One year officialy day trading

This is a discussion on One year officialy day trading within the First Steps forums, part of the Reception category; Originally Posted by BeginnerJoe That thread is quiet for a reason . well, they say that keeping it is harder ...

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Old Dec 28, 2012, 1:37pm   #46
 
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Re: One year officialy day trading

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That thread is quiet for a reason .
well, they say that keeping it is harder than making it.

people over trading, trying to impress, do you think ?
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Old Dec 28, 2012, 1:41pm   #47
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Re: One year officialy day trading

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people over trading, trying to impress, do you think ?
I never blame the people. I always blame the big hungry fishes. They have sharp teeth don't you know ? They'd take an arm or leg in absolutely no time at all.
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Old Dec 28, 2012, 2:45pm   #48
 
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Re: One year officialy day trading

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Spread bet companies do not monitor your account on an individual basis.
So all this crap about once you win, they start making things difficult is absolute ****e Unless you are trading something like 500 pounds a point, which you would not do, at that level you would go DM.
I worked at one of the larger SB co's, albeit briefly, and from what I saw consistent winners do get extra attention.
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Thanks! The following members like this post: malaguti
Old Dec 28, 2012, 3:08pm   #49
 
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Re: One year officialy day trading

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Can you elaborate on that? The statement creates suspicion but beyond that specifics would help

By attention do you mean
- some fraudulent / mischievous activities are conducted to deprive them of their wins
- it is made difficult for them to enter / exit bets
- their bets are hedged specifically
- their activities are investigated
- their funds / profits are held / confiscated / swindled
- stops are run with unnatural spikes

Can these consistent winners still enter and exit at their will.
No nothing as dramatic as that.

Something that sticks out in my mind is when I first started I spent some time with one of the dealers to see how they operate. It turned out he was South African like me so we were having a long chat (probably about rugby) when a message popped up on his screen and he looked distracted, checked it out for a few seconds and said "**** sorry, this guy has taken 50k off us in since August" (it was November) and turned to his screen to deal with it. I am not sure but it looked like the pop-up was asking him to authorise the trade.

Maybe it was nothing but I got bad vibes. If I was as interested in trading as I am now I probably would have been more inquisitive.
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Old Dec 28, 2012, 3:27pm   #50
 
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Re: One year officialy day trading

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thanks for the candid post.

I would be surprised if they were not aware of and not watchful of significant profit / loss making trades, trades with large position size, large customers.

As long as they were not doing anything to hinder the traders, the trader should focus on what they are doing best and enjoy the extra attention.

I think if you deal with someone as big as ig it would take a lot for them to provide that kind of attention to individual trader.

As I repeatedly say the objective here should be objective fact finding and not merely casting aspersions / rumor mongering. One needs to be careful but not paranoid. And if one is paranoid then they may as well not get in to this. It will only lead to unwarranted distraction and inevitable losses.
Sure, I guess it's a sign how little it disturbed me that I still spreadbet, although I can't see myself ever taking 50k off them
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Old Dec 28, 2012, 3:40pm   #51
 
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Re: One year officialy day trading

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As I repeatedly say the objective here should be objective fact finding and not merely casting aspersions / rumor mongering. One needs to be careful but not paranoid. And if one is paranoid then they may as well not get in to this. It will only lead to unwarranted distraction and inevitable losses.
I currently have both a SB account and a DMA account and there are discernible differences between the two which will influence the way you trade. This is a fact. It is only the people who donít have both or who have never had a DMA account that require convincing.
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Old Dec 28, 2012, 4:05pm   #52
 
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Re: One year officialy day trading

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agreed. can you please tell us some of those differences from your perspective.
I can do that with two words: Market Transparency

Understanding Market Transparency: Part 1

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if DMA is decisively better why do many people do both DMA and SB
That's for each individual trader to decide. One advantage of SB is the smaller stake and that it is tax free. But I use my DMA account for all price data, SB is merely the 'vehicle' of the trade so to speak.
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Old Dec 28, 2012, 6:33pm   #53
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Re: One year officialy day trading

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I am not sure but it looked like the pop-up was asking him to authorise the trade.

Not exactly conclusive proof is it, that accounts are monitored.

However Many years ago I was shown around the offices of IG and when I questioned them, about monitoring accounts they said "95% of accounts do not need monitoring"
But they did have some big players they needed to watch so as to hedge their positions.
And by big, they dd not mean someone who has taken 50k from them, in a few months.
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Old Dec 28, 2012, 6:44pm   #54
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Re: One year officialy day trading

The stops for my bucketshop bets were notoriously unreliable. I have no such problems with my non-dma account, where stops always stop at my specified levels.
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Old Dec 28, 2012, 6:55pm   #55
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Re: One year officialy day trading

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The stops for my bucketshop bets were notoriously unreliable. I have no such problems with my non-dma account, where stops always stop at my specified levels.
Do you mind telling us which companies you class as bucket shops ?
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Old Dec 28, 2012, 7:14pm   #56
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Re: One year officialy day trading

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Do you mind telling us which companies you class as bucket shops ?
SB are bucketshops. They are in the same class as bookies where the government treats them as gambling entities.
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Old Dec 28, 2012, 9:42pm   #57
 
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Re: One year officialy day trading

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SB are bucketshops. They are in the same class as bookies where the government treats them as gambling entities.

I never see them as trying to pass themselves off as anything else Joe, I think they will be the first to admit that they are bookies, as per title "spreadbetting"

Unlike bookies though, they can't alter the odds or stop taking bets once the horse is 5 lengths in front, They just have to lay the bet and pay up, And i would think it virtually impossible to skew prices with so many punters, Never mind the manpower it would take to even monitor them.

Like China stated earlier, I think they will have certain big/successful bettors that get flagged up that they monitor and hedge against.

But i do think calling them all bucketshops is slightly unfair. Most are very well financed and successful companies.
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Old Dec 28, 2012, 10:08pm   #58
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Re: One year officialy day trading

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Most are very well financed and successful companies.
So a bookie is not a bookie if it is well financed and successful ? In that case, there can't be any bookies then because their punters usually fund them extremely well, same way the people in this thread fund the bucketshops extremely well as to make them successful. Is it any wonder SB stands for stock broker for some people.
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Old Dec 28, 2012, 10:30pm   #59
 
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Re: One year officialy day trading

I do respect your opinion Joe as you have a lot more experience in the field than I.

I just don't think the two can be fairly compared, trading in the market and betting on it.

horses for courses and all that.
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Old Dec 28, 2012, 11:42pm   #60
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Re: One year officialy day trading

Which is better, xbox or ps3?

I assume they have their minor differences but, for the average user, it probably doesn't matter which you use. If you're no good at gaming or not serious about gaming, those minor differences probably don't matter at all and you will lose whichever you use... And, for some reason, instead of discussing the important things like how to get better at the game or the best way to survive, it is discussions like this that seem to attract all the attention...

Very occasionally, do I amaze myself.
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