Jump to content

Leaderboard

Popular Content

Showing content with the highest reputation since 15/06/18 in all areas

  1. Yet they allow you to SELL and close out your positions. What will that do to the overall market price of AMC and GME? Well obviously if we can only sell the the price will go down down, allowing these greedy hedge funds to exit their short positions without taking too much of a hit. You have 2 choices, 1. Sell your shares back to the hedges, just like they want, or 2. Hold and watch them wet the bed, eventually having to buy at the price WE SET and us little guys make some money. Also, leave IG they don't deserve your business after this blatant act of market manipulation.
    55 points
  2. I thought i summarize my experience so far day trading in case any newer folks are interested Day trading is much harder than swing trading and especially at those lower time frames. From 100+ day trades so far I am certainly no expert and I like being honest, I am on average losing but I learnt a lot. My thoughts so far are: 1. Forget 95% of youtube, it's full of turds just trying to market courses, **** out their channel. Same with forums, no matter what topic it is (fitness, languages), a lot of people lie their asses off and pretend they are experts but in fact know jackshit about it. Even the supposedly guru's are full of sh@t. For example the guy who wrote that best seller "Trading for a living", Dr Elder. He came up with his own "impulse system" and brags about it. It just MACD and Moving average, nothing more . Aslo on their own private forum (which I was on for $60 a month) the group consistently underperform the S&P and even their best Gold start traders barely out perform it. Everytime you asked a question you got told, "buy this extra course for $100's Its the same with Anton Kreil, $15k for a course? I have no idea if he is good or not but its seems to me that it's the easiest thing in the world to prove your validity. Publish your trading accounts, get them audited by an auditor, show tax statements, do live streaming etc If I was building a business as a trainer that's what I would do. 2. Having said that there is a lot of useful information that if you look at it objectively it can be great advice. Keep a word document and write down your own points. Ignore every cherry picked chart they show you (apart from the educational content), use your own, scroll back a 500/1000 bars and then start looking at the extreme right hand bar, moving forwards bar by bar and ask yourself "ok what will I do here", you will soon find out that even if you got the direction right, spreads, commissions, trend reversed too quickly, stops etc killed it . It will paint a very different picture than what youtube baseball-wearing-cap-on-backwards hipster is telling you. 3. Day trading is a job, not a hobby and a difficult one, you need to put in the hours, research, do your homework, keep a trade journal take notes and analyze what you have done etc 4. You are essentially trying to make cash like flipping a coin over the long run with one side weighted in your favour. 5. Forget working on hunches or "I think the stock price will go up / down" You are doomed to failure. A proper system is the only way 6. Risk Management is the most important concept by far in my view. The generally advice is never risk more that 1 - 2% on a trade. I personally think that is too much . I would keep it at 0.5% max until you work what you are doing. 8 losing trades in a row at 1-2% and it starts to hurt and self doubt really creeps in. 7. Demo always seems like a good idea but in reality it never worked for me. I put on trades forget about them, have no psychological connection to wins / losses. You need to use real money, even if it's just the bare minimum to see those losing ££ . I have put on 4 trades over last few days.All 4 were up 2 x Risk but because I am a total **** I didn't cash out and all hit stops resulting in 4 losses. It was only £80 between all 4 but the fact I got greedy (yet again!) annoys me 8. If your profitable with a year you're lucky. My aim is to just break even by christmas to see if I can sustain a modest living in this. I have income from other sources anyway. 9. The reality is that its a heck of a difficult job to make money day trading., Brokers like IG, and all the others make money by continual flow of clients coming in losing cash and eventually leave, hence the large marketing. I don't blame them, it's a business model, not a hippy self help group, but just be realistic. 