Worldspreads upgraded!

[MarvinS]

Chippies in HK are number 24 chicken chow mein & number 35 flied rice. Oh if you mean London near Regent st. I will extend you to a fish and chips in my local. If you would like to come down i am free on friday the 8th of Dec. Send me a private mail. We hold Alpesh Patel seminars most weeks, this may not be suitable for some...

 

[laptop1]

I will miss the banter!
Laptop when are you free for a lunch on me in London? If anyone else wants to join please email me...

As for dinner. I wont be in London till late Feb, The date of my meeting is still to arranged But I know some time in Feb, if I do see you for dinner. dont worry you are to old for me to give you a punch on you big red nose.

Looks like you are in a better mood since getting a date to leave WS to king Kong country

Now you are on talking terms, did WS receive my Fax today?

 

[MarvinS]

As for dinner. I wont be in London till late Feb, The date of my meeting is still to arranged But I know some time in Feb, if I do see you for dinner. dont worry you are to old for me to give you a punch on you big red nose.

Looks like you are in a better mood since getting a date to leave WS to king Kong country

Now you are on talking terms, did WS receive my Fax today?

King Kong country or HK is the 5th most wealthy city in the world. Received your fax!

 

[wasp]

Chippies in HK are number 24 chicken chow mein & number 35 flied rice....

Not so... I spent 6 months working in Harry Ramsdens Fish & Chip shop when I first lived there... They should have closed it and made it a chinese restaurant though, Harry Ramsdens are nasty!

 

[MarvinS]

Was nicknamed Hairy Ramsdens for use of public hair, yes thats public restaurants for you!
I will be mostly dining in the Penninsula and various Wan chai dining bars including Firehouse. See you in Joe Bananas...

 

[wasp]

Ahhh how I miss JB's although always was more of a 'Jump' fan...

 

[MarvinS]

Dan rhyans quadruple blue berry pancakes for me. Or lan gwai fong's jazz bars! Anyone that has not been out there you can take a cheap flight for 399. Contact me if you are coming out. I am so looking forward...

 

[wasp]

Of course you can't beat The Felix at the top of the peninsula though..... Toilets like no other

http://www.worldsbestbars.com/city/hong-kong/felix-hong-kong.htm

 

[gle101]

I will miss the banter!
Laptop when are you free for a lunch on me in London? If anyone else wants to join please email me...

I would certainly like to take you up on that. However there is a vast ocean that separates us, ha ha!

 

[gle101]

If the 1pt spreads had been a huge loss-maker for WS then they'd have stopped it by now. Strange that the others haven't followed suit after six months, though. Capital Spreads ads keep going on about the tightest spreads, so why don't they match the offer?
If WS's platform is up to speed now, all it needs is a few tweaks to make it more user-friendly, i.e. easier closing of positions, improved orders, and an indication that a stop has been hit, so you don't open new bets accidentally. Charts would be useful, too, but I suppose they have to save money somewhere. Given all that, traders would stampede away from CS, IG, CMC, etc until 1pt spreads became the new standard, and we'd all lose a little less money!

Exellent post and interesting points!
I agree with laptop, this post was written for me, ha ha! I will for sure have a go on this one.

 

[stevespray]

I would certainly like to take you up on that. However there is a vast ocean that separates us, ha ha!

It's not an 'ocean' it's a 'sea'! Do you study geography in Sweden?

Steve.

 

[gle101]

It's not an 'ocean' it's a 'sea'! Do you study geography in Sweden?

Steve.

OK, you got me on that one!

 

[gle101]

It's not an 'ocean' it's a 'sea'! Do you study geography in Sweden?

Steve.

Steve

Do you trade with Worldspreads, any opinion on how well it performs?

 

[stevespray]

Steve

Do you trade with Worldspreads, any opinion on how well it performs?

Yes, I have a Worldspreads100 account. It seems to be some kind of 'white label' offshoot of the IG Index / Binary Bet type of platform. I dont trade it that much to be honest as I feel that IG have ripped me off in the past. When you get good they delay your order executions and refuse orders where the market moves against you (in the delay they create) whilst executing orders, when the price betters, without passing on the benefits of the price betterment. As a result I would never bet in any great volume as ultimately you can not win as the 'cost of trading' just goes up and up.

I havent yet tried the WS 1 point spread on their Dow instrument. I do admit to being rather sceptical given the comments made on this and other threads. They say they offer a 1 point spread whilst in a letter to one customer they state that they use "a fully hedged book" so, as an experinced market player, I would ask how on earth they can make any money. You see, in order to be fully hedged they would have to offset a customers order into the market on exactly the same spread (or worse) than they have quoted the customer. When you add it all together it doesnt make any sense. I will investigate further now that they appear to have sorted their dealing platform.

Steve.

 

[gle101]

the 1 point was already the standard for the ft, with futures betting, no requotes ever.

