Posts Tagged ‘Worldspread’

Because you won’t see the money…
I opened an account with them called them twice to confirm that my account is qualified to the cash back offer and twice I’ve been told I was.

So I put money and did one trade with this offer in mind. I would never else open a position on the DAX with just 25 points stop loss. Because it was more like a bet than a trade I lost which is fine.

I called worldspreads, the company that you always talk with the same person, and asked my cash back. They say no problem but nothing happened. I’ve waited 3 days to call them again and they promised me that it will be sorted on the same day. Nothing happened again. I waited 3 more days and called them today.

And their answer:
Due to the terms and condition you are not qualified to this offer. Good bye.

But I had enough. I wrote a long letter to the FSA the financial authority that should govern these companies and copied the Guardian and the Independent newspapers. And now you know about it too:
Don’t open an account with Worldspreads because there is a good chance you won’t see you money back. And also they have one of the worst platform out there.

Hi all,

I am not a big fan of stop loss. I think they make you lose money. So I don’t use them. But today I had sometime and I decided to use Worldspread offer of £250 cash back.

I saw the Dax up strongly today and I know that the 4950-4975 is the upper resistance at the moment. So I opened a position to sell the Dax on 4946 with 25 points stop loss – £10 a point.

At one point I was £150 up, but my target was £1000 or 100 points. But an hour later the Dax was strong again and peaked 4978. I was out. 2 hours later it was 4900… and the again it was up to 4975 and down again.

25 points stop loss is a joke. If you really serious about trading and you still want to use stop loss then use 200 points on Index like the Dax. Otherwise you will be out before you know it.

Stupid Newham council has took my car because according to them I parked in foot path. Needless to say it is bull$hit but it cost me £250 and half a day which I wasn’t happy with it at all. I can dedicate a whole blog about Newham and their annoying mayor, but this blog is about money and not politics.

So I promised my wife that I will cover the lost with spread betting and I had a plan. Worldspread has offered me £250 cash back if I open an account with them. So my plan was to take this offer and cover up the (stupid) Newham loss.

But I am so busy lately that I haven’t had the time to deal. But on Thursday morning I saw the Dax at 4815 and I thought this is my chance. That day was my birthday as well so I thought it must be my luck day.

My target was to make £1000. So I’ve made a £2000 deposit into my new account and I was looking to open a short position on the Dax, £10 a point, with 25 points stop loss so my £250 cash back will be the limit, meaning no lost what so ever.

Good plan but Worldspread doesn’t offer the option to add a stop loss to an order! so I couldn’t just order and forget. I had to open a position manually and then put a stop loss. But I didn’t have the time to follow the market. I had a meeting with a client on Friday and nothing was ready yet. And it was my birthday so many phone calls.,. so my plan to open an order at 4830 with 25 point stop loss was all gone.

And what happened in the end? The Dax went down to 4730… my £1000 profit if I could stay focus follow the Dax and choose the right place to enter. Instead I had nice birthday, finish the project for my client at Friday (early) morning and still have £2000 in my Worldspread account waiting to be invested. After all I need to cover this parking ticket.