Spank the bucketshop with another free £100 account

[Vasco da Banana]

I don't doubt they do. My account name with them is BeginnerJoe after all. But it shouldn't really worry people that a beginner joe is trying to gamble £100 in a heavily stacked game favouring the house. What can possibly happen ? Not like I ever claimed on forum that I could turn £1000 into £50,000 in 3 months like other pro's here. Although, I am hopeful to turn my £100 into £200 in one month, which is still quite a bold claim I must admit.

They should give you a £1000 bonus for providing them with a stream of new punters. As you say, though, some of the gurus like Mycroft Algoman will be able to turn a hundred quid into a hundred grand, no problem.

 

[chaselancaster]

A Zero to Hero trade could be the Uk Q3 Gdp prelim at 0930am Uk time tomorrow...the greater probability favours a strong number = gbpusd goes north. Of course if number disappoints it will be Zero - well, much less.

 

[BeginnerJoe]

A Zero to Hero trade could be the Uk Q3 Gdp prelim at 0930am Uk time tomorrow...the greater probability favours a strong number = gbpusd goes north. Of course if number disappoints it will be Zero - well, much less.

Sounds good. Why not open spank account and do this trade ?

 

[BeginnerJoe]

Trade #2 accomplished. I was almost busted by it. It wasn't a bad trade. But the trade wasn't suited for this account. £60 margin, 20 pipe spread, and then multiple volatility inducing news events affecting the pair. I barely hung on to the trade by pennies in available margin. Anyway, the trade peaked around +£45. Waited all day for it to go back that level in vein.

The trade attracted an overnight interest charge of just under £1. Spread betting forex is really not a good proposition. The interest charge would kill any trade that takes time to work out.

 

[BeginnerJoe]

Trade #3 Long EUR/AUD. The margin on it was crazy £71. I could not afford this kind of extravagance and got out for +10p. The margin requirement seems to be following my account balance up.

 

[The Artist]

I'd love to get in on the free lunch but what bothers me is I can't see anything about bonus withdrawal in the T&Cs. No paragraph explicitly forbids the punter to withdraw the bonus funds once they've been deposited which is quite uncommon, isn't it?
And by the way, kudos on the +51% over the first 3 trades Beginner Joe!!!

 

[Shakone]

I'd love to get in on the free lunch but what bothers me is I can't see anything about bonus withdrawal in the T&Cs. No paragraph explicitly forbids the punter to withdraw the bonus funds once they've been deposited which is quite uncommon, isn't it?
And by the way, kudos on the +51% over the first 3 trades Beginner Joe!!!

"Withdrawals cannot be made that would cause the cash balance of the customer's account to fall below the amount of the initial deposit before the bonus funds are credited."

This can be read two ways. Bit clumsy on behalf of whoever wrote it. Or maybe intentional.

 

[The Artist]

"Withdrawals cannot be made that would cause the cash balance of the customer's account to fall below the amount of the initial deposit before the bonus funds are credited."

This can be read two ways. Bit clumsy on behalf of whoever wrote it. Or maybe intentional.

This deals with a pre-bonus withdrawal scenarios. I was more concerned with post-bonus withdrawal scenarios.

 

[BeginnerJoe]

Well, you can wait until I withdraw before joining in. But there's no way to tell if they will keep the bonus offer beyond one month.

Their withdraw procedure is extremely well hidden. Maybe they don't see much chance of people withdrawing. I am not surprised given their high margin requirements and wide out of hour spreads. Unless you can go in with laser precision, you would be a goner in no time.

Their margin on GBP/USD is £81. Wtf is all I can say.

 

[Vasco da Banana]

Well, you can wait until I withdraw before joining in. But there's no way to tell if they will keep the bonus offer beyond one month.

Their withdraw procedure is extremely well hidden. Maybe they don't see much chance of people withdrawing. I am not surprised given their high margin requirements and wide out of hour spreads. Unless you can go in with laser precision, you would be a goner in no time.

Their margin on GBP/USD is £81. Wtf is all I can say.

Their thinking is that most people will put in £250 or so initially, giving a slightly better chance of running out of margin.
btw. how do you rate the platform(s), Joe?

 

[BeginnerJoe]

Their thinking is that most people will put in £250 or so initially, giving a slightly better chance of running out of margin.
btw. how do you rate the platform(s), Joe?

I don't rate it and I don't use it other than for execution. There nothing on it to tell me ahead of time what the margin requirement would be. So every trade is a gamble against the house's edge.

 

[cablemonster]

The Dow spread is quite keen at 1 point in US market hours. I have been watching it. Euro is also alright. Platform is pants but bearable given its free money. Will post up my tardes soon.

 

[cablemonster]

I'd love to get in on the free lunch but what bothers me is I can't see anything about bonus withdrawal in the T&Cs. No paragraph explicitly forbids the punter to withdraw the bonus funds once they've been deposited which is quite uncommon, isn't it?
And by the way, kudos on the +51% over the first 3 trades Beginner Joe!!!

You worry too much. Just withdraw your £100 after 30 days anything else is on them. If you manage to get up to a sizeable figure make withdrawals as you go. After MF GLobal it makes little sense to hold more than is necessary to margin your trades with any broker.

 

[brewski1984]

Awesome I'm signing up on monday afternoon. So you have to do 5 trades and then leave the account for 30 days before you get the bonus?

 

[BeginnerJoe]

Deposit £100, do 5 trades and get bonus a month later. No withdrawing the account balance to below £100 is allow before the bonus is received.

 

[wackypete2]

Same as always.
I was just about to outspank the lot of you too :whistling

In my day I was I was top spanker...oops, err, wrong forum for that

Peter

 

[BeginnerJoe]

Ok, I am done. My final 2 trades are loosers, with the final trade being a rescue attempt that half succeed but failed in the end because I refused to accept a half rescue. Overall I am only up £5. Enough for a bag of chips. I got them to confirm I have met the trade requirement. Now I will do nothing more but wait for the bonus.

 

[Vasco da Banana]

Same as always.
I was just about to outspank the lot of you too :whistling

In my day I was I was top spanker...oops, err, wrong forum for that

Peter

You don't get out of it that easily. Emigrate immediately to a civilised place like teh UK, where spanking is normal practice.

 

[BeginnerJoe]

Spread betting is not suitable for my style of trading and it does modify my behaviour. For instance I knew the AUD/NZD trade was a good one. But I didn't want to hold it over night for fear of not surviving any spikes. I have no trouble keeping the position in my regular trading, which can survive spikes. It's doing good and I expect more gains to come.

For me, punting with SB is pure gamble. trading is a completely different animal. The closest SB can become trading for me is through the use of futures bets. I have asked Tradefair about it and they don't do it.

 

[Vasco da Banana]

Ok, I am done. My final 2 trades are loosers, with the final trade being a rescue attempt that half succeed but failed in the end because I refused to accept a half rescue. Overall I am only up £5. Enough for a bag of chips. I got them to confirm I have met the trade requirement. Now I will do nothing more but wait for the bonus.

Bad luck, Joe, especially after being 41% up at one time. The secret must be to choose low margin markets as much as possible. As a full time Zloty/Yen tarder, I know I wouldn't have a chance.