10. Most news, ideas is **** and pointless. I worked in investment banking on the trading floor for 15+ years. Every Monday we had to come up with a trade idea for clients , Derivatives / inflation, bonds, 90% of them were sh@t, I know I wrote them, we just had to do something. It's the same with market news, broker webinars etc, trading channels / ideas etc, the staff are tasked to do something. More noise, more videos, more website hits, more trades = more commissions / sales. 11. Don't jump around from stock to stock, to FX, to crypto. I believe if you are not making money in two or three the problem is you, not the asset. They all have their own personalities, e.g. Coca cola barely moves, Tech stocks jittery as hell, respond to news, others hardly at all, so you need to spend sufficient time on see what influences what. 12. as above, don’t jump around with different trading strategies, 200 different indicators etc. You need to limit all the moving parts and focus 13. Best way I found to improve, (so far) , For every trade, I immediately write down why I entered the trade (note 5) , for example Long MA Strategy (a) Rising 200MA (b) Rising 20MA , (c) 20MA crosses over 200MA (d) price near 20MA seems like a winner on paper but I still kept getting stopped out. Then afterwards write down what happened, e.g. after the trade exit I put screen shots of 3 time frames (daily hourly / 15min) into a PowerPoint and detailed where I went wrong. Several things became clear such as - 2min charts was pointless, you would never make the spread back - The risk / reward (1:2) was to high, a 1:1.2 would have paid off > 50% of the time . - I was fannying around with stops, for no reason. etc - I'm putting on trades because I'm retarded, e.g. long trade, on a bearish trend in larger time frame The point being, you start to learn about your technique and they way you trade which no book can possibly know. Heck it's boring but I am starting to see patterns about the way I trade (= c@ck up). The best traders I saw in banks were the OCD ones. The wannabe Burberry wearing chavs all got pushed out or sent to Starbucks to pick up the coffee The million dollar question: can you make money? At this stage, I am still undecided. I think there is light at the end of the tunnel but its going to require work, a plan and mental commitment for sure. Anyway, long post but hope it's useful for some folks (apologies for the obscenities!)
    54 points
  3. is it legal for IG trading to manipulate the market like this by not allowing position on GME? totally disgusting
    34 points
  4. It's pretty obvious who they are looking out for and it's not their customers. Time to shop around.
    33 points
  5. Extremely disappointed. Increasing margins make sense. Banning buys? What in the world. "Prioritising service to existing clients". You mean you're manipulating the market because the people who pay you told you to do so. Well done.
    31 points
  6. Would love to hear from IG on this. If it's a clearing house issue why not restrict BOTH BUYING AND SELLING, wait for the clearing house to catch up, tap credit whatever needs to be done. But only allowing selling??? come on. A lot of people are going to lose money because of actions like this.
    29 points
  7. I would recommend everyone read section SYSC 3.1 Systems and controls of the FCA handbook. The contract we all signed with IG seems to run counter to what they are doing. Stinks of market manipulation.
    29 points
  8. Agreed. I naively thought IG would be on the right side here. You know, given the fact we are paying for the privilege. I hope they get what they deserve for clear and transparent market manipulation.
    27 points
  9. At least now we have someone in the UK to sue now rather than just RobinHood
    22 points
  10. This is totally unacceptable. When markets are extremely volatile, IG shuts down the system so can't execute any trades. Tried to call and just get cut off. LOST SO MUCH MONEY because of this. Anyone else thinks this is outrageous by IG?
    21 points
  11. I wonder if there will be a flood of complaints to the Financial Ombudsman /FCA, there should be !
    17 points
  12. Both through the web platform and ProRealTime... I cannot close out an open position on US500... IG are you going to refund any money lost because of your techincal error?
    17 points
  13. Total and utter disgrace by IG here!! Which hedge funds are paying you off IG? This whole rotten system stinks, and its blatantly obvious what's going on here. I hope everyone withdraws their funds from IG and they flow to brokers which allow free and fair access to the markets. IG have completely lost my trust. I'm out.
