Hmm. Please confirm that I wasn't born with 666 on the back of my neck.

[random12345]

Hello. Clearly my first post. Possibly inane.

I have been spread betting for going on 3 years now. I basically dislike people so I rarely discuss it online or otherwise unless I'm trying to convince HMRC that I don't owe them Class 2 NI. However, I have been reading these forums for the first time and reading horrorshow after horrorshow with the unending confirmations from persuading sounding people that you can't make money with SB'ers. Except I have. I've made a decent amount year on year, and my life is basically ridiculously easy. I once saw a BBC reality thing about trading with some kind of Dutch overlord in charge who said you can only be successful at this lark (trading, not necessarily SB'ing of course, since apparently they're so distinct...) if you get up at 5:30am, study the news, live and breathe it. I do none of these things, I basically adhere to my own interpretation of technical analysis and generally my lunches are 3 hours long and I couldn't care a nasty little sh*t if I miss a volatile ranging session of the S&P because those quail eggs aren't going to eat themselves and by god I think the blighter will trend the next day anyway with that daily confirmation. I digress. I can't help but be concerned as to what I'm doing wrong... and I actually mean it.

Could anyone else with SB success out there please put up a hand and confirm that I'm not simply being singled out by the prince of darkness for some kind of future service? I would prefer to be placated with factoids that punters misunderstand leverage or some such, that would be nice. Because... I've really made... quite a lot... and they always execute near enough instantly even when I daytrade large £/pt... they're also quite nice to me if I ever have a complaint (remarkably the EURJPY once spiked 2000 pts against me in a session, "Hello," I thought, "that's rather unlikely unless the whole world has gone to buggery", and they restored my position rapidly. Perhaps only when they go for smaller skullduggery in the teens of pts do they get away with it??), oh AND I'm with IG who appear to be rather despised. Market makers who will take everything I own through manipulation of their skewed charts (specifically for me, most kind of them) or simply literally take it when all else fails apparently. The upshot is as follows. I don't recall making a supernatural pact, but I really don't want to fellate demons for eternity. Perhaps my limited use of stops makes me harder to screw over (I do apologise for my flagrant disregard of risk management, but if you'll forgive me I can cover the value of the whole instrument many times over these days, I just choose to continue not paying tax and stamp duty)? Yes, that makes me feel better. No black marks on my soul at all. I hope?

Yours truly,

Random.

 

[counter_violent]

Hello. Clearly my first post. Possibly inane.

I have been spread betting for going on 3 years now. I basically dislike people so I rarely discuss it online or otherwise unless I'm trying to convince HMRC that I don't owe them Class 2 NI. However, I have been reading these forums for the first time and reading horrorshow after horrorshow with the unending confirmations from persuading sounding people that you can't make money with SB'ers. Except I have. I've made a decent amount year on year, and my life is basically ridiculously easy. I once saw a BBC reality thing about trading with some kind of Dutch overlord in charge who said you can only be successful at this lark (trading, not necessarily SB'ing of course, since apparently they're so distinct...) if you get up at 5:30am, study the news, live and breathe it. I do none of these things, I basically adhere to my own interpretation of technical analysis and generally my lunches are 3 hours long and I couldn't care a nasty little sh*t if I miss a volatile ranging session of the S&P because those quail eggs aren't going to eat themselves and by god I think the blighter will trend the next day anyway with that daily confirmation. I digress. I can't help but be concerned as to what I'm doing wrong... and I actually mean it.

