Starting to get 'Please Wait for a Quote' after making 150% return

[gle101]

so many things wrong with your post

1. Putting a clients orders on to manual referral is not illegal.

2. £25 a point of FTSE is not big enough to raise a red flag at ANY spreadbet firm

3. "The only way to find out is to try them out" is probably the worst advice ever. Yes, try them all out, theres only hundreds of them to get through.

I would say it is the other way around.

1. According the MiFID best execution directive it is not allowed.

2. It has happened to me with Cityindex with only £1.

3. Absolutely no reason to stay if you feel you don't get a fair and good service.

 

[highbury fx]

I would say it is the other way around.

1. According the MiFID best execution directive it is not allowed.

2. It has happened to me with Cityindex with only £1.

3. Absolutely no reason to stay if you feel you don't get a fair and good service.

I'm not getting in to tit for tat but briefly

1. Companies have the right to protect themselves from clients they suspect are hurting them. Every trading firm (forget just spreadbet firms) that warehouses risk will analyse each client and take steps to protect themselves from clients that are costly.

2. That says more about your 'trading' style than it does about City Index. It means you have upset them so much to the extent they put your £1 per point trades on manual referral. it is definitely time to take your own advice and move on.

3. I agree 100%. You're the consumer, its your money, take it where its appreciated.

 

[highbury fx]

What's 'A' book. Where the broker shadows the customers trades?

in the context of spreadbetting B book trades are the client trades that the spreadbet company assumes the risk on. The B book has predefined limits set for each individual product and an overall limit for all risk. The risk limits on the B book will change depending on the centre that is open, for example, the B book will have smaller limits at 2am in London than it will at 2pm. B book clients are hedged when the limits are busted and the spreadbet firm has to go in to the underlying market and trade to reduce their exposure.

A book trades are the client trades that are hedged in the market. This is normally for 1 of 2 reasons... 1, the client is very profitable and the s/b firm acts as an agency broker and captures commission rather than the loss.. 2, the client deals in a size that busts the B book limits regularly and will therefore usually require a hedge against it.

There are great tools for A book hedging. The s/b firm can elect to hedge 100% of the deal or a lesser amount if the client has tendencies to lose and a larger percentage if the client is mustard.

 

[gle101]

I'm not getting in to tit for tat but briefly

1. Companies have the right to protect themselves from clients they suspect are hurting them. Every trading firm (forget just spreadbet firms) that warehouses risk will analyse each client and take steps to protect themselves from clients that are costly.

2. That says more about your 'trading' style than it does about City Index. It means you have upset them so much to the extent they put your £1 per point trades on manual referral. it is definitely time to take your own advice and move on.

3. I agree 100%. You're the consumer, its your money, take it where its appreciated.

Well I knew you would get personal. stay with facts and try to look at both sides of the issue.

 

[Liquid-Ocelot]

Well same thing happened again today. I tried to close out at £200, didn't let me close out until I was at £50 profit. I think i'm pushing my luck at this point, that was probably my last trade with City Index. Speed of execution is everything with my trading style.

Made an account with IG yesterday, just need to send ID details and they should open my account. Also trying out Prospreads demo account. The only differences I can see so far is that the margin is much higher (70 times your stake whereas City Index is only 30) and the spread is also 1.5 overall (0.5 base spread and 0.5 when buying and selling). This will effectively halve my growth rate but it will be worth it if the execution is always instant. But that's the question - is the execution always instant? I can't find many reviews of this place.

I may call City Index to find out exactly why I was put on dealer referral, i've got nothing to lose at this point.

 

[highbury fx]

Well I knew you would get personal. stay with facts and try to look at both sides of the issue.

its not personal at all, I actually like your posts. I'll give you my side of it and you're welcome to take it or leave it.

Dealer referral can be based on size or client profile. Whats the difference? I'll tell you. The spreadbet firm may have an online autofill limit for USD/JPY of £250 per point, any trade attempt above this will alert the desk and needs to be approved by the dealer. client profile - If the s/b firms experience of a particular client is negative they may place him on dealer referral to keep an eye on their trading frequency. In this case regardless of the deal size, each deal you do will need to be eyeballed. You were on manual at city index because of your profile.

its not me who got personal with you, it was city

 

[tar]

Well same thing happened again today. I tried to close out at £200, didn't let me close out until I was at £50 profit. I think i'm pushing my luck at this point, that was probably my last trade with City Index. Speed of execution is everything with my trading style.

Made an account with IG yesterday, just need to send ID details and they should open my account. Also trying out Prospreads demo account. The only differences I can see so far is that the margin is much higher (70 times your stake whereas City Index is only 30) and the spread is also 1.5 overall (0.5 base spread and 0.5 when buying and selling). This will effectively halve my growth rate but it will be worth it if the execution is always instant. But that's the question - is the execution always instant? I can't find many reviews of this place.

I may call City Index to find out exactly why I was put on dealer referral, i've got nothing to lose at this point.

It seems it is costing you every day , just move on , there are many alternatives out there , you may would like to try futures instead , or as i said earlier try IG , maybe Oanda cfds as well ... What about Lmax ?

 

[gle101]

Well same thing happened again today. I tried to close out at £200, didn't let me close out until I was at £50 profit. I think i'm pushing my luck at this point, that was probably my last trade with City Index. Speed of execution is everything with my trading style.

Made an account with IG yesterday, just need to send ID details and they should open my account. Also trying out Prospreads demo account. The only differences I can see so far is that the margin is much higher (70 times your stake whereas City Index is only 30) and the spread is also 1.5 overall (0.5 base spread and 0.5 when buying and selling). This will effectively halve my growth rate but it will be worth it if the execution is always instant. But that's the question - is the execution always instant? I can't find many reviews of this place.

