do people really make a living from SB?

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dreamingtree

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Hi,

Sorry to have posted such a dull question again, but its been couple of months now for me and am under 2K.... just makes me think if this is worthwhile ... following are the things i think i should follow .. any input would be great!

1) Don't play with petty cash ... a big pot would mean you can increase stop loss and be safe from daily fluctuations in the market. Initially my stop loss was just the bare minimum, and position always used to close in a fluctuation.

2) Always play on one or 2 index you follow and understand correctly.

Don't really blame the SB companies for my mistakes, but still not sure what am I doing wrong?

Many Thanks!
DT
 
You face a few issues trying to be profitable using a SB.

Mainly you are not just trading against the market you are trading against the bookie too.

But to be fair if you have just started trading over the past couple of months you would have to be bloody good to get off to a profitable start with the volatility we have seen, to a large extent the rulebook has gone out the window

In answer to your 2 points.

1. Big stops are not the answer, the important thing is to find the right stop and money manage accordingly, many people have traded a small account up to size but it is not easy.

2. Dont focus on 2 indexes, concentrate on 1 , know it inside out.

Direct access via a broker is much better option.
 
I like betting on daily cash indexes because the movements are much larger, the losses can be big but so can the gains!

but I'm not able to find any info on them on the net. I've been using Japan daily cash index on IG. Quite honestly i'm not sure how they are tied with the Japan 225.

Another thing, Its not that i have not made money from sb, I've benefited up to 500 pounds on single bet as well, but end up loosing all in subsequent bets :(

One Eyed Shark said:
You face a few issues trying to be profitable using a SB.

Mainly you are not just trading against the market you are trading against the bookie too.

But to be fair if you have just started trading over the past couple of months you would have to be bloody good to get off to a profitable start with the volatility we have seen, to a large extent the rulebook has gone out the window

In answer to your 2 points.

1. Big stops are not the answer, the important thing is to find the right stop and money manage accordingly, many people have traded a small account up to size but it is not easy.

2. Dont focus on 2 indexes, concentrate on 1 , know it inside out.

Direct access via a broker is much better option.
Click to expand...
 
dreamingtree said:
Hi,

Sorry to have posted such a dull question again, but its been couple of months now for me and am under 2K.... just makes me think if this is worthwhile ... following are the things i think i should follow .. any input would be great!

1) Don't play with petty cash ... a big pot would mean you can increase stop loss and be safe from daily fluctuations in the market. Initially my stop loss was just the bare minimum, and position always used to close in a fluctuation.

2) Always play on one or 2 index you follow and understand correctly.

Don't really blame the SB companies for my mistakes, but still not sure what am I doing wrong?

Many Thanks!
DT
Click to expand...

Put bluntly:

GO BACK TO PAPER TRADING.

Reason:

When paper trading use the same amount you would equivalent to your actual pot size when starting, this will give you an example if it is your pot size or your strat. Do this for many months or/and over a few hundred trades.

And, most of all, take your time, the market will be here when you are ready.
 
Like all busnieeses, SB or DMA one only gets out of it what they put in. People here have much knollage of there business and some do get good results.
These people have dedicated many hundreds of hours studying what makes prices move.
This is not a easy business to be in, however once the knollage is gained together with expieriance it is the best business in the world.
What business can generate GBP in any country in the world ?
What business gives expieanced traders so much independace ?

The message is Yes there is money to be made, its like brain surgery the money is good, butit takes many years to become qualifyied.
 
Please ignore Tom Tom's posts:

Every one of his posts are agressively against Spreadbet Firms.

Take a look through his posts, every one of them from when he joined is against Spreadbet Firms and how they rip you off.

Tom Tom is attempting to take Spreadbet Firms to court.

Tom Tom actively admits to 'scamming them' as they 'scam others'.

Tom Tom still uses Spreadbet Firms himself.
 
Good Luck to you too Lee.
I will not pretend to be the best or worst trader, however in the past decade of full time trading ( 2-4 ) days per week 4-5 hrs a day max this business has worked out quite well.
I will invite you over at some piont and can have a day with me if you like.
Swim,sauna,jacussie some trading then a few beers and some food in the evening.
Then you can decide for yourself what league/devision I belong to.
I never make comments about other people untill i have walked a mile in there shoues, there is some wisdom in thouse words.
Good Luck Today !

For me the low is in for 2008 and this is not the time of year to be bearish, these rallies could be small some sharp, before we know it its DOW 10,000 then 11,000.

I did loose a lot when calling the bottum, however did not pick the low this time but managed to get in 8050 , Im vexed that i missed out on adding to the postion when the rally on Tuesday happened, but family time all ways comes first, the market will still be here for another day.

