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Everything posted by Tri

  1. IG has come up with new T&C for using their services. Every time I log in , the screen shows the count down to the time I have to accept those. Every large organisation , when they change their T&C they send you a brief outline of what the majour changes are. All, but IG. No attempt to clarify what has been changed and why. IG is very amateurish in this and most aspects. Can't they do a better job, than just mug our money? And will happen if I don't accept the changes? Will I not be able to log in, or my account deleted and my money scooped away and shoved in IG bosses pockets, or what??? Accepting the changes means nothing in practice. We click and that is. Who is going to read tons of pages of small print, conflicting with each other terms, only made to protect IG but none to protect the customer? Basically, so far I see it, T&C say that IG can do anything at any time and traders have no recourse to anything but just pay up or else. So what are the changes, mods???
  2. OK, the mobile version of your site doesn't have extras like attachments etc. I uploaded the photos on the desktop version. Back to the thread - everything I ever said, I can prove. Everything that IG claims contrary to my assertions, is mere smoke and mirrors.
  3. Thank you for your reply. Typical with IG. The left hand has no idea what the right one is going. I received notifications from IG about the said price increases of Pireus and if my phone allowed me to attach pictures (I can't see how I can do it on this forum) you'd see the evidence. As far as hedging is concerned, with all due respect, you guys are simply repeating what you are told to say. The bottom line is that IG takes our money when we lose and IG has a vested interest in us losing, not winning on our bets. If you were to investigate how your employer makes its profits, you'll understand.
  4. I tried to go long on Pireus Bank and other Greek banks a year or 2 ago. Several attempts, but always the same thing - ' You can only close positions on this market' For the last month Pireus has been going up at the rate of 35% in one day, 34% on the next, 75% at opening on the following, etc. Double your money in a day or Two. And IG is trying to fool me that they don't lose money when I win and don't make money when I lose. It's so clear, that it cannot be any clearer than that that IG lies and profits from our loses.
  5. Very well said that predictors on forums cause a lot of damage. We are all like football fans watching a game. All excited and dissapointed at various times. At times it looks like we can identify paterns and strategy and looks like it's about to pan exactly as we expected and sometimes it does but more often it goes belly up. The commentators are nonethewiser. They see just as much as everyone else. The difference is that that have a microphone and are paid to comment (think about the so called market analysts, lol). When was it ever that a commentator would announce from the start how many goals on each side at what time and that Team X will win the game ? Mind you,the stock market is ever harder to predict than a football match. Good luck to you!
  6. That's OK but can you actually project a target? You sound like a sports commentator who comments on the game without being able to predict the next move nor the outcome. Of course, we all know that it won't be reasonable to demand otherwise.
  7. It looks like you are on your own... No reply to your query.
  8. It's been a bit of time... As I said, I would come back to you, ST. To put it briefly, when IG tells you something, they only tell you as much or as minimum as you need to hear. If you do not look into the statements further and accept at face value, good for them. But you go in the false assurance that you have the correct answers. And you don't, but you don't know it. When our former PM came up with the "Big Society" phrase, most people understood it to mean something really positive. However, the more intelligent and quick thinking people realised that what that meant was actually spending cuts, less support from the state. Well, years later, we know that the latter group were the wise ones, not the populous who were all very ready to cheer the big slogan. Likewise, when you hear from IG and other spread betting companies certain information, look a bit closer, squint your eyes and you will realise that it's not what it appears to be. For example, they say that they are an execution only broker. True that they are an execution only as far as not giving you advice on what to do, but this is where their execution only finishes. They are not a broker in the first place, let alone an execution only. There is nothing to broker. A broker places a certain transaction on your behalf. IG does not do anything on your behalf (speaking about spread betting here, not shareholding). IG creates a pool. You swim in it. The pool isn't part of the big ocean. Some swim on the short side, some swim long. Eventually most swimmers drown (officially 82%). A few manage to leave with their swimming trunks still on. IG tells you that they hedge their exposure. Many think that every trade they place is mirrored on the real market, that is, the big ocean. IG also admits that they swallow some of the risks themselves. "Some" ? How much is this "some" and does it really matter? The fact is that the management of the swimming pool has to pour some water from time to time into the pool and add chlorine - that is their exposure. How they do it, is none of my business. IG's so called exposure is irrelevant to us, the punters (aka traders). They may be going to the big ocean to get some water or turn the taps on or work on alternative employment to raise some funds and pay a contractor to deliver some water...Regardless. The fact is, when you and I place a bet, IG does not jump up and place an identical or similar bet on the real market. And when you and I happen to win, this is money that IG has to pay out of the pool. When we lose, our money goes into the pool. Not the big ocean. Spreadbetting has never been a broker type of transaction and relationship with clients and the market. It's a fictional device, like a computer game, where you bet in the hope of winning. It has no replication in the real world and no connection with the real world (apart from charts following somewhat, albeit not necessarily that closely, the prices on the market). There is a bit more to it, but the above is hopefully, a useful outline. GL!
  9. Yoga, you are right. However, the thing that most people do not know is that even the current legislation allows redress when retail clients have been fleeced by spread betting companies. Enquire and you will find out! FCA will simply make it easier to have this redress without having to commence a Court action.
