Spread betting FRAUD

This is a discussion on Spread betting FRAUD within the Indices forums, part of the Markets category; Can you read my tread 'Has the FTSE reached the top?'. Anyway, spread trading or betting is like Worse, much ...

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Old Aug 31, 2008, 9:06pm   #22
Joined Aug 2008
Audio Broadcast Hi, Fib

Can you read my tread 'Has the FTSE reached the top?'. Anyway, spread trading or betting is like Worse, much much Worse Than Gambling. A person could walk into a betting shop and bet a quid on a horse or into those jackpot/ roulette machines. If he wins, then he wins or if he loses, a quid is nothing.

But for spread trade, it is definitely worse! It is like sending money into a hellhole with darkness enveloping. I have done trades for the Hang Seng Index. Managed to get 4000 pounds ( or the equivalent ) profits per week on top of my 9,000 pounds capital! But the trading brokerage withheld my profits claiming that they have cash flow problem or that the withdrawal is ill-timed ( they even had the galls to subtract a certain loss prior to my becoming a self-investor ).

Some of these trading firms DO HAVE CASH FLOW PROBLEMS and are dodgy in their dealings. A lot might be connected with money laundering and shady figures in the underworld. So, do watchout for these firms. That was where I had been, during my years trading in Malaya!

S K

Quote:
Originally Posted by JTrader View Post
I agree. If you are holding overnight beyond the close, you have to be prepared for such incidences.
Fib, i agree with you that this system has the potential to be abused by the SB - stop-hunting etc. But if you trade despite this, you are vulnerable to the potential abuse.
The alternative to trading real FTSE futures contracts, and continuing with the SB route is to only day trade (not hold open positions beyond the session close) or look at futuresbetting.com
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Old Sep 1, 2008, 9:15am   #23
Joined Aug 2008
Question Hi

For spread betters/ traders, it is the best policy to apply a quick and get it entry/ exit.
No rollover or going in for prolong ( more than 1 hour ) kind of thing. As you know, the market in London would be more and more upbeat dependent on the Treasury and other commercial sector news. Due to unemployment, a lot of other implications would arise.

As you can gather, there would be more unemployment and there would be also more and more crime ( high level ones like hacking and frauds as well ) being committed so do watchout for any online glithes and attacks. It is advised that you never pay the betting/ trading company online either using a credit card or even a debit card. Use crossed check instead. I am a former IT security/ technical consult.

Also never use an IM program ( such as skype or icq ) when you are trading/ betting as these succumb to hacking events or internet virus spread, very easily. If possible use free programs like zonealarm ( firewalls ) and Mcafee site_advisor as these would prevent phishing sites and virus/ hacking from ruining your connection bandwidth. You see there are adwares that can STEAL YOUR BANDWIDTH, so that the data feed from the brokerage slows down - a change in FTSE might take 14 secs instead of the almost real time change!

Spyware/ adware also slows down the PC/ Laptop such that your automated trading system might not execute the proper trading ( STOP or TRAILING STOP ) in time! It will even cause untold stress and frustration if you have to execute it yourself ( in the case of non-automated trading system interface )!

That is why it is necessary to be like a Barbarian Raider than a long term Holder strategy for those who are into spread betting/ trading. Ha, it is also wise to choose a good and trusty brokerage ( it is like you are fighting on their tuft ) as they can turn and backbite ( since the money is in their hands ) you, even though you have an account with them and the money deposit is in the positive. They want to Earn Money ( whether be it from you, the client or from its hedge that it supposedly places for every bet ) - the Main Object!

Let me further advise that there is volitility in the FTSE and of course, there will be a downward coming soon. So, that trendline would hold for days. Do watchout for it. That is like a good wave for those who like a good Surfer, try to get a good surfing record!

I am also into the DOW as well. But will keep the update on a separate tread.



