StormChaser
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Posts posted by StormChaser
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What market does this DFB product track and where in the IG documentation is that information given. It comes up in a search for VIX but the price does not match the VIX price.
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12 hours ago, Stonk said:
Of course you believe you know better than the market. You'd better rein that in: relegate it from "firm conviction that I cannot be wrong" to "well-researched belief with a stop-loss attached in case I'm wrong".
You mention a "predictable news flow that would have set them right in due course". If it's all so predictable and your "deep DD" is so infallible, why didn't it tell you hold off and invest after the upcoming £7500 loss?
"Deep DD" also ought to have lead you to realise that CFDs are a bad way to take a position on something that needs considerable time.
You are assuming you could precisely predict the size of a draw down or the exact timing of news. You would never actually know when the right time would be to "be back in" and therefore likely to be outside of the market when aforementioned 'event' occurs.
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2 minutes ago, Mcg said:
They aren’t screwing their clients though because it’s transparent and they don’t have to make a market for you on things where there’s little liquidity. It’s not like they’ve randomly closed you out, you were warned it was coming ages ago. You guys are just salty because you’ve allowed trades to move significantly against you because your risk management is off and now you don’t want to exit the trades and take the loss. Most good traders have no difficulty flattening their book and going again as from time to time things like this can happen, but there’s a lack of adaptability here.
And no because as a product it’s just not set up for holding for months, particularly on volatile shares. You have to pay financing charges and the leverage is totally unsuitable for overnight holding of highly volatile stocks when a relatively small move would take you out when you’re leveraged 5:1. Spread betting is just that.. betting. Have fun with it and take advantage of the leverage intra day. Long term holds are better done by holding the underlying.. no leverage to worry about, no margin calls, no brokers changing rules.
Personally I spread bet daily, but I don’t allow positions to move against me too far from my entry price, and just look for somewhere between 1:1 and 4:1 risk reward. Would have no issue with exiting any trade i take as I’m not over leveraged. If I like a stock I buy the physical shares because that’s the most appropriate way of gaining exposure and means I can chill and not have to get stressed out about stuff I can’t control all the time.
FFS, are they paying you? You sound like an IG lapdog.
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18 minutes ago, Stonk said:
If an open position is at a loss, then that's its value. By closing it, IG are equally likely to have saved you from further losses.
You can't argue that future news flow would return it to profitability. Any expectation of that, and its likelihood, are already built into the price. It might happen, but it also might not, and the current price is at precisely the level that reflects that balance of possibilities.
You did not lose £7500 the moment IG closed the position. You had already lost it.
Bottom line, if you cannot tolerate losing £7500, then you should not let your positions reach a P&L of -£7500, because that's exactly what losing £7500 is.
This is complete boll1x. Some of us who have done the deep DD on these issues are far better informed. All we need is time. IG took time away. Probably for their own benefit. I would never ever ever ever work with IG again after this total ****.
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Anyone who has issues getting withdrawals processed from IG please feel free to add. I am starting to suspect that IG has capital issues and despite the fact we are supposedly have segregated accounts we are are having issues having capital returned. IG has financial issues.
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1 minute ago, Mcg said:
But they told you they were going to do it weeks ago so gave you plenty of time to make alternative arrangements. I don’t know any profitable traders who hold on to spreadbets for months, it’s such a bad idea and is one of the reasons why over 75% are losing money hand over fist
They can set their timelines (after they totally f--k over their clients). They cannot alter the timelines for newsflow on which we based on trades. You don't know profitable traders who hold on to spread bets for months? Do you know profitable traders, in the bagger category? If you limit your risk to 1-2% you probably limit your upside to 1-2%. At what frequency? Nothing more than threading water. Tell me how YOU make money, rather than telling me what my issues are?
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This would be like Paddy Power taking a football bet and closing you out at half time because you are one-nil down.
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44 minutes ago, Mcg said:
In my opinion anyone who loses more than a few percent of their account on a trade is a losing trader on their way to blowing up. The stats show there are many of them. If someone is drawing down 7k on a modest account they’re simply doing it wrong.. they need to change what they’re doing if they want to be profitable long term. If risk was controlled right then the fact that the broker is pulling certain shares, whilst I can sympathise that it is annoying, it’s not a deal breaker because you just move on to trading a different stock. It’s only annoying so many people because there are lots of losing traders with no exit strategy, no stop losses, who are essentially just HODLing and risking a large chunk of their account, and they’re then being forced to crystallise the losses that they’d already accrued anyway. Leveraged trading products aren’t really designed for holding for months on end either as cost of carry is too much.
Im not saying this to be a d1ck, it’s just that we’ve all been there and it doesn’t work. Have to adapt to win.
I had an exit strategy (four positions). It required getting as far as some expected news in Q2.
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50 minutes ago, ColinJ said:
As required I have lodged a complaint with IG compliance as I believe there are a number of contractual points that undermines their actions
You are not going to get any satisfaction out of IG's own team on this matter. If you think you have some sort of case, discuss with a solicitor and/r raise the matter with the FCA for review.
