spreadbetting

This is a discussion on spreadbetting within the First Steps forums, part of the Reception category; I have recently joined T2W, and I was wondering if anyone can recommend a spreadbetting company. I have belonged to ...

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Old Oct 29, 2008, 9:11pm   #1
 
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spreadbetting

I have recently joined T2W, and I was wondering if anyone can recommend a spreadbetting company. I have belonged to finspreads for several years, and lost lots, but am still trying. But just recently am having more problems with them - having stop losses taken out almost straight away when it doesn't look as if the price has gone near it. They say it is based on Bloomberg futures, but don't show these prices on their website. Is there a way of getting to see Bloomberg futures - and as I am betting on Wall Street rolling spread (rather than Wall Street daily future) would the Bloomberg futures price really be applicable. Knowing these details is really quite important - I lost out on £300 yesterday because of this. I also belong to IG index, but haven't used them much. Is there a spreadbetting company you can really rely on? Any advice gladly received. Also any advice on strategies from someone who actually manages to win consistently.
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Old Oct 29, 2008, 9:22pm   #2
Joined Apr 2008
Don't risk money if you don't have a strategy.

Depends. ODL have very tight spreads of 1 point across ftse dax etc. Not so much on DOW. I think ig have a tighter spread but i'm unsure. If your scalping odl are pretty good.

Read around, support and resistance is probably the easiest strategy around. "sticking with your guns" is a total other matter
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Old Oct 29, 2008, 9:28pm   #3
 
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Quote:
Originally Posted by Maggle View Post
I have recently joined T2W, and I was wondering if anyone can recommend a spreadbetting company. I have belonged to finspreads for several years, and lost lots, but am still trying. But just recently am having more problems with them - having stop losses taken out almost straight away when it doesn't look as if the price has gone near it. They say it is based on Bloomberg futures, but don't show these prices on their website. Is there a way of getting to see Bloomberg futures - and as I am betting on Wall Street rolling spread (rather than Wall Street daily future) would the Bloomberg futures price really be applicable. Knowing these details is really quite important - I lost out on £300 yesterday because of this. I also belong to IG index, but haven't used them much. Is there a spreadbetting company you can really rely on? Any advice gladly received. Also any advice on strategies from someone who actually manages to win consistently.
I've got several SB accounts. I've only had my IGIndex account one for a month now, but i have been using it a lot and by far it is the best. The fills are quick, the charting is brilliant. Got no complaints at all. Why haven't you tried using them much? Maybe worth a go.

Regarding your losses. How long have you been at this for? Are things improving as time goes on?

There is a lot of discussions regarding strategies on this forum if you hunt around. How have you been trading up until now- what kind of strategy are you using? How are you managing risk?
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Old Oct 30, 2008, 12:11am   #4
 
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Maggle started this thread thanks for your reply KillPhil. I haven't heard of ODL so will look them up. I have tried various strategies and read quite a lot, but don't know any traders/spreadbetters to compare notes with, so this site may help. Do you manage to make money overall?
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Old Oct 30, 2008, 12:40am   #5
 
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Maggle started this thread Thanks to your reply too UKtradergirl. Interesting that you have found IGIndex good. Perhaps I should go back to them - I did actually make a few thousand pounds trading with them one spring a couple of years ago - the bull market was in full swing which made it easier, as I find it more difficult to short - I feel OK shorting indices, but not stocks. I started out very carefully, and built up. I did seem to do better with them than finspreads. But then I started to lose,so gave up with them. One thing I found not so good with IGindex was they sometimes require a bigger stake than finspreads eg. £2 a point on the ftse (I really prefer to use £1). If they don't mess you about with false stop losses I think I'll be better off to go back to them. Also I'll have a look at ODL which KillPhil mentioned.
I have been trying to do this for several years, ever since I lost a load of money in the technology crash in 2000 - my idea was to try and make the money back, but overall it hasn't worked for me. I'm still searching - no things haven't improved, in fact this year has been particularly bad. But I'm still fascinated by the markets, enjoy looking at charts etc.
Regarding strategy, I mostly look at chart patterns - eg cup and handle, double top, flags, pennants, wegdes, as well as support and resistance. I manage risk by putting on stoplosses, but often these seem to cause a loss as prices mostly don't go up or down in a straight line. Still they are necessary, unless you can sit at the screen all the time.
Are you making money? What is your strategy?and how long have you been doing this? Sorry, lots of questions.
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Old Oct 30, 2008, 9:50am   #6
 
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Originally Posted by Maggle View Post
I have recently joined T2W, and I was wondering if anyone can recommend a spreadbetting company. I have belonged to finspreads for several years, and lost lots, but am still trying. But just recently am having more problems with them - having stop losses taken out almost straight away when it doesn't look as if the price has gone near it. They say it is based on Bloomberg futures, but don't show these prices on their website. Is there a way of getting to see Bloomberg futures - and as I am betting on Wall Street rolling spread (rather than Wall Street daily future) would the Bloomberg futures price really be applicable. Knowing these details is really quite important - I lost out on £300 yesterday because of this. I also belong to IG index, but haven't used them much. Is there a spreadbetting company you can really rely on? Any advice gladly received. Also any advice on strategies from someone who actually manages to win consistently.
Hi maggie,

having read through your post its clear to see that its not the SB firm's problem here, its yours. This is good news as reading below will make you aware, you can then go about correcting this.


O.k, here we go:

Your problem (as you see fit) is your stops getting taken out when you dont feel or believe that its gone there. It will be the same for every spreadbet company, this is not them hunting you down, simply changing the price according to the market (assuming its within market hours).

If you feel genuinely that they are hunting you down specifically or they have made a mistake (and they do happen) you can do one of two things:

1) Complain and they will put you back in (this must be done immediately) if not, go to FSA and they will investigate, this kind of behaviour brings about heavy fines and eventual shutting down of the firm. This is why they tend not to do it, makes sense right, why risk a huge fine, a bad reputation and possible shutdown for a few hundred or thousand quid.

or

2) Sign up with several SB companies (unrelated) and ARB them, this means to go Short with one firm and go Long with the other, when the prices then come back together, you make profit, easy. Check out Arbitrage.

P.S: Every SB firm keeps there prices extremely similar so ARB is virtually impossible most of the time, plus with rapping around the spread and the constant moving of prices you could find yourself waiting for months before getting a viable 'hit', only to find that you also get a slow fill making the trade useless and none profitable.
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Old Oct 30, 2008, 10:05am   #7
 
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Originally Posted by Lee Shepherd View Post
2) Sign up with several SB companies (unrelated) and ARB them, this means to go Short with one firm and go Long with the other, when the prices then come back together, you make profit, easy. Check out Arbitrage.
Nice post Lee. However, I'd like to add that in my opinion arbitrage isn't that recommendable. The execution risk is huge, especially in these volatile markets. And you'll hurt your eyes trying to watch for them. I had a spreadsheet once that compared spreads between different firms, and while there were occasional opportunities in the spreadsheet, by the time I tried to trade them manually the opportunities were gone.

Also, if you do manage to get consistent with the arbitrage, your account will probably get flagged and banned. Or even worse, they'll cancell your winning trades. So you'll lose on one leg. But not win on the other. One easy way for them to spot arbers is to see who always lets their daily bets settle, rather than closing out early.

Apologies if this is long winded, but I just don't want to see newbies get hurt.
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