Have you made an economical comparison between the two? Lets take i.e. the FTSE as a working example. With FTSE on Worldspreads you pay 1 spread and no commission. At Futuresbetting, you have a variable spread being a DMA. What is the average spread on FTSE? Take that average spread and add the commission. Compare it to that of WS, which has 1 spread and no commission. I am aware of trading with a DMA, you get other advantages as well. I guess one has to look at the whole picture, but still, you have the commission to add, and that will in fact, widen the spread considerably. I would really be interested to know if you have made such a calculation between the two?

 

[gle101]

Yes, I have a Worldspreads100 account. It seems to be some kind of 'white label' offshoot of the IG Index / Binary Bet type of platform. I dont trade it that much to be honest as I feel that IG have ripped me off in the past. When you get good they delay your order executions and refuse orders where the market moves against you (in the delay they create) whilst executing orders, when the price betters, without passing on the benefits of the price betterment. As a result I would never bet in any great volume as ultimately you can not win as the 'cost of trading' just goes up and up.

I havent yet tried the WS 1 point spread on their Dow instrument. I do admit to being rather sceptical given the comments made on this and other threads. They say they offer a 1 point spread whilst in a letter to one customer they state that they use "a fully hedged book" so, as an experinced market player, I would ask how on earth they can make any money. You see, in order to be fully hedged they would have to offset a customers order into the market on exactly the same spread (or worse) than they have quoted the customer. When you add it all together it doesnt make any sense. I will investigate further now that they appear to have sorted their dealing platform.

Steve.

I haven't tried the Worldspreads100 account. However, I am trading the DJ, which is their Wall St rolling future. I have to say that so far it has been quite satisfactory. The 1 spread is actually a 1 point spread. Very seldom do I get a re-quote. How WS makes a profit on the DJ, I honestly don't know. I just know that in my trading it has been working. So far I haven't noticed any irregularities, so I guess, as the saying goes, the future will tell. If you do decide to trade the DJ at WS, I would very much welcome your feedback.

 

[c6ackp]

Have you made an economical comparison between the two? Lets take i.e. the FTSE as a working example. With FTSE on Worldspreads you pay 1 spread and no commission. At Futuresbetting, you have a variable spread being a DMA. What is the average spread on FTSE? Take that average spread and add the commission. Compare it to that of WS, which has 1 spread and no commission. I am aware of trading with a DMA, you get other advantages as well. I guess one has to look at the whole picture, but still, you have the commission to add, and that will in fact, widen the spread considerably. I would really be interested to know if you have made such a calculation between the two?

It's not a fair comparison, as ultra low spreads only come into play when trading very short term. If you are trading off the hourlies and shooting for 30-60 ticks, then an extra pip or two will make some, but very little difference.

The truth of the matter is that no spreadbetting company will allow you to trade very short term (profitably!) as they cannot hedge quick enough.

So the 1pt spread is of some value to traders making 2/3 trades per day but it *will* attract all the traders to WS who WS don't want. I think, maybe, this has been one of the unforseen side effects of offering spreads which are lower than the underlying markets.

My advice would be to use WS for swing, EOD and very selective intraday trading (2/3 trades per day). But don't kid yourself that you are going to be allowed to trade 1pip cable all day long unhindered.

1pip cable, much of the time, is just too easy, especially if you catch some "generous" fills too.

If you wish to trade forex very short term, then trade euro futures (6E) after 07:30. Cable futures can be a bit thin in the mornings. It's often not too bad after 09:00 though. It might be better to take the morning off and trade cable futures (6B) after 12:30 when US trading gets going. For short term Dow, trade YM after 14:45 (watch for possible turn @ 15:00).

You can trade these products with any direct access broker like futures betting or interactive brokers.

HTH
c6

 

[Phil Mibbutz]

They don't necessarily have to hedge, because most of the time there will be as many punters short as long, so a profit is still possible with 1pt spreads.

 

[Jack o'Clubs]

If you do decide to trade the DJ at WS, I would very much welcome your feedback.

I've been looking at this thread for a while now, and it is intermittently amusing. Suffice to say, if I don't understand a broker's business model, ie how he makes money from me I would be cautious trading through him, and combined with the general look and feel I get from their website, I have no interest in an account. But what does make me laugh are your comments Gle101 - if you really have nothing to do with the outfit. What does it matter what someone else's feedback is, if you're happy with WS - fine. Why this endless pumping of WS? Sure Ive got a couple of brokers I think are great (and a few that are crap) and if someone asks for an opinion on one, then I'll happily give it - but the way you keep plugging away promoting WS - to be honest it's doing their reputation more harm than good in my eyes

 

[c6ackp]

They don't necessarily have to hedge, because most of the time there will be as many punters short as long, so a profit is still possible with 1pt spreads.

They won't bother hedging the masses, but they will always hedge a trader, trading in size, who demonstrates a pattern of consistent winning, otherwise these traders will significantly affect the bottom line.

c6