Sure. You were speculating that ig had implemented their new bet type as a sly means of charging more funding, which even a cursory glance at the details would have told you wasn't the case. That is posting rubbish. If you're not capable of understanding that, or indeed participating in a conversation without swearing and name calling, then it's probably best we leave it there.
Best Thread Spreadbetting, the myths and what is the reality?
- Thread starter Black Swan
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B
Black Swan
No that's bo11ocks, I made out through the way I phrased the questions that I was after some help in understanding given my skills, as a fairly one dimensional spot fx trader and ocassional oil futures trader, are limited and I may go back to using SB (personally) for tax avoidance. I'd got the email off IG and thought I'd ask the question on that thread and share the info..Yet you chose to come over as a smart ar5e and then get all ar5ey..So yeah let's leave it there eh? See a post of mine and don't immediately jump in with your ballet shoes on eh? Bless...
arabianights
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You are probably correct that there are lot of posters who seem to have it in for you, and only you.
Where you go wrong is the conclusion you draw from that. But the rest of us can see it
B
Black Swan
You are probably correct that there are lot of posters who seem to have it in for you, and only you.
Where you go wrong is the conclusion you draw from that. But the rest of us can see it
Great, the forum 'tablet' is here...
Jeez...
arabianights
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Great, the forum 'tablet' is here...
What would you describe yourself as? I'm curious
B
Black Swan
What would you describe yourself as? I'm curious
Heh Dave, what you got planned tonight then? Fri, sun's out, try and temper the agrophobia and get out. You're young, single, you don't have to do *this* on a Fri night..again..and again..and again..
You were PM-ing, on a Fri night, asking folk to get involved in your madness? Blimey, that's well fooktarded...maybe some of the other night-time/weekend ghouls will scamble out of their wendy houses to play with you eh? Just not my thing and probably best for you if you just avoid posting after every post I make, it's kinda creepy..
arabianights
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But in general tonight has lulz planned.... take all ignores off and get involved, it's good to get stuck in, aloofness ain't necessary mate, nothing's personal unless you let it be
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arabianights
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there there
Thought I'd start a thread trying to specifically discuss and or potentially put to bed some of the rumours (which may be fact) regarding the industry....
"they stop hunt", "the spikes are synthetic", "the slippage took me out", "they re-quoted me", "the platform froze", "they moved my stop", "they closed my account due to not liking me winning and or scalping", "their spreads are way off DMA", "their prices are 2 pips away from the real market", "they accused me of cheating", "they're just a bunch of crooked bookies, "they only want losers"...anything I've left out?
Then let's try and discuss these myths, or realities...evidence backed experiences would be great...
Why would anyone waste their time gambling in spread betting pools of illiquid markets, unless they were extremely small margin traders to begin with. What's the typical market depth on an issue (contract) in a typical Spreadbetting scenario at entry. What kind of capital requirements does the serious trader have to come up with, in order to engage in Spreadbetting.
The myth is that you are going to build real wealth in Spreadbetting. The reality is that you are not going to build real wealth in Spreadbetting. Try the race track. I hear the money is better over there, LOL.
Beyond that, there are no other real questions worth asking for the serious trader. But, I'm just a guy whistling in the dark, most likely.
So is spread betting really not worth while when compared to trading CFDs? I mean the tax-free benefits seem very attractive and brokers like FXCM have the same spreads for CFDs and SBs so what is really the difference? Why does everyone continue to say that no money is made in SB???
Maybe they find it difficult to deal with some strange spreads sometimes -if you check the attachment - it's a dealing ticket for GBP/USD with 30 pips spread
. Normal spread for this pair is up to 3 pips and advertised on this companies' site from 1 pip. This is only one example out of many where they make it very, very difficult for clients to keep their initial deposits, let alone make some profit.Then there is a belief that these stories are invented by losers to discredit SB companies.
What do you think? Can you make any profit with 30 pips spread?
Attachments
Maybe they find it difficult to deal with some strange spreads sometimes -if you check the attachment - it's a dealing ticket for GBP/USD with 30 pips spread
Then there is a belief that these stories are invented by losers to discredit SB companies.
