London Stone Trading

[iamnev]

Your spread betting on fxcm ..enough said !

Just to be clear for everyone reading this thread, I don't have a Spread Betting account with FXCM . I have a FX and CFD, should that make a difference to you and your taxes in the future.

Hang on a minute, the only person that said I had a spread betting account is grumpy draws Pboyles!!!

I don't have a spread betting account, though if I did i wouldn't care.
I even took the time to ask my contact at FXCM what account was set up for me.

Quote:
Thank you for your patience. An operator will be with you shortly. For Trading Station FAQ’s, please visit the online support forum.

You are now chatting with 'FXCM - Asaf'

FXCM - Asaf: Welcome to FXCM’s live chat. Your estimated wait time is 5 minutes. Please don’t disconnect we’ll be with you as soon as we can. While you wait we encourage you to read through our guide on our most popular questions:

FXCM - Asaf: FXCM Online Support

FXCM - Asaf: Hello iamnev

FXCM - Asaf: how are you doing today?

iamnev: good thank you,

iamnev: did u receive my question or should i re write it?

Bertie: Hello

iamnev: hey bertie

Bertie: At the moment you have a standard forex trading account

iamnev: what is the difference between this one (which I am happy with) and a spread betting account. I don't see how I would trade differently

Bertie: There is none

Bertie: With an SB account

Bertie: There are certain capital gains tax advantages, but you would need to speak to your tax adviser regarding this


If you go on the fxcm web site you can find the pdf which details their terms of business and how they execute trades. Yes the have a SB facility. I just don't have the account to use it. I am FX spot and CFD
Quote:
Index CFDs and Spread Bets
FXCM prices for index CFDs and spread bets will be referenced to the level of the relevant underlying index futures price. The price quoted by FXCM will take into account a deduction of 'fair value'. Fair value is the theoretical assumption of where a futures contract should be priced given factors such as, for example, the current cash index level as well as dividend adjustments etc.
Our prices for CFDs and spread bets are based on the underlying futures price.
FXCM will base the closing price for index CFDs and spread bets on the closing price of the relevant index for the purpose of margin requirements and any balance credits/debits.
Commodity CFDs and Spread Bets
FXCM has access to at least one relevant underlying derivative exchange per commodity in respect of which FXCM offers Commodity CFD and spread bet products. By reference to the underlying instruments FXCM will manufacture a price, taking into account cost of carry etc where relevant.
Where the underlying bid and offer reference prices are not available, FXCM will reference the last actual trade of the underlying instrument and then apply a spread.
Treasury CFDs and Spread Bets
FXCM has access to at least one relevant underlying derivative exchange per instrument in respect of which it offers Treasury CFD and spread bet products. By reference to the underlying instruments FXCM will manufacture a price, taking into account cost of carry etc if relevant.
Foreign Exchange
FXCM prices on FX/currency products are sourced from independent price providing banks providing liquidity to the OTC FX Market. By reference, FXCM will access the prices of a market maker in FX/currency products who from our experience usually provides a consistent service, taking into account factors such as frequency of updates and reliability, from which we will then manufacture our prices.
FXCM will base the closing price on FX/currency positions on the closing price of the relevant currency for the purpose of margin requirements and any balance credits/debits.
So I am still the guinea pig for all you nay sayers on T2W. Though I shall mostly be reporting the actual trading on my blog Trading Trends i'll check in here once in a while to let you know how I am getting on.

 

[pboyles]

How do you trade the US30 on a spot forex account? Also how do you trade forex at £1 a point on a spot forex account?

 

[iamnev]

i'll record a video for you one day and you can see how i trade.... other than that why don't you go on the FXCM web site and ask them. They are really, really friendly.

 

[pboyles]

i'll record a video for you one day and you can see how i trade.... other than that why don't you go on the FXCM web site and ask them. They are really, really friendly.

No I don't mean how as in 'which button do you push', I mean how can you trade a spread bet instrument without a spread bet account?

 

[iamnev]

Ask fxcm or london stone trading? I don't make the rules , they do.

 

[pboyles]

Ask fxcm or london stone trading? I don't make the rules , they do.

What worries me is that you dont know. You're supposed to have been trained yet you dont understand why its impossible to trade the US30 with a spot forex account.

