Newbie Question - bet on FTSE 100 close?

This is a discussion on Newbie Question - bet on FTSE 100 close? within the First Steps forums, part of the Reception category; Is there any website offering a (spread)bet on the closing price for the FTSE 100 for the following day? Thanks...

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Old Mar 25, 2003, 11:43am   #1
 
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Newbie Question - bet on FTSE 100 close?

Is there any website offering a (spread)bet on the closing price for the FTSE 100 for the following day?

Thanks
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Old Mar 25, 2003, 1:45pm   #2
 
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Hi Howdoitrade

Welcome to T2W

Why would you want to
If you think the FTSE will finish at 3400, and the price is 3450 then you short it - if it then went to 3460 you could go short again. You would need to make lots of small bets - but it is possible to do.

Hope this helps
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Old Mar 25, 2003, 1:53pm   #3
 
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howdoitrade started this thread Hi

I understand the multiple going short option. My hope was an insight into what the market felt might occur on the following day - that is I wasn't going to bet on this, I wanted an indication of what the market might do (to bet on other sites).

There's clearly no such thing as a free lunch.
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Old Mar 25, 2003, 2:26pm   #4
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Hi HDIT,

Check out this site particularly after trading has closed and go to Financial Bets. You will get a good indication of the odds people think that the main markets are likley to go.

http://www.betfair.com/

Good Luck


Paul
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Old May 18, 2004, 3:46pm   #5
 
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Ig Index do Binary bets for the following day after the close I think.
But I'd agree with FTSE, just put a long or short bet on a future. It give you a little more time to recover or to let profits run.
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Old May 24, 2004, 11:17pm   #6
 
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I don't understand the multiple going short option - can someone explain?
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Old May 25, 2004, 12:43am   #7
 
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I don't understand the multiple going short option - can someone explain?

It is the tried and trusted technique of adding to a losing position. Tried by many and trusted by none.

The example given assumes you think the market will fall. If it goes up instead then short it again and keep doing this until eventually it does fall and you can close out your position. The major flaw with this is sometimes you run out of time or money before it eventually does what you want and falls.

Rule One. Never add to a losing position.
Rule Two. See rule one.

The advantage of spreadbets over other type of bets is that you can close a losing bet (you got it wrong) or close and reverse (you got it wrong and now want to see if you can get it right) whilst the race/event/market is running/open.

Continually adding to a poor trade ignores all the accepted wisdom of using stoplosses, chopping losers and running your winners and using money management. You might get away with it and you might be lucky and get away with it more than once but eventually it will result in a significant loss.

Never let a small loss become a big loss.
The first cut is the cheapest.
etc..

Last edited by jpwone; May 25, 2004 at 2:28am.
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Old May 25, 2004, 8:55am   #8
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Binexx.com gives you the exact prediction of the percentage chance of a market closing up or down. Plus you can trade through the auction, unlike other sites I know. Only a few markets at the mo but more to come soon apparently. Also, they have live streaming prices, unlike betfair's annoying 20 second delay.
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Old May 25, 2004, 10:49pm   #9
 
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Thanks jpwone, that's what I thought - thought I must be missing something - sounds a bit like the old doubling up game at the horses, works ok until you get a reasonably bad run then you run out of cash.
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