@obrienciaran No 20000 shares, they were approx 30p each, thank god not 20k… but yes i was surprised as not intended, the chart box wasn’t even opened fully it was just in the search box, and i opened it just to read some instrument details to decide on whether i wanted it full screen… hoovered over the icon but it didn’t say anything, thought i’d press it for more info and BAM 20,000 shares purchased.
i was lucky as it went into profit soon after and a very cheap share, likely a feature (icon info) T212 could introduce.
Because there people who SHORT and use margin in this platform. CFD is the only place to do that and we do not have an option NOT to use margin like other platforms do. Also, not everyone likes to play buy and hold and or swing Long only.
People dont want trade212 going “right we’re only going to let you use instruments with a tight spread, or x.y PE, or Z market cap” they just want trade212 to give them access to the broadest possible market and they will make the choices they want within that market.
It’s sad your accident happened on a wide spread instrument but that instrument not being there wouldn’t have stopped the accident. Heck you might have done it on something that dropped instantly after and lost everything or this could be a thread saying “whoop just accidentally paid off my mortage”.
No problem @Lewdy phil is right that its trending downwards as it recently spiked in price (pump and dump)
As you’re holding a large quantity i’d check the overnight/swap fee to consider how long you’re able to keep it for as monday/tuesday it may see a good spike up in price enabling you to sell (fingers crossed it occurs for you today).
So I had a quick look and the price was moving as you bought in. I saw a 13% difference between the closing BUY price and the low SELL. If you caught the 1.525 it would have been 9% spread.
i agree, although he wasn’t meaning to purchase that amount so the lost was even greater. stocks are weird so hopefully people will buy in and he’ll sell quickly at a smaller lost, or profit.
Yes the buy price has been back to or slightly higher than my buy price a couple of times, but the huge spread still puts me at a significant loss.
The spread has stayed the same most of the day, the buy price is “only” about 3% higher than the current stock market price, but the sell price is 7% lower, what gives?
Thanks for the reply. Some of the high and mighty people who have replied already would never have done anything so stupid so I’m glad to know I’m not the only one who would have.
It’s not so much that I bought a company that I don’t want it’s actually still at around the price I bought it at, the problem is the spread, the buy price is pretty much back to my buy price but the spread plus the fact I’m all in with leverage means I’m still going to be down a load if I sell.
Take the chip off your shoulder. You made a mistake, everyone makes mistakes. It’s how you learn from them what matters.
You came here to talk about spreads to share your story. The spreads are what they are, use CFD don’t use CFD. They will naturally tighten and widen at certain points, and obviously be different depending on the instrument. You could use a broker which offers tighter and then pay a fee instead per transaction. If you do intend to use CFD then it’s recommended to use practice mode for a few months with the same budget you have in real money. Then after wiping out your account a few times and getting consistent returns then play for real.
There are a few factors that determine the spread; market cap, share price, liquidity, insider trading, … I believe that brokers are not permitted to make profit by manipulating the spread.
Some brokers offer “fixed spread” but they charge transaction fees.