 

[iamnev]

They are training me to trade, make money, sleep easy at night.
I don't give a monkey how I make the money, I'll trade you and your friends if someone could put a chart up for me. Why don't u Trade2win rather trade2lose and see that I am learning. Though currently I am wasting time on here defending every dot on an I and cross on a t. If you think I have a sb account and u can prove it. Call my accountant in north london. Ask him to adjust the tax forms and get me some of my money back from the last year. His name is mr chysostomou and he's based in green lanes.

 

[pboyles]

Why don't u Trade2win rather trade2lose and see that I am learning..

I do trade, its just that I have a lot of spare time as well.

 

[MajorDutch]

i'll record a video for you one day and you can see how i trade.... other than that why don't you go on the FXCM web site and ask them. They are really, really friendly.

they will be very friendly to tarders like you

 

[pboyles]

If I can't convince him that trading the US30 at £1 a point is spread betting then you are probably right.

 

[iamnev]

you could try a little harder to convince me!!

I am here to learn and so far LST are teaching me more than most people here at t2w.


For the rest of the LST experiment that I am putting myself through you can follow my progress here
Trading Trends

GLA

 

[Lightning McQueen]

iamnev, in your link, who's the geezer that you say has not given "proper" advice?

a previous trainer/coach you attended perhaps?

has anyone seen this man?

 

[iamnev]

No the image is not of anyone I have ever met, paid for advice remotely, been taught by, or anything to do with myself and my trading.
He is just an image off a google search that I used as I thought he looked a lot like the city traders that I pass every morning.
In hind sight I should have used a group photo as to illustrate the point. This is in no way a witch hunt of this poor fellow. Probably best not to call him a village idiot as I am sure he is a lot smatter than me too .

 

[Lightning McQueen]

yes, i removed the village idiot comment once i found out who it was

 

[iamnev]

Ha LMFAO, I hope he wasn't too mad with me ! , sorry unknown man, didn't mean to insinuate anything directed at you.

 

[EricReed]

Well there is zero compensation when these companies disappear so make your own mind up. To date about half of them have disappeared, the odds dont look great.

pboyles, honestly I think you have far too much times on your hands. You are grumpy and have nothing positive to say about any firm. You seem to be putting down a lot of companies and you have not tried it yourself. You slag off all these companies and for what?

Moreover, you are convincing other people not to join companies, because of your negative outlook on life. That is not good.

I think what you are doing to these potential prop firms is very terrible. You are essentially deterring away potential people from joining some of these good prop firms. Some of these people may become successful traders.

 

[pboyles]

pboyles, honestly I think you have far too much times on your hands. You are grumpy and have nothing positive to say about any firm. You seem to be putting down a lot of companies and you have not tried it yourself. You slag off all these companies and for what?

Moreover, you are convincing other people not to join companies, because of your negative outlook on life. That is not good.

I think what you are doing to these potential prop firms is very terrible. You are essentially deterring away potential people from joining some of these good prop firms. Some of these people may become successful traders.

Eric

Like I said you need to pay 3k and find out for yourself. Clearly you are desperate to believe you are going to get rich prop trading. If you think I'm being unfair then so be it, put your money where your mouth is and sign up. Just ignore all the fake testimonials and other proof of how dishonest some of these companies are. Once you sign up you can start worrying about whether they are going to disappear with your money like TCA, City FT, Be a Broker, Gtex and the others.

Remember think positive, even in the face of all proof to the contrary.

 

[iamnev]

once burnt by Vantage Point twice shy hey,

Not sure if anyone is interested but I have a Myfxbook account for my personal trading account. I am employing similar strategies as my LST account and the results are here:



I am still waiting to find out how much extra you get for being profitable in your first month from London Stone Trading and will next update when I know for sure.

Happy Trading

 

[pboyles]

once burnt by Vantage Point twice shy hey,

Not sure if anyone is interested but I have a Myfxbook account for my personal trading account. I am employing similar strategies as my LST account and the results are here:



I am still waiting to find out how much extra you get for being profitable in your first month from London Stone Trading and will next update when I know for sure.

Happy Trading

Yeah and maybe you should learn from people that have made the mistakes. So you've made 25%, that's great, all you need is another 475% to break even. Great investment of time and money.

 

[pboyles]

once burnt by Vantage Point twice shy hey,

Not sure if anyone is interested but I have a Myfxbook account for my personal trading account. I am employing similar strategies as my LST account and the results are here:



I am still waiting to find out how much extra you get for being profitable in your first month from London Stone Trading and will next update when I know for sure.

Happy Trading

...or maybe I work for one of their competitors, have you considered that? That would be 5 jobs I have now.