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Hi

 

I'm new to IG - only a week or so - and today find out that I can't trade the digital 100's like I have been trading.  I started trading with 10 or 5 contracts, yet today I am only allowed 0.63.  I don't get it.  Why would they do that?

Perhaps others here have had the same problem and know how I can "fix" it.  

Cheers

Jess.

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Amazing how everyone has gone to ground.  Is there some private joke I am missing... 🙂

I'm trying to work on my strategy as apparently that is what the problem is, which is funny in itself.  Yet its a secret I can't be told.  

Does anyone else want me to trade their account to test my strategy.  I mean give free trades?  Is that allowed.  

I mean surely other clients are the ones who would be affected by my strategy and should be the ones who can decide if I can trade it or not....?  

IG staff have been so kind and friendly so I guess they'll get back to me soon?   Thanks anyways.  

 

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@OceansJess,  your post does't actually make any sense even less so when taken with the OP and they don't even appear to be related. 

You may have worded the posts extremely badly but as it stands if you want to test a strategy why don't you test it on your own account, the size of the contracts won't matter.

No one on the forum seems to know the answer to the question in the original post, the IG helpdesk in the country you are in would seem the best bet for an answer. 

Someone else a while ago made an offer to trade other people's accounts for them, have you just changed your tag?

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@Caseynotes Thanks for your reply.  I don't know what you are asking about my tag. This is my account log in.

Maybe I should repeat my problem.  I am a new client of IG.  I once was able to trade up to 10 digital 100 contracts, when suddenly I can only trade 0.63.  I have asked why and am not given a detailed answer, but told it is my strategy.  

I offered to change my strategy if that would help me be able to trade with the full number of contracts that everyone else seems to get, but no one from IG can tell me what I need to do to change my strategy, or why my particular strategy is a problem.  Trading 0.63 contracts is all I can do, but I would need to be allowed more contracts to try any new strategy out on to see if it is ok with IG (that's why I offered to trade for someone else - I am assuming others would be allowed the full number of contracts).  

I came to the forum as the IG helpdesk went quiet and their email suggests trying here.  

Simply - why can I not trade the full number of contracts like everyone else?

Thanks caseynotes.  Its nice to know you are willing to help if you can.  

Jess.

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@OceansJess,  unfortunately the esma regulations did for binaries here in the UK so the Digital 100s platform disappeared a year ago, I'm assuming you are in Australia which still has them.

It would be interesting to here from any other Aust. account holders who have also had a cap placed on their bet size due to the strategy being used.

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Mmhmm Australia @Caseynotes

 

I don't understand why the word strategy is used.  For the digital 100's I have to have the correct analysis don't I.  So a strategy would be to have the correct signals.  

Can't say I have a particular strategy.  I try and make money.     

Hopefully there are a few others who could share their experience? 

I might post a trade or two in the  future and see if anyone finds the "strategy" dangerous.  That just sounds odd - why would any strategy bother IG?  

My track record was first two days I lost money (5 trades all up) , the next three trades I made back my loss and then went into profit.  That's not really a strategy?  8 trades.

 

 

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@OceansJess, Australia seemed the most likely of the remaining countries still allowing Binaries (Digital 100s).

Strategies you suggested yourself in your Friday post,

 "but no one from IG can tell me what I need to do to change my strategy, or why my particular strategy is a problem"

Does seem odd though that IG won't give you a reason for capping your bet size but suggests to ask on the forum instead.

@Zero, is based in Australia, maybe he can shed some light.

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Hi thanks for the question. I have spoken to the desk and they have confirmed that the nature of your trade activity is such that we are unable to directly hedge in an underlying market or find opposing client orders to manage our internal risk. Therefore we have taken the business decision to reduce the maximum trade size, on certain products; there exists no explicit limit on maximum position size.