    16 points
  14. So what is IG going to do about the fact that it crashed for an hour during the rapid events, and GME shares worth $400 couldn't be sold (in fact, it seems a huge number couldn't even log in successfully) until they had hit $200. Taking risks on a stock is one thing. But when the platform goes completely dark, is that just a gamble that's our fault as well? And if it's not our fault, then does the company who's responsible get to share in the losses they're responsible for?
    14 points
  15. Is this for real? IG are actually preventing people from trading in these stocks? “Due to the recent extreme volatility, and in order to prioritise the service we give our existing clients we are not allowing any new positions to be opened” ???? This doesn’t even make sense. Absolutely atrocious, you’re joining the Robinhood gang! Nothing other than protecting the hedge funds while the individual loses out. This is not prioritise your service to your clients unless your owned by Wall Street. This action is for no reason other than miniminse share price increase while the shorting continues throughout next week. I will certainly never be using the platform for trading and will make sure my co-workers follow suit. Dispicable!
    13 points
  16. I don't know what expectations you had when you started David, mine were to make a lot of money and retire. That didn't happen. After a while I stopped trading, took a step back and looked at what was happening. I had none of the stuff mentioned above which are needed for success. What I did have were lots of trading websites, discussion forums, tips websites, news feeds and so on. A confusion of noise with no structure and no plan. If you decided to open a business you would have a business plan. You would probably open a business that you knew something about and had lots of experience in, or could hire people to fill the gaps. You would know how much things cost, how much you could charge, and what the likely market would be. You would do a lot more than that and still might fail for any number of reasons. Spread betting, or any other form of trading is a business. You need to know what you are doing, you need to do it consistently and you need to keep monitoring your performance. To make money you need an 'edge' - which is simply a strategy which over the long term gives you more in wins than losses. It doesn't really matter what that edge is, just that you have it and trade it consistently. You do not need, and should avoid, trading on anyone elses advice. As I write I have a long position on Gold. I could explain why and someone might read this tomorrow, think it sounds reasonable and decide to buy too. I mogt have sold by then and gone short. My advice would be worthless. If you want to make money here's how. Open a demo account, with a similar amount of funding to what you would have in a real account. Review what you already know about trading strategies and pick one that you think you understand. Research this and make sure that you know all of the details. Does it apply to all markets? Does it suit short term or long term trading? Why do you think that it would give you an edge? Write the whole plan down - preferably with a checklist of all conditions that need to be in place before you take a trade. Start trading it with the demo account. Keep doing that for months if you need to until you always stick to your plan. Review the results. Did you stick to the plan? Did you make enough demo profit for it to be worth your while? Keep going with this until you are sure, then start with a small trading account and see if you can still stick to the plan, and make money. As you succeed you can start increasing trade size or adding other strategies but slowly. Remember that the reason for doing this is to make money. If you can increase the value of your trading account by 5% in a year you are doing better than most savings accounts. 3% in a month doubles it in 2 years. Big wins are for adrenalin junkies. Steady consistent wins are for millionaires. Final thought: Spread betting is the hardest 'easy money' you will ever make. Michael
    13 points
  17. Indeed I have been sat here for a good many tears, I mean years. Did I get rich quick, no. I do treat it as a business though, a buying and selling business. So like all careers there is a lot of theory to be grounded in plus a lot of practical to get experience in. There is probably a whole years worth of course work in just learning how to spot and avoid the traps. I picked out an old Tom Dante quote which sums it up rather well, see below.
    13 points
  18. Hi IG, Any plans to become a supported broker on Tradingview? I like the IG web platform but Tradingview stock screener is great and would be nice to trade from there. https://uk.tradingview.com/brokers/
    12 points
  19. I complained to BBC watchdog: https://www.bbc.co.uk/send/u23123288?ptrt=https://www.bbc.co.uk/programmes/b006mg74 Historically media attention had greatest multiplier
    12 points
  20. I agree to all the comments and also felt frustrated the platform online & App "conveniently" went offline for 3 days on the trot exactly when the US opened. We all know that Robinhood have had to reverse their restrictions/limits on deemed volatile stock so why has IG now decide to restrict retail investors - will probably get the same BS about protecting retail investors!!! I am a bit pissed off with this constant rule changes against retail investors - EC ruling/higher margins/no Crypto dealing/restricted trading/even higher margins of 100% to name a few!!!!!!!!!!!!!1 I am looking for a new broker who will allow more fair dealing plus I want premarket trading and prepaid to pay a higher price for a better service!! Does anybody know a broker who offers the above? is IB anygood?
