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CMC Markets Banning


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CMC Markets Banning

  #11 (permalink)
scarr
Preston
 
Posts: 12 since Aug 2011
Thanks Given: 0
Thanks Received: 0

No offence taken but all advice is more than welcome, however I cannot help but look at the stats "actual stats" now I know we have all heard this before "I have the winning formula" but this has been running for some time daily and it simply "wins" placing actual (demo) bets so how can I ignore it? the market has been up / down and sideways and still it performs I cannot think of a scenario we have not seen can any?

When I say "it performs" it is not like I get three wins and two losses I get NO losses, if there is a possible loss situation I don't bet.

Maybe a question would be, how long do you monitor a system before you can say I am 99% happy this works?


P.S. I ONLY sell and never near a "half hour" or "hour" so the earthquake / volcano / announcement. is covered. and yes the market can go through the roof but as we all know "bulls walk up stairs, bears jump out windows" and in the unlikley case of a hike beyond what we have seen recently the stop loss would cut in.

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  #12 (permalink)
 RabC 
London
 
Experience: Intermediate
Platform: Multicharts, NinjaTrader, ESignal
Posts: 38 since Dec 2009
Thanks Given: 9
Thanks Received: 26

Are you trading CMC's spread-bet offering or their CFD version? There were stories years back of 'successful' traders being banned, but that was by the smaller less reputable providers...now the big heavyweights are big businesses so your potential success would have zero effect on them and hence not getting you banned....i know several guys who'd run chunky 8 figure positions with these providers and there were never any issues.

Is your plan to stick to a single instrument like the FTSE or trade different contracts. And if you don't mind me asking, what position size are you looking at?

Best of luck

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  #13 (permalink)
 
Lornz's Avatar
 Lornz 
Oslo, Norway
 
Experience: Advanced
Platform: CQG, Excel
Trading: CL
Posts: 1,193 since Apr 2010



scarr View Post
No offence taken but all advice is more than welcome, however I cannot help but look at the stats "actual stats" now I know we have all heard this before "I have the winning formula" but this has been running for some time daily and it simply "wins" placing actual (demo) bets so how can I ignore it? the market has been up / down and sideways and still it performs I cannot think of a scenario we have not seen can any?

When I say "it performs" it is not like I get three wins and two losses I get NO losses, if there is a possible loss situation I don't bet.

Maybe a question would be, how long do you monitor a system before you can say I am 99% happy this works?


P.S. I ONLY sell and never near a "half hour" or "hour" so the earthquake / volcano / announcement. is covered. and yes the market can go through the roof but as we all know "bulls walk up stairs, bears jump out windows" and in the unlikley case of a hike beyond what we have seen recently the stop loss would cut in.


I might have been a little harsh, you might indeed have a viable strategy. Unless you have a large account, a $30K swing in a few weeks indicates poor money management...

My point was more, find yourself a futures broker instead. You will get better execution, pay less in commissions/spread and have access to better tools. This will greatly enhance the performance of your system, at least if it actually has positive expectancy to begin with...

Most FCMs offer Liffe products, do a web search...

Lornz

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  #14 (permalink)
scarr
Preston
 
Posts: 12 since Aug 2011
Thanks Given: 0
Thanks Received: 0

Hi,

Using a broker instead of CMC has been suggested but all my work has been around CMC so far (a lot of work, I have been concentrating on getting the formula right not selecting the right platform!) so maybe you/someone can answer a few questions

1) Can I do exactaly the same operation, quickly take a position and then sell mins sometimes seconds later
2) Are winnings using a broker taxable
3) What are the typical deposit requirments
4) Can anyone recommend one?

P.S. I did look at Interactive Brokers and I do like the fact they have a API as I can automate things much easier using a API do all brokers generally have API's

Steve

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  #15 (permalink)
 
Lornz's Avatar
 Lornz 
Oslo, Norway
 
Experience: Advanced
Platform: CQG, Excel
Trading: CL
Posts: 1,193 since Apr 2010


scarr View Post
Hi,

Using a broker instead of CMC has been suggested but all my work has been around CMC so far (a lot of work, I have been concentrating on getting the formula right not selecting the right platform!) so maybe you/someone can answer a few questions

1) Can I do exactaly the same operation, quickly take a position and then sell mins sometimes seconds later
2) Are winnings using a broker taxable
3) What are the typical deposit requirments
4) Can anyone recommend one?

P.S. I did look at Interactive Brokers and I do like the fact they have a API as I can automate things much easier using a API do all brokers generally have API's

Steve

1) Not even can you do it, but you can do it both faster and cheaper.

2) Yes, but taxes should be the least of your worries

3) $5000 or $10 000 seems to be the norm...

4) It all depends on your requirements, volume... IB is popular because of its global platform, it seems a lot are using Velocity on this board. All of the serious brokers offer APIs. If you're interested in automated trading, check out the new dedicated site by Advantage Futures: The Algo Advantage | [AUTOLINK]High Frequency Trading[/AUTOLINK] at Advantage Futures

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  #16 (permalink)
scarr
Preston
 
Posts: 12 since Aug 2011
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Thanks Received: 0

thanks for everything but one point here in UK Taxes are a big thing, based on just 10k per month your looking at giving 40-50% away whereas on a spreadbetting site it is all yours

Thanks

Steve

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  #17 (permalink)
 RabC 
London
 
Experience: Intermediate
Platform: Multicharts, NinjaTrader, ESignal
Posts: 38 since Dec 2009
Thanks Given: 9
Thanks Received: 26

You'll have to trade manually on spread-betting as they don't have the technology to let you run an algo...are you just going to trade the FTSE?

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  #18 (permalink)
 
Lornz's Avatar
 Lornz 
Oslo, Norway
 
Experience: Advanced
Platform: CQG, Excel
Trading: CL
Posts: 1,193 since Apr 2010


scarr View Post
thanks for everything but one point here in UK Taxes are a big thing, based on just 10k per month your looking at giving 40-50% away whereas on a spreadbetting site it is all yours

Thanks

Steve

For my trading, it is cheaper to pay taxes than to trade a wider spread. It's all relative.

I pay a flat 28%, and it seems it is the same rate in the UK ( HM Revenue & Customs: Capital Gains Tax: the basics ). I also get to write off a lot off expenses (business trips, hardware, software etc..) I also like to contribute a little to society..

My point was you should worry more about making money; You don't pay taxes on losses. The execution, spreads and everything else is better when trading on the exchange... And if you're thinking about automating your strategy, the choice is clear...

But to each his own...

Check out the T2W board for more info on spread betting...

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  #19 (permalink)
 jonc 
australia
 
Experience: Beginner
Platform: NinjaTrader
Trading: -
Posts: 303 since Sep 2010
Thanks Given: 123
Thanks Received: 140


RabC View Post
Are you trading CMC's spread-bet offering or their CFD version? There were stories years back of 'successful' traders being banned, but that was by the smaller less reputable providers...now the big heavyweights are big businesses so your potential success would have zero effect on them and hence not getting you banned....i know several guys who'd run chunky 8 figure positions with these providers and there were never any issues.

Is your plan to stick to a single instrument like the FTSE or trade different contracts. And if you don't mind me asking, what position size are you looking at?

Best of luck

RabC, are you saying those guys can enter a single position which is 8 figures in value? Or are you saying they attained 8 figures in profit?

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  #20 (permalink)
scarr
Preston
 
Posts: 12 since Aug 2011
Thanks Given: 0
Thanks Received: 0


hi Rabc,

I know there is no automated API as such but I have developed a application that acts like me, it clicks / presses buttons and monitors values, so its automated as such.

Steve

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