Update on my trading with Worldspreads!
I think it is about time to post the recent developments on my own trading with Worldspreads. As everybody on this board knows, I have been very positive about the developments at WS after the actual speed upgrade. However I think it is only right and fair play, that I now give my honest opinion as to where I think Worldspreads is standing at the moment.
Just before Christmas I was put on intervention by a dealer. No big thing I thought, they will probably change my trading status in the beginning of next Year. I am sorry to say that, Worldspreads and its newly appointed marketing director, has not been able to fulfill my wishes in this regard. I have contacted Marvin's successor personally, asking for a time schedule, as to when I can trade with instant execution again. The answer I have gotten is a rather standard reply, in fact the email that I received actually gives the impression, that I will not get back my old trading status, and thus instant execution.
What is the reason for me being put on intervention by a dealer? I do not trade actively on lagging quotes, if that is the deciding issue, after the speed upgrade has been introduced. I have come to to the conclusion that WS does not approve of short term traders like me, or scalpers if you like. This is a fact that I have to admit, looking at it with a trader's eyes. Well, this is what is to be expected from a Market Maker, might some of you say in unison. As I understood it, Worldspreads under Marvin, introduced the possibility of giving service to a variety of trading styles, and provided a very fast system that could handle this. This is what Marvin told me at the time he was giving me back my instant execution. However, something happened at Worldspreads when Marvin was about to leave the company. A new client policy was introduced and quickly set in action, that was directly effecting short term traders like me negatively, and some other traders as well, resulting them being moved out in the cold.
It is my standpoint that the Market Maker has the right to give you this kind of limitation in trading, but it is also my viewpoint that this short term limitation must be very clearly stated in the user agreement.
So where does this leaves me trading with Worldspreads? Well, here is a short report on how I experience trading with WS at the moment, and how it is like, being on constant intervention by a dealer. I can tell you guys, sitting in the lap of the dealer all the time, is not something I enjoy at all. It puts a lot of stress and strain on one's trading, and in a very volatile market this can be pure torture. The dealer can, if he so sees fit, wait until he executes, in order to see where the wind is blowing. If it blows too much in one's favor, you get a re-quote, if it moves against you, you certainly get executed. However, if the market is neutral you get executed quickly. Some dealers at WS are also trading very actively against you, this I have experienced up front, while some others behave correctly, giving you a swift execution. In fact you never know where you stand, and putting a lot of money at stake in such conditions, is totally out of the question. It would be just too risky as one is not able to exit quickly, if the market suddenly in a big way decides to move against you. Also with intervention by the dealer, the rhythm in one's trading is greatly disturbed, one hesitates going into new positions, especially in a volatile market. Besides, trading on breakouts and momentum is not possible anymore, as the dealer can hold the order without executing it properly, when you are trying to enter the position.
It is against my trading principles, to trade without instant execution in the long run. I regret to say this, but I have decided to take a break from trading with Worldspreads, at least for the time being. I will gladly, at any time go back to trading with them if they set me back on instant execution. Without this being granted, there is a bunch of other alternatives that are far more attractive for me. I know for a fact that many of you on this board are at the moment enjoying their trading experience with Worldspreads. I have been told by some that everything is working fine, with a fast feed and swift instant execution. To all of you, I say good luck and continued prosperous trading. For me on the other hand, it is about time to move on to other options.
Also, since I will not actively be trading at Worldspreads, at least for the time being, my postings at this forum will come to a minimum. I have enjoyed communicating with many of you guys, and I wish you all the best in your trading. I think this thread has turned into a creative and highly informative board on issues concerning trading with Worldspreads.
