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  • #279,261
  • Aug 9, 2010 7:54am Aug 9, 2010 7:54am
Quoting Spoony
if u use a credit card to deposit money into your account its 1.8%.

Spreadbetting in australia is tax on top of your income if you make a profit. If its a loss, it is tax deductible from your income in that tax year. CMC is very high risky since its 100x or whatever u guys use to measure lol. $1000 = $100k.
Who on earth uses a credit card to deposit trading funds????

Instead, transfer via a debit card, which is free in the UK. Or, from a UK account, use a BACs transfer, which is also free.
  • #279,262
  • Aug 9, 2010 7:55am Aug 9, 2010 7:55am
it went to 36 and not 35. 1 pip difference. not bad.

up now? just waiting my confirmation candle.

hapipipin

Quoting wannaberich
on a couple of longs.

expect to load longs at 35 or 20. if setup comes before that i will load before.

hapipipin
dreams do come true.
  • #279,263
  • Aug 9, 2010 7:57am Aug 9, 2010 7:57am
Quoting realjumper
Oh I see.....the tax system here, as you probably know, is much more simple than that. Income is income....doesn't matter where you get it from!
Why do you think I left the country? Don't get me started on how greedy the NZ government is because you'll never hear the end of it
Nothing worth having is easy.
  • #279,264
  • Aug 9, 2010 7:58am Aug 9, 2010 7:58am
Quoting gammase1
Who on earth uses a credit card to deposit trading funds????

Instead, transfer via a debit card, which is free in the UK. Or, from a UK account, use a BACs transfer, which is also free.
For frequent flyer points maybe lol, thats why i said they have high fees. Its free via bank transfer.
  • #279,265
  • Aug 9, 2010 7:59am Aug 9, 2010 7:59am
shit ya'll ain't nothin gonna happen today. I'm still out in the Hamptons just rollin in from the bar. Its Monday, right? F--k ya gotta be crazy try to trade this dinky August shit
"If The Fool persists in his Folly he will become wise." - William Blake
  • #279,266
  • Aug 9, 2010 8:00am Aug 9, 2010 8:00am
Quoting gammase1
How is it close to illegal? This is within their terms and conditions and something I don't see a problem with.

The difference is they (UK spread betting houses) force clients to realise their daily gains/losses, through closing and opening position at their end of day spot rate (plus or minus the swap costs, inc their spreads on the relevant overnight depo rates). What is wrong with that?
Well of course it is al fine and dandy if you have read the terms and agreed to it....but I'm pretty sure that no NZ based broker would be able to include those sorts of terms and conditions, and if if they did, and even if signed such an agreement, the Fair Trading Act of NZ would almost certainly over-rule such a term. The avenues for the broker to take your mony is wide.

As I said before, my account, my money, my trade....only *I* can administer the trade and the account.....margin calls excepted of course.

I understand now that Patience has pointed out the tax difference, where it might work. But the tax laws are different here, as is the definition of 'fair trading'.

It's interesting though.....
Doing what you like is Freedom. Liking what you do is Happiness.
  • #279,267
  • Aug 9, 2010 8:01am Aug 9, 2010 8:01am
Quoting The Fool
shit ya'll ain't nothin gonna happen today. I'm still out in the Hamptons just rollin in from the bar. Its Monday, right? F--k ya gotta be crazy try to trade this dinky August shit
I heard there were some bargain houses being offered up there. You must have managed to pick yourself up a mansion or two.
Nothing worth having is easy.
  • #279,268
  • Aug 9, 2010 8:02am Aug 9, 2010 8:02am
Quoting Patience
Why do you think I left the country? Don't get me started on how greedy the NZ government is because you'll never hear the end of it
All governments are greedy....the tax laws have been changed quite a lot since we got rid of commandant Clark!!!!
Doing what you like is Freedom. Liking what you do is Happiness.
  • #279,269
  • Aug 9, 2010 8:03am Aug 9, 2010 8:03am
Quoting realjumper
Well of course it is al fine and dandy if you have read the terms and agreed to it....but I'm pretty sure that no NZ based broker would be able to include those sorts of terms and conditions, and if if they did, and even if signed such an agreement, the Fair Trading Act of NZ would almost certainly over-rule such a term. The avenues for the broker to take your mony is wide.

