CFD trading - anyone playing?

turbobob

activeits wrote: »

What is peoples experience of other CFG Advisory service provided by other companies?

Thank you.

OK, not my personal experience but someone I know used Galvan. They put out some very interesting research material, and give out the impression of knowing what they are doing.

Unlike your experience, they do at least seem to be fairly sensible about controlling risk. It sounds like your lot were taking the p**s. However, he has not made a profit overall and has not been very impressed with their recommendations. Several positions that were quite well up at one point went into reversals and hit the stops.

I would never be happy using a service like this for the reasons Tradetime mentions. They get their commission win or lose!

tradetime

Several positions that were quite well up at one point went into reversals and hit the stops.

Assuming they are only advisers, and not trading on his behalf, then surely he controls the stops, anything that is "quite well up" should have stops moved to protect the profit, and if they control the stops, then I'd be inclined to sack them.
The financial markets are full of snake oil salesmen seeking the unwary.

turbobob

No they actually have access to the account and can move the stops themselves.

tradetime

turbobob wrote: »

No they actually have access to the account and can move the stops themselves.

Hmn, in that case he needs to learn a little more about trade management and the use of stop losses will save him a lot of money, very misunderstood tool the stop loss. leveraged products are not a good place for beginners to start though, bit like learning to drive in a formula one car.

turbobob

Yeah, I agree. I've avoided them myself for the time being. The possibility of big returns is always very alluring though!

tradetime

turbobob wrote: »

Yeah, I agree. I've avoided them myself for the time being. The possibility of big returns is always very alluring though!

:rotfl::rotfl:Know what you mean, I am actually a fan of leverage, provided it is understood and used responsibly, but one has to always treat it with respect, even the "experts" in our financial systems, lost sight of that rule, and we know how that ended ....or rather we don't yet.....:eek:

kennyboy66_2

90-95% of people who "invest" in spread betting lose.

At least 80% (probably close to 95%) of people who are / were "day traders" lose.

I wonder what the percentage are for people who actively trade CFD's.

I don't know, but I can hazard a guess !

sabretoothtigger

Well learn the lesson is one way you can get something for your money, dont trust other peoples judgement absolutely when its your money, unless you can sue them which I dont think you can in this case


CFD would carry a risk warning afaik and is not a normal consumer product.
If you go through an IFA and he loses your money then you have a case for compensation maybe


Also you could assume the advice was still good, do your own research maybe. Note the price your stop loss cancelled you out of these shares and buy back in at a better price.


A stop loss makes sense if you can in future buy at a much cheaper price. If you never had any personal opinon on these stocks its going to be tough for you to regain any confidence in trading and I can sympathise there.


spreadco.com are doing a competition for people who trade on their demo account.
Every week they total the profits and whoever has the most in one week wins some prize. Might be worth a go as it'll be very similar to cfd at zero cost

rightsaidfred

I have traded normal style for 18yrs, currently use 3 brokers UK & USA. Reasonably successful (26%+ pa. nett). Casual time allocation though, not many hours. Using TA mostly rather than fundamentals (except for PE ratio which I think is quite important)
I just tried demo of Accendo and up £3k in 6 days. They don't claim to give advice, and it IS truly unreliable; however the info sheets they send out are actually very good; you make your own decision!
You can negotiate rate (they quote crazy 0.25 as the 'normal' rate!!); otherwise go straight to IG which its based on. The platform is pretty good, very fast.

Ark_Welder

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