how do i spread bet

[cardinal]

i have won the share comp this month, has anyone any idea how to spread bet with the £500 or do you think it is too risky

 

[rossored]

well, its not like you can do anything else with the money, as you can't draw it out for 6 months, so I would suggest that you treat it like money you really can afford to lose. Trade small size with it, see how you get on.

 

[timsk]

Comp' Rules Question

Apologies to cardinal for going off topic, but it doesn't seem worthwhile to start a new thread for one little question! Hope you don't mind cardinal?

There appears to be a discrepancy between the main 'homepage' of the comp' forum and what is stated in the rules.

Homepage:
"Trade2Win, in association with Finspreads, are pleased to announce that this month’s prize is a whopping £500, deposited into the winners' Finspreads account. There is no limit to the number of times you can win."
Rule # 9 suggests otherwise:
Prizes will be awarded a maximum of two times to the same player in any 12 month period.

As I've never played the comp' before - let alone won it even once - members might conclude that I'm being a tad premature with my concerns! And you'd be right, but I thought it worth mentioning nonetheless. BTW, I'm one of those people who only plays the lottery when there's a record breaking roll-over!
:cheesy:
Tim.

 

[cardinal]

well, its not like you can do anything else with the money, as you can't draw it out for 6 months, so I would suggest that you treat it like money you really can afford to lose. Trade small size with it, see how you get on.

i know i cannot do anything else with the money but i do not even know what spread betting is, have any of the t2 comp winners made any money from their £500, it would also be interesting to see how many have actually lost money

 

[charliechan]

if i were you, id do nothing with it, and just draw it out in 6 months and give it to needy kids. at least do some good with it. if you spreadbet, i guarantee most of it will go straight back into the pockets of the dudes who hold the account - they get enough money as it is.

 

[skeltonr9]

dont botther

i have won the share comp this month, has anyone any idea how to spread bet with the £500 or do you think it is too risky

i wouldnt botther if i was you, you have more chance of getting your t.shirt you won months ago than winning on spread betting,on that subject has anyone ever received one of these fantastic t. shirts yet

 

[timsk]

if i were you, id do nothing with it, and just draw it out in 6 months and give it to needy kids. at least do some good with it. if you spreadbet, i guarantee most of it will go straight back into the pockets of the dudes who hold the account - they get enough money as it is.

Hi cardinal,
Having taken your thread off topic in my previous post, it is only fair that I address your question and the response (quoted) by charliechan. CC's concerns have substance, that's for sure. However, as with many things in life, the story regarding spread betting companies is not quite as one sided as he implies. There are numerous threads relating to the generic concept of spread betting, right down to individual SB companies - including Finspreads, the sponsors of the share completion and providers of your prize. (Congrat's on your win, by the way). So, do a search; there's much to read, mark learn and inwardly digest. In case my comment suggesting that cc's comments are only one side of the coin, check out this thread, it may help to redress the balance: http://www.trade2win.com/boards/showthread.php?t=20742
In it, the evidence against SB firms appears to be very damning; case closed one could say. Until, that is, GammaJammer makes his post(s) which, to my mind, kinda redresses the balance. Without doubt, cc's criticisms are based upon the experience of many disgruntled traders on these boards and should not be ignored. Equally, many folks recommend SBing as a low cost entry to the trading arena and, even, there are those who maintain that they make a handsome profit from it.
To be fair to Finspreads, they offer their 'Trading Academy' for new accounts such as yours, so why not take full advantage of their services and learn as much as you can about their product? You have the facility to trade with very small stakes and, in doing so, you have the ideal opportunity to see if the strategy which won you the share comp' can be transfered to 'real' trading. Unless your win was a total, utter and complete fluke, then presumably, sooner or later you will want to test your strategy in the real market? If this is the case, then Spread Betting is an obvious stating point with much to merit it. My view is to suppose the sternest critics of SBing are all correct:- if you are able to break even or, hope against hope, manage to turn a small profit using this medium, it will bode very well indeed for the day you upgrade to a 'professional' broker with a 'professional' trading platform.
Just my 2p worth, good luck to you in whatever you decide to do.
Cheers,
Tim.

 

[rossored]

i wouldnt botther if i was you, you have more chance of getting your t.shirt you won months ago than winning on spread betting,on that subject has anyone ever received one of these fantastic t. shirts yet

it is true that the t-shirt issue is a bit of a bone of contention.

However the £500 comes direct from finspreads and is normally deposited within a couple of days.