what is an acceptable income for full time spreadbetting?
the blades
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JasonC2 said:
Hmmmm,
How long is a piece of string.
Some people live happily on £15K per year, some people "require" >£100K.
Surely only you can answer that question, and anyone else's answer is irrelevant, isn't it?
All the best,
UTB
PS - £100 per day ifrom spreadbetting is a take home pay of £25K per year, probably the same as earning around £40K in a "normal" job. I'm sure there's many people who'd gladly give up the 9-5 for that.
sandpiper
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Jason,
Bad idea my friend. Acceptable to who? Why do you care what anyone else thinks?
Rule 1 (imo). Aspirations should be your own, not based on anybody else's baggage. You should know how much you personally need to earn to 'live'. Do you own your own gaff? Does the missus work? Have you got savings? etc, blah, blah. It's all relative.
Rule 2 (imo). Any 'regular' income obtained from this pursuit (and by that I mean demonstrable, regular, not subject to 'changing markets', etc..blah, blah) is a good income if you can modify your lifestyle to match.
Bad idea my friend. Acceptable to who? Why do you care what anyone else thinks?
Rule 1 (imo). Aspirations should be your own, not based on anybody else's baggage. You should know how much you personally need to earn to 'live'. Do you own your own gaff? Does the missus work? Have you got savings? etc, blah, blah. It's all relative.
Rule 2 (imo). Any 'regular' income obtained from this pursuit (and by that I mean demonstrable, regular, not subject to 'changing markets', etc..blah, blah) is a good income if you can modify your lifestyle to match.
It might not be worth the risk !
You have talked about what is an acceptable profit, but more importantly what is an acceptable risk ?
In addition, as others have pointed out, your question can only be evaluated in terms of your own expectations. If you asked a tramp in the street and Bill Gates that same question, would you expect the same answer ?
I suspect that you are seeking reassurance that your profit expectations are realistic, but back to my first point, how much are you investing/risking to make this (possibly) temporary profit ?
Charlton
JasonC2 said:
You have talked about what is an acceptable profit, but more importantly what is an acceptable risk ?
In addition, as others have pointed out, your question can only be evaluated in terms of your own expectations. If you asked a tramp in the street and Bill Gates that same question, would you expect the same answer ?
I suspect that you are seeking reassurance that your profit expectations are realistic, but back to my first point, how much are you investing/risking to make this (possibly) temporary profit ?
Charlton
Silent.Trader
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JasonC2 said:
I'ld say it just depends on where you come from. Basicly you should make at least as much as you make in the job you give up for trading + the expenses made. Considering the additional risk compared to a paid job you should make clearly more, but if you like trading (much) better than the job you give up, you might discount a bit.
Essentially it's entirely up to yourself, what amount would satisfy you?
Thinkming about it in 'profit per day' is the worst thing you can do. Spread betting is not like owning a fruit machine where everyday you open up and the back and take the profit out.
Also, if you do it full time then chances are you'll have the taxman on your back. Yes, it is tax-free but then the taxman can move the goalposts when he wants. Many pro betters have found this out to their cost.
Also, if you do it full time then chances are you'll have the taxman on your back. Yes, it is tax-free but then the taxman can move the goalposts when he wants. Many pro betters have found this out to their cost.
The answers are not so simple true! But once you figure out that spread betting is the same as futures trading but you get to choose your stake, you get to choose your risk, you get to choose your margins, you get to choose your exit points. I say SB firms are far more flexible that futures brokers, and i would say you get a better service in most cases.
Nothing is for free, and if you are starting trading for the first time the question should be, "What is an acceptable amount of money to loose before i start making money". Learning costs money! I suppose a plan in neccessary.....
Zuke calculating profits by pips or ticks is a way of emotionally de-sensitising your trading, i was offered this idea once. However it all comes down to how much you've made on each trade and you cannot lie to yourself, in the back of your mind it will always be about ££££££££
Nothing is for free, and if you are starting trading for the first time the question should be, "What is an acceptable amount of money to loose before i start making money". Learning costs money! I suppose a plan in neccessary.....
Zuke calculating profits by pips or ticks is a way of emotionally de-sensitising your trading, i was offered this idea once. However it all comes down to how much you've made on each trade and you cannot lie to yourself, in the back of your mind it will always be about ££££££££
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