    12 points
  21. 12 points
  22. I AM CLOSING MY ACCOUNT BECAUSE THIS IS JUST HORRIBLE - cheating their customers
    12 points
  23. we should all ask ig to compensate our loss because of their unilateral unlawful restriction
    11 points
  24. Now IG is restricting purchasing of GME and AMC, only allowing you to close positions. IG, I hope you get done for market manipulation.
    11 points
  25. Whilst I am mindful that the situation may be slightly different for those using leverage, I believe the blocks also apply to share trading accounts that are funded entirely by the client. Whilst I personally do not hold positions in these stocks, as a share investor it concerns me that if they can so easily excuse such actions for these stocks, then they can excuse it for any stock they choose. Putting such blocks on a stock is highly damaging to the investment and will almost certainly devalue it, directly causing loss to investors holding long term positions. Rather than their claim of protecting clients, it would seem to me that this will do nothing other than cause them loss. The only benefit of these actions is to those shorting the stock who seek to get off the hook and cover their positions cheaply. I can see why people who have lost over this are so angry, and I feel they would be entirely justified in suing for the losses. Hopefully it might deter such shady dealings in the future. If I thought they were any less corrupt, I might take my concerns to the FCA or government, but I fear it would just be a waste of time.
    10 points
  26. This is out of order. I thought by using a broker with fees, that I would have a professional level of service at all times. What happened to a free market?
    10 points
  27. I'd also like recommendations on a new broker that respects its investors and doesn't pull shenanigans on them.
    10 points
  28. I just received your email that you are not allowing any new positions to be opened on the US stocks GameStop and AMC Entertainment, but you are allowing current positions to be closed... Maybe I'm mistaken, but to close a position (sell), there is typically a new position (buy) at the other end. If IG is blocking me from buying US:GME, who is buying the closed positions? If some parties are allowed to open positions, while others are blocked, what would you say to accusations by members of the US Congress that this is market manipulation? Are you worried that IG may fall under a US:SEC Review for these actions, similar to Robinhood? I look forward to buying more GME when the market opens on Monday.
    10 points
  29. Ha ha, yes, exactly the same thing happened to me. I started a 4 year university course but realised I knew it all after the first year so I took the final exam and unbelievably I didn't pass. Clearly someone was to blame for this (other than me obviously) so I cast my eyes around and of course it must have been the college's fault. I mean all you have to do is take some indicators and chuck them on a chart and then pick out some pretty patterns right? I knew this would be easy for me as I'm good at spotting patterns. Clearly the fact that this approach failed meant the whole thing must be rigged. So next I scoured the internet looking for someone to tell me what to do and would you believe it but that didn't work either. The whole internet is telling me to do this or do that but when I applied these tips and tricks to the stocks I had carefully selected by chucking darts a stock page pinned to the wall nothing worked! I didn't realise I was competing in a two way auction, I thought I was just gambling like I do in Vegas where if the action is really hot and the big guys are throwing lots of money around and the spread is getting bigger and bigger then that is exactly the right time to jump in, boy was I suckered. It's not fair really as all I wanted, all I was trying to do, was to get rich quick, a very reasonable and quite simple goal really. The fact that this did not happen has made me sad and this has affected my relationships and it's all due to nothing less than completely unwarranted victimisation by the system I was trying to beat.
