Smart Live Markets - Spread Bet on MT4

[TJZ]

As a Rookie Member, you should use some of your grey matter before making a post like this. Assuming that you have some

In effect, you're insulting the intelligence of a Veteran Member. Do you think that Veteran Members are wet behind the ears and have no experience of the scams that bucket shop operators get up to? Surprisingly enough, we are, also, aware of potential libel actions, should we make allegations that cannot be substantiated

I too am a 'rookie' member and also object to idiot posts like this. I left this forum a while ago because of all the non helpful posts and arrogance that thrives in this place. I thought I would give it another go this week but history once again repeats itself.

Am I supposed to bow down to you because of your 'veteran' status.

Does my opinion not hold as much weight as yours because I have a lot less posts?

Are we supposed to assume because you are a 'veteran' that you are a professional successful trader who we should all bow down to and respect?

The post in question was meant to be a helpful comment in my opinion and is in fact 100% true.

"In effect, you're insulting the intelligence of a Veteran Member"

I cant believe you wrote this! Absolutely laughable!

 

[alan5616]

It wasn't a polite post; you were questioning Francis's judgement and accusing him of making a libellous statement. There is no libel when the "offending" statement can be proven to be true. He is a very experienced trader and would never make the allegation without cast iron proof.

You're quite correct in stating that Veteran Member status is granted by T2W on number of posts but, the majority of us have made more trades than we have made posts. We've, also, been cheated, by MMs & SBs, on several occasions. As a Rookie Member, I suggest you do more reading than posting. That way you will benefit from membership of this site. Amongst the dross there is some valuable material.

 

[alan5616]

How strange that we, suddenly, have a Rookie member warning a Veteran Member as to the laws of libel. Then being joined by another Rookie, seeking to discredit Veteran Members, who are both experienced traders.

Are they MUPPETS working for a SB Co or, brainless robots that have been programmed to write? This is a rhetorical question but, I hope that experienced T2W members can see where I'm coming from with this.

 

[gle101]

It wasn't a polite post; you were questioning Francis's judgement and accusing him of making a libellous statement. There is no libel when the "offending" statement can be proven to be true. He is a very experienced trader and would never make the allegation without cast iron proof.

You're quite correct in stating that Veteran Member status is granted by T2W on number of posts but, the majority of us have made more trades than we have made posts. We've, also, been cheated, by MMs & SBs, on several occasions. As a Rookie Member, I suggest you do more reading than posting. That way you will benefit from membership of this site. Amongst the dross there is some valuable material.

No I kind of agree with Capstan's post. One should not use such words lightly. In order to get a message across it is better to post facts about the trade (which he has done as well). Francis's have probably trading with SLM too long, ignoring the warnings signs along the way. We are responsible with whom and how long we trade with a broker. SLM are having some problems, hopefully they will sort them out. There is always two side of a coin and I bet SLM have their side of the story.

Whether Capstan is a rookie or not on this forum, should not as I see it hold to his disadvantage when posting.

____________
"Take control with Risk & Money Management"

 

[TJZ]

Looks like you've just been told by a LEGENDARY MEMBER....

You better not answer him back or you will insult his intelligence.

 

[mrfigure]

How strange that we, suddenly, have a Rookie member warning a Veteran Member as to the laws of libel. Then being joined by another Rookie, seeking to discredit Veteran Members, who are both experienced traders.

Are they MUPPETS working for a SB Co or, brainless robots that have been programmed to write? This is a rhetorical question but, I hope that experienced T2W members can see where I'm coming from with this.

Alan is it possible that a rookie member may have more trading experience than a veteran member ? If so, would it still be 'strange' to be warned about the laws of libel by such ?

 

[francisfinley]

No I kind of agree with Capstan's post. One should not use such words lightly. In order to get a message across it is better to post facts about the trade (which he has done as well). Francis's have probably trading with SLM too long, ignoring the warnings signs along the way. We are responsible with whom and how long we trade with a broker. SLM are having some problems, hopefully they will sort them out. There is always two side of a coin and I bet SLM have their side of the story.

Whether Capstan is a rookie or not on this forum, should not as I see it hold to his disadvantage when posting.

____________

Gle, Sorry mate, I just cannot understand posts like this.

I repeat the same post over and over and over again.

Its no wonder people get ****ed over on every level in any industry in this country with responses like this.

I am doing this in a public forum to stop it happening again. I have been from day one, read the whole thread - you have been there for most of it.

