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  • #281
  • Feb 7, 2018 1:20am Feb 7, 2018 1:20am
Quoting aaven
{quote} Tomorton, What is SB? Thanks

Its spreadbetting.
  • #282
  • Feb 7, 2018 4:44am Feb 7, 2018 4:44am
Quoting tomorton
{quote} Its spreadbetting.
Thanks Tomorton...
  • #283
  • Feb 8, 2018 6:18am Feb 8, 2018 6:18am
Wow, so much negativity about spread-betting on this thread from a small number of posters.

Here is my take on using SB to make a living.

I would never encourage anyone to start trading, as it is not for everyone and success requires a lot of internal work on mindset, which most people are not willing to take seriously. You get to know yourself very well and if you don't like what you find, it takes a lot of work and a lot of time to change. However, for those who are serious about making a success of trading, I would say that yes, plenty of people are making a decent living spread-betting, myself included.

I have been trading currencies via the same UK SB company for the last 12 years. This is how I make my living. In my experience:

I have never had my stops hunted.
I have never had any problems withdrawing funds from my account.
I have never had any problems with execution of orders.

In addition:

I am fully aware that the prices my SB company offers are not the interbank rate, and it does not bother me.
I believe I have just as much right to make my money in this way as in any other profession. In fact, I believe trading to be one of the most honest ways to make a living, as it is the ultimate in self-responsibilty, something that we need a lot more of in the world, imho.
My contribution to society is greatly enhanced by making my living this way, as I have much more free time to contribute my other skills to the local community, in addition to being more present for my family and friends.

There you are, let the haters commence...
  • #284
  • Feb 8, 2018 6:19am Feb 8, 2018 6:19am
Quoting Spreadbetter
Not sure what your bizarre “cause and effect” claim comes from, or relates to... Look, it’s this simple, you retail punters are mugs, trust me on this as you obviously can't trust yourself; I’ve been the other side of your bets, you’re all losers, bar a tiny percent, who don’t take out of the market what I’d consider to be a worthwhile income. I’ve traded for over 20 years, at all levels, I’ve seen it all, seriously ALL. You haven’t got a clue what you’re up against, which is why any measures authorities can take, in order to protect you fools from...
You know, scrabble around and there may well be a heart-warming sentiment buried in all that.

I've traded for half that, half again full time and so I can safely say I haven't seen it all. But having seen how far the rabbit hole goes, I know for a certainty I'll *never* see it all, not in one lifetime. Be like reading the Bible and saying, yep, got that. Nailed it.

I've met a healthy cross-section of the professional trading world- spot fx desk traders, brokers (often jaded ex spot), a couple of quants and a handful of hedgies, not to mention all the ancillary staff. And while I know here at FF everyone makes them out to be a million Elon Musks collectively ripping you a new one, the reality is a lot of bright people stuck in some fairly antiquated systems and ways of workings. Some of whom will also rip you a new one if given the chance, lol. And those that aren't shackled by the system - hedgies in the main - have issues of size. That's what we're up against. Take it or leave it, but don't credit it with superhuman powers.

Anyway, I know the square root of feck all naturally, so Mingary, go on son, see if you can mangle some more of the difference between market makers and direct access, you've done a great job stirring the melting pot of confusion so far.

PS cause and effect - the basis of any worthwhile strategy. Distant cousin of hope and pray.
  • #285
  • Feb 8, 2018 9:22am Feb 8, 2018 9:22am
Anyone looked into the LCG suggestion that SB clients can apply for professional account status with them, keep the current leverage rates regardless of what ESMA decide for SB?
  • #286
  • Feb 8, 2018 9:42am Feb 8, 2018 9:42am
Quoting tradesimply
Wow, so much negativity about spread-betting on this thread from a small number of posters. Here is my take on using SB to make a living. I would never encourage anyone to start trading, as it is not for everyone and success requires a lot of internal work on mindset, which most people are not willing to take seriously. You get to know yourself very well and if you don't like what you find, it takes a lot of work and a lot of time to change. However, for those who are serious about making a success of trading, I would say that yes, plenty of people...

Are you a day trader or swing trader?

What SP broker you use ?

How many years have you been making a living with spread betting ?

