best SB broker for scalping ?

[Doomberg]

Scalping can be done when Spread betting, i was in profit trading Forex at 3pip spread on 5 min max timeframes... but it is difficult to make enough to make it properly worth it, im not confident enough to put proper money in to day trading just yet as im used to long term, but when im happy to invest 5k i'll use:

http://www.worldspreads.com/en/home.aspx

Zero spreads on a choice of 10 popular markets, without the 5k its still only 1pip on the 10

Spreadco offer 0.8 on FTSE / US30 / EUR/USD

http://www.spreadco.com/compare/?ut...paign=0.8_10&gclid=CKTv5uulhqgCFQMjfAodfXcTrw

And:

http://www.prospreads.com/products.php

"ProSpreads’ dynamic spread card allows clients access to a FTSE 100 spread of just 0.25, when their monthly volume exceeds 200 lots."

Im looking at all this myself right now, as i have come to the conclusion that low spreads = big money

 

[arabianights]

you still ain't getting the maths.. you just can't scalp on any vaguely normal market if you have to pay spreads.

extreme example to get my point through: do you think you can scalp bungalows in anglesey?

 

[Doomberg]

Yeah see what you mean, its much harder the bigger the spread... how do people scalp at all though?

I mean without having 20k in a trading account etc, even then they would have commissions to pay

 

[shortsell]

@ Esmondo; can you work the spread by putting orders into the underlying or is it just 'like the underlying' in that you quote the exchange price and charge comm separately?

if it's the latter it doesn't change the above points concerning paying spread, and if the former i think it starts to push too hard at the boundaries of what can reasonably be described as a 'bet' for tax purposes...

 

[arabianights]

Scalping is 100% possible... [snip]

Where the **** did you come from?

I'm reporting that as everyone I know at that place (apart from one broker trying to recruit me ) has stressed that's a trade secret... wtf...

 

[arabianights]

@ Esmondo; can you work the spread by putting orders into the underlying or is it just 'like the underlying' in that you quote the exchange price and charge comm separately?

if it's the latter it doesn't change the above points concerning paying spread, and if the former i think it starts to push too hard at the boundaries of what can reasonably be described as a 'bet' for tax purposes...

No, it's a totally legit scheme, but my mates there have told me it's supposed to be entirely secret - they actually never told me about it despite it existing for over a year until I enquired about it with them. I think that that post should be removed unless someone in "authority" says it's ok cause otherwise that could **** a hell of a lot of people up.

 

[TheBramble]

where the **** did you come from?

lol

 

[shortsell]

intriguing...

 

[arabianights]

lol

Well, I may have over reacted... but even I know what shouldn't be said in public Tony

We would never explain that the PS is given b d t h s a t b, d i t t s, a r w t t t t n... and any responsible broker would not spew what that bloke did on a public website just to earn a bit of commission. See what I mean?

 

[arabianights]

(Example is probably a poor one. But I'm visiting my mother for the first time in 6 months tomorrow)

 

[Esmondo]

@ Esmondo; can you work the spread by putting orders into the underlying or is it just 'like the underlying' in that you quote the exchange price and charge comm separately?

if it's the latter it doesn't change the above points concerning paying spread, and if the former i think it starts to push too hard at the boundaries of what can reasonably be described as a 'bet' for tax purposes...

SHORTSELL:

You are trading the underlying Futures market at ALL times. You are not trading a 'spread' around the exchange bid/offer prices. So for example if NYMEX MAY WTI is 109.50 bid , and offered at 109.51....this is what you can trade. The tax efficient wrapper is a back office process that takes place after our customers have traded the real market. Happy to email you with a more detailed explanation

 

[shortsell]

SHORTSELL:

You are trading the underlying Futures market at ALL times. You are not trading a 'spread' around the exchange bid/offer prices. So for example if NYMEX MAY WTI is 109.50 bid , and offered at 109.51....this is what you can trade. The tax efficient wrapper is a back office process that takes place after our customers have traded the real market. Happy to email you with a more detailed explanation

but just to be clear, in your example could i work the 109.50 bid in the underlying?

it was always likely someone was going to offer this, but if i were the firm in question i would have offered it discreetly to big winning clients rather than offer it publically - for fear of attracting the wrong sort of attention, which i guess is what arabian is talking about...

thank you for letting me know though. i position punt stocks and mess around on fx so it's not one for me, but it's interesting to know someone is doing it properlty (ie not in the same way prospreads were doing it).

 

[Ross Spur]

Has there been some post removal here?

 

[Esmondo]

but just to be clear, in your example could i work the 109.50 bid in the underlying?

it was always likely someone was going to offer this, but if i were the firm in question i would have offered it discreetly to big winning clients rather than offer it publically - for fear of attracting the wrong sort of attention, which i guess is what arabian is talking about...

thank you for letting me know though. i position punt stocks and mess around on fx so it's not one for me, but it's interesting to know someone is doing it properlty (ie not in the same was prospreads were doing it).

You can work the bid / work the offer - you are trading the underlying!

We are also very specific about the customers that clear thru Kyte Group and have a very strict set of criteria for opening an account with us. In terms of 'offering to the masses' , we are soon to embark on a Marketing campaign for iBet so this thread is merely a taster of whats about to come.

 

[shortsell]

Interesting - thanks very much for the info.

 

[DeusExMachina]

thank you for letting me know though. i position punt stocks and mess around on fx so it's not one for me, but it's interesting to know someone is doing it properlty (ie not in the same way prospreads were doing it).

Care to expand on that shortsell (re ProSpreads)? Do you have an account with them?

I have my (main) SB account with them and have no complaints. Miles ahead of the other SB's (as long as you are betting enough to do at least 1 full Futures contract).

 

[shortsell]

Hi.

I don't have an account there - I don't trade futures (except when I'm having a mug punt ).

but I do recall reading in a few different places that their DMA offering was actually in some instances 'DMA-like' and that they were actually taking the other side of some traders' positions. If I have got that wrong i will gladly apologise, but I'm sure I remember hearing this going back a while when they were really pushing the DMA, no conflict of interest angle, which I thought disingenuous.

Furthermore, (and again I'm sorry I can't remember specifics) aren't their round trip costs very high - such that if you were trading short term your costs would be exorbitant and all but wipe out the tax advantages - so that it would only be worth using them to position trade and thereby making them no different to using any other SB?

 

[arabianights]

One problem with prospreads is that in many cases you have to wait for the underlying to go bid/offered to go filled... as you say... DMA-like.

As for "high commissions" - well if you don't have the acumen to negotiate with them...!

 

[10pips]

[deleted comment]

 

[Shaun12uk]

Main issue that concerns me with Prospreads is that you have to be classed as a pro which in turn also means that you are entitled to nothing if they ever went under as you are not classed a retail
client!
Apart from that never really heard any reports about them apart from DeusExMachina above!
Somebody else must be able to give some feedback in this forum. Thye say they are the best for scalping but would like to hear it from a review or somthing!

Oh by the way Capital Spreads and Prospreads are both owned by London Capital Group.