Where are all the spreadbetting millionaires?

[Splitlink]

I think that could be a misleading statement to newcomers. Being low on capital may not be a bad idea, provided that a certain amount of that capital, and no more, is allotted to each trade. That means taking into account the spread, as well.

Someone who starts with a lot of capital should beware of trading sizes too large for his experience. There is a tendency, with a large account, to be a bit slipshod about where the exit should be just as there is to have the stoploss too close when the account is low.

Trade on a budget of, say, ten trades. If you can't do that then, yes, your account is, probably, too small.

 

[Claudia123]

I think that could be a misleading statement to newcomers. Being low on capital may not be a bad idea, provided that a certain amount of that capital, and no more, is allotted to each trade. That means taking into account the spread, as well.

Someone who starts with a lot of capital should beware of trading sizes too large for his experience. There is a tendency, with a large account, to be a bit slipshod about where the exit should be just as there is to have the stoploss too close when the account is low.

Trade on a budget of, say, ten trades. If you can't do that then, yes, your account is, probably, too small.

Point taken

 

[Splitlink]

I'm not trying to be too clever with this but, like you, I've been there and I've, also, learned that ten losing trades is not an impossibilty. Far better to get to the point where there is none left to trade, take a deep breath and think about your trading ability and what is not right with it, then sending another amount to start over again,
than to put it all in at one go.

Split

 

[Claudia123]

I'm not trying to be too clever with this but, like you, I've been there and I've, also, learned that ten losing trades is not an impossibilty. Far better to get to the point where there is none left to trade, take a deep breath and think about your trading ability and what is not right with it, then sending another amount to start over again,
than to put it all in at one go.

Split

I do agree with you. Maybe trading 50 cents a pip on fx is the way to learn. Demo accounts are useful to learn the platform thats all - trading your own money is the only way to get real experience.

 

[Skill Leverage]

Mike Ashley is a spreadbetting millionaire...

 

[Pippppin]

When I started this thread I was playing devils advocate. I wanted to see who, if anybody, would come out and say "yes, I have made £xk spreadbetting"

It is possible, of course, that some of those who appear on T2W and elsewhere are spreadbetting stooges, who work for, or on behalf of, spreadbetting companies to spread false information about the viability of making large sums via spreadbetting. The anonymity of internet promotes vast amounts of misinformation. Especially the murky world of trading.

However, it is also possible that some of those who make large claims of spreadbetting success are genuine. What is not in doubt is that the vast majority of spreadbetters have no chance of succeeding, and would not succeed trading directly in the markets either. The cannon fodder on which the spreadbetting companies have built their fortunes.

 

[Pippppin]

Mike Ashley is a spreadbetting millionaire...

If my information is correct, Mike Ashley has lost much more of his sports retailing fortune spreadbetting than he has made. IG being the principal beneficiary.

He has been about as successful spreadbetting as he has as owner of NUFC (I speak as a Newcastle fan...unfortunately)

 

[Skill Leverage]

Sarcasm - Wikipedia, the free encyclopedia

 

[jaet1989]

I suspect few come on here!!!

 

[Claudia123]

I suspect few come on here!!!

There might be a few around that shorted Lloyds on Friday

 

[Paul71]

LOL, if ever a thread reminded me why I hardly bother with T2W these days, this is it.

I wonder how many time this, and every other new thread today, has been done.

People like Trader_Dante and Donaldduke will tell you that they've made a success of spreadbetting, all the failures will ignore them and blame the spreadbetting companies rather than their own inadequacy.

Yawn.

UTB

I agree, what's more, is the amount of 'doubters' on t2w. I would bet my bottom dollar that there are individuals/traders out there who are absolutely astonished and mystified when they get it wrong. It's a free market, not a casino, but some/most think of it as a casino and not a market.:idea:

 

[Splitlink]

When I started this thread I was playing devils advocate. I wanted to see who, if anybody, would come out and say "yes, I have made £xk spreadbetting"

It is possible, of course, that some of those who appear on T2W and elsewhere are spreadbetting stooges, who work for, or on behalf of, spreadbetting companies to spread false information about the viability of making large sums via spreadbetting. The anonymity of internet promotes vast amounts of misinformation. Especially the murky world of trading.

However, it is also possible that some of those who make large claims of spreadbetting success are genuine. What is not in doubt is that the vast majority of spreadbetters have no chance of succeeding, and would not succeed trading directly in the markets either. The cannon fodder on which the spreadbetting companies have built their fortunes.

