Betting Pro turning to Financials

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Old Oct 14, 2008, 11:26pm   #8
 
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Good luck!
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Old Oct 15, 2008, 9:50am   #9
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Originally Posted by Fortune500 View Post
Fair enought I suppose. FutresBetting it is then.
I have now used Futuresbetting for quite a while. I have not had any problems with them or the platform, only with my own inability to make money.
How are you finding Futuresbetting?
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Old Oct 28, 2008, 10:48am   #10
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Fortune500 started this thread Just an update to let everyone know how I was getting on.

CMC closed my account (effectively, by increasing execution delays to over 60 seconds unless trades went against me in which case they were instant) a few weeks ago. I had alomst lost 6K during my first week of trading, but through perseverance found a way to eek a profit and ended up 1K up.

For the last couple of weeks I've had an account with FuturesBetting (the service I've had so far has been exceptional - fast (almost immediate) execution, no requotes - must be similar to DMA). However after the first four days of trading I'd lost nearly all of my £7.5K deposit. I was long on the FTSE and on the Thursday of the first week my position came within 10 points of being closed out. The price bounced and I maintained my position overnight and when they reopened I'd turned a £2.5K trade loss into a £500 profit. Since then I've been makeing a consistent profit every day and now have regained most of my initial deposit leaving me in profit (overall) in my new financial trading career!

The key, I've found, is not to constantly close out losing position. Doing so, in effect, means that I was only ever realising losses and never the profits. I had closed so many losing positions that I had blown my entire balance. Now I let positions ride and only occassionaly close out if it appears that I've got it completely wrong.

I think the market is turning bullish and most of my trades have been long. Long may it continue!


Last edited by Fortune500; Oct 28, 2008 at 11:11am.
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Old Oct 28, 2008, 7:47pm   #11
 
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Hold on a sec, this rookie comes on claims hes the dogs ********, has good reputation after 8 posts, recons cmc barred him almost instantly.HMMMMMMMMMMMMM
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Old Oct 28, 2008, 8:08pm   #12
 
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Quote:
Originally Posted by Fortune500 View Post
Just an update to let everyone know how I was getting on.

CMC closed my account (effectively, by increasing execution delays to over 60 seconds unless trades went against me in which case they were instant) a few weeks ago. I had alomst lost 6K during my first week of trading, but through perseverance found a way to eek a profit and ended up 1K up.

For the last couple of weeks I've had an account with FuturesBetting (the service I've had so far has been exceptional - fast (almost immediate) execution, no requotes - must be similar to DMA). However after the first four days of trading I'd lost nearly all of my £7.5K deposit. I was long on the FTSE and on the Thursday of the first week my position came within 10 points of being closed out. The price bounced and I maintained my position overnight and when they reopened I'd turned a £2.5K trade loss into a £500 profit. Since then I've been makeing a consistent profit every day and now have regained most of my initial deposit leaving me in profit (overall) in my new financial trading career!

The key, I've found, is not to constantly close out losing position. Doing so, in effect, means that I was only ever realising losses and never the profits. I had closed so many losing positions that I had blown my entire balance. Now I let positions ride and only occassionaly close out if it appears that I've got it completely wrong.

I think the market is turning bullish and most of my trades have been long. Long may it continue!

I let one of my losses ride today thinking it would come back.

It didn't come back. It got 10 times worse.

I promptly cut my losses and closed it.

An hour later the market turned around and went my direction.

Bad day for me today. Learnt not to let losses ride. Yes the market came back in my favour, but it might not have. Whether it did or not, i lost a lot anyway.
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Old Oct 28, 2008, 9:36pm   #13
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Fortune500 started this thread
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Originally Posted by julian View Post
Hold on a sec, this rookie comes on claims hes the dogs ********, has good reputation after 8 posts, recons cmc barred him almost instantly.HMMMMMMMMMMMMM
I know what you're suggesting, but I'm not affiliated to FB. I don't often praise the services of a company; I used to praise Betfair, but now I'm caught in their new Premium Charge scheme (which effectly taxes me 20% on any profits) so won't be recommending them again. After my CMC debacle I had to find somewhere else to trade and FB have so far provided an excellent service (albeit taking a few days to open the account). I don't know enough about the other offerings (IB?) to move in that direction yet, plus I have a big book on economics to read before I move into new pastures!

I don't claim to know much about financials, but I do know that my sports betting experience will be of use since many of the posts I see on this forum are concerned with "mentality", "discipline", etc. (I know this is a stupid question, but how much do you guys/gals earn from financials trading. Are we talking mid 6 figures? Or is that only possible with financial backing of a company?)

Re the not closing: I'm used to my positions closing after 90 minutes, but financials stay open indefinitely (well months). I found that I was always materialising losses, never the profits. Example today: had a book a +£1100 on the FTSE futures before the price plumetted in line with the DOW from about 2pm. That entire profit vanished and turned into a £300 deficit. But I felt it would bounce back so didn't close out in the falling market. Indeed it did, and all profit was recovered. I'm not saying that always letting a loss ride is good, but in these volatilte markets who knows, especially with the valuations so low (how much lower will they really go).

Anyway, finished the day with a balance just a few quid lower than were I started, so quite happy Sorry to hear about your loss, UKtradegirl
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Old Oct 28, 2008, 9:54pm   #14
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Before anyone asks I do not know Fortune500, but I also use and praise FB as their platform is the real deal. I have worked in the markets for 27 years, mainly in commodities and have traded on floors, by phone in the offices and obviously more recently on screens. The FB platform is so simular as to the platform we used at Citigroup, both for speed and capability.
I used to have an account with Finspreads, which was great for a bit of fun, but when the markets have been moving they have recently, there is know way I could put up with the requotes and the book being marked against me. Why so many people put up with this c**p is beyond me. Before there was no choice (other than DMA), but now with FB you have the same but as a spreadbet.
The only reason I can think why people are not moving to FB is that the platform is different and you do not trade pounds per point, but lots. For me this was all normal but for many it woul not be, and can be confusing. I hope they stay small and continue to provide the excellent personal service, but I guess as they grow the service will become as unpersonal as the others. I hope not. I just hope they get charts soon. I am told Nov.
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