You acknowledge there is a problem yet you still think they should continue to operate?




Richard (capstan),

Truth will eventually prevail in this corrupt world.

SLM/GKFX know who I am on this board, they know where I live, they have all my details.

I have the evidence of my communication with SLM/GKFX on the phone and my computer - yes facts . I can cite my experiences from working in Hedge Funds as an IT contractor to comment upon this subject - yes, professional capacity to do so.

I am an individual investor in no way affiliated with any other company and am posting my personal experiences - yes no alternative reason to post defamatory remarks - no conspiracy.

Unlike you, I am not afraid of any company or any lawyer - I have worked with more than my fair share of them.

Thats enough defending myself, I don't need to.

I am standing up for what is right.

So should you.

Regards,

FF

 

[alan5616]

Alan is it possible that a rookie member may have more trading experience than a veteran member ? If so, would it still be 'strange' to be warned about the laws of libel by such ?

Of course it is possible. However, I know Francis, personally, having met him a few times. He is an experienced trader and very grounded. There is no way that he would have made this allegation without being in possession of irrefutable evidence to substantiate his claim.

I have seen this evidence and hope that the FSA close SLM down. I won't hold my breath

 

[Ross Spur]

Of course it is possible. However, I know Francis, personally, having met him a few times. He is an experienced trader and very grounded. There is no way that he would have made this allegation without being in possession of irrefutable evidence to substantiate his claim.

I have seen this evidence and hope that the FSA close SLM down. I won't hold my breath

Calm down everyone. Although you can say what happened with the trades and system if it's factually correct, calling SLM (or anyone else) a bunch of crooks is another matter.

 

[gle101]

No I kind of agree with Capstan's post. One should not use such words lightly. In order to get a message across it is better to post facts about the trade (which he has done as well). Francis's have probably trading with SLM too long, ignoring the warnings signs along the way. We are responsible with whom and how long we trade with a broker. SLM are having some problems, hopefully they will sort them out. There is always two side of a coin and I bet SLM have their side of the story.

Whether Capstan is a rookie or not on this forum, should not as I see it hold to his disadvantage when posting.

____________

Gle, Sorry mate, I just cannot understand posts like this.

I repeat the same post over and over and over again.

Its no wonder people get ****ed over on every level in any industry in this country with responses like this.

I am doing this in a public forum to stop it happening again. I have been from day one, read the whole thread - you have been there for most of it.

You acknowledge there is a problem yet you still think they should continue to operate?

The problem is that SLM is fairly new in the game, they are bound to have problems, initially the first year at least to start with. One should as an experienced trader be fully aware of this (for which I do believe you are). You have been posting slippage problems for a 1-2 month now and still continue trading with them. I have also noticed this slippage problem 3 month or so on stop loss orders and re-quotes, and more or less stopped trading with them, just an occasional trade with very little money. Why, because I take personal responsibility over my trading environment and cannot really blame somebody else if things do not go my way. You call them "crooks" while some others here will call them Ok, this is this the range traders experience trading with them, some like them others don't. The competition will be the final judge, if they turn out to be rally bad, traders will simply leave them. To get a SB license suspended is very seldom done in the SB industry.

____________
"Take control with Risk & Money Management"

 

[TJZ]

Oh look another LEGENDARY member not agreeing with you Alan....

Show some respect to them and say your sorry.

 

[gle101]

Oh look another LEGENDARY member not agreeing with you Alan....

Show some respect to them and say your sorry.

No need to, trading can be a very emotional experience, which we as experienced traders try to avoid. We are all working on different ways to improve are trading skills, and I do feel taking personal responsibility to be one of the most important aspects of trading.

____________
"Take control with Risk & Money Management"

 

[Capstan]

No need to, trading can be a very emotional experience, which we as experienced traders try to avoid. We are all working on different ways to improve are trading skills, and I do feel taking personal responsibility to be one of the most important aspects of trading.

I agree, I think we've all had our say now and the air has been been cleared to some extent. I would suggest that we put this thing to bed now and carry on with the real business of this thread - to discuss the pros and cons of SLM in a civilised way to everybody's benefit.

 

[advfntrader]

server issues aside I have had no issues with them. Fast fills, no slippage, mind you this was trading min stakes with small amounts of cash. Also fast response to emails and they quickly resolved a money transfer issue. It will be interesting to see how they deal with these server issues

 

[francisfinley]

I am beginning to think Alan is totally justified in what he said in the posts above.

