Getrich
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Posts posted by Getrich
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15 minutes ago, Mcg said:
What are you bumbling on about? This has nothing to do with killing cats or whatever 😂. I explained pretty clearly why a broker might choose to do what they’ve done. At the end of the day if you trade on margin then it’s up to the broker to decide which shares to offer. It’s just part of the game. It’s not like they chop and change which shares they offer on spreadbetting, it’s a conscious business decision to withdraw from certain markets. Just either trade something less risky or buy stocks without relying on broker margin.
IG are the largest spread betting provider in the UK so if they do something it’s quite likely the others will follow, or most of them probably never offered leveraged exposure to such shares to start with.
Because you can screw your customers in the name of a "conscious business decision", does not mean you should screw them or that you can keep screwing them without consequences. And since you do work for IG, can you please inform this forum how many hundreds of thousands or pounds were lost by customers in the name of a "conscious business decision" by IG?
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1 minute ago, Mcg said:
Couldn’t care less about your trading strategy and no I don’t work for IG. Just been pointing out the nonsense that some people post on here.. because you just want to blame a broker rather than take responsibility for your own junk trades
Keep going mate. Everyone who is a legitimate client of IG can see through you. If you don't care about my trading strategy, then do not criticise it. This is about how IG treats it clients. NOTHING to do with the client's, trading strategy.
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On 30/03/2021 at 23:40, Mcg said:
Nope.. I just understand how it works and what the risks are. Most of the people on here complaining have massive holes in their trading strategies and just want to blame the broker rather than fixing their problems. It’s sad but most won’t make money until they change their approach.. there are people on here complaining about fraud, writing to the police/treasury/prime minister/tooth fairy lol.
If they spent half as much time on managing downside risk or at least learning about it as they do moaning and blaming other people for their losses then they might actually make some money and keep hold of most of it when something unexpected happens.
Who are you to question my trading strategy? You know nothing about it (unless you work for IG). My trading strategy has been profitable for some considerable time. This is about outrageous behaviour by IG. It has nothing to do with the client's risk management strategy.
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9 hours ago, Mcg said:
All of these posts just show that there are people who have got involved with trading who just don’t understand the financial system or how spread betting actually works. All the complaints to the FCA will do is increase the likelihood that leveraged trading gets banned for retail traders because they will conclude that too many retail traders don’t understand the risks they’re taking. Which would be a shame for the rest of us
When you place a spread bet with IG or any other broker you’re using leverage and they extend you margin. On the indices it’s 20:1 and on individual stocks it’s 5:1 for retail traders. The basis of your point is that you expect a broker to extend you margin in perpetuity, whenever you want it. Even if market conditions have changed or their business model is changing.
Given the retail trading boom driven by Fed easy money pumping the markets, there are loads of small cap stocks going haywire and the volatility is through the roof. Market conditions are dictating that for some of these stocks, there’s not much liquidity and brokers are having difficulty in laying off the other side of the bet on exchanges. IG can’t take the other side of your trades because that would be a conflict of interest, so if they’re unable to lay the bets off then the only other option is to not allow clients to buy.
This is what obviously happened with the likes of Gamestop or AMC, and on the back of that IG have decided they don’t want the hassle of people betting on illiquid stuff when the underlying market isn’t always there for them to lay off.
Its a good move. Most of IG’s revenues come from long term clients placing sizeable and regular trades as they make their money on the spreads. There’s very little money made on small time retail clients making small bets and blowing accounts left right and centre. Particularly when you factor in how much employee time they have to divert towards answering daft questions from these people.
Now of course the markets should be open to anyone.. accessibility is important. All of those big IG clients were newbies or small traders once... and of all of the newbie retail clients some of them will be big clients in 10 or 20 years time. But unfortunately 90% of them will never make it and will drop out.
So in summary IG should offer trading to all, that makes sense in terms of their business model. But they’re under no obligation to extend leverage on stocks they don’t want to. This is just a risk you take as a trader borrowing money off your broker to trade. Either don’t use leverage and buy the underlying in which case you aren’t answerable to your broker... or trade something like the indices where ample liquidity makes a decision like this unlikely.
Either way, it’s something you need to factor in and adapt to if you want to be successful at this.
9 hours ago, Mcg said:All of these posts just show that there are people who have got involved with trading who just don’t understand the financial system or how spread betting actually works. All the complaints to the FCA will do is increase the likelihood that leveraged trading gets banned for retail traders because they will conclude that too many retail traders don’t understand the risks they’re taking. Which would be a shame for the rest of us
When you place a spread bet with IG or any other broker you’re using leverage and they extend you margin. On the indices it’s 20:1 and on individual stocks it’s 5:1 for retail traders. The basis of your point is that you expect a broker to extend you margin in perpetuity, whenever you want it. Even if market conditions have changed or their business model is changing.
Given the retail trading boom driven by Fed easy money pumping the markets, there are loads of small cap stocks going haywire and the volatility is through the roof. Market conditions are dictating that for some of these stocks, there’s not much liquidity and brokers are having difficulty in laying off the other side of the bet on exchanges. IG can’t take the other side of your trades because that would be a conflict of interest, so if they’re unable to lay the bets off then the only other option is to not allow clients to buy.
