Spread betting at FXCM

[Jason Rogers]

Attention to users of Trading Station Desktop

A new version of Trading Station Desktop is now available on our website. Below are some highlights of the new features that have been added:

New Chart Views: Kagi, Renko and Point & Figure
Take a more hands-on approach to your analysis with new chart views. Accessible via Charts > Create View from Trading Station or File > Create View from Marketscope.

Stop and Limit Values in British Pounds
View stop and limit values in British Pounds when creating orders to show approximate impact to your account.

Simplified Email Alerts
Configuring your email alerts and notifications is now fast and easy with the Configure Email wizard.

Additional Historical Chart Data
All symbols now have a longer historical dataset.

Improved Summary Window
Now you can sort all data by columns in the Summary window and view rollover on a per-symbol basis.

Logarithmic Scale
Marketscope now supports a logarithmic scale in addition to the existing linear scale.

Login Save Option
Logging in on a public computer? Deselect Save Login to erase your login history.

Drag-and-Drop File Imports
No more browsing for files! Just click and drag strategy, alert and indicator files from your computer into any platform window.

Symbol Subscription from Marketscope
Now you can subscribe to a new symbol or unsubscribe from an existing one directly from the chart.

New Fibonacci Time Zones Customization
Fibonacci Time Zone levels now support decimal precision for increased customization.

New Indicator Customization
You can now customize indicator appearance: Open-to-Open, Middle-to-Middle or Close-to-Close.

New Profile Choices
Two new profiles are included by default to help jump start your personal customization.​

If you have time before this weekend, I suggest taking a few minutes to download the new Trading Station. If you wait until after this weekend, then the next time on you log into the platform you will have to go through the automatic update process before you can begin trading. Either way, you will have the option of retaining your current platform settings (charts, layouts, etc.) when you install the update.

Please let me know if you have any questions or comments regarding the new version of Trading Station. I look forward to reading your feedback.

Jason

 

[Jason Rogers]

What happened about Ninja Trader spreadbetting?

FXCM has now completed a full rollout of the NinjaTrader platform for spread betting accounts. Additionally, qualified users can sign up to receive a free software license for the platform.

You can get NinjaTrader for free by opening an FXCM spread betting account with £3500 or more, and then trading at least 500k per month in round turn notional volume. If you already have a single broker NinjaTrader license and simply want to add FXCM, contact us at [email protected] for special instructions.

 

[spinola]

Hi Jason, installed the update, but can't locate the new chart options , kagi , renko... when I click create view , it brings up an import box ??

How do I find the new charts inside ?

Cheers.

 

[Jason Rogers]

Hi Jason, installed the update, but can't locate the new chart options , kagi , renko... when I click create view , it brings up an import box ??

How do I find the new charts inside ?

Cheers.

Hi Spinola,

It sounds like the update did not complete successfully on your computer. Try using this link to download the latest version of Trading Station Desktop.

After completing the update, you will be able to create the new chart views by following the steps below.

1. Go to "File > Create View" on Marketscope

2. Select type of chart view you wish to create

3. Set the properties for your chart view

4. Hit OK to see your new chart in Marketscope

Please let me know if you have any further questions.

Jason

 

[Jason Rogers]

New Trading Hours for End of Summer Time in Europe

On Sunday, October 27th at 01:00 GMT, the clocks in Europe will go back one hour, because of the end of Summer Time. Below are the trading hours for various products that will be in effect starting next week. Changes are highlighted in yellow.

Have a great weekend! It will be an hour longer

 

[Jason Rogers]

New Trading Hours for End of Daylight Savings Time in US

This coming Sunday, November 3rd, the clocks in the US will go back one hour, because of the end of Daylight Savings Time. That means the trading hours for forex and some other spread betting products will change in terms of Greenwich Mean Time (GMT). Below are the trading hours that will be in effect starting next week. Changes are highlighted in red.

Please let me know if you have any questions.

Jason

 

[Jason Rogers]

Holiday Trading Hours for November

Below are the holiday trading hours for November. Forex trading hours are as normal. Times below are in EST (GMT -5)

 

[Shadowman540]

Thanks. In Sweden it is not, at least not yet. I am quite certain it is the other way around, almost every country in Europe consider financial SB to be tax free. However, I am quite sure this will taxable in the years to come. If anybody else could fill me in on this, it would be welcomed.

