How to make money from spread betting

0007

Senior member
2,376 660
Stuart Wheeler knows a thing or two about this subject. Here's a couple of quotes from an article he's just written in the Spectator magazine:

"me: Darling, I thought you might like to know that I have made one and a quarter million pounds on a bet.
wife (in uninterested voice): Well done, darling.
wife (in animated voice): Now, about the flowers…."

"The fact is that spread betting is a boon to the Chancellor."

"Well, there are two ways [of making money]. You can own a chunk of a successful spread-betting firm or you can be a spread-better and get things right. Miraculously, I have managed to do both."

Encouragement for us all eh? Read the article here How to make money from spread betting » The Spectator
 
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Trader333

Moderator
8,610 936
"Well, there are two ways [of making money]. You can own a chunk of a successful spread-betting firm or you can be a spread-better and get things right. Miraculously, I have managed to do both."

Does that mean bets were being placed with their own company in which case they couldn't really go too far wrong.
 
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timsk

Legendary member
7,397 2,184
Does that mean you were placing bets with your own company in which case you couldn't really go too far wrong.
No Paul, according to the article, he traded via a competitor, covering his short Dow trade just after 9/11. Not too sure how I'd feel about making millions out of an event like 9/11.
Tim.
 

the hare

Senior member
2,949 1,283
Not too sure how I'd feel about making millions out of an event like 9/11.
Tim.

I remember having a few moral issues at the time of the London bombings.

It probably sounds cold and heartless but I suspect you'd feel worse if you lost a couple of million due to 911.
 

timsk

Legendary member
7,397 2,184
It probably sounds cold and heartless but I suspect you'd feel worse if you lost a couple of million due to 911.
Yes, fair comment the hare, I suspect you're right.
;)
Tim.
 

Lee Shepherd

Senior member
2,164 572
No Paul, according to the article, he traded via a competitor, covering his short Dow trade just after 9/11. Not too sure how I'd feel about making millions out of an event like 9/11.
Tim.

Hiya Timsk,

Always an interesting one for which has come my way on occasions whenever I engage in conversations with people and this event comes into play.

The bottom line is you did not cause the event nor did you know about it. Therefore you cannot have won/earnt the money immorally in this incidence.

If you sell Ice creams and one day it is extremely hot where loads of people want to buy from you but yet a few people die from heat stroke.....Is it your fault for selling ice creams????

That analogy is as pathetic as someone thinking that traders should give their 'immoral earnings' away to charity.

We are simply betting on an outcome of a price governed by the group of peoples mentality of what it should be , not a specific event happening in the real world, after all, how real is the market anyway.

Lee
 
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timsk

Legendary member
7,397 2,184
Hi Lee,
I hear what you're saying and, broadly speaking, I agree with you. However, imagine this scenario . . . You're Mr Wheeler, you've covered your Dow short and withdrawn your winnings. The following week, you're floating around the Med' on you're brand new £1m gin palace hosting a party for your friends, when one of them comes up to you and says 'Havin' a great time Charlie ol' boy, luuuuuv the boat - what did you have to do to get it?' And Charlie replies, "You know that nasty business in NYC last week, well, thanks to those terrorists, I'm (even more) minted and you're having a wonderful time".

You gotta admit, whilst it may not be immoral, it's pretty tacky to say the least. I think most people who spend money on themselves that's been acquired as a result of something like 9/11 aren't going to feel that great about it - that's my only point really.
Tim.
 
M

member275544

0 0
Hi Lee,
I hear what you're saying and, broadly speaking, I agree with you. However, imagine this scenario . . . You're Mr Wheeler, you've covered your Dow short and withdrawn your winnings. The following week, you're floating around the Med' on you're brand new £1m gin palace hosting a party for your friends, when one of them comes up to you and says 'Havin' a great time Charlie ol' boy, luuuuuv the boat - what did you have to do to get it?' And Charlie replies, "You know that nasty business in NYC last week, well, thanks to those terrorists, I'm (even more) minted and you're having a wonderful time".

You gotta admit, whilst it may not be immoral, it's pretty tacky to say the least. I think most people who spend money on themselves that's been acquired as a result of something like 9/11 aren't going to feel that great about it - that's my only point really.
Tim.

Mr Wheeler might then argue that given the Dow had already been tanking the few months earlier that 9/11 had nothing to do with his winnings.
 

Lee Shepherd

Senior member
2,164 572
Hi Lee,
I hear what you're saying and, broadly speaking, I agree with you. However, imagine this scenario . . . You're Mr Wheeler, you've covered your Dow short and withdrawn your winnings. The following week, you're floating around the Med' on you're brand new £1m gin palace hosting a party for your friends, when one of them comes up to you and says 'Havin' a great time Charlie ol' boy, luuuuuv the boat - what did you have to do to get it?' And Charlie replies, "You know that nasty business in NYC last week, well, thanks to those terrorists, I'm (even more) minted and you're having a wonderful time".