  10. ST, I've been busy so no reply from me for a long time, but if you are still around, I am going to post here. Don't take anything on face value. I was typing on a small phone and got confused when Hannah's name was highlighted and thought it was a rhetorical question. Spreadbetting companies operate differently to share brokers. Bye for now.
  11. The frustrating thing is that we never know in advance what the likely charge will be. We only find out once the charge has been applied. Is it that difficult to make your system a bit more transparent?
  12. Actually, if IG were to mirror all positions and only made money on the spread, there wouldn't have been occasions when traders can't open new positions.
  13. Hi Hannah, If your CFD is the same as spreadbetting, then the answer is No, IG doesn't take the same position in the market. I don't do CFD as you surely know.
  14. A little bit easier and more straight forward explanation is that "ex- dividend" means excluding dividend, or past the date when you qualify for a dividend. The share price normally drops at open on the ex dividend day by the amount of the dividend. To qualify for a dividend you have to hold shares on the day before the "ex" day. What you do on the ex dividend date doesn't affect your position. You don't receive and don't pay (if CFD or spreadbetting) dividend. I'm not sure about the tax position on CFD as I don't do them. I found out the hard way the extortionate transaction charges after my first and only cfd deal so never considered doing cfd again. It's too bad that many things become known only after you experience them, because they aren't clear before the event.
  15. If the account is not used for 2 years, there is a monthly charge of £25 if I'm not wrong. You may , close to the time, open a small trade to avoid going over the 2 year period. Or open a trade now and leave it.
  16. There is nothing shameful in feeling this way or another way. Further, the last thing I'd say to my clients would be to go elsewhere, which is what you effectively convey in your post, Hannah. Also, it goes without saying that FCA doesn't target IG alone, but the whole industry. I would've thought that noone has suggested to the contrary. References to "you" in that context means the spreadbetting businesses. You say that you are open to any feedback and ideas. You will have it. I'm going to start a separate thread in due course. Have a good day!
  17. Whatever the explanation, it doesn't make it right. Further, one has to do a very deep research in order to find out how your charges and many other hidden traps may affect one's using IG. And when I believe that I know all there to be known, something else stabs me in the back. All I get in reply is another one of your explanations 'we publish ,you have to research, it is the market, we didn't make it up, we are going to speak to our developers, we will be introducing changes, etc' FCA didn't make all the fuss because you were running a proper business. They did so, because it became impossible to continue turning a blind eye on day time robberies from spread betting companies.
  18. Holding a position for a day and being charged for 3-4 days in advance is a day time robbery. As if as you book a hotel room for one night and when you check your bank statement a month later, you find out a charge for another 3 days automatically. Taking it up with the hotel, they simply tell you that they work on T + 2 basis....
  19. There is no actual borrowing involved, but IG imposes those charges to keep your positions opened overnight. Treat is a necessary expense. But also watch how much it costs you because you may lose your account because of those overnight charges.
  20. It usually happens to stocks that are likely to go in one direction, up or down. If IG were to allow us to trade, we will almost certainly be making money, hence not good for them. Easier to simply prevent any new trades to limit their risk.
  21. There is no need to apologise, Hannah. I think you do make yourself perfectly clear. And you are right to say that the new FCA changes will limit possibilities. Possibilities to make money, but as 82% of the traders actually lose money, this will translate into 'limit possibilies to lose money'. These changes are long overdue... I cannot accept your statement that IG does not make money when traders lose money. All your explanations lead to the contrary conclusion. I do not intend to be mean, I actually very much appreciate your contribution here and kind assistance, but the sums simply don't add up.
  22. Thank you Hannah! You and I are talking the same thing now - from a different perspective : a glass half full or half empty respectively. IG hedges its own exposure to risk. The risk that traders may make money or traders may lose money. IG's interest isn't the same as the traders'. These two interests may align at times but they always remain separate and often in conflict. If IG were to be a true execution only broker, which isn't the case, then it wouldn't have to take any risk, wouldn't have to hedge, wouldn't take interest in traders' profit or loss but merely in the frequency and size of their trading. IG's income comes not from spreads, but from overnight charges and traders' losses. Precisely because of this conflict of interest, IG has set up the system the way it is and , along with other spreadbetting companies, is alarmed at the expected changes coming from FCA.
  23. Dear Hannah, Thank you for your extensive reply! It is interesting to see that IG does its business differently to all other spread betting companies, some of which have quite frankly addmitted that it is incresingly impossible to make money purely on spreads. While I appreciate that your explanation must be mostly accurate, there is still a possibility that IG does benefit directly from clients' losses. You hedge your risk , you do it when you judge that there may be a risk. In the examples I've given in my previous post, there wouldn't be need to hedge, so the money traders lose will be IG's profit. Anyway, I find your post very informative and I thank you for your continuing assistance. We are all here to make money, IG does very well in this regard, most traders don't, but it's a learning experience, even though expensive, and we are glad that you implement changes in order to improve the trading/betting process and hopefully, our chances of success. Kindest regards,
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