It's taxable in uk, if you read hmrc small print!, hate to pop bubbles!

 

[Mr Fox]

It's taxable in uk, if you read hmrc small print!, hate to pop bubbles!

Hi Shadowman,

I have had a look at the small print, yet can't seem to see what you are referring to, could you please elaborate on your point of it being taxable, and under what circumstances.

Thank you.

Best
John.

 

[Jason Rogers]

It's taxable in uk, if you read hmrc small print!, hate to pop bubbles!

I have had a look at the small print, yet can't seem to see what you are referring to, could you please elaborate on your point of it being taxable, and under what circumstances.

not taxable! nor can you claim losses against tax

Hi guys,

Spread betting accounts enjoy special tax-free status in the UK and Ireland. They are only available to residents of the UK and the Republic of Ireland. Note that the UK tax treatment of your financial betting activities depends on your individual circumstances and may be subject to change in the future, or may differ in other jurisdictions. If you have any questions about how this would apply to you, I encourage you to speak with a tax professsional.

Jason

 

[Shadowman540]

Hi guys,

Spread betting accounts enjoy special tax-free status in the UK and Ireland. They are only available to residents of the UK and the Republic of Ireland. Note that the UK tax treatment of your financial betting activities depends on your individual circumstances and may be subject to change in the future, or may differ in other jurisdictions. If you have any questions about how this would apply to you, I encourage you to speak with a tax professsional.

Jason

The principles of Down v Compston [1937] 21TC60 and Burdge v Pyne [1968] 45TC320 (see BIM22019) apply equally here. To be taxable, the spread betting wins must come not merely from an opportunity presented by a trade, they must arise from the carrying on of that trade. Whether or not a particular spread bet is taxable will depend on the terms of the contract and the economic substance of what is done.

For more on this see CFM50380.

Morning Chaps,
I spoke to my accountant who had no idea, he went off came back and said yup all tax free, I still couldn't get my head around it, and spoke to hmrc, they just pointed this out, (hmrc home page put bim22020 into seach box), I had a chat with a TECHNITIAN!, (ppfff), he told me basically if your throwing darts at the market and can prove it, your tax free!, (think 230pm at Chepstow!), if your systematically making money from doing the same thing repeatedly, they will want a piece!.
So with a little clarity, and a healthy dose of ambiguity, I think you could pretty much declare or not, I think you would have a Ben Hur of a epic battle trying to convince hmrc, that your pot of "winnings" is just gambling, (if they found out?).
Iam sure ive read here people talking of paying tax on it MALAGUTI, etc.
I suppose if you make you fess up, if you lose, it dosnt matter?,
All the bst AJ

 

[Mr Fox]

The principles of Down v Compston [1937] 21TC60 and Burdge v Pyne [1968] 45TC320 (see BIM22019) apply equally here. To be taxable, the spread betting wins must come not merely from an opportunity presented by a trade, they must arise from the carrying on of that trade. Whether or not a particular spread bet is taxable will depend on the terms of the contract and the economic substance of what is done.

For more on this see CFM50380.

Morning Chaps,
I spoke to my accountant who had no idea, he went off came back and said yup all tax free, I still couldn't get my head around it, and spoke to hmrc, they just pointed this out, (hmrc home page put bim22020 into seach box), I had a chat with a TECHNITIAN!, (ppfff), he told me basically if your throwing darts at the market and can prove it, your tax free!, (think 230pm at Chepstow!),So with a little clarity, and a healthy dose of ambiguity, I think you could pretty much declare or not, I think you would have a Ben Hur of a epic battle trying to convince hmrc, that your pot of "winnings" is just gambling, (if they found out?).
Iam sure ive read here people talking of paying tax on it MALAGUTI, etc.
I suppose if you make you fess up, if you lose, it dosnt matter?,
All the bst AJ

Thank you for your in depth reply Shadowman, and I'm sure with such ambiguity surrounding this that it may be a case of if you win you pay, and if you lose you don't.

"if your systematically making money from doing the same thing repeatedly, they will want a piece!"... I'm sure the caveat to this is that if people are doing things repeatedly, and losing, rather than throwing random darts then surely they can claim something back.

