Where are all the spreadbetting millionaires?

[montmorencyt2w]

To go back to the original question, then Mark Shipman has claimed that he used spread-betting, although I doubt if that was the only way he traded, and he has/had other income from training, etc.
He used to run a trading fund, but retired (young and apparently rich), and perhaps just spread-bet to keep his hand in. Not heard of him lately though.


SB Firms: I am sure there are some shady practices going on, at least in some cases, and where they risk losing a packet. However, there is at least some hope for the clients in that there are enough SB firms out there to provide something like competition - a market. Whether it's a free market or not may be another question.

I have often thought that if I ever get to the stage where they might see me as a threat (ho ho), I would by then have spread myself out over enough different firms such that no one firm sees me as too much of a threat. However, that in itself would take quite a lot of managing (and assumes there are sufficient reasonably trustworthy firms), so I am sure there would come a point of diminishing returns, and time to seek a different approach.

 

[Block_king]

Some sb firms are very shady and pull the 'tricks' which everyone knows about and are widely discussed on this site. However some are certainly better than others and I think the problem is that loads of people come to SBing hunting for the Incan gold and end up dead and exhausted like Conquistadors without having a clear, well-thought out plan. If you know the basics of money management, risk etc you should at the very least not blow your account.

 

[anley]

I don't know where they all are but there are loads of rich punters around.

And one of the reasons they got rich was because they were clever.

So what would the average clever millionaire punter want with publicity? How would that help him unless he's got something to sell or is vain?

Many very rich people around but they fly well under the radar.

 

[Falken]

I have read this whole thread now and I'm confused. I don't know you guys, I don't even know If you're traders at all. This means that I don't value the information given here. What I do know is that the correct information on how spread betting firms work is very essential. They could be a threat to my business and there for a threat to my goals in life.

I will take time to do some research for a few weeks. I will uncover the truth about spread betting firms. I will do this because I believe trading is a business and because wrong information is a potential threat through the perspective of risk management & business mangement.

YOU SHOULD TOO!

You know you should, you're just being lazy.

 

[Claudia123]

I have read this whole thread now and I'm confused. I don't know you guys, I don't even know If you're traders at all. This means that I don't value the information given here. What I do know is that the correct information on how spread betting firms work is very essential. They could be a threat to my business and there for a threat to my goals in life.

I will take time to do some research for a few weeks. I will uncover the truth about spread betting firms. I will do this because I believe trading is a business and because wrong information is a potential threat through the perspective of risk management & business mangement.

YOU SHOULD TOO!

You know you should, you're just being lazy.

Oh dear you such a lot to learn. If you think you can do it in a few weeks well good luck. Took me 5 years and a lot of money to be consitent in profit.

 

[cr6196]

I have read this whole thread now and I'm confused. I don't know you guys, I don't even know If you're traders at all. This means that I don't value the information given here. What I do know is that the correct information on how spread betting firms work is very essential. They could be a threat to my business and there for a threat to my goals in life.

I will take time to do some research for a few weeks. I will uncover the truth about spread betting firms. I will do this because I believe trading is a business and because wrong information is a potential threat through the perspective of risk management & business mangement.

YOU SHOULD TOO!

You know you should, you're just being lazy.

If your gonna be that sceptical you shouldnt be here.

 

[Falken]

If your gonna be that sceptical you shouldnt be here.

I'm mostly around here Successful Thinkers Meetup

That's my sceptical reason..

 

[glyder]

I'm mostly around here Successful Thinkers Meetup

That's my sceptical reason..

That link looks like a load of old tosh to me. reminds me of the tuesday clubs in the .com days. whatever became of them.>?
I think if you don't know the value of the information you are reading you are best to be sceptical and qustion it but not rubbish it and say it has no value until you know that. The first step in learning is to get the basics right, and until you know better you could be reading the holy grail (which you probably are not)
As for spreadbettng, figuring that out is just one part of the whole trading game. There are pros and cons everywhere in trading, plenty of cons and blind alleys.You need to learn how to work them to your advantage. I'm beginning to be consistent (I think - theres still time to be proved wrong on that, I've had that feeling before) and I can say that its realy not an easy way to make money. Its not like waving a magic wand. Ithink if you want to trade you've got to want to trade. Wanting money is not nearly enough.

 

[Technically Fundamental]

I'm mostly around here Successful Thinkers Meetup

That's my sceptical reason..

Go and ask them about trading then instead of slagging people off on here you n0b

 

[Falken]

Go and ask them about trading then instead of slagging people off on here you n0b

Not many traders around there to be honest, mostly marketing entrepreneurs.
They share something very essential with traders though. The mindset.

 

[Technically Fundamental]

Not many traders around there to be honest, mostly marketing entrepreneurs.
They share something very essential with traders though. The mindset.

What mindset would that be?

 

[Falken]

What mindset would that be?

You should know if you're serious about your business.

