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 Post subject: Lost confidence in Spread Betting companies
 Post Posted: Tue Apr 17, 2012 11:49 pm 
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Joined: Mon Apr 16, 2012 10:39 pm
Posts: 22
I've been running a live spread bet account for a number of weeks so far, just practicing with the demo account while I got the hang of things. When I found a strategy and began to get a bit of success, I had a plunge at a live account. Almost every bet I placed ended with a loss. Stop losses were frequently hit by large spikes in the price that never happened with the demo account.

Today, I did a bit of experimenting. I opened up another demo account with another respected company and decided to test a 'pair' trade. I picked a currency that had the same spread and margin and were showing the same live prices. On one system I bought a £5pp stake, on the other I sold a £5pp stake simultaneously. I expected one to give a profit and one to show a loss. To my surprise, both started to show large losses.

This has shaken my confidence in spread betting firms and I immediately withdrew my money from the live account.

Perhaps I have missed the wood for the trees and would be grateful for any explanation.

Moonie.


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 Post subject: Re: Lost confidence in Spread Betting companies
 Post Posted: Thu Apr 19, 2012 3:27 pm 
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Joined: Wed Nov 03, 2010 9:10 pm
Posts: 147
Moonie,

I have to say that's really the first I've heard of anything like that. Would you care to name and shame the spread betting culprits?

I would love to investigate this further for you to find out what went on. If you let me know more details I'll find out what is going on. Send me an e-mail to keep your details off the forum. I'll then post back with whatever I find out.

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May the markets be with you!

Harry,
The Spread betting beginner


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 Post subject: Re: Lost confidence in Spread Betting companies
 Post Posted: Sat Apr 21, 2012 11:06 am 
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Joined: Mon Apr 16, 2012 10:39 pm
Posts: 22
Afternoon Harry,

Many thanks for your reply. I can't seem to find your email address on the site. I tried to create a message on your built-in messaging system, but it said I wasn't authorised to use it.

Kind Regards

Dave


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 Post subject: Re: Lost confidence in Spread Betting companies
 Post Posted: Sat Apr 21, 2012 5:45 pm 
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Dave,

my e-mail address is on my contact page. I meant to post it in the last reply but I obviously forgot.

The reason you probably couldn't use the mail system on the forum yet was because you hadn't posted enough. That is also the reason your posts were not automatically approved. Now you've posted a few times it should all be up and working.

Please do get in touch with me I'd love to know more about what has gone on and chase up the companies about it.

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May the markets be with you!

Harry,
The Spread betting beginner


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 Post subject: Re: Lost confidence in Spread Betting companies
 Post Posted: Thu May 10, 2012 4:57 am 
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hi harry , very interested to hear any solution you can achieve to moonie's query. Regards to both. brianj


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 Post subject: Re: Lost confidence in Spread Betting companies
 Post Posted: Thu May 10, 2012 8:42 am 
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cautious,

I actually contacted both the spread betting firms involved in this issue but unfortunately moonie was unable to provide me with the relevant proof to substantiate his claims.

While I do not doubt that what moonie has said is the truth there's very little I can do without proving it to the spread betting firms. There are several user error scenarios that could've taken place here which the spread betting firms pointed out to me so without any proof of the issue I cannot say for sure exactly what happened. If anyone else has had the same issue and can send me screen shots or trade history to prove it I will happily confront the spread betting companies involved.

Sorry I can't give a better answer than that.
Thanks for joining the forum though.

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May the markets be with you!

Harry,
The Spread betting beginner


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 Post subject: Re: Lost confidence in Spread Betting companies
 Post Posted: Fri May 11, 2012 10:12 pm 
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Joined: Fri Nov 05, 2010 8:31 am
Posts: 72
I might suggest, (provided it isn't against their terms and conditions) that if you see this happening between two different spread betting companies, if you bet the other way you make a guaranteed profit. To put it simply if one company is offering short the FTSE at 5010 and the other you can go long at 5000, they must come back together at some time so you have a guaranteed 10 point minus two spreads. So it is in the spreadbetting companies interests to keep their prices in line with the underlying market.


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