Betting Pro turning to Financials

This is a discussion on Betting Pro turning to Financials within the First Steps forums, part of the Reception category; General advice on markets, platforms and brokers, please. I've been turning a steady income from gambling the Betfair football markets ...

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Old Oct 14, 2008, 6:01pm   #1
Joined Oct 2008
Betting Pro turning to Financials

General advice on markets, platforms and brokers, please.

I've been turning a steady income from gambling the Betfair football markets for several years now and turned pro earlier this year. I have no financial commitments, a sizeable betting bank and now plenty of time during normal working hours. That's why I'm now looking to move to the next stage and trade financials to seek a much larger return for my efforts. However I'm a relative newbie: although I've always followed the fnancial markets I know enough to know that my knowledge is limited (many thanks to T2W for providing this wonderful resource).

I'm not naive: I'm well aware that there's no golden goose (not that anyone would be selling). My own success in gambling has taught my excellent money and risk management skills, skills which I believe are transposable to any form of trading. Trading 100+ live footie matches a month in the cut-throat markets is excellent training for anyone.

I opened a CMC Markets account a couple of weeks back but was forced to close after turning a 15% profit on the FTSE 100 spreads, at which point my order executions were delayed by up to two minutes! (How this firm can justify their behaviour is still a bewilderment).

I want to trade futures, keeping to markets which I know better that others; namely the FTSE / DOW. What prodviders will allow me to do this? I'm opening a FuturesBetting account, but are there others which offer DA (InteractiveBrokers)? I also now have ShareScope which I use for LSE prices.

Any advice would be most appreciated.
Many thanks.
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Old Oct 14, 2008, 7:27pm   #2
 
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Were you scalping? Some (all?) such businesses dislike scalpers as far as I can tell.
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Old Oct 14, 2008, 7:57pm   #3
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Originally Posted by shadowninja View Post
Were you scalping? Some (all?) such businesses dislike scalpers as far as I can tell.
To be fair, yes. I was scalping and swing trading. Most of the profit came from the swings, however.
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Old Oct 14, 2008, 8:11pm   #4
 
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If you're swinging, 2 minutes shouldn't be a problem... assuming you were swinging. Some people seem to think swing trading means "hold a position that's now in loss for another 30 minutes until it goes into profit".
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Old Oct 14, 2008, 8:17pm   #5
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Originally Posted by shadowninja View Post
If you're swinging, 2 minutes shouldn't be a problem...
Now hold on just a minute. Are you saying that waiting 2 minutes for execution is an acceptable level of service? It's absolutely shocking! I'm absolutely appalled by CMC. If there was a problem with my trading method then why not contact me direclty to discuss it. It seems that whilst my scalp trading resulted in a loss they were only too happy to continue processing my orders, but as soon as my account turned to profit (with £4K in one day) the story was different. I don't know how such companies exist. Surely the bad experiences travel the grapevine?

Anyway, my account is now closed. Hopefully FuturesBetting will be different - if not I take it InteractiveBrokers are a reputable company? Any others for DMA? (Never again a Spread Bet account!)

Many thanks for taking the time to reply.
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Old Oct 14, 2008, 9:00pm   #6
 
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It's not unknown for fills to be slow. It's one of the things they do. My forex broker can take ages to have an order go through. They do state this in the small print because they want to discourage scalping. Suits me fine.
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Old Oct 14, 2008, 9:02pm   #7
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Fortune500 started this thread Fair enought I suppose. FutresBetting it is then.
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