Could anyone else with SB success out there please put up a hand and confirm that I'm not simply being singled out by the prince of darkness for some kind of future service? I would prefer to be placated with factoids that punters misunderstand leverage or some such, that would be nice. Because... I've really made... quite a lot... and they always execute near enough instantly even when I daytrade large £/pt... they're also quite nice to me if I ever have a complaint (remarkably the EURJPY once spiked 2000 pts against me in a session, "Hello," I thought, "that's rather unlikely unless the whole world has gone to buggery", and they restored my position rapidly. Perhaps only when they go for smaller skullduggery in the teens of pts do they get away with it??), oh AND I'm with IG who appear to be rather despised. Market makers who will take everything I own through manipulation of their skewed charts (specifically for me, most kind of them) or simply literally take it when all else fails apparently. The upshot is as follows. I don't recall making a supernatural pact, but I really don't want to fellate demons for eternity. Perhaps my limited use of stops makes me harder to screw over (I do apologise for my flagrant disregard of risk management, but if you'll forgive me I can cover the value of the whole instrument many times over these days, I just choose to continue not paying tax and stamp duty)? Yes, that makes me feel better. No black marks on my soul at all. I hope?

Yours truly,

Random.

Yes, well done, I think you should stick around and educate the plebs on how you manage to achieve your results.

Be prepared for flak though if not using all the book conventions that they like to follow around here.

Any chance you could post some live time stamped trades in a journal...to show em how it's done?

 

[random12345]

Yes, well done, I think you should stick around and educate the plebs on how you manage to achieve your results.

Be prepared for flak though if not using all the book conventions that they like to follow around here.

Any chance you could post some live time stamped trades in a journal...to show em how it's done?

Thanks for the warning, I didn't mean to come across as despicable, that's natural. I AM genuinely interested if other winners exist on the board though, else... why bother?

I'm not sure. I might be using book conventions? I haven't read many except this impossibly boring one written by some fella called Malcolm if memory serves. I use none of what I read in it.

Clearly I'm not going to be doing anything to do with journals or webcams because those are primarily so I can chat with Romanian women about my day holding my sword. The amount of effort involved vs 2-click trading doesn't make it attractive. However, perhaps this is a free trade for everyone to enjoy? Or not? I take no responsibility either way. Gold is at a technical low on a slight elliptical trend line. The hedge funds are getting ready to buy at this level or maybe 20 pts below it so they can tell Bloomberg they did it to hedge against the dodgy debt situation and everyone will gape in awe at their intelligence before they dump their contracts again at 1640 and repeat the bull channel. Why am I not as smart as an institution the retail traders will wonder. It will spike, I think, in the next 2 weeks, possibly even this week coming. I'm going to sell at 1620. I might crystallize half at 1600 round defence, but more likely I won't be bothered since I don't like to miss the Wright Stuff. If this doesn't happen then I don't care. I won't be using a stop. I'll hold it until it clears 20 pts above its current level instead within a month. If it doesn't even do that then shame on me and that holiday to Santorini is cancelled. Good thing I hate holidays.

There you go. Free money I reckon. With quite an awesome analysis if I do say so myself. I really do come across badly in written text.... I don't even mean to!

 

[counter_violent]

Thanks for the warning, I didn't mean to come across as despicable, that's natural. I AM genuinely interested if other winners exist on the board though, else... why bother?

I'm not sure. I might be using book conventions? I haven't read many except this impossibly boring one written by some fella called Malcolm if memory serves. I use none of what I read in it.

Clearly I'm not going to be doing anything to do with journals or webcams because those are primarily so I can chat with Romanian women about my day holding my sword. The amount of effort involved vs 2-click trading doesn't make it attractive. However, perhaps this is a free trade for everyone to enjoy? Or not? I take no responsibility either way. Gold is at a technical low on a slight elliptical trend line. The hedge funds are getting ready to buy at this level or maybe 20 pts below it so they can tell Bloomberg they did it to hedge against the dodgy debt situation and everyone will gape in awe at their intelligence before they dump their contracts again at 1640 and repeat the bull channel. Why am I not as smart as an institution the retail traders will wonder. It will spike, I think, in the next 2 weeks, possibly even this week coming. I'm going to sell at 1620. I might crystallize half at 1600 round defence, but more likely I won't be bothered since I don't like to miss the Wright Stuff. If this doesn't happen then I don't care. I won't be using a stop. I'll hold it until it clears 20 pts above its current level instead within a month. If it doesn't even do that then shame on me and that holiday to Santorini is cancelled. Good thing I hate holidays.

