CMC Markets – have you got any confidence in them...?

[Wysiwyg]

AMR - I generally trade indicies Dow Jones, ASX200 and FTSE - and these stay open "out of hours" so unless you know exactly which futures market is open at the time it is very difficult to check the underlying market... easier when the market is open of course...

Also, I was very aggressively leveraged on this last one - the US30 (CMC terminology for Dow Jones) market moved up to about 12125 this morning before dropping like a stone - I got closed out on the way down again at 12086... not exactly sure why it wasn't closed out higher... probably less than 5 mins after I get bumped I would have been off margin call.... what really riles me that I wasn't notified that anything was wrong or that it had been closed out...

Possum - yes you are right... they are basically nowt but bookmakers and it's taking me too long to realise....

Anyway, what doesn't kill you makes you stronger... :o)

Bob, i had a brief experience with the CFD markets (not CMC) and i thought the index quotes and charts were as per the futures quotes and charts yet they are not.Where are these quotes and charts generated from and how can you tell if the price action is not manipulated if only the CFD markets are using them.They trade a non existent or psuedo instrument that IS NOT TICK FOR TICK.

[BigBob]

Bob, i had a brief experience with the CFD markets (not CMC) and i thought the index quotes and charts were as per the futures quotes and charts yet they are not.Where are these quotes and charts generated from and how can you tell if the price action is not manipulated if only the CFD markets are using them.They trade a non existent or psuedo instrument that IS NOT TICK FOR TICK.

I always suspected that they are not always based on an underlying futures market, but I asked CMC about this and they told me they are... It wouldn't surprise me if they were not tho... for example when the US30 showed an upwards move for CMC Asia Pacific, the public price feed from www.cmcmarkets.com did not show a similar move.... I suspect that the CMC Asia Pac US30 instrument is entirely artificial and exclusive to CMC Asia Pac....

[FarmerGeorge]

Bigbob I'm sorry to hear about your experience but I greatly appreciate you sharing it with us. I've been considering CMC for over 12 months now but never opened an account with them because of apriori concerns over just the sortf of things you mention. I have to say I'm hugely surprised they actually said you missed execution because they were 'busy', that just seems utterly ludicrous.

[BigBob]

I have to say I'm hugely surprised they actually said you missed execution because they were 'busy', that just seems utterly ludicrous.

Hi George - they weren't quite that bad... they were too "busy" to action a funds withdrawal request even though they sent me e-mail confirmation that it would be done....

[Greenfield]

Hi Bob, Im a bit lost, Had you closed out your trade and then asked for your funds to be withdrawn?

I have been using CMC Markets for 2 yrs now but only trade the aussie 200. After a year of on and off trading with lots of bad trades, I decided to not use "stop losses" as they always got hit no matter where I placed them even if the market was going my way. Im alot happier now!

I would not use a leveraged product for actual shares and only use a small amount for index trading. Cant say what there service is like as I have never had to contact them.

[AMR]

Guys,

Stop hunting is alive and well in the futures market by hedge funds and large players. That is what is causing the spikes and volatility, not CMC. Read the last 3-4 pages of this thread from Aussie stock forums where graphs are actually posted in comparison.

http://www.aussiestockforums.com/for...?t=7697&page=6

[Steve]

It appears that those who have been stopped out at a loss are not happy with CMC, while those who are on the winning side of the ledger are happy with CMC.

Go figure...

[BigBob]

Hi Bob, Im a bit lost, Had you closed out your trade and then asked for your funds to be withdrawn?

No, I still had some open trades but plenty of free equity to cover them - until a day or so later when market turned around.... If they had transferred my money as they should have, my positions would have been automatically been liquidated, but the withdrawal that I had requested would have been out of the reach of Mr Market and safe in my bank account....

[AMR]

BigBob, can I ask you what sort of risk management or position sizing strategies you use? Because it sounds like you had far too much leveraged on a counter-trend trade...

[BigBob]

It appears that those who have been stopped out at a loss are not happy with CMC, while those who are on the winning side of the ledger are happy with CMC.

Go figure...

Well, not really... it's not the potential for stop hunting that's got me posting here, it's more the inadequate systems CMC appear to have in place... manual processes in places where they are not needed cause mistakes and maybe point to systemic problems behind the scenes...