cmc markets - disgraceful customer service, page-5

I've just closed my CMC account today after deciding enough is enough. However, my complaint is not with CMC, but with CFDs. I believe the whole deal is geared to work against one's emotions, and it's for that reason these companies do well while their customers have to ring gamblers anonymous. Luckily my account still has funds to withdraw, and so I'm very happy to be in the position to take what I have while it's still of value.

What I can't accept is when your trade goes negative is the fact the company is winning and is getting richer due to my losses. The more I go down that track the more irrational I become with my trades. Whereas I've done relatively well with shares, seeing I started in 2006 and have outperformed the Dow and the ASX by a good margin.

Shorting the Dow from 14,000 would have been a dream come true. 2 and half years later you'd still be ahead as the Dow is still in its downtrend. The problem with CFDs is we can't anticipate short movements, even though we are clear with the long term directions. These volatile short term movements can really knock you hard when they go against you. Get it wrong 3, 4 or more times in a row then you need to ask yourself if it's really worth it.

With these politicians refusing to allow the economies to run their courses we keep having giant rallies as massive parcels of liquidity are pumped into the veins of the credit addicted communities to stave off social unrest and keep those votes going.

There's other things I hate about CFDs. Staying in front of the dam screen for long periods is simply unhealthy and quite nauseating. And, if you close a trade you must be vigilant to make sure you've closed ALL pending trades - specially ones that were set up as stop losses, as they remain active even when you close a trade. A friend of mine lost $2000 in one night simply due to that error.

If you like hard work, are disciplined, and don't mine taking the occasional loss then CFDs could be for you. As for me, I will never go back.