spread betting to pay off my CreditCard achievable?

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infinitym4ge

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Is this posible for someone who has a full time job to use spread betting to pay off their credit card? my credit card is currently at -£2500.

id love to use spread betting to pay this off, but is this posible? ive lost about £100 sofar messing about on IGindex.

im thinking of putting in £200 at the end of the month and seeing how it goes, what market's do you think i should work on?

regards
chris.
 
Spend the £200 on books to educate yourself first, otherwise you may as well flush it down the loo.
 
Absolutely. Whether it's advisable if you don't know what you're doing is a seperate question.
 
infinitym4ge said:
Is this posible for someone who has a full time job to use spread betting to pay off their credit card? my credit card is currently at -£2500.

id love to use spread betting to pay this off, but is this posible? ive lost about £100 sofar messing about on IGindex.

im thinking of putting in £200 at the end of the month and seeing how it goes, what market's do you think i should work on?

regards
chris.
Click to expand...

If you use your credit card to fund your SB account, in order to make profit to pay off your credit card bill :eek: then you are the perfect customer these SB firms are on the lookout for :rolleyes:

"Only trade with money you can afford to lose"
 
"Free World"

15.20 Sandown

Friday 27th February 2009

200 nicker on the nose

guaranteed
 
chilltrader said:
If you use your credit card to fund your SB account, in order to make profit to pay off your credit card bill :eek: then you are the perfect customer these SB firms are on the lookout for :rolleyes:

"Only trade with money you can afford to lose"
Click to expand...

i dont fund my SB acc with my credit card, the £100 i lost was over a month of £20 here and £20 there, at one stage i was over £70up but ot gready and the trent moved against me, and i sat there thinking its going to change its going to change but it never did (n)

im curently paying my Credit card of paying the minimum monthly, ive got a couple books on order and im tring out different stratagys ive come across on this forum mainly in forex using demo accounts.

id love to get rid of the debit. the reason i want to do it using SB because the idea of having an extra income excites me.

to be honest, im using my credit card as a goal and a means of motivation.
 
the £100 i lost was over a month of £20 here and £20 there, at one stage i was over £70up
Click to expand...

How much is in your account and how much have you lost per trade on average ?


Paul
 
It's possible, but don't take losses. I don't like your chances though if you're un-educated. But taking small losses often your chances are far worse of making any money - you'll only end up losing more.
 
what would you recomend? im sceptical about buying any "systems".
i am curently reading "A Beginner's Guide to Charting" by Michael Kahn and i have "The Financial Spread Betting Handbook" by Malcom Pryor on order.

here is an example of some of my trading
DEAL 25/02/09 B8ZCX6AG Spot FX GBP/USD 25-FEB-09 14387.3 £ +1 14357.3 -30.00
DEAL 25/02/09 B8ZDETAJ Spot FX GBP/USD 25-FEB-09 14378.8 £ -1 14390 -11.20
DEAL 25/02/09 B8ZBXHAK Spot FX GBP/USD 25-FEB-09 14381 £ +1 14381.4 0.40
DEAL 25/02/09 B8ZDQ5AB Spot FX GBP/USD 25-FEB-09 14382.1 £ -1 14381.2 0.90
DEAL 25/02/09 B8Y866AB Spot FX GBP/USD 25-FEB-09 14379.6 £ -1 14391 -11.40
DEAL 25/02/09 B8YX9MAD Spot FX GBP/USD 25-FEB-09 14383 £ +1 14400.4 17.40
DEAL 24/02/09 B8F56DAA Daily Spot Silver 24-FEB-09 1448.5 £ +0.10 1444.8 -0.37
DEAL 24/02/09 GR5YCG Daily Spot Gold 24-FEB-09 991.7 £ -0.10 989.2 0.25
DEAL 24/02/09 B8F6NJAD Wall Street Daily Cash 24-FEB-09 7162 £ +0.10 7165 0.30
DEAL 24/02/09 B8FU3GAC US SPX500 Daily 24-FEB-09 751.3 £ +0.10 749.28 -0.20
DEAL 24/02/09 B8F62SAC Daily US Light Crude (Apr) 24-FEB-09 3824 £ -0.10 3806 1.80
DEAL 24/02/09 B8FNCZAK Spot FX EUR/GBP 24-FEB-09 8763.1 £ -0.10 8793.1 -3.00
DEAL 24/02/09 B8F5YFAA FTSE 100 Daily 24-FEB-09 3793.1 £ -0.10 3843.1 -5.00
Click to expand...
 
look at your average winners compared to your average losers. It tells you all you need to know. You're going to die very quickly if you carry on like that.
 
infinitym4ge said:
Is this posible for someone who has a full time job to use spread betting to pay off their credit card? my credit card is currently at -£2500.

id love to use spread betting to pay this off, but is this posible? ive lost about £100 sofar messing about on IGindex.

im thinking of putting in £200 at the end of the month and seeing how it goes, what market's do you think i should work on?

regards
chris.
Click to expand...