Tom.
 
I've been involved in SB for about 10 years, and have never really com across anyone making their sole living from it. That's not to say people aren't regularly making good money from it, but it's just not their sole income. There are some day traders who exculsively spreadbet, but they generally have some capital behind them, and figures in a load of other pies. I'd say that SB is a great tool for income enhancement, but I wouldn't want to rely on it for my sole source of income - what would happen if you got shut out? There's also the grey area of whether the taxman could (although I doubt he ever would) ask you to pay income tax (not CGT) on profits if it was your sole income.

Most full-time traders in my experience have moved to CFDs and futures - generally lower coms, price transparency, etc etc.
 
ns1000,

I have been spreadbetting for my money full time for over 2 years as a sole source of my money. NO taxman, NO shut outs. I make regular withdrawals for my lifestyle and my savings account (retirement fund), whilst slowly growing my trading pot.
now you have come across me.....although that sounds wrong.
 
>>the grey area of whether the taxman <<

there is no grey area. i have spoken with the head tax chief at their head office and he confirmed to me in writing under current rules it is regarded as betting and no tax. I can't even put down i'm self employed.

most agree its hard to make consistent wins daytrading on small time frames [other than trigger charts] because of the number of losses and so most trade daily and use smaller time frame for entry. Simple 5 8 crosses will have been big winners this year on daily and weekly time frames.
 
Thank you guys!

What should be a realistic target or amount to expect if one is doing sb seriously. I mean, i've been into this for couple of months now ...

did you guys as well loose money initially when you started of?

which index do you guys prefer for trading?
 
and guys i'm not asking for any tricks of the trade ... its hard earned wisdom and SHOULDN'T be passed on :)

just general observations ..

dreamingtree said:
Thank you guys!

What should be a realistic target or amount to expect if one is doing sb seriously. I mean, i've been into this for couple of months now ...

did you guys as well loose money initially when you started of?

which index do you guys prefer for trading?
Click to expand...
 
Lee Shepherd said:
ns1000,

I have been spreadbetting for my money full time for over 2 years as a sole source of my money. NO taxman, NO shut outs. I make regular withdrawals for my lifestyle and my savings account (retirement fund), whilst slowly growing my trading pot.
now you have come across me.....although that sounds wrong.
Click to expand...

Hi Lee, Just come across this thread and likewise am trying to make some profit SB could you share any tips for us newbies please?
 
did you guys as well loose money initially when you started of? ....

you always lose money. the strategy gives you bigger wins than the losses. beware of targets. its a sign of emotional trading [greed].
 
you got it perfectly right, I hate to admit but emotional trading (greed) has been one of the main factors for my losses. Even when my trade is doing good, I tend to keep it open, just get that extra pound :(
Know its wrong and I'm working on it.

oiltanker said:
did you guys as well loose money initially when you started of? ....

you always lose money. the strategy gives you bigger wins than the losses. beware of targets. its a sign of emotional trading [greed].
Click to expand...
 
I am trying to combine MetaTrading4 charts with Igindex for betting on the Forex is there any trading stratagey that I could use please like Pin Trading?
 
the strategy should give you entries and exits.

nearly every strategy 'works' [gives more winners than losers]. the problem is the operator of the strategy.

one can feel like the monkey and the nuts in the narrow bottled jar. everyday on the charts you see huge potential to make money and everyday fear or greed trashes the outcome and one looks back and says 'if only'.

its greed that wants every tick of each move and to catch the exact turn of each move. its fear that move stops too close or cuts winners short. The system, the trade plan the strategy is king.
 
any suggestions on "entry & Exit" points and how to define them. again .. general observation !

oiltanker said:
the strategy should give you entries and exits.

nearly every strategy 'works' [gives more winners than losers]. the problem is the operator of the strategy.

one can feel like the monkey and the nuts in the narrow bottled jar. everyday on the charts you see huge potential to make money and everyday fear or greed trashes the outcome and one looks back and says 'if only'.

its greed that wants every tick of each move and to catch the exact turn of each move. its fear that move stops too close or cuts winners short. The system, the trade plan the strategy is king.
Click to expand...
 
All the info you need is on the site. If there was a holy grail trading system and it was given to you, you could still lose.You can have 90% winners and still lose. The simplest of moving averages can work if used correctly. The main general consensus is that discipline and money management are the things to master first. REMEMBER our brain is not trained to accept loses,we are raised to work 9-5 have 2.1 kids,save and take out a pension early in life. No where are we told to accept financial loses which is why so many traders chase loses. Do that and watch price action and you will succeed. I am learning all the time after losing 1000s in the early years all through ill discipline and money management.
 
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