I would personally define the business mindset as laserfocus. There are no limits in life. If you want something, go get it. It's to see the possibilities, to build a path towards these possibilities. It's about you valuations, your philosophies, what you believe in.

Simply put it, the body won't go where the mind has not gone to first. Once you've found success in your mind, great things will follow. Never limit youself, expand anyway.

And most importantly, never ever stop dreaming.

This is a business mindset altough there's much more to it.

 

[Mayfly]

Well, congratulations to the winners, but experiences shows that it pays to be circumspect - a case of same old, same old maybe?

Here's a golden oldie: Wiley::Where Are the Customers' Yachts?: or A Good Hard Look at Wall Street

And a reprise: "Humorous and entertaining, this book exposes the folly and hypocrisy of Wall Street. The title refers to a story about a visitor to New York who admired the yachts of the bankers and brokers. Naively, he asked where all the customers' yachts were? Of course, none of the customers could afford yachts, even though they dutifully followed the advice of their bankers and brokers. Full of wise contrarian advice and offering a true look at the world of investing, in which brokers get rich while their customers go broke, this book continues to open the eyes of investors to the reality of Wall Street."

And, a cautionary tale?

Enjoy?

Cheers

Mayfly

 

[Technically Fundamental]

You should know if you're serious about your business.

I would personally define the business mindset as laserfocus. There are no limits in life. If you want something, go get it. It's to see the possibilities, to build a path towards these possibilities. It's about you valuations, your philosophies, what you believe in.

Simply put it, the body won't go where the mind has not gone to first. Once you've found success in your mind, great things will follow. Never limit youself, expand anyway.

And most importantly, never ever stop dreaming.

This is a business mindset altough there's much more to it.

Those marketing types are really rubbing off on you. Laserfocus? Really?

All sounds like crap to me. Just work hard if you expect to gain anything.

 

[0007]

There are no limits in life. If you want something, go get it. It's to see the possibilities, to build a path towards these possibilities. It's about you valuations, your philosophies, what you believe in.

Simply put it, the body won't go where the mind has not gone to first. Once you've found success in your mind, great things will follow. Never limit youself, expand anyway.

And most importantly, never ever stop dreaming.

This is a business mindset altough there's much more to it.

All good stuff but if you've got no ability / aptitude / brainpower then you'll end up like a wasp trapped in a jam jar trying to escape. I'm not dismissive - just realistic!

 

[Falken]

All good stuff but if you've got no ability / aptitude / brainpower then you'll end up like a wasp trapped in a jam jar trying to escape. I'm not dismissive - just realistic!

That's obvious. Without brainpower you cannot create a mindset that keeps you focused. What is important to understand is that many traders focus to much on "how" to trade the markets rather than "why" they trade.

(The body won't go where the mind has not gone to first)

When you have visualized the goal and asked yourself why you have given your mind a reason for action. You now have your mind with you, you have a mindset. This combined with a deep passion for the markets & an ambitious spirit will guide you to success.

This is powerful stuff. When your mind is with you, you will overcome any obstacles.

Laserfocus!

 

[0007]

That's obvious.

Laserfocus!

But that's my point - this stuff is being fed to many people who can't use it but are persuaded that they can. Eg. In the UK we make all our kids clever by sending them to university.

How did we manage years ago before the advent of Laserfocus? - hard work & application?

 

[jiggly]

if you cant consisently make money trading through a spreadbetter/bucketshop/bookie,

you will not make money going direct access.

a losing trader will always be a losing trader regardless of where he trades.

 

[Masquerade]

if you cant consisently make money trading through a spreadbetter/bucketshop/bookie,

you will not make money going direct access.

a losing trader will always be a losing trader regardless of where he trades.

Well it depends if your bookie isn't filling you where you want, not stopping you where you're supposed to get stopped, disconnecting you in trades and not closing you in profitable positions when you request to be closed. That can have a huge impact on your success and being direct many of these problems will be alleviated.

 

[jiggly]

Well it depends if your bookie isn't filling you where you want, not stopping you where you're supposed to get stopped, disconnecting you in trades and not closing you in profitable positions when you request to be closed. That can have a huge impact on your success and being direct many of these problems will be alleviated.

sure, but why would they have any reason to do any of these things if you are a losing trader, and will lose of your own doing?

if it is partly because you are a successful trader and a consistent winner and they have to engage is scrupulous activities to damage your success, then you just move on, if they are just an all round shoddy broker, then you move on...

you can make money spreadbetting, it is solely down to the individual.

what I am saying is, that there is no point lying to yourself, if you are not making money because you, as a trader are wrong, doing the wrong things at the wrong times then you wont make any money regardless of where or who you trade with.

you have to stop blaming others and start looking inwards and taking responsibility for your own success or failure, otherwise you will certainly never be successful.

Plus all the things you mention, are not eradicated when you go direct access, there are other naunces you must contend with ontop of these, the real market, has widening spreads, periods of illiquidity, slippage etc....

trade over the long term, and these naunces are insignificant.