This is the genius right there...those that know know and those that don't know don't know. Instead, they try to fit the market to their own warped set of constraints and expect to make a profit

There you go. Free money I reckon. With quite an awesome analysis if I do say so myself. I really do come across badly in written text.... I don't even mean to!

Comes across just fine...as you were !

 

[brewski1984]

Subscribed.

 

[DionysusToast]

It is possible that the devil erased your memory of the pact.

Do you by chance have a new motorbike you don't remember buying? Does it come to you when you whistle? Do you wake up & see charred tyre tracks leading to/from your house in the morning with no idea how they got there?

If not - you are probably fine.

 

[NVP]

ok....lets roll .......but can we cut the games / vague recollections of x and Y .....

you clearly know what you are doing

N

 

[piggybridges]

they're also quite nice to me if I ever have a complaint (remarkably the EURJPY once spiked 2000 pts against me in a session, "Hello," I thought, "that's rather unlikely unless the whole world has gone to buggery", and they restored my position rapidly. Perhaps only when they go for smaller skullduggery in the teens of pts do they get away with it??), oh AND I'm with IG who appear to be rather despised.

They're not so bad. I was with CMC (back when they were 'deal4free' a long time ago) I'm sure no spreadbet company would ever do this now, but I'd only been trading a few days and accidentally put on a trade much much bigger than my usual size which naturally immediately went flying against me. I called them up, grovelling, and they actually cancelled the trade for me!

I don't care. I won't be using a stop. I'll hold it until it clears 20 pts above its current level instead within a month.

Do you always trade this way? (i.e - no stop)

I AM genuinely interested if other winners exist on the board though

There's not many. Probably about 6 traders who genuinely make consistent money. CounterViolent, who replied to your OP is one of them, me thinks.

 

[Mata Nui]

I dont think you are alone but i guess most people who make money dont waste time on forums like this. I live in North Wales and i know of 2 people who live within 6 miles of me who have made substantial amounts from SB.

One is the husband of someone who works with my wife. He used his SB profits to build a house (It was a kit build but with land i think they spent just under 200k). The other i wouldnt say i know but i do know that SB is his only source of income and he just keeps adding bits to his house. There are always builders in. I drive past his place most days and between the house and the cars in the drive i doubt there would be much change from a million (note the house has been extended etc over the past 5 years so i guess he makes consistent and reasonable size profits).

Sadly i dont know either well enough to ask how they do it but you are obviously not alone.

 

[piggybridges]

Sadly i dont know either well enough to ask how they do it but you are obviously not alone.

You're lucky too at least know of people in your area who are apparently doing it successfully! If I was you, I'd try and find an angle to get to know him! (the husband of your wifes colleague).

I know of one person who made well over a million from trading, but If I had had asked him for advice, it would have been bad advice, because he lost the lot!

 

[neil324]

A positive post. Have I died and gone to heaven?

 

[Jack o'Clubs]

Hello. Clearly my first post. Possibly inane.

Etc., etc.

Good on you, seriously. As has been noted I don't think there are many on here who walk the walk, so excellent if you are one of them and going to start contributing.

It doesnt surprise me people make money SB-ing, I just think it requires a style of trading that not many do on here, where you have to take a long enough view that you don't get killed by the spread, and short enough that you don't get killed by the implied financing cost. If you're doing that and have a decent process, I don't see any reason why you wouldnt make it work. I hope it continues, good luck.

 

[donaldduke]

Hello. Clearly my first post. Possibly inane.

Hi random,

Congrats on your success.
I have made a lot using binary bets over the years with IG.
But no success with spot FX via SB.

