IGindex discussion thread

[shadowninja]

I would be more interested in making sure you get a company that fills at the levels you place the order.

I've seen many complaints about spreadbetting companies and it's usually to do with not getting orders or stops filled at the right level as well as price being no longer valid.

[Christoffer]

Thanks Shadow - so my criteria is to place orders for quarter or half a contract, lowish commisions, and reliability in the broker. Any suggestions?
Thanks

[limpsfield]

Christoffer said:

Thanks Shadow - so my criteria is to place orders for quarter or half a contract, lowish commisions, and reliability in the broker. Any suggestions?
Thanks

just open an account and try it - it takes a few minutes to get up and running online

[shadowninja]

I buggered about with Tradindex demo for a while. It was shocking how much they didn't fill and how much trading was suspended esp during news. I mean, for demo they should at least tempt you to hand over real money before you start losing!

[sa_20v]

Finished my first day 20.2% up.

As I have said at the link below, I worked on gold and silver futures, as well as oil.

http://www.earlyentrepreneur.com/forum/viewtopic.p...

[johnfm]

Horse_Apple said:

Christoffer said:

Thanks - so you can bet a tenth of a contract. Do you know anyone that offers good commisions? Less than the 0,1% IG seems to offer that is.

You get what you pay for in life.

With regards to spreads and CFDs, the comm is usually not the relevant cost. The real costs can be much much larger and nicely hidden away.

Every broker is different and caters for a different type of client. You will need to do your own research but as a friendly warning, if you focus on comm then you are almost certainly going to lose money.

Surely that should be CsFD....;)

[Dr Jekyll]

I've just been watching binaries for the first time in months, and saw gold futures flip 4 times during the close out period. Is that common these days? It always used to be fairly stable.

[shadowninja]

Everything is more volatile these days.

[xiphias]

Huzzah for that!

[plasticpusher]

This is my first post here but I have been reading this forum for a while.

I thought I would say that I have just lost a fortune with IG Index

Don't go into this with any real money. I have lost over 60% of my total wealth with one trade.

I have been doing this successfully for 7 years and now I am in debt to them and also in debt to City Index with whom I held the same position in the same share. The most annoying thing is that if my position was maintained I would have been around even now but I didn't have the capital to maintain it.

I have to sell my property to fund this and have a wife and 3 children who will need relocating to a smaller place.

Leverage first looked attractive but in these markets it is easy to get out of hand and just not suitable.

Be careful if you do any spreadbetting in this market and only risk what you can afford to loose.

[ShadownINja]

Didn't you use a stoploss? Or did it spike through by a huge amount? Please describe the details if you have the time/inclination?

Edited by ShadownINja on Saturday 6th December 21:41

[plasticpusher]

Yes I had a stop loss in place but the share fell a significant amount in a short period of time.

In hindsight I should have seen it coming but the gambler inside me made me maintain the position.

[ShadownINja]

Did it gap over the weekend?

Any details of the company, entry price, stop, closed position price?

No probs if you don't want to think about it.

Edited by ShadownINja on Saturday 6th December 22:02

[plasticpusher]

Ok. If you want the details i'll tell you.

I opened a large position in Citigroup on the 18th of November at around $7.85/95. I was then forced out of the position 3 days later at $3.90.

Seemed like a smart trade at the time but thing's turned bad very quickly in what I view as an overreaction.

When these kind of percentage moves can occur in such a short period of time you must to be crazy to contemplate using this kind of product.

[ShadownINja]

I guess the clue is in "large position"?

[ATM]

plasticpusher said:

This is my first post here but I have been reading this forum for a while.

I thought I would say that I have just lost a fortune with IG Index

Don't go into this with any real money. I have lost over 60% of my total wealth with one trade.

I have been doing this successfully for 7 years and now I am in debt to them and also in debt to City Index with whom I held the same position in the same share. The most annoying thing is that if my position was maintained I would have been around even now but I didn't have the capital to maintain it.

I have to sell my property to fund this and have a wife and 3 children who will need relocating to a smaller place.

Leverage first looked attractive but in these markets it is easy to get out of hand and just not suitable.

Be careful if you do any spreadbetting in this market and only risk what you can afford to loose.

Feel for you there man. You say you were succesful for 7 years. Was this full time trading? Everything I have heard from people who believe there is no way to make money at this is that most people just have lucky streaks and eventually lose it all. Is this the same for you?

[Brilad]

A bit slow at work and just remembered this thread, and was mulling over last summer's oil gambling that I did.

I wonder what percentage of spread betters are successful long term?

I seem to remember at the beginning of this thread there was someone touting some sort of 'system'...I wonder whatever happened with that!!


All the best

[ShadownINja]

Percentage of spreadbetters? Percentage of forex traders? Percentage of day traders? Percentage of retail traders? Seen figures quoted of between 80% and 95% failure rate but the terminology keeps changing. Isn't a successful marriage just one that hasn't ended in divorce, yet?

[Somewhatfoolish]

The reason most spread betters blow up (assuming that to be true, no idea if it is or not) is over leverage... as simple as that.

Bear in mind that spread betting companies are now quoting spreads that are tighter than underlying markets (have in practice) in many cases.

[Brilad]

Hi Shadowninja

Yes, I just meant punters on sites like IG; I was thinking that over the long term, how many successful clients they had.

I don't know much about it, as I said i had a go at it last summer, was temporarily successful, saw profits starting to go and just gave it up. Obviously just cos I wasn't successful doesn't mean no one is and I was wondering what sort of percentage of IG customers made money long term

I know absolutely sod all about retail trading and the stuff about people selling FOREX systems just looks like a horrible scam.

I'm still a gambler, but now it's just football for me...