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@JamesIG

Thanks for your help James.  I am new to this (I know a bit about betting but am learning the stockmarket) and think I understand what you are saying.  It sounds like then it is a strategy of IG, not a strategy of mine.  I have no idea what goes on with your side of the business, I just have to follow my signals and then try and find a Digital 100.  

Its still a bit confusing - should I be allowed the same as everyone else, and shouldn't we all get the same maximum trade size depending on IG's strategy?  

Maybe I will find out more today.  I am getting a call from someone at IG.  I will report back later.  I hope to be able to use the Digital 100's.  I am a single mum with 4 kids and limited work opps. and was given a lot of hope until this happened.  I didn't know this was going to be a problem when signing up.  

Thanks James.   

 

@Caseynotes Thankyou for caring.  I can't find a zero on the forum.  I will look.   

 

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A bit more info.  

The first 5 trades of mine were losses, so that didn't seem to be a problem or mightn't be relevant to the discussion.  Then the next trade was done with 10mins till the expiry of the digital 100.  The next was done 13 mins before the expiry.  Then the last done 3 minutes before the expiry.  

Even with 3 minutes before expiry, IG seems to say "no bids" with two minutes to go.  A lot can happen in those two minutes.  

If it is like betting, then surely the price of the bet reflects the chance of the outcome, and that should be how things are managed.  I have to make my decisions that way anyway, ie. my signals about the market I am betting on.  

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Most intriguing @OceansJessIG must have hundreds of clients using the digital 100 platform and I was expecting some sort of reaction such as 'yes, that happened to me too' but nil so far. Curious.   

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@Caseynotes  Curious.  You'd think there'd be one or two at least...

I just noticed you have 4256 posts!  You must have been here longer than most IG staff?  If you don't know then it is odd.  

So far no word back from IG HQ.  One of the friendly brokers (is that what they are?) was going to ask someone and get back to me.  You'd think it would be something they put on all clients ?  Today it might be 6 at 1pm, at the end of day maybe 8, tomorrow maybe new maximums.  That would reflect the money being bet on a particular day.  Well from my experience I'd imagine it to be like that. 

Thanks Mr @Caseynotes anyway.

Jess.

 

 

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Fwiw - still waiting to hear back.  Remarkable that it is such a hard thing for someone to work out.  If I'm not here tomorrow then you'll know I've been snipered by an IG agent.  The "dealing desk" seem to take it personally.  Trade the market not the man is how I approach it.  

Any one in Australia ?  From what someone said it seems we're the only country with Digitals 100s, seems a waste.  

I'll hopefully have something to report tomorrow peeps.  

Thanks.  J.

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ESMA banned binaries in the EU last year though they are still available in many other countries, Australia having the greater number of users.

image.thumb.png.263df7c3b70dfae26aa367e3535abffb.png

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Where exactly do I find the Digital 100s in a demo-account in the web-platform if the account is Australian?
I've been looking but can't see them.

Edited by zala

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@zala  I found that too.  It seems the demo doesn't seem to show the digital 100's.  But they come up on the new platform live account.  

 

Seems like the dealing desk can just do what they like.  I am going to be restricted forever.  Three trades and I am put on 0.63 contracts.  What's the point of staying as a client.  There is no way to challenge it and no explanation is given - or has to be given apparently.  Nice. 

Thanks for the short time on the forum peoples.  You have been most kind and helpful.  Cheers

Jess.

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@PandaFace

While respecting the privacy of the kind staff member who helped me this is the reason:

"this is a business decision by the dealing desk who determine these things.  I cannot expand on the reasons why we have come to this decision.  We reserve the right to be able to restrict size as part of the terms and conditions you agreed when opening the account."

A little odd.  A mega company like IG worried about my three trades.  Wow.  I feel special.

Yet I am going to complain and fight it.  It doesn't seem right hey.  

Now you know how they will treat you.  Be careful ….

Jess.

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Well there’s your answer. 

Seems odd and doubt were getting the full picture regarding this... 

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15 hours ago, PandaFace said:

Well there’s your answer. 