Kind regards,

Goose
  • #287
  • Feb 8, 2018 10:18am Feb 8, 2018 10:18am
Delusions meets dangerous fantasies

Quoting tradesimply
Wow, so much negativity about spread-betting on this thread from a small number of posters. Here is my take on using SB to make a living. I would never encourage anyone to start trading, as it is not for everyone and success requires a lot of internal work on mindset, which most people are not willing to take seriously. You get to know yourself very well and if you don't like what you find, it takes a lot of work and a lot of time to change. However, for those who are serious about making a success of trading, I would say that yes, plenty of people...
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
  • #288
  • Feb 8, 2018 10:30am Feb 8, 2018 10:30am
Quoting Spreadbetter
Delusions meets dangerous fantasies {quote}

Could you expand on your post. I found it interesting but would love to hear more about your notions.
  • #289
  • Feb 8, 2018 10:31am Feb 8, 2018 10:31am
Quoting goose4
{quote} Are you a day trader or swing trader? What SP broker you use ? How many years have you been making a living with spread betting ? Kind regards, Goose
Hi Goose

I day trade currencies with IG.

Trading for 12 years. First 5 years break-even, then 7 years profitable, last 3 of which my main income, last 12 months my only income.

Hope that helps.
  • #290
  • Feb 8, 2018 10:45am Feb 8, 2018 10:45am
esma should protect traders from brokers tricks not from traders themselves. at least 100:1 leverage is important
  • #291
  • Feb 8, 2018 10:48am Feb 8, 2018 10:48am
All that effort to say nothing.

Quoting triphop
{quote} You know, scrabble around and there may well be a heart-warming sentiment buried in all that. I've traded for half that, half again full time and so I can safely say I haven't seen it all. But having seen how far the rabbit hole goes, I know for a certainty I'll *never* see it all, not in one lifetime. Be like reading the Bible and saying, yep, got that. Nailed it. I've met a healthy cross-section of the professional trading world- spot fx desk traders, brokers (often jaded ex spot), a couple of quants and a handful of hedgies, not to mention...
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
  • #292
  • Feb 8, 2018 11:02am Feb 8, 2018 11:02am
I really cba giving you chapter and verse, what’s in it for me? Trading forums are chokka full of fantasists and cheap marketeers, trying to flog their pathetic strategies for buttons, believe what you want, I know what I know.

As for spread betting? Wtf? As I’ve stated earlier; less than 1% make a profit, a tiny percent of that 1% take a living out of the industry, those that do are very close to the founders of the firms, or work in The City and use S.B. temporarily for, ahem, their reasons.

You're betting against a bookie when you spreadbet, they don’t want you to win, they’ll put everything in your way to improve their bottom line, their profitability is directly proportionate to their clients’ cumulative losses, why the fukc that light bulb doesn’t go on in the heads of the delusional spreadbetters staggers me, why they propagate their lies on forums likewise. As a mug retail punter if you win too often, they’ll close your account, very quickly because they KNOW you’re cheating.

And back on thread, traders need protecting from themselves, as can be seen here; they’re that hopeless they even lie to themselves and they won’t just contain those lies to here, they lie to their: wives, families, doctors, desperately trying to convince anyone who’ll listen, that they’ll turn it around, why? Because mostly they’re addicted gamblers.

Quoting goose4
{quote} Could you expand on your post. I found it interesting but would love to hear more about your notions.
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
  • #293
  • Feb 8, 2018 11:15am Feb 8, 2018 11:15am
Quoting Spreadbetter
I really cba giving you chapter and verse, what’s in it for me? Trading forums are chokka full of fantasists and cheap marketeers, trying to flog their pathetic strategies for buttons, believe what you want, I know what I know. As for spread betting? Wtf? As I’ve stated earlier; less than 1% make a profit, a tiny percent of that 1% take a living out of the industry, those that do are very close to the founders of the firms, or work in The City and use S.B. temporarily for, ahem, their reasons. You're betting against a bookie when you spreadbet,...

Good post.

Yeah they just like a bookie high street like William Hill. The house has the edge. The game is designed for you to lose.
  • #294
  • Feb 8, 2018 3:49pm Feb 8, 2018 3:49pm
Quoting Spreadbetter
I really cba giving you chapter and verse, what’s in it for me? Trading forums are chokka full of fantasists and cheap marketeers, trying to flog their pathetic strategies for buttons, believe what you want, I know what I know. As for spread betting? Wtf? As I’ve stated earlier; less than 1% make a profit, a tiny percent of that 1% take a living out of the industry, those that do are very close to the founders of the firms, or work in The City and use S.B. temporarily for, ahem, their reasons. You're betting against a bookie when you spreadbet,...

