12 grand profit on a spreadbet accout? They'll throw you to the dogs and cancel your account...... Unless you've got £250K in the account, then they might just let you stay, on the basis that next week you'll lose £50k.......
Spead betting companies are interested in the amount of trades you make, not how much you win or lose. Although they would prefer you to win as this promotes more trades for them to make their profit on the spread.
I do not work for any spread betting company. I am a private trader. I use City Index for my trading and have experienced big wins as well as big losses. (Fortunately the wins outweigh the losses). However, the company itself, is only interested in the amount of trades I make as well as the amount in my account to cover any margins. And obviously, from there buisness point of view, it would be better for them if all it's customers were in profit and making lots of trades.
I think spread betting companies prefer their customers to loose. IG index don't hedge most of their clients positions because they know most of them will loose. It's easy to get new customers as everyone thinks they can make a profit when they start spread betting.
They don't mind a few customers who make a profit as they can hedge against their positions.
In my experience, they don't like people who trade too often. Finspreads made it much harder to 'scalp' after some clients found an good way to make money.
"The Group's long-standing policy is not to hedge all of its exposure to the financial markets and, as a result, the level of trading income that the Group achieves for any given volume is subject to some variation. This characteristic has been reinforced by a decision taken in March to leave unhedged a higher proportion of our exposure than hitherto. While this is likely to lead to increased volatility in monthly profits, it will undoubtedly reduce our costs and, in the opinion of the Board, should result in higher profits over the longer term. "
Im thinking of going to one of Jeff Jetvics seminars on the above Goldbar/Signpost Spread Trading Systems....I've spoke to him on the phone (supposidly) Its gonna set me back £695, so before i do, as anyone been on the course, heard of him etc.
I read a coulple of negative threads on the course....but im wondering if its working for a lot more ?
I have been on this day in London a while ago now and I have to say it was the biggest waste of money I have ever been stupid enough to throw away.
I have recently been to see Naz and Mr Charts and they were both very good and teach you to trade properly not using a holy grail system that looks good on historical charts but in reality does not work. If you need any more info PM me.
I went on his course last year.Total waste of time IMO.He gives you his 'Goldbar' indicator which is a plugin for Omega Supercharts, which is supposedly based on indicating Market makers actions in a market and whether they are buying or selling, hence pushing the market up or down. Claims of 70% success rate(pie in the sky!!!).
I attended his coarse a year ago, although first impressions may be a bit chaotic for long term commodity traders it is extremly good with a success rate in recent months in excess of 80%.most of which I have followed and returns have been excellent.
It is not for day trading, or those with limited resources. You also need to subcribe to his weekly and daily email about£75 a month,which is more valuable than the coarse attendance in many ways ,as well as buy additional software.
Conclusion. This is a superb service but for serious professional long term trend traders only, with sufficient starting capital.
Tandy - in CFTR`s literature it claims SignPost will produce 1 - 2 trades per week in each market covered, and return an average of around 150 points per week on the FTSE index. Can I ask what is your experience over the year that you`ve been using Signpost - in terms of the frequency of trading signals per market (particularly the indices if you trade these) and average net points made per week?