Tradefair & Financials
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Daymor 07 Nov 10 22:30
I trade CFD's on the advice of a personnel broker, who whilst has been successful I do find the charges on the high side compared to profits . His firm use IG Index market leaders in the field I know but would LMAX reduce my charges and commission . Only trade in UK equities and normally average 2/3 trades a week , average £40 - £50 thousand a trade . I am not an expert in this field and basically just want to know if the LMAX charges would represent significant savings . If you need any additional information on my trading activity to give a more informed answer please let me know
HorsePlacing150 08 Nov 10 09:05
APPROACH LMAX WITH CAUTION
Daymor 08 Nov 10 09:22
Whys that ?
Journeyman 08 Nov 10 09:56
Daymor bear in mind that IG Index is essentially a bookie. LMAX is not taking the other side of your trades, it'a a legit exchange.
You'll be able to see the actual orders in the market and there will be no funny business.
Lmax is the future.
Daymor 08 Nov 10 10:28
Sorry - its IG Markets we use and not IG Index - commission is charged at 0.25% per trade ( 0.15% broker - 0.1% IG ). Funding rates = LIBOR +2.5%. Thus each £50,000 trade costs £250 in commission.
Joined broker in July and after 31 trades net profit = £5425 , but commission £6269 and funding £735 ( total charges 7004 ) does appear expensive . Yes I appreciate that you have to pay for expertise , broker did say that he had been a touch cautious at times as I was a new customer but I have assured him that I want him to trade only when price is right and if anything I was happy for more risk .
Have read the LMAX charges I dont really understand them , cant compare them to present charges . Just want to know if using LMAX would I be able to reduce costs . Many thanks for any advice
I put this thread up on the LMAX forum but had little response - any advice given would be very grateful
I trade CFD's on the advice of a personnel broker, who whilst has been successful I do find the charges on the high side compared to profits . His firm use IG Index market leaders in the field I know but would LMAX reduce my charges and commission . Only trade in UK equities and normally average 2/3 trades a week , average £40 - £50 thousand a trade . I am not an expert in this field and basically just want to know if the LMAX charges would represent significant savings . If you need any additional information on my trading activity to give a more informed answer please let me know
HorsePlacing150 08 Nov 10 09:05
APPROACH LMAX WITH CAUTION
Daymor 08 Nov 10 09:22
Whys that ?
Journeyman 08 Nov 10 09:56
Daymor bear in mind that IG Index is essentially a bookie. LMAX is not taking the other side of your trades, it'a a legit exchange.
You'll be able to see the actual orders in the market and there will be no funny business.
Lmax is the future.
Daymor 08 Nov 10 10:28
Sorry - its IG Markets we use and not IG Index - commission is charged at 0.25% per trade ( 0.15% broker - 0.1% IG ). Funding rates = LIBOR +2.5%. Thus each £50,000 trade costs £250 in commission.
Joined broker in July and after 31 trades net profit = £5425 , but commission £6269 and funding £735 ( total charges 7004 ) does appear expensive . Yes I appreciate that you have to pay for expertise , broker did say that he had been a touch cautious at times as I was a new customer but I have assured him that I want him to trade only when price is right and if anything I was happy for more risk .
Have read the LMAX charges I dont really understand them , cant compare them to present charges . Just want to know if using LMAX would I be able to reduce costs . Many thanks for any advice
I put this thread up on the LMAX forum but had little response - any advice given would be very grateful
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I would appreciate advice from someone more experienced in trading CFD,s , is LMAX a viable option ? are my charges too high ? am I being too greedy afterall I still made over £5k profit !
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