They make money when you lose, they lose money when you win, simple as that. Hence their ability to 'cancel' trades because they never exist in the first place.
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They make money when you lose, they lose money when you win, simple as that. Hence their ability to 'cancel' trades because they never exist in the first place.
The letter clearly states that they don't think you were acting as a principal i.e. you were trading for someone else. Is that the case?
If not, then they have directed you to open a formal complaint with their compliance department. Have you or do you intend to start this? If you are innocent then i would advise you do this first.
If not, then they have directed you to open a formal complaint with their compliance department. Have you or do you intend to start this? If you are innocent then i would advise you do this first.
Excuse my ignorance, so they never actually pass trades onto the actual market?? What I dont understand is how can they move the market just because I was long £2,000/point?!
They don't hedge binary bets afaik. And they take a v dim view of arbitrage.
However, they are not saying that anyway. They are claiming the OP is trading on behalf of someone else.
You were spread betting, there is no real market, they make the market. In other words they decide what price you get, not the market or anyone else.
I'm intrigued by some of your trades. You used the German 30 to conduct day trading. AFAIK the German 30 is basically the DAX future for Dec delivery. You could have used the daily DAX future or daily dax cash both of which have a smaller spread. Can you shed any light on this?
As stated in my original post yes ive opened up a complaint. I dont understand who they think would trade for me?! What kind of allegation is that? Like i said I am more than willing for them to check my IP address it links back to my home address!
BeginnerJoe
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There's no legal requirement because they are just a bookie.
£2,000 a point really, if someone placed that kind of money with your account status, they will for sure have a closer look at it, this especially if you made considerable profit. This doesn't mean you shouldn't pursue the legal part against them if you feel you are right. I just wonder, did you have a stop loss in place?
Incorrect, it is the cash product with one point spread.
I've corrected that for you.
But the price they quote is the same price you see everywhre else in the "real" market?!
Say i had lost 80k if the market gapped down would the same conditions then apply?
BeginnerJoe
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Why would you need a stop loss if it was a sure bet ? To put in 2k a point, the OP was quite sure.
Everyone seems so excited about my trading style, for the record yes i did have a SL but the fact is I got the market right, yes probably lucky, but I am fully entitled to that profit!
No of course they wouldnt, this is my point. Once you deposit that money they regard it as their own, they just need to figure out a way to make it official. Normally people are good enough to just lose it on stupid trades, which it appears you would eventually have done given the risk you were taking on. On other occasions they need to be a bit more inventive. That's why you have things like the MT4 virtual dealer plugin (google it).
BeginnerJoe
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They shadow the real market with a small delay. Sometimes they have the option to go for longer delays.
R.Charnock
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It just goes back to what's been said already. If someone opens an account and seems to take wild punts, the SB rub their hands with glee and let it pass, knowing that the odds are hugely in favour of the mug client blowing his/her account. But if by some chance the punter has a string of wins and the SB finds itself £50k down because they didn't hedge properly, suddenly they look for excuses to back out.
Yes you were lucky and probably didnt know what you were doing, you are of course entitled to the profit even if it was gained by flipping a coin.
german dax fell 70 points before I went 2k/point, a bounce was inevitable, I dont get how I would have been so sure?! Go look at the charts, if i knew what would happen I wish I left my trade open, as dax went up to 7380! I would have made 140k more profit!! no doubt IG would never have given it anyway.
No really you have to step back pboyles, ha ha.
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