If you dont mind me asking what is your win% and your average loss and profit ratio.
What is average holding period for a trade and number of trades you take per week?
You say you dont use a stop loss, how do you decide to get out of your position?
Do you average into positions (buy or sell more if a trade goes against you?).

 

[deebee1]

there are a few people i know whos only income is from sb'ing and they seem to be doing very well... thats initially how i was introduced to the concept of sb. some like to do it with an audience, and others in isolation, but there will always be winners as well as losers.... so im guessing you are not alone...

and welcome to the site...

 

[PipStar]

I dont think you are alone but i guess most people who make money dont waste time on forums like this. I live in North Wales and i know of 2 people who live within 6 miles of me who have made substantial amounts from SB.

One is the husband of someone who works with my wife. He used his SB profits to build a house (It was a kit build but with land i think they spent just under 200k). The other i wouldnt say i know but i do know that SB is his only source of income and he just keeps adding bits to his house. There are always builders in. I drive past his place most days and between the house and the cars in the drive i doubt there would be much change from a million (note the house has been extended etc over the past 5 years so i guess he makes consistent and reasonable size profits).

Sadly i dont know either well enough to ask how they do it but you are obviously not alone.

It sure is unusual to find 2 people who live within 6 miles of you and whose sole income is from trading the markets. How can you be sure that their income is from spread betting or even trading? Or can it be a cover up for something else? :cheesy:

 

[Mata Nui]

It sure is unusual to find 2 people who live within 6 miles of you and whose sole income is from trading the markets. How can you be sure that their income is from spread betting or even trading? Or can it be a cover up for something else? :cheesy:

The one whos wife works with my wife it isnt his sole income. He was a bank branch manger and used SB because of the leverage so he should have some idea about finance. I know he doesnt trade fx and he is a longer term, not a day trader. SB was a hobby/investment thing that he did well from. Thats how come he managed to pay for his new house from the profits. I dont know if the house cleared out his SB account or if it was just a fraction of it. All i know is he used SB profits to pay for it.

The other guy could be a gangster in his spare time for all i know. A drinking buddy of mine used to work with him. He was a chemist. He quit because he was making more money on SB. I dont know what he trades or what timeframes.

 

[trendie]

Bear in mind SB, tax-free is worth about a third more than "normal" salaries.
If you work, and get paid £35K, you pay 11% NI and 20%, taxed at source.

You actually get about £27K as spendable money.
Anything over that, its 40% tax, plus NI, although I think there is a cap on NI.

If you make £35K SBing tax-free, you actually have £35K spendable.
That extends your financial reach by quite a lot.

Hey Mata Nui, that house on North Wales you're on about, it isnt in Oswestry, is it?
Is that you I see cycling past on your penny-farthing each day?

 

[peakoil]

Winning spread-betters like winning lottery players are seldom to be found airing their problems with life etc., on internet forums (...even one as good as this!).

random12345: having said that, so If one might have interpreted your strategy correctly, it's inferred that you have very deep pockets, take very comfortably sized positions (ie., extremely well within your trading means) - that is so you can just as comfortably forget about placing stops, while nonchalantly going about your life; and eventually the day comes (after weeks, months or even years later) that you'll almost always end up in profit. I believe that as long as you have somehow skillfully or... (dare it even be suggested) ...luckily chosen 'news immune investments' and so you avoided any news driven minefields (e.g. nonchalantly going long on banking shares in 2007) that that explains your success so far...

If so, then it's within the realms of possibility that there may not indeed be any weird 'hidden forces' etc. explanation for your profits to date.

 

[jungerns]

A positive post. Have I died and gone to heaven?

Yes.......

 

[advfntrader]

spread betting has ruined me life. I gave it everything I had for SIX YEARS trying every system under the sun. I lost, I demo'ed , I lost, I lost.

life savings gone, wife and family almost gone. I nearly lost my house. my health suffered. My career suffered.

just to put some perspective on here from the 95% that LOSE