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That actually took place a few years back now and I'm glad I went through that. CMC did nothing wrong, it was entirely my fault for being an overconfident teenager who thought reading a book about TA made him bulletproof.
George if you pay $40 per month for ASX stock trading you are already down $360 a year or 36% on your $1k account. Perhaps you could take a look at GFT Australia, they have no ASX fee.
Last edited by AMR; 07-08-2009 at 08:34 AM.
Disclaimer: Do not take my posts seriously. They are only opinions.
AMR has sold all shares and is pursuing property.
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Member
Balance, great article, so if one can consistently make money,
how do they hedge - how does it affect the good trader, if at all?
Even if the odd trader wins they must still make money ie. commissions
and any interest charges from holding overnight.
AMR, as noted, 5 commissions a month and the ASX feed is free.
That's only 3 buys and 2 sells.
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Originally Posted by George
Balance, great article, so if one can consistently make money,
how do they hedge - how does it affect the good trader, if at all?
Even if the odd trader wins they must still make money ie. commissions
and any interest charges from holding overnight.
AMR, as noted, 5 commissions a month and the ASX feed is free.
That's only 3 buys and 2 sells.
I suspect CMC will take positions in the same direction as the smart traders they have identified. Hedging is not hard as they can borrow stock if you short and they can buy stock if you buy to cover on market at same price.
You cannot win consistently against them as they MAKE their own market.
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Member
I guess one has to get in and try, up 80% on my grand on paper
after 2 weeks trading only top stocks with 3% margin. The $10
brokerage is key for small amounts but one must be strict about
position sizing, even my small $150 amounts could go awry quickly.
Checked reactions to Sept 11 and even holding a balance of shorts
and longs may not protect as many stocks went down just a little
while QBE was down by half. Being long would mean being down
about $1600 down on my $150 size and having to front up with that
amount - that appears to be the worst case scenario and one that
is manageable. I can see where some get into trouble, esp FX with
100-200 leverage.
Last edited by George; 08-08-2009 at 04:59 AM.
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CMC
Very interesting situation.
I recently downloaded the demo platform to see whether it was still as power hungry as a few years back. (Basically I wanted to use them to trade Oil which is not available at Oanda).
Now a week later and despite 5 e-mails to their customer support, I have still not received a reply regarding my log on details.
They have my e-mail and my home and mobile - so no excuse really.
If they are this inefficient do I really want to trade through them?
+ Whats going to happen if I get a serious problem?
Last edited by arco; 08-08-2009 at 01:45 PM.
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arco
that is pretty terrible response indeed - you think they would be following
any leads aggressively
the oil trades in MM are 3 mth futures which means you dont get very long graphs. (still would allow you to trade it tho )
what about the old ABN Amro platform which is now being run by Royal Bank of Scotland ?
https://marketindex.rbs.com/uk/AboutMarketindex.aspx
For clarity, nothing I say is advice....
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Member
Originally Posted by arco
CMC
Very interesting situation.
I recently downloaded the demo platform to see whether it was still as power hungry as a few years back. (Basically I wanted to use them to trade Oil which is not available at Oanda).
Now a week later and despite 5 e-mails to their customer support, I have still not received a reply regarding my log on details.
They have my e-mail and my home and mobile - so no excuse really.
If they are this inefficient do I really want to trade through them?
+ Whats going to happen if I get a serious problem?
I attempted to email their tech staff after having glitches with their marketmaker software (it does not like to work with windows7) and never heard back from them....(admittadly my account was a demo as part of a uni competition) but I thought it was still quite slack, espicially as their goal would have been to encourage as many students who were particiapting to sign up and lose their $$$$$
IGmarkets are far more helpful in my experiences
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Originally Posted by peat
arco
that is pretty terrible response indeed - you think they would be following
any leads aggressively
the oil trades in MM are 3 mth futures which means you dont get very long graphs. (still would allow you to trade it tho )
what about the old ABN Amro platform which is now being run by Royal Bank of Scotland ?
https://marketindex.rbs.com/uk/AboutMarketindex.aspx
Thanks Peat - I've just downloaded it, and its up and running.....a very professional company obviously.
CMC -thanks for nothing ......you obviously dont need my money
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Originally Posted by peat
arco
that is pretty terrible response indeed - you think they would be following
any leads aggressively
the oil trades in MM are 3 mth futures which means you dont get very long graphs. (still would allow you to trade it tho )
what about the old ABN Amro platform which is now being run by Royal Bank of Scotland ?
https://marketindex.rbs.com/uk/AboutMarketindex.aspx
Is it easy to open an account with these guys?
They dont have an office in N Z.
Having got ourselves into a debt-induced economic crisis, the only permanent way out is to reduce the debt – either directly by abolishing large slabs of it, or indirectly by inflating it away.
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Funny thing that about CMC. I was recently in NZ and wanted to close my account with them remembering that I had an odd $200 still in the account (not used for over 1 year) Rang the 0800 number, was directed to the web site to fill in a form. Faxed this form and the next day the $250 was in my account. After reading the comments on here I was mightily surprised.
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