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Joo

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Posts posted by Joo

  1. On 29/05/2021 at 21:14, jt_1 said:

    I'd like to add I am trading turbos24 on the trading platform. When I close my position I see clearly let's say 20€ profit but when I check the account history it's less some times half of what the profit loss showed on the chart. IG is cheating even the profit/loss. 

    They are clearly manipulating. I recorded some videos and I will post them so people can see. IG is cheating they don't allow traders to see entry price level on the chart as it happens with CFDs,  IG forces traders calculate the profit/loss in the account history manually on purpose so it's more difficult for the trader to keep track of the true profit. 

    What amazes me is how blatantly they do it.

    This is completely untrue. I've been trading with IG for over a year as a top trader here on the platform and I have no issues. You can see your profit/loss and a chart from day one. The only thing you won't see on the platform while you trade a specific trade is the commissions and cost of borrowing, but those are quite easy to calculate yourself.

    For example, if you buy 1000 shares of AAPL at 100 and sell at 120 you need to account for $20 each way of commissions and the cost of borrowing before being able to calculate your profit. Those are separate fees, if you trade pennies of course you will end up with a loss because of the fee even if you closed the trade green on the platform. This is normal and I like it better than having your average cost moving up every single day ! 

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  2. Forced closing for clients who came up with 100% margin is ridiculous. They will force us to take losses on positions that would turn green a couple months later. But let's not forget that IG is NOT a broker, IG is a casino, we are trading CFDs, not stocks. Once the CFD turns against IG they want out of the position and it doesn't matter who is hurting, they just want out. I guess they haven't found anyone to "buy back" the CFDs from them to let us keep our positions, there is nobody willing to take the other side of the trade on our CFDs because our win ratio is too good.

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  3. On 28/02/2021 at 22:27, Trend1UP said:

    How can it cost you money in gains if you wasn't in a position ? Remember after all you haven't lost anything. Missed opportunity isn't the same as "costing you money". 

    I clicked buy at 32, 3 min later it was at 42 and my target was around 40. So for me it's lost money as that trade was going to be a really big win. I consider it a lost. You consider it whatever you want, for me if I clicked the trade was made, it was refused by IG but I did the trade, it wasn't just an idea.

  4. We all have the same issue, they removed a lot of good stocks, not just meme stocks. This is going to be very costly. And the worst thing you can't even know until it's too late if you can trade or not some stocks. The other day I tried to buy CCIV which was NOT in the list and my order was refused, which cost me a ton of money in gains I would have made. IG thinks only of their own bottom line, not ours. 

  5. 8 hours ago, BTG said:

    That's a hefty amount of fees to be paying, is that on a normal dealing account or spread bet/cfd? 

    I don't think long holding periods would be an issue as brokers would normally just lend the stock back out. 

    CFD. But let's say you buy a stock with 10x leverage, IG has to buy that stock with 10 times more money than what you have. That money has to come from somewhere. If you hold for a long time they are just blocking money waiting for you to close the position. Retailers have started to hold positions for much longer periods of time now.

  6. That list that was removed was basically everything I was trading.

    It seems like they tied too much capital for "low" returns on their end.

    They are using the pareto principle, concentrating on the 20% of products that make 80% of their money.

    But for me, without those stocks I'm not going to be profitable. Which means I will just stop trading on IG.

    I think I'm one of those who spend the most on fees on IG, for this year alone I spent more than 10K on fees.

    The real issue here is retailers (us) we are buying tons of stocks and holding them for too long, which means the capital is blocked and they don't make fees.

    • Like 1
  7. 5 minutes ago, eurochez said:

    I definitely wasn't opening a new position - I was repeatedly clicking on the CLOSE button on my short position. I'll try and do a screen-grab next time to demonstrate (if it happens again)!

    Refresh, that could mean the position is already closed but you still see it.

  8. 1 minute 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...

     

    IMG_8859 (1).jpeg

    IG doesn't care about 150 pounds, I made a quarter million in one day the other day and I closed the trade in deep profit. Your trade ticket says buy to open, which means the system thinks you are trying to BUY a stock you don't have. Close with a stop loss.

  9. 6 minutes ago, eurochez said:

    I understand this “business decision” but don’t understand why you accept my spreads but then prevent me from closing them when they’re in the money.

    if you don’t have the margin then don’t take my bet, the same way I can’t place a bet with you if I don’t have the margin?

    Why can't you close ? Closing has never been restricted. When the thing is not working I close with a stop loss.

  10. 18 minutes ago, Fingersxxd said:

    The lack of visability on closing markets in the platform is a problem and could be addressed better.

    However, this is a different problem. It equally could have gone down and you could have lost money. Hindsight is great. However you're not being forced into closing a position at very short notice.

    I'm forced on all my other positions ! Now that stock is at 42, I sent my order at 32, 15000 shares ! That's a ton of money lost because of restrictions that were not here last week.

  11. Just now, StormChaser said:

    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.

    They didn't let me buy it and it's up now, which means I lost the money I was supposed to make.

    This same stock I traded last week on which I made a quarter million is now not tradable.

    They removed the good stocks but they are still visible on the interface, which means we can't know what we can trade or not, I was just waiting to click the button at the right time on that one.

  12. 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 ??

  13. As I already said to my account manager, if I'm forced out of any positions I'm leaving. It doesn't matter if the decision comes from the CEO or not, this is my personal choice. I want to be doing business with a company that has my interests at heart too, not just theirs. To ask me to close out my positions while I still have the money in my account doesn't make any sense at all. If IG doesn't have the money to hedge just issue senior notes or a common offering to raise funds. It's very easy to come up with funds. At least leave us the choice to transform the CFD to a common stock, this choice is not available to me. Why ? You should give us more time than just 30 days, at least 6 months to close our positions. 30 days will force many of us to close trades at very unfavorable prices, booking losses. 

  14. 6 minutes ago, Caseynotes said:

    Actually the OP of this thread was about 'closing only' and SPACs, you must be meaning a different thread. IG have always used closing only when markets suddenly go one way and high risk and the margin requirement does change for the same reasons, they have only ever said they will try to give advanced notification.

    Are you sure you're not in the wrong shop? Maybe you should try Robinhood, oh wait, they're nearly bust aren't they.

    IG will force close all those positions after 30 days, it's not just a margin requirement thing, they will not allow us to keep our positions even if we have the margin. Doesn't make any sense at all.

  15. 13 hours ago, CharlotteIG said:

    Hey all, 

    Please note this is a business decision but want to apologise for any inconvenience or upset it causes. 

    IG and the wider financial markets have seen unprecedented demand for trading from retail clients. We constantly review the products we offer particularly as there are additional operational hurdles associated with margin intensive asset classes. More information on this will be released this week. 

    All the best. 

    Just issue senior notes or do a common offering if you need funds to buy stocks. But not allowing customers to buy the stocks they want is really weird. At least add all the stocks at 100% margin, what would be the issue with that ? But not adding them at all should not be legal. We want to have access to the same stocks as the institutions.

    Also if you need funds move Tesla to 100% margin as it's the most traded stock.

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