OceansJess

Hi @Caseynotes Hmm - you may be right. Maybe. I feel I am being strong-armed tbh. If I keep trading its as if I am accepting their treatment of me. If they gave me a good reason why they have to restrict me to 0.63 then I could maybe accept that - but for a massive company like IG, I don't think I am going to bankrupt them. A business decision, come on! Even the number 0.63 is just silly. I mean 0.63. So I am waiting for the Compliance Department to look into it. But seriously, are they going to go against their own. I'm sceptical. They said 45 days, which is a lot for 8 trades. Could take me 5mins. Apart from that, someone at IG said there's nothing that's going to change their mind. A joke really. I'd love to meet this digi100 crowd too - they seem cowards...? You're the only one here that seems to have a bit of courage to speak. Thank you again.

Hey @Caseynotes Thanks heaps for your ongoing support. You seem quite intelligent to me and I like your ideas and questions. I don't know if this answers your question but anyway - my signals (not entirely mine so to speak - those I use) are good. The thing is - for the same risk for a Digital 100 - meaning getting the answer right to the question - I get nothing. 0.63 contracts for a 0.5 or better bet is what - $300. Compared to 10 contracts or even 5 for the same ability. I don't trade now because of that. I can't imagine putting 0.63 on, then waiting, then 0.63 more. Sure it is unlimited but the time and price don't stay fixed for me to accumulate enough contracts. Every time I would put on a new trade I would be questioning my original signal too. I think that is something that all works in IG's favour. Doesn't really make my life easy. So I've kept my account open but am not trading until I get a sensible answer from the people here who are meant to make these decisions. A bit backroom shonky but what can I do. Today I decided the top was set at about 10:10am. I was confident about that until at least the afternoon sometime. Good for a 1pm digital 100 if you could put a few thousand pounds on it. Dollars that is. Double your money in 3 hours. Even if I did post that it would have been hard to tell someone in time. Seductive trades to lure in some digitally enabled traders sounds fun. I'm not confident or experienced enough to try trading CFD's yet. Maybe I will, maybe not. I like the safety of a digital 100, especially if I get unexpectedly interrupted and can't be hands on if I have to be. Anyway, my system, to answer your question, doesn't mind what IG does to me. It is looking at the ASX200. Odd - I can't start a new line. So my formatting is all wonky. Oops. Thanks anyway. Cheers.

@Caseynotes Hi. An interesting thought you raise. I was thinking about it in my first post. If you wondered about passing information, it sort of doesn't matter these days does it. I mean anyone could follow anyone online and get tips or pass on tips. I could post on here a few of my signals and if they come good, peoples may choose to trade them. Like Friday I had a signal to sell for the close. So anytime of the day you could have made a trade with a sensible digital 100 and it would have been profitable. That's pretty cool. Anyone could have done it. They aren't hard to use. So if IG treat a client a certain way, then will they treat others the same if they copy me? How many clients do they want to offend I guess is the question.

Hi @Caseynotes Negative account balance protection. Why have a margin call? Seems like you've got a nanny state over there. Nice deflection but I'd be more concerned about the way IG treats its clients if I was you. Just saying. Unless of course no one here trades Digital 100's or trades them for a profit. That's remarkable if true.

@Caseynotes Hi. You bring up some interesting information. 81% lose. I think Australia would be similar unless we are naturally better traders... If I remember I think I have 30seconds to put on 0.63 contracts. That is almost 1.2 a minute. I will use your example of JamesIG to do IG's homework - I have given them 10mins and 13minutes for two of my trades, both 10 contracts. That allows them to hedge 10*1.2 = 12 or 13*1.2 = 15.6 contracts of mine. SO his reason that they can't hedge or offset me is looking sillier by the minute. Here in Aus we just recently had a Royal Commission into the finance sector (Royal - a kickback to our past hey) - anyway the government basically pays (judges lawyers) to investigate dodgy stuff the finance sector has been doing (banks, insurance, wealth management etc). Conflict of interest and predatory lending were some concerns. Conflict of interest …. I'll stick by what I said before - IG are the house it seems, and they don't like losing. So they rig the deck! 🃏

@Caseynotes Hi. I read a few of Mr Zero's previous posts. He would post some trade ideas before the market opens he claimed. Short term? My three trades weren't short term so whatever they had against him is not my problem. If I understand what you've said yesterday and today, it seems you are suggesting that IG don't make their odds on the money received in their kitty (? might be your total exposure). Well I am restricted to a fixed amount for-ever! I wasn't when I started, and no one else says they are. The other thing to remember is that I was making a profit. I lost, regained, profit then hello-dealing-desk. You say that ASIC and the EMSA are protecting clients from blowing up their accounts. I don't want to be protected from that. I wasn't in the process of blowing up my account. Where are the losing traders, or the account-blower-upperers? They should have a say. But your two points say one thing : IG are the house, and don't like losing. 🚫

@Caseynotes Ok. I feel a bit corporate now if I'm a business. I better get out of my PJ's and get dressed for work in the future. I think you may be on to something. Thinking Business Models. But first Do you know if this Zero trader you mentioned was profitable? Thnaks Jess.