You gotta admit, whilst it may not be immoral, it's pretty tacky to say the least. I think most people who spend money on themselves that's been acquired as a result of something like 9/11 aren't going to feel that great about it - that's my only point really.
Tim.

Morning Timsk,

I can see by the way you write that I agree with you. It seems you have a problem with this.

Personally I don't. For one, anyone questioning me without understanding doesn't get told anything other than the basics, ie, I trade, I earn money - Thats it. To a seasoned trader then they could say I got lucky on a single event, a single event to which was:

Out of my (control) - The power to influence or direct people's behavior or the course of events.
No prior (knowledge) - Information and skills acquired through experience or education; the theoretical or practical understanding of a subject
Not (cause)d by me- A person or thing that gives rise to an action, phenomenon, or condition.

You made money from doing your job. So, having said that, does a manufacturer that sell tents to the red cross feel bad when a bad event happens,

Or, a pharmaceutical company that develops an anti dote for a disease that has just come out, even though many will die as a direct result of side effects. An example of this was swine flu in 1970's America, more people died from the anti dote than the disease itself. But theres many many more examples.
Or
Even more immoral perhaps, weapons manufacturers. If so, we are all bad when we pay our taxes then fight wars we don't feel we should fight and its with our money. Do we feel bad? should we feel bad?, or do we just get on with our lives.

Simple, that's it. So I would ask, especially some one that's on this forum but even more so STAFF of this forum. What do you believe is your solution to this problem, and it really is a problem from a psychological aspect.

Come on Tim, give it to me.:)
 

donaldduke

Experienced member
1,665 257
Hi Lee,
I hear what you're saying and, broadly speaking, I agree with you. However, imagine this scenario . . . You're Mr Wheeler, you've covered your Dow short and withdrawn your winnings. The following week, you're floating around the Med' on you're brand new £1m gin palace hosting a party for your friends, when one of them comes up to you and says 'Havin' a great time Charlie ol' boy, luuuuuv the boat - what did you have to do to get it?' And Charlie replies, "You know that nasty business in NYC last week, well, thanks to those terrorists, I'm (even more) minted and you're having a wonderful time".

You gotta admit, whilst it may not be immoral, it's pretty tacky to say the least. I think most people who spend money on themselves that's been acquired as a result of something like 9/11 aren't going to feel that great about it - that's my only point really.
Tim.

Actually he can proudly say, "while others were selling after the 9/11 event, i was there doing my patriotic duty and buying the market."
Makes no difference he was buying to cover his short or initiating a new long position after the event.
 
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timsk

Legendary member
7,397 2,184
So I would ask, especially some one that's on this forum but even more so STAFF of this forum. What do you believe is your solution to this problem, and it really is a problem from a psychological aspect.

Come on Tim, give it to me.:)
Hi Lee,
I've expressed a personal view that has nothing at all to do with me being on T2W staff, so I don't understand your point I'm afraid? Be that as it may, what is clear is that we have different views on this issue and that's absolutely fine - it's not a problem at all. So, without a problem, no solution is required. You think and act in a way that you're comfortable with and I'll do likewise. Simple, that's it!
;)
Tim.
 

the hare

Senior member
2,949 1,283
Hi Lee,
I've expressed a personal view that has nothing at all to do with me being on T2W staff, so I don't understand your point I'm afraid? Be that as it may, what is clear is that we have different views on this issue and that's absolutely fine - it's not a problem at all. So, without a problem, no solution is required. You think and act in a way that you're comfortable with and I'll do likewise. Simple, that's it!
;)
Tim.

I'm kind of with you on this one, despite all of the rationalization, and despite the fact that the cause of those deaths could be firmly laid at someone else's door, I did feel some uncomfort at profiting from the London bombings, and I certainly wasnt the only trader who felt that way.

I don't have a problem with a member of t2w staff showing some compassion and humanity, although it does surprise me.

I know I have a reputation as a critic of t2w, but these types of businesses operate in what can only be described as a very grey area, for me personally its a line I wouldn't want to cross.
 

Lee Shepherd

Senior member
2,164 572
Hi Lee,
I've expressed a personal view that has nothing at all to do with me being on T2W staff, so I don't understand your point I'm afraid? Be that as it may, what is clear is that we have different views on this issue and that's absolutely fine - it's not a problem at all. So, without a problem, no solution is required. You think and act in a way that you're comfortable with and I'll do likewise. Simple, that's it!
;)
Tim.

Wow, I wasn't expecting that kind of response. You having a bad day ?????
 
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