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Post by stuartc on Dec 8, 2014 18:00:22 GMT
So is it possible to cancel one of my bids? I apologize if this is a silly question but after autobidding my funds it would be good if i could adjust when i get time.
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mikeb
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Post by mikeb on Dec 8, 2014 18:21:57 GMT
The only adjustments you can make is to 1) turn off/reset the levels on autobid or 2) sell the loan parts (you didn't want to pick up) on the secondary market.
Cancelling a bid made through auto-bid is unlikely, as you can't argue finger failure/site failure causing an unintended bid -- which is the only bid-cancellation strategy that I've heard of. And that's at FC's discretion, not a right!
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Post by stuartc on Dec 8, 2014 19:37:22 GMT
Thanks mikeb. I am now wondering if it is possible to put a certain amount of your funds on autobid and the rest free to manually bid but I can't see a way of doing that unless you open two accounts.
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Post by davee39 on Dec 8, 2014 19:42:36 GMT
Put ALL of it on manual bid.
If you use Autobid you will buy dross on the secondary market, property (Yeugh!), unpopular primary listings, and at the same time the 'market manipulators' will fill the best loans so you will be frozen out of these altogether. My strategy depends on autobidders picking up my unwanted loans at par.
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chrisf
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Post by chrisf on Dec 8, 2014 19:47:57 GMT
If you really do want to have some funds for autobid and some for manual bidding, then open another FC account. In reality though, if you want to have some funds for manual bidding it sounds like you have the time/inclination to spend more than, say, 5 minutes a day on FC, and anyone who logs onto FC most days and spends more than a few minutes shouldn't be using autobid.
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Post by GSV3MIaC on Dec 9, 2014 14:24:27 GMT
Alternative view - until they fix the damn thing NOBODY should be using autoBUY (if it just BID, I might revise that to allow granny some access, but even then it is designed to bid on what nobody else wants, not even a random selection of loans, just the most unpopular).
To answer the original Q again, no you can't cancel a bid (read the T&Cs, that's one of the things it spells out; actually I think you have to agree that a bid is binding before you can bid the first time). Me, I'd love to be able to cancel some bids, usually about 6 months after the auction closes. 8>.
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agent69
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Post by agent69 on Dec 9, 2014 18:10:41 GMT
usually about 6 months after the auction closes. 6 months! If only.
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sl75
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Post by sl75 on Dec 9, 2014 18:25:25 GMT
Alternatively - you can set the autobid rate high enough that it doesn't use up ALL your money... this also avoids the problem of buying dross on the secondary market (unless you consider an on-time loan at an unusually high interest rate "dross").
Previously I didn't use autobid because I could not sell loan parts without disabling it (and repeatedly re-enabling it only to have to disable it again soon afterwards was too much faff), but now this is possible, I have enabled autobid at times when my available funds had a surplus, and will probably do so again the next time market conditions and the state of my portfolio are simultaneously appropriate for it.
Currently the main reason I don't already do so is that I cannot set autobid to make bids smaller than 0.5% of my total portfolio. 0.5% is presently a significant fraction of the funds I have AVAILABLE at any given moment. If I could set an autobid to a lower %, or even better to a specified GBP value, I'd probably enable it sooner rather than later (and if market conditions become right for it, I might even increase the max exposure back to the current minimum - equivalent to 0.5% of the entire portfolio value per bid).
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