And, you might add, the men with large amounts of money who put it in the hands of the likes of Madoff. These so called "experts" who were banks and fundmanagers. There is no monopoly on stupidity. The wealthy have their share, as well as the poor.

 

[Black Swan]

When I started this thread I was playing devils advocate. I wanted to see who, if anybody, would come out and say "yes, I have made £xk spreadbetting"

It is possible, of course, that some of those who appear on T2W and elsewhere are spreadbetting stooges, who work for, or on behalf of, spreadbetting companies to spread false information about the viability of making large sums via spreadbetting. The anonymity of internet promotes vast amounts of misinformation. Especially the murky world of trading.

However, it is also possible that some of those who make large claims of spreadbetting success are genuine. What is not in doubt is that the vast majority of spreadbetters have no chance of succeeding, and would not succeed trading directly in the markets either. The cannon fodder on which the spreadbetting companies have built their fortunes.

What a ridiculous statement, the whole premis of this thread has been based on an ill conceived anthropological study? Nonsense, your childish rant versus one group of traders could extend to all traders, the separation between the methods chosen by those using SB or direct access is wafer thin. Where are you going with this, what's next, all day traders give up the job and play cards or bingo on-line instead?

The percentage of successful day traders (whatever their chosen route to market) is fairly equal so your assumption of 95% of "losers" is suggesting that 95% of contributors on these forums are in your words losers. They'll lose on your terms whether using SB or direct access. There is no magical fairy land that only the truly enlightened enter into, you don't elevate yourself to having a named broker who takes your bet as opposed to an automated system...

You also have no insight into the mechanisms the SB companies use in order to make their profits, or who and how they target. SB is very 'open' to access and trade, that's its USP. The majority of the firms' profits comes from those who play the markets sporadically and for 'fun'. The more professional/enlightened SB trader will/can do well using the SB platforms, equally they will thrive and survive in whatever trading area they prefer to operate in.

 

[Pippppin]

"The majority of the firms' profits comes from those who play the markets sporadically and for 'fun'"

....my point entirely. Cannon fodder.

 

[Black Swan]

"The majority of the firms' profits comes from those who play the markets sporadically and for 'fun'"

....my point entirely. Cannon fodder.

So by definition they cannot be described as "traders" which surely defeats the original point you were attempting to make? You've simply engaged in a specious argument. You may as well have compared individual investors, who own shares and have seen them fall in value dramatically over the past 4-5/12months, to major investors/pension fund managers.

 

[Pippppin]

More seriously, for the rookie trader who is serious about learning the discipline and mindset necessary for success, direct access offers one opponent - the market. Most will still lose. Spreadbetting offers two opponents - the market, and the spreadbetting company. If you win, they lose.

All tricks can be and are used. Not allowing stop loss points where the punter choses, thus amplifying losses. Denying entry to a trade. Denying exiting a trade. Suspending online dealing. Widening the spread. Moving the spread. Stopping out of loss making positions, despite the underlying market being nowhere near the stated level. Etc, etc.

Spreadbetting companies are no better than the sidestreet bucket shops used by Jessie Livermore in his early days. And despite the nonsense about FSA regulation, they are not accountable to anybody. You have a problem Sir? Sorry, but I am afraid.....

 

[wasp]

I'm in the six figure mark too.

Just under 1/3 of the way to seven figures.

Starting balance was £50.

Not done as well in the direct market as I have done spread betting. So far...

Only 1/3...? Do keep up! What have you been doing for the last 6 months, the markets been screaming to get raped... Best conditions ever!

Hurry up Tom!

(...and I still don't think Sb'ing is professional but not to say it can't be used!)

 

[PokerBrat]

If you check out Mr SpreadBetting's forum, he has set himself a challenge to turn £10k into £1 million.

Having said that he is not just using spreadbetting, but nonetheless, he seems to be successful at it.

 

[si1503]

It is not exactly difficult to make £1m at spreadbetting if you are a highly skilled trader. It is no different to trading any other platform plus you have the luxury of tax-free profits.

 

[donaldduke]

Im looking forward to wednesday though,
cos ive been looking at some threads by Trader-Dante (Tom) on t2w, and saw a post by him about he started with only £50 in his spreadbetting account as capital, and now has built that up to 6 figures.

So this has given me new hope and even more hunger and ambition to rebuild my capital slowly and safely, but steadily..

I did it before starting with just £759, and i made an extremely expensive living for over 6 months from that.

So that proves that it can be done, and if something can be done and ive done it before that means i am able to do it again...,
So will do it again.

Aloha Spanish89 :cheesy::clap::cheesy:

Keep dreaming mate, but dont give up the day job...