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

[The Leopard]

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.

Sort of. There used to be an absolute cap on NI, then they introduced an unlimited 1% (effectively although not exactly on all higher rate earnings). This was then raised to 2%, so effectively higher rate tax payers will pay 2% NI unlimited.

The top rate of income tax is no longer 40% - it was raised to 50% then dropped to 45%. People caught by this also lose their entire personal allowance once earnings get high enough.

 

[glyder]

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

Man,
I'm very sorry to hear it came to that.
Hope it all sorts itself out for you

 

[advfntrader]

glyder I'm sure I'm not the only one.....95% lose they say. I think making consistent profits spread betting is extremely rare and difficult

 

[glyder]

glyder I'm sure I'm not the only one.....95% lose they say. I think making consistent profits spread betting is extremely rare and difficult

I'm sure you're right on that. Just seems that you had a few extras to go with it.
Do you think you just aren't cut out for trading (e.g. a shoot from the hip /gambling tendency or something) or do you think its something you can get over?

I know its hard to be clear and objective on these things when you are so caught up in them.

Edit: Also I guess whatever stage we are at we are all candidates for the 95%. Just needs an eye to be taken off the ball at the wrong moment.

 

[hacks]

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

Sorry to hear that.

Would you be able to tell us which spreadbetting company you used and whether you were scalping or not, if you don't mind? It would be useful to find out what doesn't work.

Thanks.

 

[advfntrader]

it was nothing to do with the company or scalping. I was swing trading I moved stops and added to losing trades hoping I would margin my way out of the situation. that doesn't work, take it from me !

 

[advfntrader]

glyder, I obviously have some personality defect that is not compatible to trading. gambler ? maybe.

my style was discretionary, thats part of the issue. I need a 100% fool proof system to follow with build in risk management. infact if I could automate it that would be better. does such a thing exist ?....I doubt it

 

[glyder]

Risk management - thats the key difficulty.
If you were an employed professional it should be bult into the systems to a large extent.
Unf retail traders need to keep discipline on that one. Its not as easy as it sounds.

 

[advfntrader]

exactly. if I worked for a prop firm I would have a risk manager who would close me out. thats why they are there. when you are on your own its up to yourself...and the other part of your brain kicks in and does stupid things !

 

[glyder]

you've got to get control of that other part of your brain!
Have some strong words with it

 

[ffsear]

I make a living from spreadbetting/trading. I'm in my second year of trading full time for a living. Last year I made just under £30k, and added £10k to my fund.

I started this year with £50k and here are my results so far...

It can be done!

 

[e_dash]

I'm not successful by any means. I don't rely on spread betting for my main income because it's just too volatile and I'm still too inexperienced.

But it's possible to do well. I invested only a small amount of my savings, watch my open positions like a hawk, keep a manageable £/point and only focus on one or two markets at a time.

Again, I'm hardly going to retire with what I make, but it's a nice supplementary income that covers the bills and lets me buy the occasional toy

 

[advfntrader]

interesting. first person that has ever posted a statement I think. what % do you risk per trade ? is your system discretionary ? well done !

I make a living from spreadbetting/trading. I'm in my second year of trading full time for a living. Last year I made just under £30k, and added £10k to my fund.

I started this year with £50k and here are my results so far...

It can be done!

 

[scholfield]

I make a living from spreadbetting/trading. I'm in my second year of trading full time for a living. Last year I made just under £30k, and added £10k to my fund.

I started this year with £50k and here are my results so far...

It can be done!

Well done.

How do you save your metatrader statements as a PDF file like that? (also so that you can edit your personal info) I can't do it.

I am up about 3k so far, but trade very very small stakes on the side as I work full time

 

[advfntrader]

you save it as HTML then screnn grab it and edit it I think

 

[D70]

I make a living from spreadbetting/trading. I'm in my second year of trading full time for a living. Last year I made just under £30k, and added £10k to my fund.

I started this year with £50k and here are my results so far...

It can be done!

This is demo trading is it not?

 

[piggybridges]

This is demo trading is it not?