Seems odd and doubt were getting the full picture regarding this... 

Hello Mr PandaFace,

You can ask IG I guess if they can give you the full picture.  Do you want my trades too?  I've nothing to hide.  

Jess.

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On 19/02/2019 at 10:24, Caseynotes said:

Most intriguing @OceansJessIG must have hundreds of clients using the digital 100 platform and I was expecting some sort of reaction such as 'yes, that happened to me too' but nil so far. Curious.   

It could be that the amount of liquidity for hedging their positions versus clients has been reduced due to the small amount of markets offering digital 100s, as they got banned last year in the E.U.



 

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May be linked @zala, though binaries (digital 100s) and options all come under the CFD umberalla and it would be thought there was enough participation there to find opposing clients internally. Still no others have come forward with a similar situation though so still curious.

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13 hours ago, OceansJess said:

Hello Mr PandaFace,

You can ask IG I guess if they can give you the full picture.  Do you want my trades too?  I've nothing to hide.  

Jess.

Nah you’re al’right

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17 hours ago, zala said:

It could be that the amount of liquidity for hedging their positions versus clients has been reduced due to the small amount of markets offering digital 100s, as they got banned last year in the E.U.



 

That doesn't make sense to me.  Australia isn't the EU.  Wouldn't it increase if more people use Australia because we don't have the restrictions?  

Can anyone explain how you would hedge a digital 100.  Give an example too please?  I would appreciate understanding that. 

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@Caseynotes

Why do you think from your experience no one has come forward.  It is curious the more I wonder.  As a newbie I thought everyone would be using digital 100's.  

 

 

 

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@OceansJess,  yes I too would have thought that if it is IG policy others would be affected as well. When you say you are a newbie do you mean new to IG or to trading in general?

Options in general have their advantages but are very much pull the trigger then wait in hope, many traders prefer a more hands on approach and be able to guide their trades for the duration. Binaries themselves got a tarnished reputation by being the instrument of choice used by shady brokers registered in far flung offshore havens.

If you are asking how IG hedge their clients trades it is usually by taking a similar position in the underlying market. If you are asking how you would hedge your trade the most obvious way is simply to take an equal and opposite position in the same market and then ditch it once your trade was up and running as planned. 

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Binaries are limited risk, limited reward. Why bother with them over options which have a bigger upside potential? 

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@Caseynotes Hi caseynotes.  I am relatively new to trading, and new to IG.  My only trades with IG were those I have shown, and then Ms-0.63. 

I guess I have a feel for betting.  That's about it.

I am still getting told by the staff here that this is a legitimate business decision.  As per the terms and conditions.  Which is probably true - is it?.  Dunno.  Who reads all the disclosure?  I guess it still doesn't make sense why I am singled out.  I might read the terms and conditions.  Did they say me personally or everyone's?  Because why is it good business to give you or PandaFace or anyone else say 10 contracts but me 0.63.  ? 

Remember that I did start with 10 contracts, maybe more - I wasn't game to go more than 10.  Suddenly on Wednesday 13Feb IG had hedging and offsetting issues (JamesIG's explanation). 

 

 

 

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I haven't traded options so take your word @PandaFace.  

I keep things simple.  Probably because I don't know much about the different markets or analysis techniques.  Yet from a betting point of view, it seems smarter to wait till the weekend then place bets on the football then and there.  Get good odds and lots of games to bet on. 

I wouldn't be putting my bets on today for example (for next weekend) - except for Liverpool to win!  Maybe you get a higher payout (is that what you mean buy bigger upside potential)  but how certain can you be.  Too complicated for me.  

My payout for my one of my digital 100's was not that bad.  Risk $1 to make $4.  Seen better gambling but can you get that for an option?  What upside would that take.  A $1 share to become a $4 share.  Or Apple Inc to go from its price (172 on the IG watchlist - is that $172) to 4 times its price.   I don't know how options work.  

Digital 100's seem simple for me.  

 

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