I've heard this before but nobody ever came forward with any evidence. Look, I have nothing to do with the spreadbetting industry, I am making a profit through SB trading and have had no problems with the firms I have spreadbetted with. BUT I don't want to continue to trade through a system that is eventually going to fleece me.

What can you come up with to prove I should get out?
  • #295
  • Feb 9, 2018 2:31am Feb 9, 2018 2:31am
Quoting skillandfx
I've held SB accounts with UK-based and regulated SB firms since March 2003. I've been running SB's on indices, commodities, stocks and forex pairs continuously since that date. I generally these days have 10-20 SB's open at any one time (it is 9 open at this minute with 13 orders pending). I have opened and closed thousands of SB's during the years I've been trading. I was not profitable at the start of my SB period but that was very clearly down to me, not to strange practices by the firms concerned (I'd love to say I've always been a trading...

This is a copy-and-paste of my post 208 in this thread on 05/02.

Why are you re-posting my post under your own screen name?
  • #296
  • Feb 9, 2018 2:36am Feb 9, 2018 2:36am
Quoting skillandfx
I've held SB accounts with UK-based and regulated SB firms since March 2003. I've been running SB's on indices, commodities, stocks and forex pairs continuously since that date. I generally these days have 10-20 SB's open at any one time (it is 9 open at this minute with 13 orders pending). I have opened and closed thousands of SB's during the years I've been trading. I was not profitable at the start of my SB period but that was very clearly down to me, not to strange practices by the firms concerned (I'd love to say I've always been a trading...

Cleanup Report submitted to FF.

If you're going to steal my words, you could at least credit the source.
  • #297
  • Feb 9, 2018 2:44am Feb 9, 2018 2:44am
Why do do I care? Your money, your choice, your funeral.

Quoting tomorton
{quote} I've heard this before but nobody ever came forward with any evidence. Look, I have nothing to do with the spreadbetting industry, I am making a profit through SB trading and have had no problems with the firms I have spreadbetted with. BUT I don't want to continue to trade through a system that is eventually going to fleece me. What can you come up with to prove I should get out?
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
  • #298
  • Feb 9, 2018 2:48am Feb 9, 2018 2:48am
Quoting Spreadbetter
Why do do I care? Your money, your choice, your funeral. {quote}

Do you mean you have no evidence to back up what you say, or you do have evidence but don't want to post it?
  • #299
  • Feb 9, 2018 3:11am Feb 9, 2018 3:11am
Quoting Spreadbetter
Why do do I care? Your money, your choice, your funeral. {quote}
That is the most positive reply you have posted Spreadbetter! Why, indeed, would you care?

All any of us want is to be happy, and your posts on this thread show that you are clearly not.

"When the challenges of someone else's life have you tied in knots, it usually means it's time to start focusing on your own life."

You obviously have a lot of bitterness and anger and I sincerely wish you all the best in working through your "stuff". There are lots of ways to calm the mind and explore your emotions, but yoga and meditation are great places to start.

Good luck on your journey. I really hope you find peace one day, and look forward to seeing you back on FF to hear your story.
  • #300
  • Feb 9, 2018 3:42am Feb 9, 2018 3:42am
Quoting skillandfx
{quote} Hello Tomorton, Could you share the names of the firms that you have mentioned, please? NOTE: I am new here. Sorry something happened when quoting the message


That's OK mate, no problems here.

I hesitate to recommend a particular firm unless you're already committed to spreadbetting. What I would do is not necessarily what you would do, but assuming you're in the UK, go for a UK-based and FCA-regulated company. Look for separation of client funds from the company's operating capital, look for membership of the Financial Services Compensation Scheme to protect your account up to £85,000in the event of the firm going under.

After that, demo with them to learn how their platform works, especially stop-losses.

Bear in mind that SB is under threat of very tight leverage rate restrictions which, if introduced, will mean you'd have to have a much larger account to do much smaller bets, so an alternative market access should not be ruled out.
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