16-03-2017 10:18 PM
my first time on the IG community page, been trading now 7 years Stocks and FX mostly, doing really well since I got proper training and a lot of study. I live and breath the markets, its the best job ever, I work hard and play hard.
16-03-2017 10:33 PM
I trade mostly eur/gbp because I find it pretty easy to trade most of the time and the timezone suits too, started off trading stocks so when nothing is happening in FX I usually take a peek at US stocks, I like to trade stocks that have declined more than 10% at the open, I have a watch list and do research on company value to get an idea of what's a good deal. I want to start a fund someday and retire early.
07-04-2017 10:51 AM
Hi Dan, I have been using IG Spread Betting for a few years now but just opened an ISA account and while I do like and appreciate the similarity between IG's SB and ISA applications there were a couple of things that I didn't like so I wondered if it was just me or whether these niggles have been raised before.
- End of Day prices against the ISA Portfolio are set to the same values but for accuracy of portfolio valuation at end of day they should be set to the 'end of day' Sell Price, not clear what the price is but may well be a mid market price.
- Book Cost Defaults to cost of purchase of shares only, the commission / other charges are not shown in the book cost which is not the correct way to handle book costs, they should reflect the full Debit Amount applied to the ISA Account(in my view). The edit option does allow me to create the correct book cost inclusive of commission and charges but it an unnecessary extra step, better to default to the book cost to including the commission / charges and then allow those users that don't want commission / charges included to adjust accordingly. I am assuming that IG do not allow / support the dealing costs / charges to be applied to an account that isn't the ISA account, if they do then I would fully understand the approach to book costs?
11-04-2017 02:32 PM
Thanks for your comments and questions. i'm glad to hear that overall you're a fan of the service and platform. Hopefully I can address the points you raised regarding your ISA account:
I can see the point regarding a settlement based on the end of day sell price. Of course, you want to see what your portfolio is worth if you were to sell. However, once the market closes, there is no longer a "two way" Buy / Sell price until the market re opens the next day. Before that point, there will be two auction periods: an end of day closing auction, and then a start of day opening auction the next day.
These auction periods determine what will be the official end of day settlement price and then the next days opening level. This is known as the "uncrossing price" for both the closing, and opening auction. As you mentioned, this uncrossing price could be looked at as a kind of mid price, as it does often settle off somewhere between the Buy / Sell quote. However, it can also move outside of the previously quoted spread if there are enough orders executed within the auction at a higher or lower price.
Effectively, the uncrossing end of day price is the latest, truest, price to which your shares could be valued. I'm sure you've already realised though, that whether it be the uncrossing price, or the last quoted sell price, any of these overnight prices are pretty much irrelevant until the market re opens and you're able to actually trade on a firm price again the next day.
Regarding the book cost - yes this does default to the cost of the position, and as you mention, you have the ability to adjust this to include commission and any other costs. Here there is a real split in what works for one doesn't for another. i can fully understand why you'd like to include costs, but you may be surprised at the amount of people who like to show a value purely based on position value, omitting any cost value. This is why we make the figure adjustable.
You are correct in that the commission for an ISA account will need to be paid from that same account and can't be linked to a different account.
I hope I've been able to shed some light on things from our side. I'll pass on your opinion regarding the book cost view as feedback, as if we see a large shift in clients preferring one style over the other, we'll make adjustments to default to the most popular view. So again, thanks for the feedback - it's always useful and appreciated!
All the best!
11-04-2017 08:12 PM
12-04-2017 04:39 AM
I am still a developing IG part-time trader but have been on the platform for many years. It trade mainly Aust equities, intl indexes, and precious metals using both CFD's and shares.
23-04-2017 06:56 PM
I came to this thread to see if I could establish if Dan was still the community manager but saw your question. I think the answer is "no" but by now you will know the answer. You may be wondering why the support staff has not answered by now. Well, after not having got answers to posts or answers months later I was just recently told by a member of the community support staff that unless you include an @supportmemberofstaffsname in your post it will not get picked up by them.
Welcome to the community BTW :-)
23-04-2017 06:57 PM
@TonyCoo, please see above post.
02-05-2017 08:46 AM
Hi @tradermonty, thanks for this post and apologies for any delay in getting back to you. Do note that users will not automatically receive a message notification unless you use the @name function - just something to bear in mind to avoid being ignored!
I just wanted to check if you had any ongoing questions regarding ETFs? We are continuing to develop our offering, and you will hopefully find our ETF screener really helpful in identifying interesting ETFs, and obtaining the full details and cost of carry etc. You can access this here.
Happy to help if needs be, and don't hesitate in creating an ETF-specific discussion board!
02-05-2017 08:53 AM
Hi @TonyCoo, thanks for your post and welcome!
As an industry standard, UK shares settle on a T+2 basis, and US shares on a T+3 basis. This means that the proceeds from any shares sold will not be available to transfer or withdraw until the settlement period has passed.
As you mention you are liquidating holdings in your share dealing account and then transferring them to your ISA account, I wonder if you are aware of the Bed & ISA service we offer? This allows you to move open holdings in your portfolio across to the ISA account, so there is no need to close them. You'd just need to call our dealing desk (0207 896 0000) to confirm details with a dealer. There would be a flat commission charge of £40 per line of stock, plus spread capped at £30.
If you have any more queries, please just let us know!
04-05-2017 04:11 PM
I am relatively new and I have been live trading for about 6 months. I have only been live Trading on my Soth African "domestic account" and allows on the "international demo account".
I would like to commence Trading on the "international live account".
I mostly trade in Mini denominations on indicies, forex, and commodities.
I days trade and would love as much guidance and info as possible on scalping strategies...
05-05-2017 10:18 AM
Hi @Rtmc A useful scalping guide for beginners here. Part 1, with links to parts 2 - 8.
10-05-2017 12:25 PM
Hi @Rtmc, thanks for the post and welcome!
If you need any help starting on your international trading account, please don't hesitate to get in touch with our helpdesk team in Johannesburg. You can reach them on +27 10 344 0053 or email@example.com.
Looking forward to hearing more from you on here!
13-05-2017 12:10 PM
My name is emtv1 and live in South Africa, fairly new to trading and have not opened my first trade yet since I joined IG about three weeks ago. I have traded FX for about three months with mixed results. My objective is to make a living from what I like doing and not what I have to. I for-see trading fulfilling this and for this reason I have no feeling of giving-up despite early challenges.
16-05-2017 06:26 AM
16-05-2017 01:50 PM
Note FX pairs in IG are categorized into two, the "standard" pairs and mini-FX pairs. With the capital of 200AUD or USD your option is to trade on the mini-FX pairs where a trade volume of 1-contract may require a low margin your mentioned. As for the account currency base I suggest that your send an email to the help desk for assistance.
Hope this will assist you.