This is what obviously happened with the likes of Gamestop or AMC, and on the back of that IG have decided they don’t want the hassle of people betting on illiquid stuff when the underlying market isn’t always there for them to lay off.
Its a good move. Most of IG’s revenues come from long term clients placing sizeable and regular trades as they make their money on the spreads. There’s very little money made on small time retail clients making small bets and blowing accounts left right and centre. Particularly when you factor in how much employee time they have to divert towards answering daft questions from these people.
Now of course the markets should be open to anyone.. accessibility is important. All of those big IG clients were newbies or small traders once... and of all of the newbie retail clients some of them will be big clients in 10 or 20 years time. But unfortunately 90% of them will never make it and will drop out.
So in summary IG should offer trading to all, that makes sense in terms of their business model. But they’re under no obligation to extend leverage on stocks they don’t want to. This is just a risk you take as a trader borrowing money off your broker to trade. Either don’t use leverage and buy the underlying in which case you aren’t answerable to your broker... or trade something like the indices where ample liquidity makes a decision like this unlikely.
Either way, it’s something you need to factor in and adapt to if you want to be successful at this.
Do you work for IG? Must be if you promote this kind of treatment of customer. BYD is not Gamestop. I can understand if this is decided for risky stocks that trade over the moon, but it makes no sense to have the same principles apply to a $67B market cap company. Even Warren Buffet owns a part of BYD. Why is it not good enough for IG? What is the rational like a share like BYD that is not a small cap stock? Pretty low if you ask me. Why should the small retail investor place any trades with IG if they can and will withdraw at any point without justification. Would be much better to go to another provider. They can just cut your throat for no good reason at all. Like buying a cat from someone, then they give you warning and say if you do not kill the cat in two months we will have to come and kill it. Obviously you are not going to kill the cat. Does it make it right if they then come and kill it just because they gave you notice and because they feel they can. Does that make it morally right to treat their clients like this? If we make money they make money. For example the more money we make, the more we can buy and sell and the more money they can make. If they want to cut their risk they can increase their margins or make the spreads bigger. There are ways. If you are forced to pay 100 percent margin on BYD how much risk is left for them. Why do they choose to force people to sell sensible good shares, they must gain from doing this or why else would they. If people complain on social media and to the FCA it is a good thing as risk will be less for us and they will force companies to treat their customers with the respect they deserve. If we do not complain some customers will lose everything. One day the tide (IG) can turn against you and IG can decide to give you notice on everything you bought. People will loose a lot of money and some already did. This is not fair practice. Do not believe the lie that this was about risky shares like Gamestop! Repay the money you took or this might end like the PPI scandal for you.
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I do not loose money, I trade sensible. But if you buy something from a shop, they agree to sell it to you and then they come and knock on your door and force you to sell it even if it is not a good time to sell, If you do not sell the product you bought from them then they just take the product that you bought from them away. How is this right in any capitalist society. Maybe it would be allowed in a socialist society where people do not have any rights. But customers should not accept this behaviour in a free and fair society. Forcing people to sell something that you willingly sold is not acceptable and should not be tolerated. Why did people get money back from PPI claims? Because big institutions unfairly tried to make money out of their customers. This is not about my trading and if I win or loose money. This is about fairness and treating your customers with the respect they deserve. If we just accept big institutions like IG not treating us fairly once, it will happen again and again and one day it will affect each one of us. Keep complaining about this on social media, Ombudsman etc. If enough people complain through all these methods something will get done and it will protect all of us in the future. Do not accept being stepped on, stand up and fight for your rights. I do not believe that the person posting against me is a customer as they would understand what this is all about. Not about losing money but about right and wrong.
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On 02/03/2021 at 13:21, StormChaser said:
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.
PPI has been paid back by banks as customers complained to the FCA. I think all clients should make a complaint against this forced closure as IG can bankrupt anybody out of no fault on our part. They should pay!
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I had sufficient funds but IG decided that their customers are not allowed to trade BYD any longer so everyone who had shares in BYD was forced to either close their positions. If they did not, like in my case, it was just closed by IG. This means that IG could just at any time decide to not offer a share on their platform via spread betting and even if you bought shares in the company you just get forced to close your position.
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My BYD postion was closed. This cannot be right forcing your customers to close there positions. I feel that if you alllow them to open a position you cannot force them to close a position at a loss just because they made a random pick not to trade this any longer. Then IG can just all of a sudden decide not to trade any share and force everybody to close all their shares at a loss. This is a ridicilous concept. If they allow you to buy they should let you keep the share until you decide to sell it not just because someone sat down and decidided they do not want to trade in a specific share without any good reason.
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This morning just before 8 my BYD position was closed by IG. I had plenty of money in my account. Why did this happen and where can I complain.
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Just before eight this morning my BYD position was just closed at a loss without me doing anything. Why?
Position closed by IG
in IG Trading Support - Dealing Questions
Posted · Edited by Getrich
Please do no insult me. This is about how IG treats it's clients. That fact that you keep criticising the victims of this behaviour is instructive. Like is said. You know nothing about my trading strategy, my risk management strategy or my profitability. These things are all irrelevant. IG screwed a lot of traders, some of the profitable, some not. The point is how IG behaves. Stop deflecting attention from IG's outrageous behaviour by criticising the victims.