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12 minutes ago, Mcg said:
Don’t take this the wrong way but unless you have a 7 figure account you shouldn’t be losing that amount of money on one trade.. need to keep risk to 1-2% of capital.
They’re also only exiting the meme stocks aren’t they.. not large caps or anything where there’s liquidity. It’s always a risk that market conditions can change.. IG being unable to lay off trades on these shares is one such change in conditions.
They gave like a months notice they were doing it and the losses have already occurred, they occur daily when it moves against you not just when the trades are exited.
It would require a change in strategy to achieve long term profitability IMHO
This is not correct. Stocks on AIM for example, or pharmas, can have huge volatility between news/reports and a figure like 7k is easily possible even on a modest account. That does not mean the above poster is a loser, just that he is (or was ...) probably waiting for some news or results to drive the stock forward. As for just "meme" stocks, they withdrew about 900 products.
What IG have actually said is that they have lots of new clients and need to refocus their resources. So effectively, they have withdrawn products types often used by long time clients in favor of new clients. That is completely irrational. Now they are going to lose long time clients. And ... when things get back to "normal" they'll be losing a lot of those new clients also.
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Probably a lot of people in the same boat Colin. I had a number of positions with running losses but with predictable news flow that would have set them right in due course. Not only that, they also withdrew the share dealing service so I couldn't buy the underlying. I am now still waiting for withdrawal processing to complete so that I can take by money elsewhere.
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@CharlotteIG How long is it currently taking to process withdrawals? I requested two on Friday 26th. I received the confirmation notices but not as of 1640h today, no approval notices. I also received no reply to an enquiry on the matter sent yesterday.
Have you a backlog in payment processing and/or support?
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Why would this be? Cash in account and margined accounts are fully funded.
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Whatever about putting them on closing only and restricting new positions, change to 100% margin and introducing forced closure is a direct action against clients.
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57 minutes ago, Davap said:
Charlotte, we keep seeing the message that's it's small caps that have been withdrawn. It isn't. For example, Hikma has a market cap of £5.2bn and is in the FTSE100. How do we know which other companies IG might decide to do the same to?
We are also told that it's due to exceptional client demand. In that case, limit new opening positions (buy and sell). Why should we long-term clients suffer due to this?
Maybe IG have decided that with such exceptional demand, they don't need to worry about long term clients. The exceptional mob will not be around for the long haul. As a result of what IG have done, long term clients may not be around for the long haul either.
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2 hours ago, Mazz99 said:
I do, which is how I heard about this issue. Plenty of sells affected the market so I needed to understand why.
I received a notice at 1230h GMT on Monday 22nd.
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1 hour ago, Mazz99 said:
For the record. I have still not had any communication from IG about this !!!!
I wonder is that because you don't have positions in any of the affected companies. The list is here:
https://www.ig.com/content/dam/publicsites/igcom/uk/210219_IGM_UK_Affected%20Markets%20-%20Non%20TT.pdf
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2 minutes ago, eurochez said:
The platform does not let me close my short position because presumably IG is too "out of the money" to let me cash in with that much profit. I was around £600 in the black and it wouldn't let me close my position until my gain was closer to £150...
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Surely if it was an attempt at BUY TO OPEN, that was for a net new long position, not for the closing of a short position?
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4 minutes ago, Joo said:
I just tried to buy a stock for 15000 shares at 32, now it's trading for 38 ! That's a lot of money lost for me ! This stock that I was trading just last week ! I'm moving to another broker. What's the point in having stocks in your interface if I can't buy them ??
Strictly speaking this is an entirely different sort of problem. There are reasons why it could happen. If you did buy, you didn't lose money on it right? Probably want a new forum topic for this.
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33 minutes ago, Nick12 said:
Same here. I sold shares on Friday (19.02.2021). Today (23.02.20121) the funds are still not available for withdrawal. What is going on?
I think it needs 3 /working/ days for the funds to clear.
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7 minutes ago, Fingersxxd said:
So I've just discovered that some clients were contacted in advance of the email notifications. This is clearly wrong as they would have had advance warning to sell at potentially better prices than everyone else and certainly before some of the forced selling.
I think everything about this is wrong, from 100% margin in the first place to how the 'rollout' has been timed and communicated, and then lack of acknowledgement from IG that there is serious push back.
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They answer e-mail within a couple of hours usually. Also, you'll find on the platform that SA40 is still open to trade whereas all of the offending stocks are 'close only'.
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9 minutes ago, Neill1 said:
I don't see these 2 contracts there but I don't know if they have tickers that I might not recognise.
The affected instruments are mainly illiquid AIM stocks. No reason for an index like SA40 to be there.
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1 minute ago, Neill1 said:
Good evening everyone.
Are the SA40 Cash and Future contracts affected by this ?
There's a link to the affected assets two posts back.
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"Volatility Index"
in Indices and Macro Events
Posted
Thanks for this.