A question to successful spread betters

Could be 5 minute binaries... I was playing binaries a lot before. Made quite a bit of money but it's ultra stressful and the price is very volatile particularly at the end of the session.
 
Trader333 said:
I agree and the only issue was could this still be done 50 times a day trading indices and still make an overall profit ? Most people I know who trade indices don't take anything like 50 trades a day and it is more like 3 to 5.


Paul
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Include me. I have to say, I doubt it and a 2 point spread on scalping is impossible.
 
Having listen to you guys, I am now thinking, if I keep on placing around 50 bets per day, sb firm may not like me.... I think you can place 3-5 bets or even one bet per day on FTSE and it all depends on what your strategy is like.

I agree and the only issue was could this still be done 50 times a day trading indices and still make an overall profit ?
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That's what I did. I was playing Footies all day long. If anything, it may have been a few bets less as I remember cancelling some because the bets went the other way and they didn't get triggered. I wish I kept detailed record of my trades but I was too busy making money in between washing some dishes and going out to a shop. I've never gambled before I learnt to spreadbet. OK, odd lucky dip here and there and that's all. I just knew I'd lose but spreadbet isn't blind guess, is it?

My success may have been something to do with the combination of having a demo account with P*addyP*ower Trader and looking at live feed from advfn.com. Their quotes tend to be slower so if you look at what's happening on advfn live data you can predict what's going to happen.

FTSE looks very irregular first thing in the morning so I don't trade till about 9.30 am and I trade till about 4.30 pm.
 
SpreadBunny said:
(1) I just knew I'd lose but spreadbet isn't blind guess, is it?

(2) Their quotes tend to be slower so if you look at what's happening on advfn live data you can predict what's going to happen.
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(1) trading is about probabilities: the likelihood of the market moving in your favour is demonstrated by the indicators and price movement. Gambling would be me and horses: I'd pick a horse because the name sounded good.

(2) This is exactly what will get you banned from an SB, according to the replies above. Or if not banned, moved to manual so each trade takes longer because a trader has to manually fill the order. (As I understand things.)
 
shadowninja said:
(2) This is exactly what will get you banned from an SB, according to the replies above. Or if not banned, moved to manual so each trade takes longer because a trader has to manually fill the order. (As I understand things.)
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Basically, what you are saying is I cannot place bets all day long :?: If they are always lagging behind, the only bet I can place is the one that don't lag behind and I should be watching for those rather than the trend or breakouts. Sorry, but that sounds insane. If that's the case, you guys are right, one can only bet few a day. I thought I was able to place bets anytime during the trading hours.
 
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I am not sure if you understand what I mean.

Look at it from this viewpoint. If you were a SB company, would you let a trader do what you are proposing or would you tell them to sling their hook?
 
shadowninja said:
I am not sure if you understand what I mean.

Look at it from this viewpoint. If you were a SB company, would you let a trader do what you are proposing or would you tell them to sling their hook?
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If I were a SB firm, I'd make sure that there won't be laggin quotes to cut losses in the first place. If for some reasons (e.g. technically) that's not possible, I'd include it in the spread so that the firm don't lose out.

After all, your local supermarket don't say, you can only purchase a tin of baked beans between 2pm - 2.15pm, do they? If shop is open, shop is trading.

It means "the Myth" is true. You can't make money with spreadbetting.
Because no matter how good you are with your research, chart reading etc, they won't allow you to win.
 
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SpreadBunny said:
If I were a SB firm, I'd make sure that there won't be laggin quotes to cut losses in the first place. If for some reasons (e.g. technically) that's not possible, I'd include it in the spread so that the firm don't lose out.

After all, your local supermarket don't say, you can only purchase a tin of baked beans between 2pm - 2.15pm, do they? If shop is open, shop is trading.

It means "the Myth" is true. You can't make money with spreadbetting.
Because no matter how good you are with your research, chart reading etc, they won't allow you to win.
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Precisely.
 
And so we have to work out how we can make money despite this. As far as I know, people are making money via SB firms. These firms hedge your positions, though. They cannot make money if you're using ADVFN to predict the movement of their prices.
 
OK, according to other threads, sb firms' interpretation of "overtrading" is something like 20 - 30 bets per day. It means that 50 bets per day is not possible. So the only way to do is to spread it by using two or three sb accounts simultaneouly. However, it means that you'd have to spread your seed capital, many windows opened at the same time and possibly have two or three laptops/pc and mouse (I mean mice). I can already see myself frantically flicking between different windows :devilish: Pitty, I've only got two arms. But really, it kills the spontaneity side of trading as I would have to rely on planning ahead, placing orders to be triggered. Boring.
 
Spreadbunny,

I've made this point before on similar threads and will make it again: If you are a beginner and your interest in spreadbetting is purely for the CGT-free returns, then bearing in mind that you've got over £9k of CGT allowance (double that if you're married and run an account in your other half's name): get to the stage where you've got £9k of gains to worry about and then think about your options. In the meantime enjoy the narrow spreads and unconflicted markets of DMA trading.

If you're scalping so aggressively that you're talking of 50+ trades a day, it may be worthwhile looking at FuturesBetting if you're dead set on the spreadbet route.
 
SpreadBunny said:
It means "the Myth" is true. You can't make money with spreadbetting.
Because no matter how good you are with your research, chart reading etc, they won't allow you to win.
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I've got a lot of experience with this and its simply not true.

I've taken money SB'ing in almost every conceivable way.

When I started I made it by latency scalping and then by taking advantage of "untrue" volatility which consistently spiked a price beyond its spread and I ran an account up from tens to thousands in a very short space of time.

Now that the opportunities are getting thinner I am taking money consistently by trading hourly and daily timeframes.

If they shut me down, I'll be the first to back you up, but it hasn't happened yet.
 
I would have thought a spreadbet firm would love a client who trades 50 times a day. Lets say you trade the Dow with a 4 point spread, the trader would have to make 200 points a day just to cover the spread.

Even if someone was to trade EUR/USD with a 2 point spread, the trader would have to make 100 points a day just to cover the spread.

Somthing to think about. For those who are new to spreadbetting. I say to you, dont over trade.
 
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trader_dante said:
If they shut me down, I'll be the first to back you up, but it hasn't happened yet.
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I doubt that I'm as successful as you, me being a part time, hobby trader, but I make enough money to pay for some of the comforts of retirement. Your post is the closest that I have seen to my own attitude. I have been spread betting for 25 years.

Split
 
Splitlink said:
Your post is the closest that I have seen to my own attitude. I have been spread betting for 25 years.
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:eek:
25 years Split, get away! You must be one of Mr. Wheeler's very first clients from the early days of IG. What did you trade back then - sports and gold?
Tim.
 
timsk said:
:eek:
25 years Split, get away! You must be one of Mr. Wheeler's very first clients from the early days of IG. What did you trade back then - sports and gold?
Tim.
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Yes, I picked his ad out of the FT. I traded the FT Index. Then I went to City Index and then Fins, where I have been since before online trading started.

Wait. The first trading I did was with traded options and I used brokers for that at first so, perhaps, I wasn't with IG right at the start. Let's be safe and say 20 years.

Split
 
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I used to work at Cantor Index. We very rarely closed account. We had winners in the millions. Yes, we took positions that we wanted, but most of the business is hedged out. If we did'nt like a certian client and the way he traded, we hedeg all his positions and simply take him on the spread. Its not like the sports betting industry where you are directly playing the company.

I remember a winner taking 1.8 million in 1 day... we never closed him
 
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