If you get lucky and manage to pay off the 2500, will you then stop trading?
 
Last edited:
Mr charts, thanks for the wellcome, this is my first time on these forums.

as i said im using my credit card as motivation and as my first goal, after that im sure i would have learnt alot and anything more will be a bonus. i dont plan on quiting the day job, spread betting has just caught my eye and im verry interested.

i know there are better ways to make money on the markets but the low £1 per point apeals to me.
my losses are verry high but ive only just started, i though id give it a go befor any reading or studying and YES i got burnt, the posibility's excite me and make me want to learn.


i got gready, id make one or 2 £'s and think god this is easy.. throw in all my money and die quickly. hopefully these books will give me the basic's and ill work on a few straragy's (im using meta trader demo)

thanks
chris.
 
As Masquerade pointed out, your problem seems to be letting your losses run but closing your profits too quickly. I don't have the answer though - in fact I have the exact same problem, but on a much larger scale. My problem is stoploss phobia, caused by SB companies swinging their prices to take out stops. I guess the key to it is having some logic behind your entry and exit points...
 
thats the exact problem that i run in to, because of the extream swinging i end up having much larger stops, which end up causing me to loose more than i gain.

i guess the key is to stick to small stops and if i get stoped out i get stoped out, meaning i have small losses but in the whole far more losses than winners meaning the winners can be nice and big?
 
No.
You should be able to pay off your credit card any other way.
Firstly tear up card.
Secondly pay as much as you can to reduce the balance.
Any 'spare' money that you would spend on 'luxuries' pay to the CC.
As well as getting rid of that debt you will be saving 17% or so interest-- unless you can get a 0% somewhere.
You would be a fool to try to do it via SB as a fool and his money are soon parted.
 
infinitym4ge said:
Mr charts, thanks for the wellcome, this is my first time on these forums.

as i said im using my credit card as motivation and as my first goal, after that im sure i would have learnt alot and anything more will be a bonus. i dont plan on quiting the day job, spread betting has just caught my eye and im verry interested.

i know there are better ways to make money on the markets but the low £1 per point apeals to me.
my losses are verry high but ive only just started, i though id give it a go befor any reading or studying and YES i got burnt, the posibility's excite me and make me want to learn.


i got gready, id make one or 2 £'s and think god this is easy.. throw in all my money and die quickly. hopefully these books will give me the basic's and ill work on a few straragy's (im using meta trader demo)

thanks
chris.
Click to expand...

Chris,
Why don't you paper trade first till you have a consistent winning strategy (though many do not get that far) and then trade it using real money?
Many will tell you paper trading is useless as there is no emotional pressure involved, and whilst the latter is true, there is no way on this planet that you would have any chance of success if you failed at paper trading. At least you wouldn't drive yourself deeper into a hole.
Are you actually thinking about gambling yourself out of debt. If you are, don't. You'll only make it worse.
Your focus needs to be on being successful at what you do, the money then follows.
Only my views of course, but I've been trading for my family's living full time since 1999.
Richard
 
Thank you for all your comments! Mr. charts i had a read of yur thread and its helped me alot, i thought id give it a go and this is how i did on a 5min tick chart with IGindex, i dont plan on adding more money to my account i just wanted to give it a go.

i chose gold because the stop loss was one of the lowest i could find, the charts where not volatile and i realy though i could try out candle stick charting.

DEAL 27/02/09 B9U692AJ Daily Spot Gold 27-FEB-09 931.5 £ +0.10 932.35 +0.09
DEAL 27/02/09 B9U64LAJ Daily Spot Gold 27-FEB-09 933.7 £ -0.10 928.7 +0.50
DEAL 27/02/09 B9U3HUAF Daily Spot Gold 27-FEB-09 940.95 £ -0.10 937.58 +0.34
DEAL 27/02/09 B9US3DAA Daily Spot Gold 27-FEB-09 943.4 £ -0.10 943.13 +0.03
Click to expand...
 
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