I may call City Index to find out exactly why I was put on dealer referral, i've got nothing to lose at this point.

Yes absolutely the right thing to do, moving on. They are manipulating your individual account. They are not allowed to do this according to the MiFID financial directive. If they are not pleased with you trading style they should close your account, that would at least be a fair action from their side.

 

[Liquid-Ocelot]

I've actually started to notice a pattern, they let me open instantly whenever I want, it's just that they won't let me close until at least after a minute.

 

[gle101]

its not personal at all, I actually like your posts. I'll give you my side of it and you're welcome to take it or leave it.

Dealer referral can be based on size or client profile. Whats the difference? I'll tell you. The spreadbet firm may have an online autofill limit for USD/JPY of £250 per point, any trade attempt above this will alert the desk and needs to be approved by the dealer. client profile - If the s/b firms experience of a particular client is negative they may place him on dealer referral to keep an eye on their trading frequency. In this case regardless of the deal size, each deal you do will need to be eyeballed. You were on manual at city index because of your profile.

its not me who got personal with you, it was city

I am quite satisfied with the few SB companies that I am at the present trading with. But I am totally against individual manipulation, the kind that Liquid-Ocelot is experiencing.

 

[Liquid-Ocelot]

I am quite satisfied with the few SB companies that I am at the present trading with. But I am totally against individual manipulation, the kind that Liquid-Ocelot is experiencing.

May I ask which companies your trading with?

Btw I just spoke with a dealer from City Index, he claims that i'm probably experiencing this delay because I tend to trade during busy times such as the morning rush when the markets open. And also because i'm trading beyond a certain threshold per point. I asked him what this threshold was and he said he could find out for me. I thought this was too good to be true and it was. He came back and told me there is no specific threshold, apparently it changes based on how busy the markets are at that specific time. So basically they change the rules as they go along.

 

[gle101]

I've actually started to notice a pattern, they let me open instantly whenever I want, it's just that they won't let me close until at least after a minute.

Yes sure, they will let you get in, but they will not let you get out when you want. Not a good situation to be trading in, I would say it is a dead end, stop trading with them as many others will welcome you opening an account.

 

[gle101]

May I ask which companies your trading with?

Btw I just spoke with a dealer from City Index, he claims that i'm probably experiencing this delay because I tend to trade during busy times such as the morning rush when the markets open. And also because i'm trading beyond a certain threshold per point. I asked him what this threshold was and he said he could find out for me. I thought this was too good to be true and it was. He came back and told me there is no specific threshold, apparently it changes based on how busy the markets are at that specific time. So basically they change the rules as they go along.

I will send you a PM about it.

 

[ffsear]

I've actually started to notice a pattern, they let me open instantly whenever I want, it's just that they won't let me close until at least after a minute.

Live record it and put on YouTube. !

 

[neil324]

Live record it and put on YouTube. !

Indeed. And post across the forums.

They should just tell you to fook off.

You can open when you want but not close? Because you trade when it's busy?:innocent:

 

[gle101]

May I ask which companies your trading with?

Btw I just spoke with a dealer from City Index, he claims that i'm probably experiencing this delay because I tend to trade during busy times such as the morning rush when the markets open. And also because i'm trading beyond a certain threshold per point. I asked him what this threshold was and he said he could find out for me. I thought this was too good to be true and it was. He came back and told me there is no specific threshold, apparently it changes based on how busy the markets are at that specific time. So basically they change the rules as they go along.

Yes they simply don't like you trading style, so they manipulate your account instead, it would have been more fair for them to say that we are forced to closed your account based on the way you trade.

 

[Liquid-Ocelot]

Live record it and put on YouTube. !

I've withdrawn everything from my account. At this point i'm just happy that I ended my relationship with CI in the black.

 

[gle101]

I've withdrawn everything from my account. At this point i'm just happy that I ended my relationship with CI in the black.

Yes a good decision to stop before you had red figures.

 

[markobr]

I've withdrawn everything from my account. At this point i'm just happy that I ended my relationship with CI in the black.

Nice one L-O

If you want to pursue spread betting it may be a good idea to open accounts with few sb companies and compare order executions. If there is any monkey business (no matter what the excuse may be), just close them and keep the good ones - simple

 

[highbury fx]

Yes they simply don't like you trading style, so they manipulate your account instead, it would have been more fair for them to say that we are forced to closed your account based on the way you trade.

how do you know they are manipulating anything? they are manually eyeballing his trades, not manipulating them.

this is a perfect example of everybody assuming that 1 persons account of a situation is enough to tarnish a well respected company that has been around for 30 years.

I'm not defending the industry, and even if I was it would be to no avail as so many of you here clearly only have ears for one side of the story, but crikey I am telling you very frankly and matter of factly how it happens from the s/b side and how they protect themselves and you should take that onboard when drawing your conclusions.

city index will handle tens of thousands of deals each day with thousands of clients, could they really have such a bad model that all of those clients who trust them as their platform provider have made the wrong decision?

On Day 1 when you opened your account with them everything was rosy, your deals went straight through no problem, but now they've had a chance to see how you trade they profile you as someone potentially toxic. City Index et al do not want to make things difficult for you but if you make things difficult for them they will bite back.

I would love to know the name of the firm that has never put a client on dealer referral or has noticed a bad price but continued to let clients milk it or never suffers from a slow down in order execution over key data that's moved the market... let me know who it is please and I'll open an account there.. trouble is that firm doesn't exist.