I have encountered a lot of nutters on this forum - more so than any other trading forum.

There are some very strange people here with some very odd thoughts.

Lets start from the top again shall we?

SLM/GKFX have admitted they have no adequate power surge protection (UPS).
SLM/GKFX have admitted they have only one server for you all to use and have no immediate failover - no clustering, no Vmotion etc.
SLM/GKFX have admitted they have no servers in a data centre.

"Our servers are not in a data centre as strategically as a company we have decided to manage them ourselves.

They are protected by UPS's, although UPS's did not protect us in this situation as a power surge (rather than a power failure) caused the PSU in the server to fail and to be replaced. We are investigating why the surge protectors did not prevent this surge occurring.

We have backup servers in a different location, but a full DR failover takes approximately 4 hours, and we have to ascertain the approximate time to resolve the existing issue to determine whether we are likely to resolve the issue within this window. If we believe this to be the case we then do not invoke full DR, and this proved to be the correct decision as we were back up and running in about 1hr and 20 mins.

Regards

GKFX"


SLM/GKFX have admitted you can be slipped by them to anywhere at any time.

"Thanks for the email.

We cannot always 100% guarantee that our FX prices will trade at every price tick even during quiet periods

All orders are managed automatically and as such there is no dealer intervention, so the execution should normally be instantaneous.

Normally the order execution is precise but sometimes we can experience price movements that can cause orders to be filled on a gap.

What I will do in this situation is credit back the slippage amount of 24p to your account.

I hope this is okay

Regard"

"In answer to your question, yes you can be slipped at any time to anywhere.

Regards

Paul Hare
Compliance Officer"

You will see further down and in attached pics why this is not the normal slippage everyone seems to advocate is acceptable.

SLM/GKFX have admitted problems with their setup which they cannot fix so you can forget running EA's

"Hi

If this problem occurs in the future we suggest you logout of the platform and log back in and this will rectify the issue.

We have contacted Metaquotes about the issue and are awaiting their response.

SLM"

SLM/GKFX do not know their products... I was already in a gold trade that evening - note the time, I was trying to close out AGAIN.

Hi Mr,

Our Gold Market does not open until 23:00 UK time (00:00 CET and MT4 time) on a Sunday night. This is displayed on our Market information sheets on our website.

Regards

SLM

From: ad . [mailto:]
Sent: 25 September 2011 23:59
To: [email protected]; [email protected]
Cc: [email protected]
Subject: A/C *****

Hi

Im getting "trade disabled @ 23:57 on GOLD.

Please advise


and another

"Thank you for your email.

You are quite correct in your comment that this happened before the SNB intervention."

Regards


Paul Hare
Compliance Officer
------------------

My trade closed at 8.50am GMT and 9.50 your server time.

Please review the trade again.

The SNB did not release until after 9am GMT.

From: [email protected]
To: ; [email protected]
Subject: RE: queries
Date: Tue, 6 Sep 2011 22:45:26 +0100

Hello,

Thanks for your email.

The cause of this large move was an announcement it made the market very volatile at that time and therefore you were filled at the next available price.

Regards

SLM


SLM/GXFX have not corrected the fat finger erroneous trade - please see links for OANDA response and also ALPARI responses - they deleted all trades.
Please see the attached pic. Trade still not corrected.

Fat Finger The Culprit For USD/CHF Gap | ForexLive
Alpari UK SCAM ? - Forex Peace Army Forum


And this is the best one - SLM/GKFX are refusing to correct a trade I rang through when their servers were down. Trade has still not been corrected

I closed out A/C: **** order: 697254 Instrument: USDCHF over the phone with you @ 16:06 GMT today @ 0.9230 0.9232

However it was still open 10 minutes later.

Please can you correct the trade as I had to close it myself @ 0.92422 @ 16:17 GMT

 

[JDTRADER]

NOTHING TO SEE HERE......MOVE ALONG

 

[TJZ]

Hi Francis,

I think your missing the point of why this thread has gone off topic.

I currently use GKFX and if you read my previous posts you will see I was directly affected by the outage this week. I have been completely disappointed and troubled with their response, especially the email to yourself and the admittance that they are in fact running a server in an office.

I also have an account with Alpari UK and shortly I will be opening one with FXCM from recommendations in here.

You seem very angry toward them and rightly so. Myself or capstan never disagreed with you over what you were saying. Capstan did however state that libel cases can be executed from comments made in a public forum.