Best
John

 

[Shadowman540]

Thank you for your in depth reply Shadowman, and I'm sure with such ambiguity surrounding this that it may be a case of if you win you pay, and if you lose you don't.

"if your systematically making money from doing the same thing repeatedly, they will want a piece!"... I'm sure the caveat to this is that if people are doing things repeatedly, and losing, rather than throwing random darts then surely they can claim something back.

Best
John

God knows John, iam more confused than when I started now,
Aj

 

[nitrader]

Hi Guys

Sorry if this is a dumb question - I am new!

I have started using a demo account with FXCM and I had a pending order to buy EUR/JPY which was opened at 10:00 on 27th Nov.

My question is about the shape of the bid versus ask candle plots on FXCM trading station.

When I toggle between bid and ask (5min chart) for my trade they look essentially the same except as expected there is a vertical shift due to the spread - HOWEVER right at the 5 min interval when my order was opened the shape of the graph appears to alter? making the ask price extend all the way up to my opening price.

10:00 Bid high 138.694 low 138.621 : Ask high 138.860 low 138.731



Thanks

Andy

 

[Jason Rogers]

Hi Guys

Sorry if this is a dumb question - I am new!

I have started using a demo account with FXCM and I had a pending order to buy EUR/JPY which was opened at 10:00 on 27th Nov.

My question is about the shape of the bid versus ask candle plots on FXCM trading station.

When I toggle between bid and ask (5min chart) for my trade they look essentially the same except as expected there is a vertical shift due to the spread - HOWEVER right at the 5 min interval when my order was opened the shape of the graph appears to alter? making the ask price extend all the way up to my opening price.

10:00 Bid high 138.694 low 138.621 : Ask high 138.860 low 138.731



Thanks

Andy

Hi Andy,

The reason you noticed the spread widen at 10 PM UK time is because that corresponds to 5 PM New York time. That time is significant because it marks the end of one 24-hour trading day and the start of the next. Banks will often widen their spreads for a few minutes around this time as trades are rolled over from one trading day to the next.

When trades are rolled over then interest is credited or debited for open positions based on the swap rate. The wider spreads are to discourage people from trying to place orders at this time. Some forex brokers such down trading altogether when this happens. FXCM keeps trading open but just know that you might see wider spreads briefly as a result.

It's good you're learning this lesson on a demo account. For future reference, the wider spreads are 5 PM New York time typically only last for a few minutes. Once banks have completed applying rollover interest to all open positions and refreshed their servers for the new trading day, you will see spreads revert back to normal.

Welcome to Trade2Win

Jason

 

[Jason Rogers]

Some forex brokers such down trading altogether when this happens.

Just noticed a typo in my previous post

What I meant to saw was that some forex brokers shut down trading for a few minutes everyday during trade rollover at 5 PM New York time.

 

[Jason Rogers]

It's taxable in uk, if you read hmrc small print!, hate to pop bubbles!

I have had a look at the small print, yet can't seem to see what you are referring to, could you please elaborate on your point of it being taxable, and under what circumstances.

not taxable! nor can you claim losses against tax

This article's from last week but I guess I was too caught up with Thanksgiving turkey and football to notice until now: Treasury to look at spread betting tax exemption after Lords raise concerns

Would be interested to hear your thoughts on whether you think this will happen

 

[darktone]

This article's from last week but I guess I was too caught up with Thanksgiving turkey and football to notice until now: Treasury to look at spread betting tax exemption after Lords raise concerns

Would be interested to hear your thoughts on whether you think this will happen

Hes worried about the lost tax income from the 'winnings' of the average spread bettor! . I think the Archbishop of Cunterbury might want to do a little bit more research!
Perhaps he could approach the treasury about more important matters like banking / money etc. Then again, maybe not! :|

 

[Shadowman540]

They really could be doing some good somewhere other than jacking with things that have no bearing on there job description, and leave my ssisa alone as well!, BIG HAT wearing kinky skirt/dress combo MAN!

 

[potshot]

Forget spread betting the bookies fix it, but at certain times they can't fix it but when there is big movement price they will fix it. I trade CFD's now and what I see on the real market price and the SB price at certain times of the day would make your hair stands on end.