As I said before, my account, my money, my trade....only *I* can administer the trade and the account.....margin calls excepted of course.

I understand now that Patience...
It's no different really. A loss is a loss is a loss (whether it's deducted from your account at the end of the day or at a later date). If you get what I mean.
Nothing worth having is easy.
  • #279,270
  • Aug 9, 2010 8:04am Aug 9, 2010 8:04am
Quoting Patience
It's no different really. A loss is a loss is a loss (whether it's deducted from your account at the end of the day or at a later date). If you get what I mean.
Exactly....

Moreover, this type of rollover can be avoided by the longer term trader taking forward positions with the spread-betting house, as the P&L from these trades are realised when
the deal is closed out by the trader or maturity date of contract is reached.

Boring day....
  • #279,271
  • Aug 9, 2010 8:06am Aug 9, 2010 8:06am
Quoting gammase1
They (IG Markets) are definitely not a big scam....
Try putting some cash (after good analysis of course) on binaries 5 mins and 20 mins and see what happens, if you trust them, put a lot and see what happens.
My signature is: "Classified".
  • #279,272
  • Aug 9, 2010 8:09am Aug 9, 2010 8:09am
Quoting realjumper
All governments are greedy....the tax laws have been changed quite a lot since we got rid of commandant Clark!!!!
I told you don't get me started. Best thing I ever did was leave that country otherwise I'd still be working three jobs with a mortgage hanging over my head praying for an end to the madness.
Nothing worth having is easy.
  • #279,273
  • Aug 9, 2010 8:10am Aug 9, 2010 8:10am
Quoting mfoste1
are you sure youre not just losing money from bad trades?
Quite sure
My signature is: "Classified".
  • #279,274
  • Aug 9, 2010 8:11am Aug 9, 2010 8:11am
Quoting yaed
Try putting some cash on binaries 5 mins and 20 mins and see what happens, if you trust them, put a lot and see what happens.
I've traded spot/forward and options with these guys. As I've said previously, no problems at all, aside from some minor slippage.
  • #279,275
  • Aug 9, 2010 8:11am Aug 9, 2010 8:11am
For those believing to long... good entry now !?
  • #279,276
  • Aug 9, 2010 8:13am Aug 9, 2010 8:13am
Quoting The Fool
.................. F--k ya gotta be crazy try to trade this dinky August shit
Every major Euro pair is an inside day - so far. FO(no change)MC tomorrow too.
  • #279,277
  • Aug 9, 2010 8:14am Aug 9, 2010 8:14am
Quoting rattyo
How can they take your money for no reason?
Its called Dividents
My signature is: "Classified".
  • #279,278
  • Aug 9, 2010 8:15am Aug 9, 2010 8:15am
Quoting Patience
I know - it's quite ugly. Whether you are in profit or loss at the time of rollover, your account is either credited or deducted and a new position opened at the same time at market price. Of course if price starts going your way, you are all right and you will make that money back but the fact that the money is actually removed from your account is quite demoralising. I think it's called mark to market (or something).

All IG do is add your profit or loss to your capital at the end of the roll over period - say 20:00. Then open a new trade of equal size and direction at the middle of the IG price at 20:00 then they charge a roll-over adjustment of 0.0055%.
  • #279,279
  • Aug 9, 2010 8:16am Aug 9, 2010 8:16am
Quoting Patience
It's no different really. A loss is a loss is a loss (whether it's deducted from your account at the end of the day or at a later date). If you get what I mean.
Yea I see what you're saying......I was just scribbling it out on paper....(told you I was thick).....and I see how this works. It seems pretty convoluted to me though, and I don't like the idea of the broker closing my trades...or opening my trades for me.
Doing what you like is Freedom. Liking what you do is Happiness.
  • #279,280
  • Aug 9, 2010 8:17am Aug 9, 2010 8:17am
Quoting Patience
I told you don't get me started. Best thing I ever did was leave that country otherwise I'd still be working three jobs with a mortgage hanging over my head praying for an end to the madness.
You'll be back
Doing what you like is Freedom. Liking what you do is Happiness.
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