The chances of this happening are probably zilch with GKFX but there IS a big difference between:

1) Publicly stating your unhappiness and presenting the facts of what has happened to you while you have been a customer.

2) Calling the company crooks and heavily promoting that everyone close their accounts.


What I object to is Alan5616 then coming along demanding superiority just because of the amount of posts he has on this website.

"In effect, you're insulting the intelligence of a Veteran Member" - This states that all members of this site who have more than 500 posts (or whatever the figure is) are superior to those who have just joined or do not actively post as much. Come on this is so childish!

"Then being joined by another Rookie, seeking to discredit Veteran Members, who are both experienced traders."

Noone was discrediting anyone! Again oozes of arrogance and superiority.

I then got called a MUPPET. Thanks Alan!

I agree with the post made before by Gle101, GKFX are a new startup. They have had problems and they join the never ending list of spreadbetting firms who aren't perfect.

Whether anyone wants to trade with them is down to the individual and it is they who must take responsibility for their actions given the all the facts.

I actually hope they do get better as a company.

 

[francisfinley]

TJZ,

People can end up in jail from communications on twitter, forums or facebook.

People can end up in jail from fraud.

People can end up getting seriously burnt by fraudsters.

A broker who does not close out your trade at a price given on the phone is a crook.

A broker who does not reverse a position on a market price which the market cannot support is a crook.

Regards,

FF

On a seperate note, GKFX/SLM are not new to gambling. They operate as smart gaming group (smartlive) / guruplay - they are a turkish outfit with an office in malta. Both Smart gaming group and SLM/GKFX operate out of the same office in regent street.

GAMBLING GRUMBLES - Guru Play

Im not angry with SLM/GKFX, I am absolutely livid - and to think I have come away with a profit on each of the occasions listed.

 

[alan5616]

I agree, I think we've all had our say now and the air has been been cleared to some extent. I would suggest that we put this thing to bed now and carry on with the real business of this thread - to discuss the pros and cons of SLM in a civilised way to everybody's benefit.

Capstan,

On reflection, I feel that I was too harsh in my rant at you. I should have been more circumspect in replying. To me, your libel action warning, to Francis, was akin to a footballing apprentice telling an experienced pro not to forget to put his shin guards in, before going on the pitch.

I know the problems that Francis has had with SLM, from being slipped 182 pips to the latest incident. As I consider him to be a friend, I hate to see him, or any retail trader, being victims of the dubious practices that are employed by some MMs & SB Cos.

For the majority of the past 10-11 years, I have been a full time trader. During that time I have had accounts with, virtually, all of the SB Cos, and have been on the receiving end of the blatant malpractices that some of them employ. I won't bore you with all the details but a few examples will illustrate the tricks that these people get up to.

I once lost the best part of £25,000, in 5 minutes, because the broker told me that my stop loss had been missed. It knew it was a lie but, I could do nothing about it. I have been slipped 50 pips on a perfect hedge (EUR/USD) when the spread was 1.6 pips and, to cap this off, have been disconnected when I wanted to close out a very profitable trade. The broker's dealing desk never answered the phone, in order for me to close it manually. The platform came back online, two hours later, just in time for me to get out with a small loss. The strange thing is that a trading buddy, who lives 2 miles from me, never experienced this disconnection problem, even though we both have the same broadband provider. He was trading £1 per point, I was trading £50 pp

All the Spread Betting Cos have to be licenced as bookmakers but, they don't employ the same overtness that Ladbrokes, Paddy Power etc, employ. Many financial spread bets can be manipulated, particularly spot forex. Imagine betting on Man U to beat Sunderland by 2-0, with Ladbrokes, and winning the bet. You then go to collect your winnings, only to be told that Ladbrokes thought the 2nd goal was offside and, therefore they won't pay out. Another example is where you bet on a horse to win and it does. This time the bet is with Paddy Power, who tell you their finish line is one furlong before the true finish line and, therefore, you've lost your bet. Would we tolerate this? No way. We would start a petition and submit it to the local magistrate, prior to the bookie's licence coming up for renewal, objecting to the renewal of their licence.

OK, I've said my bit and if I've made my points too forcefully and without discretion, then I apologise to all who have been offended by my posts. I am quite sane but, when I get into the subject of experiencing broker rip offs, then the devil takes over

 

[mrfigure]

Some fair points in there Alan, respect to for 11 years of what appears to be bull sh*t from the sb companies. How did you recover from the 25k loss ? I lost the same this year and are slowly picking up the pieces.