What do you think? Can you make any profit with 30 pips spread?
Well of course not. but maybe this was just a bug in the system of the broker? Im finding it difficult to decide between CFD and paying taxes and risking switching over to SB. I have not seen any solid arguments, just claims here and there.
Some of them are infested with bugs.
Again claims but no proof. No reputable sources or investment banks outlining the risks and sever downsides of SBing as opposed to CFDs or Futures, no news agencies talking about it. Nothing. Cant make an informed decision based on rumours.
It's not a rumour, it's a fact. I showed you the ticket. It was only few days ago and spread was 30 pips for some time. Straight away 30 x stake loss for the customer: Stake £10 per point = £300 loss for unlucky customer or £300 gain for SB company or £100 per point - £3000 or... if you'd been in that trade it would have been a very real experience/loss.
Then you have slippage, entry and exit refusals etc. Also there are invented prices.
What is the solution?
If you have to use them, open accounts with few of them and keep observing their quotes. Also you need to have an independent charting package to be able to compare the prices. Then you need to start with small stake bets and see if they delay executions, if there are any slippages etc.
capitalspreads
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i would have to say that SB companies platfroms are generally very stable, far more user friendly than exchange platforms and frankly better value than most DMA.
The spread shown on the ticket of 30 pips shrewdly has no time, date (or company) mentioned. Most SB companies have pretty much fixed spreads on FX markets (Capital Spreads certainly does). Capital Spreads is run by LCG who also run one of the most liquid FX platforms out there (Capitalforex) but at 10.30 on a sunday night, or over a major figure release the spreads can be pretty fierce (far wider than the Spread Betting or CFD price offered by the same company!)
People talk about Bugs but frankly unless you are talking about trading limitations (of which every trading platform has its share) most SB offerings have zero.
Simon
The spread shown on the ticket of 30 pips shrewdly has no time, date (or company) mentioned. Most SB companies have pretty much fixed spreads on FX markets (Capital Spreads certainly does). Capital Spreads is run by LCG who also run one of the most liquid FX platforms out there (Capitalforex) but at 10.30 on a sunday night, or over a major figure release the spreads can be pretty fierce (far wider than the Spread Betting or CFD price offered by the same company!)
People talk about Bugs but frankly unless you are talking about trading limitations (of which every trading platform has its share) most SB offerings have zero.
Simon
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Thanks for the first informative reply i have seen on this topics. If you could go 1 step further: Is it worth switching over and full time trading SB instead of CFDs due to the tax benefits, or is it pointless to do and rather pay the 18% or 28% a year CGT on CFD trading?
It was around 12:00pm Simon.
I have time and all the details recorded.
PS I've used quite a few of them, but never Capitalspreads. I appreciate your participation.
You are welcome.
To be honest - I've never used CFDs.
If you want my opinion on what I can see from advertising, current trends etc. SB companies have been discredited and lost customers in the meantime and potential customers are reluctant to join, so they are promoting CFDs now as a much better way to get involved.
Personally I can't see why would the same company offer a better service - all of a sudden they stop using intermittent wide spreads, execution delays, slippages etc.
The bottom line is: if you can't spread bet profitably (using their services with bugs), most likely you won't be profitable using CFDs (using the same company). You don't pay tax on losses so far as I know.
I'm profitable using CFDs, my main concern at the moment is if SB is a worthwhile way to go to avoid having to pay taxes on my profits. Will it be exactly the same as trading CFDs ( I use FXCM) or will there be subtle differences that will prevent me from doing the same thing i have been doing with CFDs.
I wouldnt say comapnies are promoting CFDs more then SB. When i signed up for FXCM the guy i spoke to suggested doing SB as opposed to CFDs because of the no tax. He told me that there was no difference between then two other then the taxation but i was not convinced and having traded CFDs at the company i previously worked for i went with CFDs because it is what i knew. But havign reached the CGT allowance in 2 months, and not beening not particularly keen on giving away the money i work hard to get i am looking into SBs.
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