Potential mass exodus from Spreadbetters.

[koteltrader]

I tried contacting Dukascopy to find out more about them. Chat session during European office hours left unanswered after 30 mins. Not the most promising start!

 

[koteltrader]

Are any of our resident tax experts able to offer an opinion on the following...?

If using a CFD account with an Aussie broker but UK tax resident, is there no implication for Aussie taxes?

 

[jm1054]

Are any of our resident tax experts able to offer an opinion on the following...?

If using a CFD account with an Aussie broker but UK tax resident, is there no implication for Aussie taxes?

I'm not a tax expert but pretty sure UK residents using an Aussie broker like IC Markets would only pay taxes in UK.

 

[koteltrader]

I'm not a tax expert but pretty sure UK residents using an Aussie broker like IC Markets would only pay taxes in UK.

Thank you, sir.

 

[maik79]

I think the Forex Brokers have been asleep here. Just when i have developed a system that works they raise the leverage. I need 30k now to just make a living. Bye Bye Euro brokers, maybe you should've done more. P.S. I only trade EURUSD and safety was always my concern number one.

 

[tomorton]

I think the Forex Brokers have been asleep here. Just when i have developed a system that works they raise the leverage. I need 30k now to just make a living. Bye Bye Euro brokers, maybe you should've done more. P.S. I only trade EURUSD and safety was always my concern number one.

With all due respect maik, to ONLY need £30k to make a living is pretty good performance. Average worker earnings in the UK are abut £24k I think, so if you only made this, that is an 80% return on your capital, wgich will be growing I would think. What's the problem here?

 

[maik79]

With all due respect maik, to ONLY need £30k to make a living is pretty good performance. Average worker earnings in the UK are abut £24k I think, so if you only made this, that is an 80% return on your capital, wgich will be growing I would think. What's the problem here?

I have only 10k in cash available and I hate my normal job and can't find something else. So it's basically an emergency calculation with the lowest minimum. It's actually 46.2k for 12.5k after taxes. Have to be patient now. and keep the sh1t job a bit more. I can do it.

 

[tomorton]

I feel for you maik, I had 3 rotten jobs in a row before I packed up. Keep at it.

 

[brewski1984]

I have only 10k in cash available and I hate my normal job and can't find something else.

There's always something else. Praying to make a living trading with only 10k capital will not get you out of a job you hate

 

[tomorton]

A month on from the new ESMA rules and has anybody seen their trading go into the red? Anyone had to give up whatever they were doing?

 

[brewski1984]

I've given up

 

[NVP]

A month on from the new ESMA rules and has anybody seen their trading go into the red? Anyone had to give up whatever they were doing?

i’m still deciding how much more i can be arsed to put in my accounts ....i must confess i have always enjoyed scalping because it allows me to generate pretty good returns for minimal capital with brokers ....i have been burnt before from brokers going broke over the last 20+ years

the esma ruling is nanny state intervention to protect idiots who will,still find ways to,lose,their money anyway ....in fact it has opened up a new black market of offshore brokers who will now get the business more trustworthy brokers were getting .....jeees....

watch this space

N

 

[NVP]

I have only 10k in cash available and I hate my normal job and can't find something else. So it's basically an emergency calculation with the lowest minimum. It's actually 46.2k for 12.5k after taxes. Have to be patient now. and keep the sh1t job a bit more. I can do it.

don’t ever believe you will make enough trading to become independent .....always have multiple income streams including a job......you will place too much pressure in your trading otherwise and it will affect your mindset

N

 

[jm1054]

A month on from the new ESMA rules and has anybody seen their trading go into the red? Anyone had to give up whatever they were doing?

I moved broker to keep my leverage, but hardly traded in August anyway.

Can't see myself going back to UK spread-better, unless the regulations spread to sunnier climes...

How about you? Did you decide what to do in the end?

 

[jm1054]

don’t ever believe you will make enough trading to become independent .....always have multiple income streams including a job......you will place too much pressure in your trading otherwise and it will affect your mindset

N

Spot on! Not having to make money trading changes things completely!

 

[tomorton]

I moved broker to keep my leverage, but hardly traded in August anyway.

Can't see myself going back to UK spread-better, unless the regulations spread to sunnier climes...

How about you? Did you decide what to do in the end?

I had increased my account capital to the biggest its ever been before I heard of the ESMA leverage rules so was hoping I would just carry on as before. So far this has been correct.

 

[MotifSky]

OP, who is your broker BTW?

 

[Jason101]

I have just noticed that IG have dropped there min trade size on most major fx from £1 to 50p per point.
I think this is since and in relation to the new regulations. They have also increased the knock out trades to cover some minor fx as well as the majors.

 

[tomorton]

I have just noticed that IG have dropped there min trade size on most major fx from £1 to 50p per point.
I think this is since and in relation to the new regulations. They have also increased the knock out trades to cover some minor fx as well as the majors.

Yes, this is an aggressive move to retain market share/new customers. LCG have gone down to 10p stakes on their major markets.

 

[Splitlink]

CI have done 50p for decades ---Forex much lower. Apart from pulling my horns in a bit, this has not altered my style of trading. Watch that 50% allowance before stopping, though. That's a trap for the unwary.