First off, I should probably have been more careful. I usually only use the ISA account but as I’m being forced to sell NIO I put a small amount in the CFD account so I could hold NIO elsewhere.
Anyway when browsing I was looking at a stock and assumed if you clicked buy you’d have the choice to pick a buy price limit etc like on the ISA account. I was browsing at “Boxlight” and pressed the buy button which with 1 click spent my whole CFD account on it.
Yes, this is entirely my fault I should have educated myself on the system better first.
However there is a ridiculous spread, so I’m nearly in margin call territory already, the price hasn’t moved and I’m already in the red about 40%. Why even offer these options, surely no one is intentionally buying on an instrument with a spread like this?
i clicked on a button after hoovering over it, as it didn’t state what it was, and purchased 20000 shares in lloyds!.. my heart dropped lol.
you might be better off putting some more money into your CFD account so it doesn’t reach the margin call asap as NIO trades in extended hours so if you are not at the computer you could lose all your money (stop loss is not great either due to spread).
Why not? If I want a higher risk/reward ratio that’s up to me, I don’t care what people I’ve never met on the internet do with their money, but if you do you might want to keep it to yourself in future.
As I said it’s only a small deposit, the amount of money is a non-issue, I was asking why are there instruments being offered with spreads that would prohibit any profit being made.
Sorry mate I meant no disrespect and it’s never fun seeing a loss. The whole sticky out tongue was meant to be light-hearted as in you’ll laugh about this one day.
In hindsight it would have been better to get used to something using the practice mode before diving in the deep end without knowing how to swim.
The NIO could have just been bought in Invest so I’m not sure what that’s got to do with deciding using CFD which is intraday/swings not investing long term like it was in ISA.
The spreads are always changing, without seeing any details it’s impossible to comment on if they were usual or not.
otherwise I’m not sure what you want from us. You won’t be the first to dive into CFDs using real money to play with, and won’t be the last. It’s your money, your decisions. Take advice, dont take advice.
yep… i can tell you don’t care at all, by how much you got agitated by a random innocuous lighthearted comment, to a question you posted online on a community.
people do write here almost exclusively about how they spend their money, and how others should/should not.
Someone dealing with CFDs will patiently and kindly explain why so many things in your post made little to no sense. I myself, found it funny how you, victimised yourself like “oh they made me sell my NIO, so I accidentally made a market order in CFD on an instrument with high spread”
Yeah well I was just giving a little background as to how I ended up buying a CFD I didn’t really want but really it was irrelevant I was asking a question about spreads not looking for advice.
I didn’t quote the buy and sell price but I explained if I sold straight away with no market movement I’d be down 40%, I’m not even asking if it’s normal as I know it’s not. I’m asking why even have this available?
I still don’t get why CFD over investing using the Invest account, if you had it in the ISA it was long. Anyway that doesn’t matter.
So you went long and bought at X and you are saying to immediately close the position you would take a 40% loss?
If you post a time someone will be able to show you what the ask and bid was.
As I said the spread will change all the time depending on many factors so it could have been wider than the norm at that specific point in the action.
No I clearly stated numerous times that I was fully responsible for my purchase, where am I making myself out as a victim.
I was asking a question about spreads. You totally ignored the question and decided to be condescending and question my choice to put a very small amount of money into a CFD account.
I’m glad you find humour in your superiority, perhaps you should go down to a homeless shelter and laugh at people there who have made worse life decisions than you.
Yes this is what I’m asking thanks, as I said, I was looking for a bigger risk/reward ratio and basically to experiment with a very small amount of cash. But as stated this is nothing to do with what I asked.
The spread has been at least this large since I bought it and still is, so it wasn’t a momentary thing. Instrument is Boxlight (BOXL)
You’re welcome @Lewdy. Yes the spread in extended hours can be scary, T212 staff only said this to me today as one of the reasons they hesitate to put other instruments into it.
When market first opens, trending patterns (regular RSI movement in one day), and usually when it first closes the spreads are ridiculous. 40% is a huge difference, so if the price hasn’t changed much, this percentage will be lower soon. Adding funds will give you the cushion needed to ride the storm.
In regards to phil and kali, they are helpful, and you will look back at this one day and laugh, however i know how it feels to be in the WTF position on CFD when you were just trying to navigate around the platform and end up with shares you didn’t intend to purchase.
quick edit: @Lewdy apologies i thought you purchased NIO and didn’t read BOXL. it doesn’t trade in extended hours so the price won’t change until tomorrow 14:30 onwards
otherwise I’m not sure what you want from us. You won’t be the first to dive into CFDs using real money to play with, and won’t be the last. It’s your money, your decisions. Take advice, dont take advice.