S K

--------------------------------------------------------------------------------------------------------Hi there

Be one with GOD, so that HE may appoint a deliver for your Soul! -HariHaraBramKalki ( S K )



Quote:
Originally Posted by cu20052003 View Post
I have actual Fundamental Analysis data that the deviations might be more of a 4-10 % point downward. Might not be a spiral to a support of 5,200 yet but that is my analysis using current FA data.

But of course, intraday analysis depends on the data feeds and Tech Analysis instead.
I am certain that 5,200 plus minus 75 points would be a comfortable region for those who might consider short-selling the FTSE futures or even spread trade or bet!

The Spread traders of course, cannot carry a roll over trade to the next day. Of, for those of you who might want to spread trade or bet, please do consider this point. And I definitely would discourage anyone getting into credit card debts for the sake of getting to trade or spread trade. Makes no sense here.

The Fri ( 29/08 ) close is 5,637 - up 36 points from ( 28/08 ) Thurs closing of 5,601 and of course that was steadily rising little from the rest of the week.

S K
Quote:
Originally Posted by Trader333 View Post
I actually think that as long as you position size relative to the volatility of the time frame you are trading the risk is no greater. That may not be the case with SB companies but I have not found it to be an issue using direct access.


Paul
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Old Sep 16, 2008, 10:15am   #24
Joined Oct 2007
By now you all know my thoughts on spread betting companies.
If your going to trade use DA through a good broker.
1 pont on the dow and 0.10 S&P or 0.25 mini
Spread betting companies stink, some more than others, but still stinks the same.
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Old Sep 16, 2008, 11:03am   #25
Joined Aug 2008
Audio Broadcast Hi to All and Sundry!

As you know, when you enter a gambling den, the moment you make entry the den already had you in its 'mouth' - unless of course, you don't place a bet at all!

The longer you stay, the worse it gets for the pocket 'cos the den has the house edge.
In regards to the rules and regulations, for online trading brokers, they also reserve the right to refuse a bet or a contract. So, this also implies an addition to the House Edge as the gambling dens Will Not Refuse a Bet or any Bet ( unless it like for roulette - the ball has already started rolling - which will not happen for online trading as it has to be near real time ).

So, technology is in the way as some Internet connections are slow and sometimes the phone can get busy or cross lined as well! Therefore, it is best to use a broker that provide good clean signals/ data w/o the usual repudiations of bets and the tightest spread possible for clients as these conditions lets a trade be carried out smoothly ( not gambling any more as it brings out the FA, TA and the usual RA ......... etc into the Trading activity ) and wisely!

But, do catch out the recession bug, cos the last recession, many dodgy ones are coming out, the FSA and the consumer protection agency will not cover any losses, even though should there be any offset against tax, there is no point as it leaves the clients cheated ( none the wiser ) ......................

A few pence to this topic!

S K


---------------------------------------------------------------------------------------------------------------------------------------

Hi there

Be the One for GOD, so that I may appoint a deliverer for thy SOUL!

HariHaraBramKalki(S K)

360.yahoo.com/cu20052003




Quote:
Originally Posted by TomTom View Post
By now you all know my thoughts on spread betting companies.
If your going to trade use DA through a good broker.
1 pont on the dow and 0.10 S&P or 0.25 mini
Spread betting companies stink, some more than others, but still stinks the same.
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Old Sep 16, 2008, 5:08pm   #26
Joined Aug 2003
Quote:
I am a former IT security/ technical consult.

S K

--------------------------------------------------------------------------------------------------------Hi there

Be one with GOD, so that HE may appoint a deliver for your Soul! -HariHaraBramKalki ( S K )[/QUOTE]




Yes for which Donar Kebab shop were you a IT security/ technical consult for.
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Old Sep 17, 2008, 3:16pm   #27
Joined Jan 2006
You may see it as unfair that IG stopped you out at 6151, but if you had the position on with DMA and the market kept on dumping in the states you could have found you stop being filled where the FTSE opened. I.e. way below 6151.
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Old Sep 19, 2008, 9:19am   #28
Joined Oct 2007
gamma like your style Donar Kebab shop LOL
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