start winning and bucketshop starts to requote and freeze

[MajorDutch]

Hi All

Well everything is starting to come together and I have started to take some chunks of money off the nasty SB company, still not enough to cover the money I have paid to them in education over the last 3 years but I am getting there. I cant mention the name of the SB I am talking about here for reasons I don't want to go into.

Anyways I have never been requoted once in 3 years with them all of a sudden today, bamm! 'that price is not available', then eventually I get in at some random price and the order book window freezes. Needless to say I reset the ****er and took +20 pips off them. Next trade I am looking at and I see the minimum stop and deposit requirement has all of a sudden increased, so I couldn't trade the full amount I wanted.

I think it's only fair that I take back all the money I have given them in the last 3 years plus say £20k to **** them off then find a decent broker. Until I build up a decent bankroll I am just going to stick with these SB's but I suspect the games are going to continue as I take more money off them. :cheesy:

anyone else having issues with SB bucketshops who dont like you winning?

 

[gdr3k]

I had my fair share of problems with spread bet companies and I won't use one anymore, once I started winning money, the requotes started, and 'referring to dealer' happened time after time again.

 

[counter_violent]

I think they have moved on in leaps and bounds the last few yrs.

 

[AFK]

A bunch of interest rate decisions were released today, the ECB had a press conference, Bernanke had a conference too, so lack of liquidity/fast moving prices are no surprise to me. Also, what makes you think that if you make 20k and take it out of your account it would be a direct loss for the SB company? Why do you assume that they do not hedge their book?

 

[dc2000]

Am guessing here but is your trading style a quick in and out scalp type if it is then in times of volatility I can see why requotes margin increase etc etc happen, before if you were on the wrong side of the market this wouldnt be a problem. have you tried putting orders in ahead of a move?

 

[dc2000]

Now Im not defending SB companies here but why is it you say its only fair you get your money back.
why not go elsewhere with lower spreads lower costs and direct access.
there are many ways into trading and SBs provide a very cheap way to access the markets free charting low margin requirements etc.

 

[MajorDutch]

A bunch of interest rate decisions were released today, the ECB had a press conference, Bernanke had a conference too, so lack of liquidity/fast moving prices are no surprise to me. Also, what makes you think that if you make 20k and take it out of your account it would be a direct loss for the SB company? Why do you assume that they do not hedge their book?

I hear you. there was plenty of data out there today and also non time specific stuff like speeches. They might hedge some of it but not all of it unless they are really dumb.

 

[MajorDutch]

Am guessing here but is your trading style a quick in and out scalp type if it is then in times of volatility I can see why requotes margin increase etc etc happen, before if you were on the wrong side of the market this wouldnt be a problem. have you tried putting orders in ahead of a move?

I typically trade 3 to 5 times per day, trades typically last from 1 minute to 2 hours. liquidity is not a problem with my trade size, I am trading cable. Unfortunately the edge I trade does not allow me to put orders in ahead.

 

[MajorDutch]

Now Im not defending SB companies here but why is it you say its only fair you get your money back.
why not go elsewhere with lower spreads lower costs and direct access.
there are many ways into trading and SBs provide a very cheap way to access the markets free charting low margin requirements etc.

point taken. I suppose I want to take the money back and more as an act of revenge. I should get off my asre and find a decent broker.

 

[JRP2891]

Hi All

Well everything is starting to come together and I have started to take some chunks of money off the nasty SB company, still not enough to cover the money I have paid to them in education over the last 3 years but I am getting there. I cant mention the name of the SB I am talking about here for reasons I don't want to go into.

Anyways I have never been requoted once in 3 years with them all of a sudden today, bamm! 'that price is not available', then eventually I get in at some random price and the order book window freezes. Needless to say I reset the ****er and took +20 pips off them. Next trade I am looking at and I see the minimum stop and deposit requirement has all of a sudden increased, so I couldn't trade the full amount I wanted.

I think it's only fair that I take back all the money I have given them in the last 3 years plus say £20k to **** them off then find a decent broker. Until I build up a decent bankroll I am just going to stick with these SB's but I suspect the games are going to continue as I take more money off them. :cheesy:

anyone else having issues with SB bucketshops who dont like you winning?

Radiohead - Paranoid Android - YouTube

 

[MajorDutch]

right this is beyond a joke now. I sit here like a sniper in the grass for an hour and perfect set up comes along I go to open a deal ticket, and it wont let me until 3 minutes later at which point the entry is not as good so I decide to pass.

falp ckoc

 

[Black Swan]

Stfu Black Swan, change the fookin record;

Ahem...here goes...the majority (figures of 80% have been quoted) of the spread bet firms successful clients swing or position trade, what message does that give you given we're in a probability based industry? For your 'edge' to work constantly (and believe me it'll need constant refinement month on month on month) you have to work out how to 'work out' the sb firms. Long term success as an FX trader is difficult enough, trying to trade on low TFs with an sb firm is very difficult.

