepting my bet. saying their Terms and Conditions reserve the right not to accept any bet from any particle client for whatever reason it seems fit. I told them, basicaly you got me by the ba11s...They went on to say there are plenty of spread bet firms around if your are not happy sir...I told them, you only want lossing traders and put the phone down. I cant say much more becuse I have a complaint in with the FOS. Once the situation has been resolved I will tell all.... I have warned you.

DONT TRADE WITH WORLDSPREAD THEY WILL NOT ALLOW YOU TO TAKE MONEY OFF THEM

This is plain criminal IMO.

 

[options]

"This is plain criminal IMO."

"Ding" Welcome to the real world"

No, seriously JT it is m8.

A lot of the early sb co's have cleaned up their acts, and are proportionately better than they were. But they are just getting more sophisticated.

I would never trust a bookie, full stop.

But you use their systems/software, you play by their rules.

They can be beaten... Quite easily. But most of the gripers are losing short term traders. I know... I was one. I would blame every single thing on them They even put a little man inside my machine! FFeffing up every single trade I put on. Honest Guv! I swear he was there. I could feel him there... Then I beat him. You want to know how?
I shot the flucking little clunt!

Move out to a longer time frame for his holyness's time sake. You can 'scalp' on a hour chart you know!

 

[temptrader]

They even put a little man inside my machine! FFeffing up every single trade I put on. Honest Guv! I swear he was there. I could feel him there... Then I beat him. You want to know how?
I shot the flucking little clunt!

:cheesy: :cheesy: :cheesy: :cheesy: :cheesy:

sorry, but my game is terribly short term and I would have to change to go hourly or even daily and that takes time as you all know. I would have changed earlier but it just didn't suit me.

 

[Chubbardo]

Been trading with WS for past month. There platform started out ok but more and more I've noticed things that just don't add up.

The platform has gone down 3 times in 2 days the longest time was 14min. Took a phone call from me for them to even know about it and to inform their IT dep.

Mornings 7-8.30am I usually get delayed fills and referred to dealer messages.

A couple times while in profit, I have been trailing the stop by 15 pips and they've stopped me out. I useTradestation for charts and know the price never came back to the stop. I phoned them up and asked them how it happened. first time they said it was an error on their side and they put me back in the trade. the second time the said the price did come back and they would send me a pdf of their tape. I said please do and then they put me on hold, they then came back and said they'd put me back in the trade again.

 

[counter_violent]

:cheesy: :cheesy: :cheesy: :cheesy: :cheesy:

sorry, but my game is terribly short term and I would have to change to go hourly or even daily and that takes time as you all know. I would have changed earlier but it just didn't suit me.

You have no choice then, go D A route.

cv

 

[laptop1]

Been trading with WS for past month. There platform started out ok but more and more I've noticed things that just don't add up.

The platform has gone down 3 times in 2 days the longest time was 14min. Took a phone call from me for them to even know about it and to inform their IT dep.

Mornings 7-8.30am I usually get delayed fills and referred to dealer messages.

A couple times while in profit, I have been trailing the stop by 15 pips and they've stopped me out. I useTradestation for charts and know the price never came back to the stop. I phoned them up and asked them how it happened. first time they said it was an error on their side and they put me back in the trade. the second time the said the price did come back and they would send me a pdf of their tape. I said please do and then they put me on hold, they then came back and said they'd put me back in the trade again.

This is now becoming systemic across a number of cases whereby Worlspreads is likely to change tack when presented with investors that make profit with this firm. I have experience this first hand. I think your time is now up with WS it's time to move on, before they play more tricks on you to get their money back that you won off them, don't give them that chance.

 

[Chubbardo]

Sounds like you been where I been already Laptop...
you're right... times up.

I'm looking for a new broker then. Any suggestions?

Needs:
Forex GU and EJ
Dow mini

Web based order entry and work on Mac and PC so I can manage positions while at work.

Fast execution for scalping the dow.

no funny business!!!

 

[jkplay]

The best thing to do if you're spreadbetting is simple... a few golden rules

1. If you can help it don't place market orders with them. Do your analysis, place a limit in place (if done would be ideal) and they can't f*** you over (as easily...).

2. DEAL WITH A BIG FIRM!! CMC/IG would be the only two worth trading with IMHO. WS is a scam with constant dealer approval required (as far as I've been told!)

3. Don't look at the pretty lights flash and be tempted to dive into markets you havn't done you TA/Fundamental analysis on.... it's easy to loose alot of money like that.

4. Work towards a target price and dont use stops according to the size of you account, place them at a distance where you are confident your opening view is wrong.

Something that irritates me is when people think the firm is against them. The big marketmakers hedge their overall exposure and not everybody's individual trades (notice I say BIG marketmakers). SB firms get a bad rep buy £5 a pointers who loose their cash with bad trades and start laying into the firm for manipulation, malicious stop filling and wateva else.

Deal with a big marketmaker, have discipline and if you loose a couple of grand don't blame them for your bad decisions (unless you have a good reason to of course)

If you trade size DMA is the only option, futuresbetting if you don't wana pay tax but I think the way to go is DMA CFDs as you can offset some of your CGT exposure and have pure transparency to the underlying market.

 

[bortha]

Well, that's sort of "reassuring" to know that others feel the same.
I use IG and they don't seem too bad. Orders are filled pretty much instaneously although the price at which I enter always seems a few points worse than I anticipated. Certainly makes scalping difficult, but not impossible.
I phoned them today about being stopped out and was fobbed off with words I didn't really understand but in the end I gave up and got on with the next trade.
Andy
"Time is a great teacher, but unfortunately it kills all its pupils"

 

[trader_dante]

I traded hourly charts with over ten SB different companies and used big size too. Never had a problem. Change your timeframe or if you insist on trading off of 10 second candles then go direct market.