I'm making money trading now what? Sick of dodgy spread betting companies!

[BennyC]

Hi,

Can anyone offer me some advise? I've been trading for three years now and have the capability to make a decent living from it. I Dont know where to put my money to make quick returns? I have a decent amount to deposit but its all the savings I have I don't want to lose it to some dodgy brokers. I Used to use spread betting companies but they can't be trusted. Any advice?

 

[Trader333]

You could open an account with Interactive Brokers

 

[BennyC]

You could open an account with Interactive Brokers

Why's that?

 

[BennyC]

Why's that?

I should've mentioned that I trade mainly gold but indices as well

 

[Trader333]

Well they are not a SB set up and are well priced and you are unlikely to have any of the issues that you get with SB.

 

[tomorton]

What problems have you had with SB firms? I traded with Finspreads for several years and Capital Spreads for years now. They have both been nothing but scrupulous.

 

[getyanutinthegameson]

Know how you feel bennyboy, I got round the problem by becoming a looserer again...

 

[BennyC]

What problems have you had with SB firms? I traded with Finspreads for several years and Capital Spreads for years now. They have both been nothing but scrupulous.

I used city index for around three years and they must've taken about 10k from me. But as soon as I started winning they wouldn't let me deposit money into my account anymore. It's also a peace of mind thing as well and I've heard some horror stories.
Anyone who trades profitably here what do you do? I'm tempted to set up 5 or so mini accounts and spread my money across, make my profits and leave, then move onto the next.

 

[BennyC]

I used city index for around three years and they must've taken about 10k from me. But as soon as I started winning they wouldn't let me deposit money into my account anymore. It's also a peace of mind thing as well and I've heard some horror stories.
Anyone who trades profitably here what do you do? I'm tempted to set up 5 or so mini accounts and spread my money across, make my profits and leave, then move onto the next.

So what do the big traders do? Say if they've got an account size of 100k plus how'd they make their quick returns?

 

[tomorton]

Never heard of accounts being limited like that BennyC, thanks for the heads-up.

 

[alexaherself]

So what do the big traders do? Say if they've got an account size of 100k plus how'd they make their quick returns?

Some take Trader333's advice, above, and use somewhere like Interactive Brokers, the point being that if you do that, you're not counterparty trading (your broker can't hold the other side of your position, i.e. it's not their money you're winning, so they don't mind.)

 

[BennyC]

Some take Trader333's advice, above, and use somewhere like Interactive Brokers, the point being that if you do that, you're not counterparty trading (your broker can't hold the other side of your position, i.e. it's not their money you're winning, so they don't mind.)

Am I right in thinking high risk alternatives like options and spread betting are not an option for individuals with a bit of money behind them?

 

[jamesuk]

Wouldnt it better to divide them maybe into different ones ?

 

[luckystrike23]

Never heard of accounts being limited like that BennyC, thanks for the heads-up.

check out those two interviews

Lucian Miers: https://www.youtube.com/playlist?list=PLnSelbHUB6GQcfq9IGDA6eFNuksrjZQns

Simon Cawkwell: https://www.youtube.com/playlist?list=PLnSelbHUB6GSl26ldfHRxPqw0PM5U580m

You can learn a lot from those evil shorters

 

[Trading Spaces]

I would second the Interactive Brokers recommendation. The IB universal account is a margin account so you can be long dividend paying stocks or a bond/bond etf in any country and then use the margin for trading futures or options. The commissions and margin interest rate are the lowest you will find though the margins are not exchange minimums/SPAN. You can also use the margin to refinance expensive credit card debt at very low rates.

 

[Jason101]

check out those two interviews

Lucian Miers: https://www.youtube.com/playlist?list=PLnSelbHUB6GQcfq9IGDA6eFNuksrjZQns

Simon Cawkwell: https://www.youtube.com/playlist?list=PLnSelbHUB6GSl26ldfHRxPqw0PM5U580m

You can learn a lot from those evil shorters

I had a look at those two videos on your links they were interesting but I saw nothing about account sizes in spread bet firms. I am left a bit confused by your post, unless they come further on in subsequent videos?

I spoke to IG Index the other day and they assured me they have many clients with accounts the millions of pounds. And that client money is kept in separate client account bank accounts spread in different banks around the world in order to hedge against individual banks going bankrupt.