HawkTrader
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To be honest I have no idea. I only trade FX and when I had a limted risk account with IG, the spread was 6 pips for GBP/USD but with a plus account the spread is 3.
Please could someone advise me on the best platform for SB?
To be honest I have no idea. I only trade FX and when I had a limted risk account with IG, the spread was 6 pips for GBP/USD but with a plus account the spread is 3.
B
Black Swan
Limited risk spread on cable is averaging 3, at just about any time of day. Can shrink to 2. Eur/usd is 2 pips as is aus/usd, the only 'permanent' wide spreads on the main pairs are usd/cad and gby/jpy, although the usd/cad shrinks a pip or two once US 'opens'
meanreversion
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Try using the trailing stop feature in IG as well, it's an interesting one to play with.
HawkTrader
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Huh, just checked my limited risk account and it seems you're right. :|
I could swear I was paying 6 pips when I first started...
B
Black Swan
I know, I know, it's also worth noting that you generally get filled at the price you see too, so the 3 pip is 3 pip. When I see criticism re. SB as a method of trading and you consider that you can trade cable (with a G.stop included) for 6 pips, euro/usd for 5 pips... it's not half bad really is it?
I am practising on a US based trading platform called FXCM. I found it on Bloomberg - would anyone advise against using a US platform? (i am starting to put real money in the first week of January).
I mainly trade GBP/AUD and FXCM average a 7pt spread - is that standard?
I mainly trade GBP/AUD and FXCM average a 7pt spread - is that standard?
HawkTrader
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I know, I know, it's also worth noting that you generally get filled at the price you see too, so the 3 pip is 3 pip. When I see criticism re. SB as a method of trading and you consider that you can trade cable (with a G.stop included) for 6 pips, euro/usd for 5 pips... it's not half bad really is it?
Not at all.
I've never had problems with orders being filled with IG index, I've always got the price I choose. I don't really see why people complain about SB platforms, they are pretty fast and efficient. If you are a scalper though, you need something else.
B
Black Swan
FXCM are fine, 7 pip spread on gbp/aud?? wtf, not on my platform...
B
Black Swan
Not at all.
I don't really see why people complain about SB platforms, they are pretty fast and efficient. If you are a scalper though, you need something else.
When you think of the complexity that goes behind these proposition in order to allow us to place a bet anywhere, with only a few grand in an account, and get a 2 pip spread the mind boggles....talking to a few of the SB firms last week, recounting stories of how cable was a 20 pip spread if you wanted to 'play forex' ten years back...and all so many of us do is moan, moan, fooking moan...
* Some interesting myths exploded, will make for a good article (if I ever find time to pen it).
Firstly one of the biggest firms has a 60/40% split losers to winners since the bull market January onwards...another has 80/20. so this 90% lose myth is wrong.
Secondly there is no stop hunting, not arsed, for the most part their markets are not that synthetic, not on forex anyhow...and if they were they're fully aware some clever sod would exploit it.
People cheat...no honestly they do..slowing down their pcs etc...
Thirdly hardly any of the top brass actually trade...like us...I don't mean 5hite like us
I mean they just don't do it...One of the biggest mystified how the firm is not liked on 'ere...
Another finds these forums scary...
They are not the enemy, they can cope with as much business winning or losing as we can all deliver. If the ratio of winners to losers changed (in our favour) they'd simply alter their proposition...simples.
* writing this knowing full well someone will come along saying "well they would say that wouldn't they...":whistling
HawkTrader
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When you think of the complexity that goes behind these proposition in order to allow us to place a bet anywhere, with only a few grand in an account, and get a 2 pip spread the mind boggles....talking to a few of the SB firms last week, recounting stories of how cable was a 20 pip spread if you wanted to 'play forex' ten years back...and all so many of us do is moan, moan, fooking moan...
* Some interesting myths exploded, will make for a good article (if I ever find time to pen it).
Firstly one of the biggest firms has a 60/40% split losers to winners since the bull market January onwards...another has 80/20. so this 90% lose myth is wrong.
Secondly there is no stop hunting, not arsed, for the most part their markets are not that synthetic, not on forex anyhow...and if they were they're fully aware some clever sod would exploit it.
People cheat...no honestly they do..slowing down their pcs etc...
Thirdly hardly any of the top brass actually trade...like us...I don't mean 5hite like us
One of the biggest mystified how the firm is not liked on 'ere...
Another finds these forums scary...
They are not the enemy, they can cope with as much business winning or losing as we can all deliver. If the ratio of winners to losers changed (in our favour) they'd simply alter their proposition...simples.
* writing this knowing full well someone will come along saying "well they would say that wouldn't they...":whistling
Hmmm, you seem to be saying an awful lot of good things about the SB brokers, pretty suspicious.
Are you telling me that everytime price hits my SL exactly and then reverses, isn't there fault?!! Yes, I was actually wondering how they actually hedge the spread betters trade through into the actual market? I'm assuming it's all electronic. How much do these SB firms start with in equity, would you know?
