Brewski's Leverage Abuse

brewski1984 said:
You just want me to blow up so you can say you were right all along that I'm just a gambling mug:LOL:



Nothing stopping you from going for the £1M though, start up a thread and go for it (y)
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[emoji6]

I may do, just not ready yet. And I know from experience the workload of trading and posting, it takes over your life.

At this rate you will be setting your stop at 10k soon enough, as long as we don’t get more than a correction.
 
Nowler said:
As far as I am concerned, it's by far the hardest part of trading.
I believe that the vast majority of us have the capacity to learn how to trade. And while I believe the same people also have the capacity to adapt mentally to trading...most won't, because it is so difficult. It's not like picking up a book and studying a subject matter. You have to look at the core of who you are (warts and all) and actively pull the rug from under yourself.

Well done so far Brewski!
Whatever happens, you got this!
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I honestly think that the majority of people will never acquire the right mindset. In reality this is only one trade that's basically gone straight up and these don't happen very often with the way I do it.
 
I’d moved my stop up another 100 points (23,350 or around 23,400 Dow cash) after my son had woke us up at 2am but that quick drop might mean I was a little bit too hasty. Must have been something trump said. I have around £8250 locked in now but I will review it again over the course of the day as I don’t want to get taken out by some meaningless knee jerk reaction.
 
brewski1984 said:
. . . I have around £8250 locked in now but I will review it again over the course of the day as I don’t want to get taken out by some meaningless knee jerk reaction.
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Nice one brewski!
I don't want to derail your thread by opening an old can o' worms that gets opened often enough anyways here on T2W - but I just can't stop myself from asking this question . . .

When you complete your tax return for 2017/18, will you be disclosing your £8,250 profit (hopefully more) to HMRC? None of my business of course, so feel free to ignore this completely or, even, to report this post to the Mods and get them to delete it. (There's nothing they enjoy more than deleting my posts, lol!)
Tim.
 
timsk said:
Nice one brewski!
I don't want to derail your thread by opening an old can o' worms that gets opened often enough anyways here on T2W - but I just can't stop myself from asking this question . . .

When you complete your tax return for 2017/18, will you be disclosing your £8,250 profit (hopefully more) to HMRC? None of my business of course, so feel free to ignore this completely or, even, to report this post to the Mods and get them to delete it. (There's nothing they enjoy more than deleting my posts, lol!)
Tim.
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Hi Timsk,

Yes this one is very, very old and unless the tax law has changed over night without me catching wind of it, then the following still applies. :)

Brewski is not encouraged to declare his winnings to HMRC and they are certainly not profits. Anyone else reading this should ask themselves this very question:

When you gamble at the bookies, horses, casino, cards and even with your mates, do you declare the winnings.

The answer should be, no of course not.

The amount is irrelevant under UK law, ie, if I won the lottery for several millions, or kept winning the lottery for small amounts each week because I bought so many tickets and got lucky or starred on a popular game show, I still would not declare my winnings as profits and I also would not pay tax on my winnings.

I should re-iterate here that I have been gambling now for well over a decade and although I have been asked, I have never had to declare my gambling winnings. That's the law under the current UK legislation.

Lee
 
brewski1984 said:
Tax free isn’t it? Plus I’ll probably lose it all by then and more so they would owe me money
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Don't say that. The idea is to win as much as you can and keep doing it.

If it's spread betting, it's clasified as gambling in UK and not taxable so far as I know. I don't think it would change any time soon as there would be more money claimed than paid.
 
timsk said:
Nice one brewski!
I don't want to derail your thread by opening an old can o' worms that gets opened often enough anyways here on T2W - but I just can't stop myself from asking this question . . .

When you complete your tax return for 2017/18, will you be disclosing your £8,250 profit (hopefully more) to HMRC? None of my business of course, so feel free to ignore this completely or, even, to report this post to the Mods and get them to delete it. (There's nothing they enjoy more than deleting my posts, lol!)
Tim.
Click to expand...
Reported for the use of bad language! :D
 
UK SpreadBetting is tax free unless doing it on a professional basis ie running it as a business, if you are a constant winner on a personal basis (if it was your sole or main source of income and was enough to support an average lifestyle) then HMRC may try and argue that you should be running it as a business (it’s a very grey area though, and there must be so few people in this position that they probably don’t bother much) most people lose their money. No obligation to report anything to them.

HMRC collect vast amounts of tax from the betting provider, they make so much profit [emoji23]
 
Have a bad feeling about today but I'm leaving the stop where it is, at the time it was the right thing to do.
 
brewski1984 said:
Have a bad feeling about today but I'm leaving the stop where it is, at the time it was the right thing to do.
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It is of course your own business/decision what you do. I am however a little uncomfortable when I read the words "at the time..."

Situations change...so is it still the right thing to do?
 
Situations do change but don't let your emotions sway you into doing the wrong thing. I might add £5 a point here and still have 8k profit, I was going to add around this level yesterday but I will see what happens.
 
brewski1984 said:
Situations do change but don't let your emotions sway you into doing the wrong thing. I might add £5 a point here and still have 8k profit, I was going to add around this level yesterday but I will see what happens.
Click to expand...

Yes, that's the key for sure :)
 
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