Barrick interesting. Newmont rejected?

I'm sorta watching gold now after seeing the past week's moves. I read something interesting about Barrick - they are a company I think. Gold miner. According to the article what they do seems to be a good indicator for the price of gold. Who knows - but it made sense to me. Someone other article is likely to disagree. ? What do you think @TrendFollower ?

@Caseynotes I am new here I guess but find it amazing you can say what you say without thinking about it... "more importantly"..... business model clashing.... Wonder what our business models are. I don't have one tbh. We're traders/gamblers aren't we. We see a price, follow our signals and act. It is obvious to me that your analogy doesn't relate - IG can lower their odds all the time by changing the price of the digital 100 they are offering. For your example, I am trying to pick the horse. The odds the bookie gives on the horse doesn't change the outcome of the race. Same with digital 100's. Got nothing to do with my business model does it? Here in Aus. IG are not a betting company. They advertise their AFSL. They are under the law of Australia as per their disclosure (had a peek). I'm still wondering why it is fair that I am treated this way yet other clients aren't. IF again, to use your analogy, a bookie was getting overloaded, all bets would be limited or ?

@Caseynotes Thanks for your reply. I did search for Mr Zero and see he/she was a busy bee when he was here, then he vanished. You were saying way back then that IG may have edited some posts he made.... Doing a bit of reading/homework. Hedging with a CFD is easy for IG. The CFD's are different to the digital 100's and the option market seems to be on a monthly basis. Greek geeky stuff too that is nonsense to me. If I was IG I would have a bank for their digital 100, a tab say, and then settle every bet with cash. I seriously doubt they hedge their digital 100s because the market may only move 0.1 pts and cause a digital 100 to be profitable, yet how much money can you make with other "hedges" for 0.1 points. $1000 a point will only get you $100. Need $10,000 per point (for your example of a CFD). I am just trying to find out why. None of the reasons given make sense. It may be in their sneaky fine print if you say so, but I am not asking for a public service. I am asking to be treated fairly. If I am willing to take the same risk as everyone else, and pay the same spread as everyone else, why am I not allowed the same number of contracts as anyone else? Why after 1 week the product (service) I was offered and given suddenly changed. You suggest that it became a problem. Surely not. If I was running a book and knew I would take bids of $10,000 I would make sure that I could back that up, I'm sure I'm not the first client to want to trade 10+ binaries and cause IG a headache. Maybe Bernie is running the dealing desk. Surely there are laws concerning this. They are a business and I am willing to pay whatever they ask to conduct business with them. They still have to operate within UK law. No. Jess

Hi Mystery Punter, You may be correct. Thanks for that. Are you suggesting that IG is not a real market. The reason I say this is that any bookie will put their own money up to help their cashflow. IG would be doing that for their business. That's what the spread implies doesn't it.

@Caseynotes Thank you for explaining hedging. I am trying to see how Digital 100's could use it. So the underlying... ? An equal and opposite position in the same market. So I was trading the ASX200 market. If I took the same position as a Digital 100 I don't know how to work that out. A second digital 100? What about this - if I made $8000 and it took 3 minutes (that is similar to my last trade). How do I make $8000 or how would a bookie offset losing $8000. He would have to make $8000 somehow. How would IG make $8000 in the ASX200 market in 3 minutes? My trade had a condition that it had to be below 5985 wasn't it. I just realised that the thing I uploaded is missing some info. Sorry. So it could be 5984.90 and my digital 100 would pay out. It could be $5895.00 and my digital 100 wouldn't pay out. Does the hedge have to fit in between that? Getting myself confused. If IG made $8000 in the 3 minutes it could stop the hedge and have my digital 100 covered. So how many points and how much money per point does that mean for the ASX200. Could we go $800 per point and get 10points in 3 minutes maybe... That might work. Mabye? Thanks for your help. Jess.

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.

@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).