new and my head is blown already

chocabloc · Mar 8, 2012

Firstly hi everyone.
well i how did it start, 4 weeks ago... i said to the missus shall we buy some silver bullions? as we have no idea what to do with our spare cash. I could not bear another year of just flying here there and everywhere in search of the sunshine.
I
goolgled "buy silver" with the intention of its price rising over the coming years. the results were buy/sell commodities with xyz..... spread bet this, spread bet that.... forex this, forex that

bored as i was i happily clicked away on random results, which led me to opening a demo account with forex i soon got bored with the platform, that led me to opening all sorts of demo accounts!!! and found my self kinda hook on SPREAD BETTING ..i am pretty ok with how the platforms work now and have got my head a round fundamentals ( i have piles of company reports ).

charts well... i aint done nothing but stare at charts, which i can now read in my opinion. the company reports i have are looked at using my filters for any keywords tucked away in the reports ie cash, debt, ahead of expectations ....

i am happy with the work i have done so far and will be ready to do some real trading in a month or two however my confidence has taken a little knock and i am turning to you guys to guide me a little . my problem is i have been reading reviews of the spread betting companys and i read all kind of horror stories ..Are these stories for real :-0 ? after reading negative views regarding spread betting firms i thought Cfd's may be the way if i pay tax maybe the spread bet firms will be easy on me

then i read more and it seems that no matter what i trade i potentially could have a headache on the way .

i have been googleing for safest way to trade and then i come to ecn sounds brill.. is it?.. can it stop me getting burnt? also what is the best place to get this?

point me in the right direction so i can get ecn platform please. thanks all

MoonRocket · Mar 8, 2012

It seem to be that scalpers are the ones that have the most problems (complaints).
If you intend to hold the trade for longer than ten minutes, it's unlikely you will have any problems.
At least put in an emergency stop should the internet go down or some other disaster should happen.
Also select a reputable MarketMaker.
There are a number of firms with threads here......
Spread Betting

PollyM · Mar 8, 2012

chocabloc said:
Firstly hi everyone.
well i how did it start, 4 weeks ago... i said to the missus shall we buy some silver bullions? as we have no idea what to do with our spare cash. I could not bear another year of just flying here there and everywhere in search of the sunshine.
I
goolgled "buy silver" with the intention of its price rising over the coming years. the results were buy/sell commodities with xyz..... spread bet this, spread bet that.... forex this, forex that

bored as i was i happily clicked away on random results, which led me to opening a demo account with forex i soon got bored with the platform, that led me to opening all sorts of demo accounts!!! and found my self kinda hook on SPREAD BETTING ..i am pretty ok with how the platforms work now and have got my head a round fundamentals ( i have piles of company reports ).

charts well... i aint done nothing but stare at charts, which i can now read in my opinion. the company reports i have are looked at using my filters for any keywords tucked away in the reports ie cash, debt, ahead of expectations ....

i am happy with the work i have done so far and will be ready to do some real trading in a month or two however my confidence has taken a little knock and i am turning to you guys to guide me a little . my problem is i have been reading reviews of the spread betting companys and i read all kind of horror stories ..Are these stories for real :-0 ? after reading negative views regarding spread betting firms i thought Cfd's may be the way if i pay tax maybe the spread bet firms will be easy on me then i read more and it seems that no matter what i trade i potentially could have a headache on the way .

i have been googleing for safest way to trade and then i come to ecn sounds brill.. is it?.. can it stop me getting burnt? also what is the best place to get this?

point me in the right direction so i can get ecn platform please. thanks all

What is your trading method? Can you show it will net you a sustainable profit over time, even if this is just in theory using simple mathematics? If you're not sure of method then no platform can help you and you'll just end up battering yourself about. It doesn't matter whether you're at the local park, the town's sports club or Wembley, if you're not sure how to kick a ball then you'll rarely score a goal.

tomorton · Mar 8, 2012

A focus on the mechanics early in trading life is very common and these days, the mechanics are seductively simple. SB is the simplest and lowest capital approach, the price-rigging stories are way over-blown, but the ease of access and trade-setting means it's easy to input insufficient research and practice. But it can be profitable as long as you're not scalping and not looking for very long-term rolling positions, in which case the roll-over costs will hurt compared to CFDs etc.

A focus on charts very often means over-concentration on entries, whereas it is the exit that makes the profit (or loss). TA also says nothing about money management to control risk per trade, which is essential to keep you in the game.

eighteen · Mar 9, 2012

when i was brand new, i got into spread betting, its great. however the drawback is mistakes are costly you can do it on the cheap but can be wiped out in minutes. cfd's are a lot better imo, you can take a little bit of a hit without the spread bet feeling of OH SHII. also the minimum on spread bets go up fast, from 10p per point to 1£ is a bloody big jump, from my experience of losing like a lot spread betting and then making money with cfd's (as a beginner) id definitely say leave the spread betting to the boys with the bigger accounts and more experience than you, a lot of people get burnt spread betting, it seems attractive but really, the odds of making big bucks from it aren't really great, if you start with a 100 pounds and make 10£ on your first trade thats 10% profit, better than most things, but with sb its all too easy to get carried away and scalp not the market but yourself. All the whining about price rigging is pretty daft and I've never noticed it myself.

dealer911 · Mar 9, 2012

It's the huge leverage you get that makes it tricky - nothing wrong with the major spread betting companies - you get similar leverage using CFD's so I dont think that trading CFD's is really going to help you - don't be in a hurry to make money and keep your trade size to the minimum for at least 6 months - This is trading not investing and while you are playing on the same field you are playing a very different game! - you are definitely going to lose money in your first year so keep it small - education comes at a cost so consider your trading losses tuition fees and learn from losses - do not pay anybody for courses/systems etc as 99.999 % of them are rip off merchants! - best of luck to you!

Bint_Crusher · Mar 9, 2012

Just put your money into the markets and let it ride. The market will pay you back eventually. Take the great and good advice on this forum about spread betting and CFDs or if Forex is your thing then get yourself a small friendly broker to help you. Don't be too concerned with things like trade plans, that is for the anal ones who think they are "Pros". Good luck.

new and my head is blown already

chocabloc

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MoonRocket

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PollyM

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tomorton

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eighteen

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dealer911

Well-known member

Bint_Crusher

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