For those of you that know me, you'll know that I trade using a spread betting company called Finspreads. I can't remember specifics but I opened my account around the summer of 2010 and filled it from around September to December of that year whilst I was demo trading. I've traded with them for all of 2011 and 2012. During that time I think I can remember one, maybe two instances of slippage on my orders. Over a two year period I rate that as a pretty good average considering the number of trades over a two year period. During this time I never once had to use a guaranteed order, stop or limit to get filled, stopped or take profit on a trade. Bar the one or two instances above if I set an order at a specified level it was activated at that level.
Unfortunately since December 2012 when Finspreads decided to redesign their website and web based platform they have made a complete fucking shambles of it. Every trade without fail since the start of the year has experienced slippage in all three areas. Every order to buy or sell the market has slipped. Every stop that has been hit has incurred slippage. Every limit order has slipped. I'm aware of the fact that i'm trading small amounts but this is costing me money.
Complain to Finspreads I hear you say. Well I have and the only recycled answer that I seem to be able to get is "you have to use guaranteed orders if you want orders to trigger at a specific number". Bullshit. For two years I haven't used a guaranteed order so what has suddenly changed? Why do I need to start using them now?
The reason for writing this post? I'm pissed off at being stopped out of a trade this morning that didn't actually hit my stop. I mentioned my long yesterday, I set the order to enter at 1.3480 and was taken in at 1.34812. Straight away i'm down 1.2 pips. Once the market pushed up I trailed my stop as it went and finally I had my stop at 1.3541 (this would have been 1.3540 if the entry hadn't slipped). Granted the market came close to this area but I got stopped at 1.35405 with the Finspreads charts recording a low of 1.35415. Even taking spread into account it doesn't equal 1.35405. I realise we're talking minute amounts here but this never used to be an issue.
Trading is difficult and work enough without being screwed over on a regular basis by money grabbing companies as well.
Can anyone recommend a good spread betting firm?
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