Articles of Interest

Most people don’t know the difference between OTC or over-the-counter CFDs and DMA or direct market access CFDs (DMA CFDs), before I start out it is important to ensure that the differences between both types of CFDs are clearly explained as there are important advantages and disadvantages of each type that all traders should be aware of.

Understanding the difference between the two types of CFDs is relatively easily explained. In essence DMA CFD providers allow all of their clients CFD trades to flow into the underlying order book of the stock over which the CFD is based, this allows DMA CFD traders to participate in the market depth a have their orders partially filled in addition to allowing the trader to be a price maker rather than a price taker, OTC CFD providers on the other hand often match orders against another clients order or their own internal liquidity rather than placing the order in the underlying market. OTC CFD providers have the advantage of being able to offer CFDs over indices and forex and are more suited to traders looking to access multiple asset classes, whereas DMA CFD providers are only able to offer CFDs over shares and are better suited to those looking to trade shares on leverage or CFDs on small cap stocks.

Now that you know the difference between the two types of CFDs on offer it is important to understand the trading platforms available. As CFDs are traded online it is important to ensure that you choose the right trading platform that suits your trading style, the most popular DMA CFD trading platform is webiress plus.

Webiress plus is the fastest and most reliable DMA CFD trading platform on the market today. Webiress plus started out its life as a share trading platform and soon after was adapted for CFDs. The platform in web based and uses java, like all java applications it is important to ensure that you have the latest java version installed on your computer in order to experience the rich functionality of the software.

Webiress plus can be quite daunting for beginner first starting out however once you understand the power of the software it is unlikely that you will use anything else. Configuring your initial layout is often the most difficult part however this is relatively simple if you stick to the basics. Some of the essential features of webiress that you should setup to display permanently on your platform workspace are a watch list, your portfolio, an order pad, a market depth window and of course the market map. Having these features open on your workspace are essential when you first start out and will prevent you from making some common and easily avoidable mistakes like not knowing whether an order has been cancelled or not.

Let’s now take a look at the importance of each of these key webiress plus features.

Watch List
Having a watchlist window open is essential when you are trading as is allows you to monitor the CFD positions that you have open in your portfolio and any others that you may be interested in trading. The watchlist list will enable you to monitor prices without the need to have multiple price windows open.

Portfolio
The portfolio window is arguably the most important feature in webiress plus as this allows you to monitor the essentials including your free equity, margin requirements, portfolio value as well as both your realised and unrealised profit and loss. From the portfolio window you will also be able to monitor your open positions and see you average price, market to market value and unrealised profit or loss on each individual position.

Order Pad
Using the order pad window is critical if you are managing multiple orders, the order pad window allows you to track the status of your orders in the market. After placing an order using webiress plus it is essential to check whether the order has successful reached the market, this can be done using the order pad, it is from here that you will also be able to check for partial fills and confirm the status of order cancelations. 

Market Depth
Having access to market depth is essential when trading DMA CFDs as this will allow you to see your orders in the underlying order book of the share over which the CFD is based, not only will you be able to see your orders in the depth but you will also be able to determine where support and resistance levels are by simply looking to see the number of buyers or sellers in the market at each price point.  

Market Map
The market map is one of the unique features of webiress plus, it provides traders with a visual overview of the entire market at a glance. It is common for traders to use the market map feature to help them identify share CFDs who’s prices have either risen or fallen dramatically across the entire market. The market map is also able to display the market capitalisation of stocks meaning traders can quickly filter out stocks in a particular sector which may not meet their trading criteria.

Now that you are familiar with the differences between DMA and OTC CFDs and understand some of the key features of the webiress plus trading platform you are well on your way to trading. Before you start trading DMA CFDs on webiress plus it is important that you practice using the platform, place some orders and set up a trading workspace that suits your trading style. You can get a free webiress plus demo here.

The webIRESS trading platform is one of the most common online share and CFD trading platforms in Australia. WebIRESS is used by most of the major online brokers including, Comsec, Etrade, and Bell Direct, however like all on-line trading platforms some traders might experience technical hiccups when first logging in. Some of the more common technical issues that you might encounter along with simple solutions are outlined below. 

By far the most common technical issue encountered by new webIRESS users is what is known as the “ticking clock error” this is simply and endlessly ticking clock that appears in your browser along with the words “installing software please wait”, however, unfortunately for most the wait is endless. The “ticking clock error” is a common problem with a simple solution, this error occurs because Sun Java 1.4 or better has not been installed. The problem can often be resolved through a quick Java update, or new installation from the Sun Java website. In certain circumstances a recent version of Java may already be installed yet this error still occurs, often this is due to a popup blocker or antivirus software preventing your computer from accessing “webdf.iress.com.au“ and Port 6080 or 80, this can be corrected by allowing your firewall or antivirus program to access “*.iress.com.au” and port 6080 or 80. As a precautionary measure you should always clear your browsers cookies and temporary internet files before making any changes to ensure that your old settings are deleted.

Most webIRESS problems are related to Java or the security settings on your computer, however on occasions problems may arise as a result of your internet connection or LAN firewall settings. Testing connectivity to the webIRESS server is easy and should be done if you are unable to resolve you connection problems through the installation of Java or firewall and antivirus permission changes. A simple telnet connectivity test can be run by following the instructions below:

1. Go to “Start” > Run or open a DOS command window.
2. In the Run dialog box or at the DOS prompt, type: telnet web.iress.com.au 6080
3. Press Enter.

A Telnet window opens with the message “Connecting to web.iress.com.au…”

If the connection is successful, the Telnet message will disappear leaving a flashing block or cursor in the top left corner of the Telnet window.

If a connection cannot be established you should contact your ISP or network administrator as it is likely that ports 6080 or 80 are being blocked by your firewall. 

These are some of the most common webIRESS problems, if after attempting the above solutions you are still unable to resolve your webIRESS connection problem you should contact your broker who will be able to conduct more advanced webIRESS troubleshooting.

You can download a free webIRESS Plus demo to see whether the new webIRESS Plus platform solves many of the technical issues that you may have experienced using webIRESS.