"Firstly one of the biggest firms has a 60/40% split losers to winners since the bull market January onwards...another has 80/20. so this 90% lose myth is wrong."
This is interesting, I'm assuming you can't tell us which SB firms these numbers come from!
"If the ratio of winners to losers changed (in our favour) they'd simply alter their proposition...simples."
Do you mean they'd make spreads wider?
Jason Rogers
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B
Black Swan
Hmmm, you seem to be saying an awful lot of good things about the SB brokers, pretty suspicious.
Do you mean they'd make spreads wider?
I reckon they'd simply move more of us up to their "A" book and hedge 'em. We've all been through the "the market hates me, the SB firm is out to get me, they're doing this to me..." 99% of the time it's just us being generally 5hite at trading, which is a pretty difficult skill to 'get', as we start out. Notice how their errors disappear as we get more proficient? Heh, imagine that, I get better treatment the more I win, who'd have thunk it...
Jack Hughes
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As far as I remember, the '90% (or maybe 80%) lose myth' was put on T2W by a well-known SB representative, but does it mean much, anyway? Whatever the ratio of losers to winners in terms of clients, it would be interesting to know what the ratio is in £. It could be that 40% win a few quid each, then 60% blow their entire life's savings and end up living in cardboard boxes.
whats the spread on your platform?
B
Black Swan
B
Black Swan
As far as I remember, the '90% (or maybe 80%) lose myth' was put on T2W by a well-known SB representative, but does it mean much, anyway? Whatever the ratio of losers to winners in terms of clients, it would be interesting to know what the ratio is in £. It could be that 40% win a few quid each, then 60% blow their entire life's savings and end up living in cardboard boxes.
I reckon we just accept the statement at face value, it came direct from the the MD of a major SB firm...
One of the major SB firms (not held in high esteem on 'ere) has the 80/20 split...
There is also a correlation, which I may work up into an article at some stage, between those who the SB firms consider *professional and their levels of overall success. They have plenty of clients who take premiership footballer wages off them ....and it isn't a problem. Difficult to get a handle on it without conducting a survey, over and above the invesment trends report recently published but the suggestion is that folk like us, who dedicate ourselves to this business, are most likely to be in the 40% bracket.
*We also need to remember that those in the City will use the SB firms for lots of reasons.
montmorencyt2w
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When you think of the complexity that goes behind these proposition in order to allow us to place a bet anywhere, with only a few grand in an account, and get a 2 pip spread the mind boggles....talking to a few of the SB firms last week, recounting stories of how cable was a 20 pip spread if you wanted to 'play forex' ten years back...and all so many of us do is moan, moan, fooking moan...
* Some interesting myths exploded, will make for a good article (if I ever find time to pen it).
Firstly one of the biggest firms has a 60/40% split losers to winners since the bull market January onwards...another has 80/20. so this 90% lose myth is wrong.
Secondly there is no stop hunting, not arsed, for the most part their markets are not that synthetic, not on forex anyhow...and if they were they're fully aware some clever sod would exploit it.
People cheat...no honestly they do..slowing down their pcs etc...
Thirdly hardly any of the top brass actually trade...like us...I don't mean 5hite like us
One of the biggest mystified how the firm is not liked on 'ere...
Another finds these forums scary...
They are not the enemy, they can cope with as much business winning or losing as we can all deliver. If the ratio of winners to losers changed (in our favour) they'd simply alter their proposition...simples.
* writing this knowing full well someone will come along saying "well they would say that wouldn't they...":whistling
They must have wined you and dined you well Blackie! What was your other business again ... ?
BTW, I wonder if wwemma is using FXCM Micro? I think that's a bit different from the normal account(s) isn't it?
B
Black Swan
Not me Mike, I don't drink.
When I decide to get involved in a new direction/business/career I get right involved....Not enough for me to just trade, the other opportunities in this business (despite, or perhaps because of the recession/depression) are many and varied IMO...You know if you were running a spread betting firm why would you slow down execution on members who are winning and bring in other measures to stop them trading. All you would need to do is have the top 5% winning accounts visible to your staff and trade along with them???? Then you would do all you can to make sure that the top guys are well looked after?
Surely that would be best way to run a top spread betting firm? Another part of the company makes sure the books are balanced and hedge either way dependant upon exsposure?
Surely that would be best way to run a top spread betting firm? Another part of the company makes sure the books are balanced and hedge either way dependant upon exsposure?
I think I have written this before but you are exactly right. One SB firm i know "backs" it's winners by mirroring the trades done and leaves the losers positions naked in the market. What a business model!
So I find it totally weird when sb'ing firms slow the good guys down or refuse your business, they should really wake up and join the correct business model.
ps. He also told me that some things are dodgy........ dormant accounts for months then suddenly a huge position in x....... followed by an announcement of significance....... then a very rapid close....... haha....
