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Online Share Trading

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Something Strange at GT

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Ninja
Super Contributor
Yip, all good points.....wont go near ssf or cfd on stocks for same reason. I don't trade through ig sa, only through London H.O. as I need exposure to Dow, Ftse and Forex and can fund and manage from my bank accounts in the UK. I don't think IG is the only option but I havn't seen a better platform offering a trade on anything anywhere in the world with pretty tight spreads. I would like to totally remove counter party risk but do not want to lose all that functionality as a result. I hear your points but if I expect certain services from my broker not sure how I can avoid it. By the way, great webinar last night! Sound quality good and always very re assuring to see that others in the market are doing what you doing and facing the same issues on a daily basis - look forward to attending some of the more advanced webinars which I am sure youi are planning.
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dookie
Regular Contributor
I'm now trading Alsi futures intraday with CJS securities on a platform with the edearing name of - Swordfish :-) Developed by a company called Estuary. Seems a couple of the brokers make use of it. Well - it's not as pretty as it could be, but the charts are fine. There isn't ultimate flexibility with layouts, but there's enough. It seems more on layouts is planned for the next version. I had one or two unhandled exceptions occurring when setting up the charts (offline) but never for trading and they were dealt with graciously without crashing or having to close the program. I think the greatest advantage is the speed. It's >>instant<<. I love the "close open positions" button - for those get met out now (!) moments. There's an option to trade off the charts. It also offers the possibility of suspending orders which can be refreshed later and triggered orders which allow you to set up an order which will submit on a trigger, which can also be used for stop losses. Costs are a bit more than STD Bank @ R20 or 2 pts per contract per transaction. And it's a JSE broker so one has all the necessary protection should someone flee to the Bahamas with the cash box. But they seem like really nice people so I don't anticipate it. (Said they of the Madoffs... lol) Contact me for the address where commission cheques can be sent.
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Eben01
Regular Visitor
Okay so SB is the place to trade according to this posts, what is the chances that SB would look into the senario of being able to trade the FTSE and DOW indexes in future on this platform so we do not need to go with overseas accounts, although in their currencies ???? There is clearly a demand for that...
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THRESHOLD
Super Contributor
Well you could trade through a large offshore house (eg. a division of a big bank.) That way you would pay a a better rate on the CFD funding. Your dividends on the underlying share would beome taxable though - so you would need to do your sums - "swings and roundabout" stuff.
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Not applicable
Boet, there is no "JSE' protection for your trading account. The only protection you have is that once you own a futures contract - it is between you and the JSE, it cannot be attached to any debts that your (seemingly expensive by the way) futures broker may incur. But if your broker absconds with the petty cash box - I am afraid that is your capital gone, bye bye. And Ninja - a 14bn balance sheet is all very well, but think of the exposure they have at any 1 point in time, I mean considering that currency futures is a multi-trillion dollar industry, can you imagine if some rogue trader inside the company forgets to hedge a position? Here is a scenario for you that could also happen - earthquake in Japan causes a massive spike / dip in the yen price (ok it didn't happen, but could have?). A whole bunch of traders caught on the wrong side of the trade and forced to make margin calls. You think it is possible to have $14bn default? I think it is plausible. Still - if you know your risks - you can manage accordingly. Me for example, I syphon my profits out of my trading account
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SimonPB
Valued Contributor
skaaptjop .. wrong there is a JSE guaranteed fund, that is the whole point .. and with futures you have the clearing house first .. how come do you think ABSA took a R1billion hit on somebody elses SSF positions ?? Coz they was the clearing house for Cortex who's client got nailed ..
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Not applicable
Oh? I thought that just looks after the margin and that your trading account sits in a separate entity?
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