Thanks John, yeah I decided to cut the position. Its an important lesson indeed - I never factored in that CMC would increase the holding cost by a few thousand per cent on me (245 percentage points!) well after I was in the position. It really changes the CFD landscape for me. I had even been quite prudent to manage the overall risk of my holdings, but a surprise $500/day holding cost was just going to destroy it. I think cutting a (now) dangerous position is important.
I hope people keep this in mind when they see the CMC Markets CFD promotions/TV ads - CMC will nail you - they really do make money off their clients, that's their model. Whenever I make profits I immediately remove my cash from CMC and into my own account - as I believe there is probably a clause somewhere that they can take my cash as well.
I think I am about break even on when I started, but eyes much wider now for the next trades. The real risk from trading CFDs is the CFD provider, in my view.
