Which spreadbetting company?

[seancass]

I have been most interested in the comments of traders in relation to many aspects of trading.
I am new to trading and have just completed a course in candlestick analysis with the candlestick trader in Milton Keynes. Fairly interesting although like all the other courses slightly expensive.

I would be intersted to know what other members have to say about the various spreadbetting firms. I am not so impressed by tradeindex as the charting tools etc are very limited. Market maker with deal4free is pretty good.

In addition, has anyone bought Vince Stanzione's material. Are they making £400 a day plus?

 

[Skimbleshanks]

As a very flippant reply, I would like to suggest that perhaps the only person making £400 a day using Vince Stanzione's material, is Vince himself - laughing all the way to the bank as people queue up to purchase his offerings!

If anyone was making that sort of money via Vince's stuff, I'm sure we'd have heard about it by now! If you've not already done so, have a search for Vince Stanzione's name using the search facility on these boards.

Spread betting companies are a matter of personal preference, depending on your trading strategy, timeframe, and depth of pockets.

What sort of markets are you planning on trading? What timeframe? Do you already have software, or will you be reliant on using the SB company's charts?

 

[seancass]

Thanks for the reply Skimbleshanks. Where does the name come from?

When you replied I was wading through the correspondence between you and Buddha on the subject of software.

From what I've read, you really do seem to be in control of your trading.

Well, I am by nature, a day trader. In fact, I'm not a trader at all yet as I haven't started trading with real cash! I am still messing about with virtual money and going through the "shall I choose this company or that company?" stage.

I subscribe to www.financialspreadbets.info which began in January offering members advice on Dow Jones and S&P 500 futures as well as others. Much of their analysis is pretty accurate in respect of the above.

To be honest, my main mental block is in the concept of stop loss and limits. Market Maker's team have completely confused me with their ...

Buy above = stop
Buy below = limit
Sell above = limit
Sell below = stop.

I tried it and blew up!

Sean

 

[Skimbleshanks]

Skimbleshanks is the subject of a children's poem by TS Elliott.

Subscribing to newsletters is OK, but they're never the ones doing the actual trades - you are the one who has to take the decision to enter and to exit. So you need your strategy to fit you like a glove, so that you feel comfy with it, and know 'why' you are entering a trade. If you're entering a trade because someone else told you to, then that is a sure way to get poor in this game.

Exits are just as important as entries, but when it's just you sitting in front of a chart and you don't know whether you should stay in, get out, or freak out if it spikes against you, then you'll really appreciate the importance of taking the time to devise your own strategy, not trying to fit someone else's into yours.

I actually trade without stops, but please don't try this! It took me 3 years to be able to have 100% confidence in my gut feel about being able to 'read' the market, and be quite happy trading through spikes, figures, and news. But I do still get spooked by swans, although fortunately they are quite rare on the emini S&P.

Don't know if I'm in control of my trading, but I do still make an almighty cock-up occasionally! All I can say is thank goodness the Dow plummeted today, and I must never again forget about having an open long-term bet on expiry day :cheesy:

When you blew up, I hope you didn't make too much mess :cheesy:

 

[seancass]

Thank you for that, Skimbleshanks. I have learnt something tonight.

Can I ask you whether you know of any coaches/trainers who visit or post on this site? Having spent many years coaching others for examinaitons in education I know the value in having a teacher show you the ropes - and the correct buttons to press.

Thank you again.

Sean

 

[Skimbleshanks]

Yes, Mr Charts is a coach. But he doesn't do mystery tours. It sounds from his posts as if he removes the mystery from trading, but as I've never sampled the delights of his coaching, you're best asking him what he does when he's not trading himself.

 

[a320]

Skim,

You seen to use a lot of esoteric references, with arcane trading and using a name from of one of the most important modern esoteric poets.

Am I reading to deeply?


a320

 

[Skimbleshanks]

Sounds as if it's past your bedtime :cheesy:

Perhaps I should ask you why you're named after a strip of tarmac? I'm sure it's very nice tarmac though, not the riff-raff sort with potholes.

 

[a320]

It an aviation reference, of a past career Yes I do seem to post late, must be from all the years spent on eastern time zone

 

[Skimbleshanks]

Oh, it's an Airbus! I've always thought we should have a thread where people can explain their nicks, as it would be really quite interesting.

Seriously though, I am always willing to explain my trading - it's not arcane really! Just for fun I do slip in the odd thing just to see if anyone responds, but they never do! Still, it amuses me :cheesy:

 

[gablake]

IG Index wins hands down

 

[Newtron Bomb]

seancass
I quite like cmc's market maker but as all things it takes getting used too. I prefere it compared to Fins which for me was dreadful
IG seems to be raved about at the moment although the spreads arent

Skim,
I was only thinking this the other day about everyone nicks.. would it read into some deep psychological meaning or just a joke that youve had with friend that has stuck... could be a real eye opener.

a320,
did you fly them at all?

 

[gablake]

IG and Finspread.