What makes you think that>?

 

[D70]

What makes you think that>?

Just a few things are helling out "not real" to me.

1. The 'statement'. It's of only 50 something trades. Not exactly a big sample.
2. Many different pairs are traded.
3. Looking at some recent posts, he seems a touch naive. He talks about meeting his "bank manager". When did anyone here ever meet their bank manager??
4. Some of his recent posts talk about demo accounts.... a trader that could do this statement wouldnt be talking about demo accounts.
5. Some of his recent posts talk about trades and it is the same old stuff about support / resistance, fibs etc. No one is getting that lucky on TA.
6. There is talk of 'having a punt' on facebook IPO. Again, no trader that can produce this statement is 'having a punt' on FB.
7. There is talk of other accounts at Capital Spreads and ETX...... how many accounts does he have............. and why........... all demo I expect and he's just fooling about after having googled 'statement' and found this rather 'too good to be true' one.
8. Lastly, he asks someone if a website posts fx pairs 'atr'.... well, rofl... he doesnt know what atr is or how to find it.

So no, I dont this 'his' statement is real in a million years.

 

[ffsear]

I don't understand why its so hard to understand!? My returns are relatively modest and far from "too good to be true." Nor do I understand why you feel the need to dissect and analyse my previous posts in such a way. Perhaps you are a man lacking in self confidence who feels the need to berate others in an attempt to reassure yourself?

anyway...

See my answers below

Just a few things are helling out "not real" to me.

1. The 'statement'. It's of only 50 something trades. Not exactly a big sample.

I only make 3-4 trades a week (on average). This is only for this year. - My records go back 3 years.

2. Many different pairs are traded.

So? I trade all markets where i see potential. Since when haave successful traders restricted themselves to only a few markets. My trading method allows me to watch a large number of markets.

3. Looking at some recent posts, he seems a touch naive. He talks about meeting his "bank manager". When did anyone here ever meet their bank manager??

I had to show all my trading records when applying for a mortgage. If you ever become a self employed trader, you too will have to meet your bank manager if you want to borrow money.

4. Some of his recent posts talk about demo accounts.... a trader that could do this statement wouldnt be talking about demo accounts.

This is your most ridiculous comment of the lot. Anyone who is serious about trading should use demo accounts! I have several demo accounts that i use EVERYDAY, where I try out new strategies. A trader should always be developing and trying out new methods! A method that works now, may not work in 10 years time. The day i stop demo trading is the day i give up trading all together. I'd be amazed at any sucessfull trader who does not use demo accounts.

5. Some of his recent posts talk about trades and it is the same old stuff about support / resistance, fibs etc. No one is getting that lucky on TA.

I trade purely on TA. weather you believe my account is real or not makes no difference to the results or methods used

6. There is talk of 'having a punt' on facebook IPO. Again, no trader that can produce this statement is 'having a punt' on FB.

Yes I did have a punt on FB! Its not part of my trading strategy. I bet on horses too, and football and cricket... How does this make my account not real. The fact that i can differentiate between a "punt" and a "trade" actually shows that I know what i'm doing. Put things into context when you read them!?!

7. There is talk of other accounts at Capital Spreads and ETX...... how many accounts does he have............. and why........... all demo I expect and he's just fooling about after having googled 'statement' and found this rather 'too good to be true' one.

See above answer as to why I still use demo accounts. TBH I'm flattered by the fact that you think my results are too good to be true

8. Lastly, he asks someone if a website posts fx pairs 'atr'.... well, rofl... he doesnt know what atr is or how to find it.

I know what ATR is. Where did i say i didn't know what average trading range is?



So no, I dont this 'his' statement is real in a million years.

 

[ffsear]

interesting. first person that has ever posted a statement I think. what % do you risk per trade ? is your system discretionary ? well done !

I risk 2% per trade. Never more, Never less.

Sorry to sound dumb, but by discretionary you mean its not a mechanical system... where by if a+b = c then SELL etc etc... Then yes, its entirely discretionary. I don't use any indicators