    10 points
  30. I received an email this morning saying that all remaining crypto positions will be closed in one month, and margin requirements on cryptos will be increased to 100% (!) from Monday. The excuse is, inter alia, that "We have now reached our internal product limit for exposure to cryptocurrencies, and as a result will be removing cryptocurrencies from our offering to UK retail clients". What a disgrace. If the margin is 100% there would be no funding exposure for IG. I think what this all really means is that, in a product structured and sold as a bet, they are uncomfortable with losing the bet if cryptos continue to rise significantly. In a market which is, for regulatory reasons, no longer available for new entrants it's not as if they are getting a flood of new money coming into it. So they are going to close positions which have been in place for some time. And increasing the margin with only a weekend's notice is pretty shabby too. The email went on to say "We encourage you to review your exposure and to manage your position(s) accordingly." I shall be reviewing, instead, my use of the platform.
    9 points
  31. @CharlotteIG Users deserve to know the truth, please respond on @DoctorStrange's questions. This is blatant market manipulation, and I'm ashamed to have supported your business considering what has happened with brokers like RobinHood, I expected better. Needless to say after I've closed all my positions (when the market is being run FREELY) I will be moving away from IG for future business.
    9 points
  32. I don't personally hold shares in either entity, but it does make you wonder where it will end with brokers appearing to protect their friends' by halting trading on certain stocks (or at least halting trading for the hoi polloi, but letting the trough-feeding vermin continue regardless). Let's face it, such actions benefit nobody except those making billions off of other peoples' property. It really doesn't look good IG, and I will be looking carefully if I really want to continue using you as a broker.
    9 points
  33. They should give all users a voucher for lost trading time which can be exchanged for shares on any exchange.
    9 points
  34. One of my open positions have disappeared form the positions tab. I had a total of 5 open positions, the number beside the positions tab says 4. There are only 4 positions displayed. However the account totals row in the bottom is behaving like the last position is still there, the total positions sum takes into account all 5 open positions, likewise with the market value and profit/loss columns.
    9 points
  35. Hi - facing a new issue on the platform. My charts are being wiped out and set to the same default every few minutes/seconds. No matter what I configure, within a few moments it defaults to a 5min candle stick with no other indicators - what is happening?
    9 points
  36. It is absolutely disgraceful that this company has sent me an email saying it will not allow new GME and AMC positions from Monday. I had been telling people this was a great service and to get on it. I will now tell them the opposite as I open a new account elsewhere. After I've sold, I won't be back.
    8 points
  37. @CharlotteIG I'm hoping for a more detailed explanation from IG. - Is this because the clearing house are asking IG for higher margin? - Have they tried tapping their credit lines with their IB? - How long will restrictions on GME & AMC last? - Given vol may increase across other shorted names in anticipation of a squeeze, what are they doing to prevent this happening on those as well? It's frustrating how they want you to trade more frequently (i.e. charge you extra fees if you don't), but when you want to, and there are potentially opportunities to make money, they can't actually even provide the service. I believe Revolut are still ok with those names, I've opened an account with them now today after getting this notice.
    8 points
  38. For those who want to trade GME stocks I can recommend DeGiro. For UK customers you will be based with an Irish account manager where the default currency is €. After changing your currency you will be able to trade in pounds. It is an execution-only broker that charges per operation. They don't offer CFDs/Spread-betting nor ISA accounts. They even have an API available for share dealing.
    8 points
  39. I am an existing customer. In my interests please remove blocks on purchase of GME stocks. I am fully aware that my capital is at risk, stocks are volatile. I accept that and continue to want to buy GME on Monday.
    8 points
  40. Trading 212 tried this the other day too. I have complained and suggest others do the same. Here is a link to a letter outlining what FCA rules they are breaking. Makes me want to hold even more due to this shady practice. https://www.reddit.com/r/Trading212ActionGroup?utm_medium=android_app&utm_source=share
    8 points
  41. So if I were cover 100% of my opening CFD position, there should be no chance of getting margin called, or positions automatically closed, right?
