Thank EO, you have given alot with that link alone. I will read that and go to the charts and work on applying them and do some further research. Thanks again.
Cable Update (GBPUSD)
- #110,642
- Jan 10, 2009 2:10pm Jan 10, 2009 2:10pm
- | Joined May 2007 | Status: Trader | 4,716 Posts
Thank EO, you have given alot with that link alone. I will read that and go to the charts and work on applying them and do some further research. Thanks again.
Keep learning, so you can keep on earning!!!! :nerd:
HOLLA
- #110,652
- Jan 11, 2009 2:46pm Jan 11, 2009 2:46pm
They're not manipulating manually, my friend. IG are a market leader in the UK and the risk to their reputation through falsifying prices would be too great.
And if they are, open different accounts with two other brokers, find out when they do manipulate the price, and simply arbitrage them, through taking a position with them on their fudged price and then an equal and opposite position with one of your other brokers.
and it is likley to differ from time to time from the feed price you are receiving. you also tend not to get the large spikes in price fluctuation as seen manytimes, this can be an advantage but also a dissadvantage if it spikes in your favour, although you will find it works quicker when its heading for your s/l.. it can take several seconds to even out the price.To me it leaves itself open for manipulation and abuse.
you decide for yourself..
It's 3pip spread and +3 for guaranteed stop
The only good thing for sure is it's TAX FREE in the UK..
- #110,653
- Jan 11, 2009 3:26pm Jan 11, 2009 3:26pm
- Joined Dec 2008 | Status: Trader | 2,753 Posts
I have had experience where IG's prices which normally run 2-3 pips above the feed prices i am receiving, suddenly work there way level and then 2 below feed only when its been near my s/l, and supprisingly have been taken out, only to see the price then stablise 2-3 above very shortly after. I contacted them and they said that they use an average price from numerous banks
- #110,654
- Jan 11, 2009 3:47pm Jan 11, 2009 3:47pm
- Joined Jul 2007 | Status: Senior Member | 1,553 Posts
- #110,656
- Jan 11, 2009 4:44pm Jan 11, 2009 4:44pm
- Joined Jun 2008 | Status: Trader | 1,739 Posts
I have had experience where IG's prices which normally run 2-3 pips above the feed prices i am receiving, suddenly work there way level and then 2 below feed only when its been near my s/l, and supprisingly have been taken out, only to see the price then stablise 2-3 above very shortly after. I contacted them and they said that they use an average price from numerous banks
With regards to your point about them using an average of quotes (instead of the highest/lowest trade dealt on EBS or Reuters D2), my advice is to open a secondary account with another broker, and use this other account purely to arbitrage against IG, when they "manipulate" (quoting your inference) the price.
There is so much paranoid talk from retail traders whom I speak to in the UK, a corner of this global market that I know very well from once working on the derivatives trading desk of a market-making bank for 13 years. Therefore, I know for a fact, that most of this talk is bullshit gripes from traders who have lost money continuously, through bad trading and poor money management, and are looking for someone to blame.
Of course, there are unscrupulous brokers out there, but the tales that are told by disgruntled traders greatly exaggerate the scale of the problem. I have no loyalty to any bank or broker and would be the first to expose any unethical practices that I knew of relating to the treatment of retail traders. Yes, it is a jungle out there, but people should make allowances for this, stop moaning, and concentrate on the market.
