Who do you use for direct access?
I'm doing well so far (70% up on my original balance) with 9 spreadbets. But that's all Ive done in
my life - in the last few days. I'm on the IG tradesense program learning how to trade with
10ps! I read trader_dante's thread on technical analysis, and then read Wyckoff and the Naked Trader. Played with some demo accounts for a while. Then went in for the real thing. Seems like it's paying off so far - but I know I have to watch out for the newbie traps - even though I've done
some reading.
Of course, I've read to watch out for things like spreads that go against you excessively.
jammyd
I'm doing well so far (70% up on my original balance) with 9 spreadbets. But that's all Ive done in
my life - in the last few days. I'm on the IG tradesense program learning how to trade with
10ps! I read trader_dante's thread on technical analysis, and then read Wyckoff and the Naked Trader. Played with some demo accounts for a while. Then went in for the real thing. Seems like it's paying off so far - but I know I have to watch out for the newbie traps - even though I've done
some reading.
Of course, I've read to watch out for things like spreads that go against you excessively.
jammyd
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ofurbaldur
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Keep in mind that not all markets can be easily traded via spread betting due to high spreads.
You can easily see what the percentage the spread is versus average true range of each market.
So if FTSE 100 ATR is 90 points you do 2/90 = 2.22%
The lower this percentage is the better change you should have.
Going directly on the underlying market is the best option. You need to have enough capital and Crude is a very large contract.
Regards
Baldur
You can easily see what the percentage the spread is versus average true range of each market.
So if FTSE 100 ATR is 90 points you do 2/90 = 2.22%
The lower this percentage is the better change you should have.
Going directly on the underlying market is the best option. You need to have enough capital and Crude is a very large contract.
Regards
Baldur
20 points would be 10% of an ATR of 200 points (or $2), or 5% of an ATR of 400 points (or $4). I guess maybe the spreads are being calculated using a short term 'true range'.
Maybe taking into account the massive $10 rise on Friday.
jammyd
£10kLoser
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I'm showing 10 points spread on Brent Crude in my IG and a mere 4 for US crude. I suggest you trade US, not Brent and make sure you have a standard account, not a limited risk account to get the best spreads.
Nothing wrong with spread betting - particularly as we don't pay any income tax!
Nothing wrong with spread betting - particularly as we don't pay any income tax!
True, nothing wrong with SB for tax!!!!
I'm getting spreads varying from 8 to 12 for US crude though.
My account is limited risk not standard - but I did not regret this a couple of hours ago when the platform went down for 10 mins or so!! I have IG installed on my mobile phone as well and that didn't work either - so it's not my internet connection or anything.
Obviously 10mins could have taken me out given the volatility of oil at the moment.
The guaranteed stop loss is essential methinks - If the dealing platform goes down
for as long as that on a regular basis - although I don't know if this is a regular
occurrence yet or not, being a new user?
jammyd
£10kLoser
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You almost certainly don't need guranteed stops - I've been trading without them for a long time and IG have always honoured them. This is the case even in volatile conditions when the market moved through both my stops within 10 seconds on a news release. Since it hit my limit first IG closed the trade at that level about two minutes later, despite the price then being way below my stop.
The platform very raely goes down and I'd expect my non-guarenteed stops to be honoured anyway! I don't think it went down this morning for me but I could have missed it.
The platform very raely goes down and I'd expect my non-guarenteed stops to be honoured anyway! I don't think it went down this morning for me but I could have missed it.
I'm definitely not anti-spread bet. All I want (probably just as everyone else) is low spreads, low minimum stake, reliable platform, good selection of equities, indices etc, and a broker who doesn't act as a counterparty - who therefore wants you to win wherever possible.
If someone set this business up - everyone would be using it, and therefore it would be
profitable.
jammyd
What on earth are you talking about? There are tons of DMA companies that offer exactly what you're asking for?
Don't trust any platform, if you have a standard account and don't have a stop loss in place, it might be a hard learned lesson. Have an additional SB up and running, so that you can hedge your position if something goes wrong.
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Thanks for the advice. I will make sure I always have a stop in place if I get a standard account. Who would you recommend as an SB platform that is good for respecting stops with low slippage (and doesn't go stop-loss hunting regularly)?
jammyd
Try several SB, to be able to form your own opinion. Capitalspreads are good on stops and no slippage to talk about. Over the years I have had one or two stops missed by the system. I have always after a discussion been able to reverse these trades. Worldspreads was when I traded with them, good handling stop losses. You also have ODL and you have the newcomer iflexspreads. However, the best thing is to get a SB who offers a predefined user stop loss. To my knowledge GFT are the only SB company offering this important platform facility, If you are pleased with the spread they are offering, it might be a good choice to have them in your SB trading setup.
England765
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Yes capital spreads and GFT are a 5 spread, at least during the main trading session.
