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  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. is it legal for IG trading to manipulate the market like this by not allowing position on GME? totally disgusting
    34 points
  3. It's pretty obvious who they are looking out for and it's not their customers. Time to shop around.
    33 points
  4. 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
  5. 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
  6. 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
  7. 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
  8. At least now we have someone in the UK to sue now rather than just RobinHood
    22 points
  9. 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
  10. I wonder if there will be a flood of complaints to the Financial Ombudsman /FCA, there should be !
    17 points
  11. 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
  12. 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
  13. 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
  14. 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
  15. 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
  16. 12 points
  17. I AM CLOSING MY ACCOUNT BECAUSE THIS IS JUST HORRIBLE - cheating their customers
    12 points
  18. we should all ask ig to compensate our loss because of their unilateral unlawful restriction
    11 points
  19. 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
  20. 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!)
    10 points
  21. 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
  22. 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
  23. I'd also like recommendations on a new broker that respects its investors and doesn't pull shenanigans on them.
    10 points
  24. 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
  25. 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
  26. @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
  27. 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
  28. They should give all users a voucher for lost trading time which can be exchanged for shares on any exchange.
    9 points
  29. 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
  30. @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
  31. 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
  32. 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
  33. 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
  34. 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
  35. 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
  36. Received an email from IG that they restrict buying these stocks. Why is it not allowed (other than it hurts big boys)? Market is volatile but still you're allowed to trade other stocks and even close out if you own these stocks but just can't buy them. Is it even legal to restrict retail traders arbitrarily?
    7 points
  37. also the huge loss they caused to their customers by imposing these unlawful restrictions to drive stock price down and forcing small individuals to sell at loss, in order to help these WS hedge funds
    7 points
  38. Well, there is at least one in their inbox. I would encourage everyone one affected to also report IG to the FCA.
    7 points
  39. Yes, this has now happened 2 days running when markets have been extremely volatile. Unacceptable.
    7 points
  40. Anyone else had the email to say margin requirements are changing from monday on certain stocks. For example, SPCE will now need 100% deposit. This also applies to existing open positions. If you do not have sufficient funds, positions will be CLOSED OUT! Pressumably this is fallout from the reddit/gme saga, but this is sheer market manipulation from IG index, forcing clients to close out positions they wouldnt have otherwise done. Care to comment IG??
    6 points
  41. How can IG call itself a trading platform if it doesn't allow trading? Surely it is breaking the trade descriptions act, amongst many other terms and conditions. Formal complaint being made.
    6 points
  42. And the game isn’t rigged??? What happened to a free market!!
    6 points
  43. That's great. If IG don't go back on their announcement today I think we should follow the same steps for IG.
    6 points
  44. VJJHC, thanks for the great link! I am very not happy with IG. Does anyone know which broker still allows unrestricted GME trading? PS. HOLDING now matter what!
    6 points
  45. Hang on. ELI5 please: If I have to go 100% margin on these stocks, whats the point of CFD then? I pay for position open, risk losses due to volatility, and dont get the ownership of the underlying asset? Shouldn't this be considered as share purchase then? Do Hedgefunds and HNW have buy restrictions too or is it one sided against retail? Assking for future formal complaint.
    6 points
  46. Doing The Least Amount Of Work For The Biggest Possible Return ; There Are No Original Ideas. History Always Repeats Itself. Part of the investing, is the grindy process of trying to generate new ideas. A lot of people think Hedgefund managers and money managers are more intelligent than the average person. I don't think so. Otherwise they would have figured out that rising rates as the economy opens back up is BULLISH for the economy. Rates rise as the economy improves so do commodities and corporate profits. Yes there is a point at which rates become too high and at which rising rates hinder economic growth due to increased interest payments on private and public sector debt. But the recent rise in the US10yr was absolutely bullish for the economy. It took me three years to complete a two year A-level so I am not the sharpest guy in the room most times, however, I have noticed since I started doing this that the same stories repeat themselves over and over again. One week it's the Dollar collapse, another week it's the inflation story. There is always one headline or another. Amidst all this it is very easy to get side tracked whilst generating ideas. I think best ways to generate ideas is to look look at the economic cycle. What part of the cycle are we in ? Are we early ? middle ? or late ?. ( I think we are near the peak give or take a few months. Don't hold me to it I could be spectacular wrong) . Once you make that assessment, you now need to find companies that do well given that part of the economic cycle. Then do your fundamental analysis of balance sheets etc. And then look for a good entry price. Rinse and repeat . Do this and you will notice the same things happen over and over again. This is my second business cycle ( first was 2015-2020) and now, I notice the same things happening again. So yeah these so called " professionals" are not that smart. I would wager they are of average intelligence like the rest of us. Only difference is they just have more money. Below is a template of investing ideas. I borrowed it from a friend who was kind enough to let me have his ideas spreadsheet. It contains simple ideas that can result in a lot of profits if you get your timing right. Have a read and find ways to implement these strategies at the right time. You do not need to work too hard. Until next time God Bless. CA
    5 points
  47. What happens if I just want to be an owner of these stocks so that I can have voting rights at AGM? I can't do business with a broker who halts one side of a trade. If there's no buyer then why bother selling. I may decide to close my account after Monday based on whether IG reverses this action or not.
    5 points
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