    8 points
  42. Development needs for Share Dealing and ISA Accounts: - 1. A low-cost Dividend Reinvestment facility is a must - this will have huge benefits for IG as, with your commission structure, I'm confident you would attract more long-term investors by offering a DRIP facility 2. Please include all costs in the positions window (i.e. commission plus stamp duty) so that average price and profit/loss figures are accurate 3. Please improve your help desk and phone availability - responses are extremely slow or with the help desk email sometimes non-existent, which reflects very badly on IG and suggests your investors are much lower priority than higher value margin clients
    8 points
  43. I am Not able to see open positions. The customer hotline is also not working. What is the issue. Rectify ASAP.
    8 points
  44. Would a Telegram group dedicated to spread betting be a useful addition for people. Can discuss what brokers are offering what positions etc and have some very knowledgeable traders with plenty of experience to pass on their expertise on such matters. Let me know with the like button and if there’s enough interest we’ll get one set up.
    7 points
  45. Yes, this has now happened 2 days running when markets have been extremely volatile. Unacceptable.
    7 points
  46. To make your trading plan and trade strategy just answer these questions then move on to the testing section below. 1/ TRADING PLAN a) System What type of trader will I be? Swing, trend trader, trend follower, day trader, Elliot Wave, Fibonacci, option trader, another, or a combination? What time frame will I be trading on? What will I be trading? Will I trade long or short or both? What has to happen to invalidate my trading system and make me look for flaws in my thinking? b) Psychology How big of a position size can I mentally and emotionally handle trading? Does my chosen trading method fit my personality for activity and risk tolerance? Do I actually enjoy trading? Do I have the mental strength to persevere until successful in trading? c) Risk How much of my trading capital will I risk per trade? How many losses in a row with this level of risk will lead to blowing up my trading account? How much will I lose at one time if all my open positions go against me at the same time? How correlated with each other are all your open positions and your potential trading vehicles that are on your watch list? 2/ TRADING STRATEGY What signals my entry? What will signal my exit? Where will the initial stop loss go? Do I use a trailing stop or a price target to lock in profits? What is the probability of my trade working out based on historical data? (see testing below). STRATEGY TESTING Ok, so you've discovered that a random approach doesn't work so you've found a strategy but you'll have no confidence to trade with real money until you've proved to yourself it actually works and that means testing and collecting data over a number of trades on demo first. The simplest data to collect are the win rate and the average risk/reward ratio of say 20 demo trades, you can then plot these onto a profitability graph to see if the strategy actually works before you risk real money. To collect the trade data you will need a simple spread sheet, try this one https://forums.babypips.com/t/free-excel-trading-journal/52738 Just fill in these 9 green boxes for excel to auto calc the Win rate and the average Risk/Reward Ratio. The date is by drop down box as is the asset, you can change the list of assets to whatever on the 'List Variables' tab. Use the Take Profit as the exit price even if it's a loss and leave the Exit Price column blank. Take the Win Rate and the Average RRR and plot them on the graph, anywhere above the red line is profitable, below the line is not. NB/ The journal works fine on windows excel but if opening it in Windows 10 OpenOffice you will get the 'invalid entry' pop up for columns G,H, and I, click on the letter to highlight (G, H & I) > data > validity and uncheck the 'show error message'. OpenOffice has also allocated the currency dropdown box for G, H & I so just ignore. So now you have a trading plan, that probably won't change much unless your circumstances change, and you also have a trading strategy to bolt onto the plan, you may have 2 or 3 of them, say a buy the dip strategy and a breakout strategy, and you also have a means to test that strategy on demo to gauge if it really does have a chance of working out on a live account. You may go through a number of strategies or make changes and retest again and again before finding something to test on a live account but at least you're not losing real money to find out if it really works or not because if it doesn't work on demo it won't work live. Best of Luck
    7 points
×
×
  • Create New...