Thread by @rolex_collector, OK so everybody told me that I can't possibly understand #footballindex unless [...]

OK so everybody told me that I can't possibly understand #footballindex unless I used it, because obviously terms and conditions and actual data and using a brain to figure out revenue/liability structure etc. is meaningless, so I've had a dabble... https://twitter.com/FIMarketCap/status/1351094817640611841

https://twitter.com/FIMarketCap/status/1351094817640611841

I've popped a tenner in and had a play and oh boy... it's not good.

So I bought a couple players 4.42 and 4.62, total 9.04 spend:

But low and behold, my portfolio shows me in a a great profit! What is going on?

54.1% profit instantly! STONX!

Well it turns out the DEFAULT, let me repeat DEFAULT mode for showing P/L is a figure that is an average of all (presumably open) offer prices, i.e. prices people want to SELL AT.

That is insane and has nothing to do with what price you can get for players.

But there's more. There's no way to get a 'benchmark' price of sell price (an averaged price over the thin liquidity on a player) or - what would be most accurate - actual best bid your holding would match at any moment.

Let me just emphasis that - THERE'S NO WAY TO KNOW WHAT YOUR PORTFOLIO IS ACTUALLY WORTH. They do NOT give you any means of working that out other than copy/pasting into a spreadsheet. It's nuts.

Not only that they DEFAULT to showing you a complete lie valuation.

I did wonder why so many people thought they were in profit. This explains it.

So let's have a look this morning - the most accurate price you can get is 'mid' price, i.e. mid between bid/offer. There are big spreads so unsurprisingly this is pretty bloody inaccurate:

Running a loss but hey it's 1 day I don't expect to draw conclusions right?

But WAIT - it says my portfolio is worth 8.47. Is this accurate?

Let's look at top bid to be most generous.

8.29 is the actual value. This is 2% less than stated and for a large portfolio, boy is that going to add up.

Not to mention the commission...

Let's look at the P/L indicator.

Note that a loss IS NOT HIGHLIGHTED IN RED. It's in blue like other non-P/L values. Bit naughty.

But can we turn things around?

Oh great, setting to average all offers (again the DEFAULT) and we're IN GREAT PROFIT! Highlighted green woo!

I wonder how many of the people assuring me they're in great profit simply do not realise any of this...

It doesn't seem like something the GC should really permit.

So in conclusion - the default P/L shown is entirely made up, they don't offer a means of actually valuing your portfolio AT ALL and they intentionally fail to highlight losses so they stand out against winnings.

cc/ @Greg_Wood_

This doesn't even get into the incredibly low liquidity, the big spreads, and the fact that if you have even a moderate number of shares you are going to absolutely crash the market if you try to dump them.

And of course it's all so very open to manipulation...

And finally before I get more 'but but you're pretending to be a watch channel it's all a conspiracy' nonsense - the constant non-stop abuse, failure to engage criticisms rationally, name calling and accusations motivated me to do this, congrats guys!

Also as an end note - the minimum deposit/withdrawal is a tenner so unless they definitely do honour the 'money back guarantee' and put my balance to 10 quid that tenner has gone forever

lordy.

Hey covid 'safe' 'returns' gambling product promoter @timlongsports , care to respond to any of this regarding the product you're promoting? Would you say this is misleading or not?

Great to see @ManUtd @talkSPORT @NFFC @QPR do their bit in the pandemic. https://twitter.com/timlongsports/status/1350532975646175232

https://twitter.com/timlongsports/status/1350532975646175232

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