Ask yourself if you're genuinely going to take twenty grand out of the FX market this tax year? If less or even slightly more you (well you and a trusted partner) could easily have two accounts and pay zero or little in tax (if you're choosing SB to avoid tax)...if you think you may take circa 20k or less out of the market then you have no reason not to choose an ECN/ndd/stp FX broker.

Here's another thing, youre a small businessman persuing the path of an entrepreneur, I've never met someone who starts a small business that, then goes on to create wealth, who's put off at the start by tax..get the business working, get things right, then get creative..

 

[MajorDutch]

Stfu Black Swan, change the fookin record;

Ahem...here goes...the majority (figures of 80% have been quoted) of the spread bet firms successful clients swing or position trade, what message does that give you given we're in a probability based industry? For your 'edge' to work constantly (and believe me it'll need constant refinement month on month on month) you have to work out how to 'work out' the sb firms. Long term success as an FX trader is difficult enough, trying to trade on low TFs with an sb firm is very difficult.

Ask yourself if you're genuinely going to take twenty grand out of the FX market this tax year? If less or even slightly more you (well you and a trusted partner) could easily have two accounts and pay zero or little in tax (if you're choosing SB to avoid tax)...if you think you may take circa 20k or less out of the market then you have no reason not to choose an ECN/ndd/stp FX broker.

Here's another thing, youre a small businessman persuing the path of an entrepreneur, I've never met someone who starts a small business that, then goes on to create wealth, who's put off at the start by tax..get the business working, get things right, then get creative..

it gives me the message that the probability of success is small (under 5%). This sounds bizarre but having the edge is not the problem being able to trade the edge is the problem for me. the edge has been proven over many years (not by me) I have spent 2 years learning how to trade it and it's hard, very hard.

I know in the medium term I need to move away from the SB but I am sticking with it at the moment while I am trading chump change.

 

[dc2000]

point taken. I suppose I want to take the money back and more as an act of revenge. I should get off my asre and find a decent broker.

now your cookin
if you dont want to move away from SBs may I suggest you have a second account preferably with another company or your partner could have one with the same company and alternate placing positions between the two accounts that way if there is a problem with requotes it will stand out like Obama in a KKK meeting

 

[MajorDutch]

now your cookin
if you dont want to move away from SBs may I suggest you have a second account preferably with another company or your partner could have one with the same company and alternate placing positions between the two accounts that way if there is a problem with requotes it will stand out like Obama in a KKK meeting

bitchin.

 

[Black Swan]

it gives me the message that the probability of success is small (under 5%). This sounds bizarre but having the edge is not the problem being able to trade the edge is the problem for me. the edge has been proven over many years (not by me) I have spent 2 years learning how to trade it and it's hard, very hard.

I know in the medium term I need to move away from the SB but I am sticking with it at the moment while I am trading chump change.

Nope, circa 20% of sb clients win..however, (and apologies if I say you're not listening, but you're not) 80% of that 20% swing and or position trade..So...no matter how good you think your low TF edge is you're fighting the stats, the probability and ergo the markets and the maker.. (not God the market maker )

 

[new_trader]

it gives me the message that the probability of success is small (under 5%). This sounds bizarre but having the edge is not the problem being able to trade the edge is the problem for me. the edge has been proven over many years (not by me) I have spent 2 years learning how to trade it and it's hard, very hard.

I know in the medium term I need to move away from the SB but I am sticking with it at the moment while I am trading chump change.

Apparently you have a proven edge and you've spent 2 years learning it but now the spread betting broker is preventing you from making £trillions. What were they doing for the last 2 years, leading you into a false sense of security?

 

[scose-no-doubt]

it gives me the message that the probability of success is small (under 5%). This sounds bizarre but having the edge is not the problem being able to trade the edge is the problem for me. the edge has been proven over many years (not by me) I have spent 2 years learning how to trade it and it's hard, very hard.

I know in the medium term I need to move away from the SB but I am sticking with it at the moment while I am trading chump change.

part and parcel imo

 

[MajorDutch]

Apparently you have a proven edge and you've spent 2 years learning it but now the spread betting broker is preventing you from making £trillions. What were they doing for the last 2 years, leading you into a false sense of security?

no I didn't spend 2 years learning it. 'It' can be learnt over a weekend but to learn how to trade it is a completely different matter.

Over the last 2 years I was getting bashed around by the market and being punished for not trading the edge correctly, this came in many forms, revenge trading, overtrading being up there. I was taking a psychological and financial pasting.

 

[MajorDutch]

no requote this time SB bitch and I spanked you for 10 pips!!!!!!! scuk on that.