Is it possible to daytrade with a spread betting broker?

[Falken]

Hi guys, and ladies.

I'm wondering if it's possible to daytrade using a spread betting broker?

I've tried it a bit, just to get my feet wet and It's so obvious that the spread plays
the main role here. A tight spread can really make a difference.

Anyways, I'm having a hard time making any profits using a spread betting broker.

Are there any spread betting daytrades around? Please leave a comment.

Is spread betting the complete wrong approach for daytrading?

Thanks.

(I mainly trade forex)

 

[gle101]

Hi guys, and ladies.

I'm wondering if it's possible to daytrade using a spread betting broker?

I've tried it a bit, just to get my feet wet and It's so obvious that the spread plays
the main role here. A tight spread can really make a difference.

Anyways, I'm having a hard time making any profits using a spread betting broker.

Are there any spread betting daytrades around? Please leave a comment.

Is spread betting the complete wrong approach for daytrading?

Thanks.

(I mainly trade forex)

Yes I would say it is possible. If you are not successful daytrading with SB you will probably not succeed daytrading direct market access either. Be aware of the risk involved (such as trading during news releases, very tempting for Forex traders). Apply proper money management to protect your capital. Still swingtrading, could be a better alternative, due to the fact that the spread in percentage, take a bigger toll on short term positions. I like Dealingdesk and ggmarkets, both could suit you being located in Sweden. Ggmarkets (iflexmarkets) servers are located in Sweden which is very good for short term traders. Beware not to get flagged as a scalper though, SB's are not to fond of having these in their client base.

 

[Jack Hughes]

Hi guys, and ladies.

I'm wondering if it's possible to daytrade using a spread betting broker?

I've tried it a bit, just to get my feet wet and It's so obvious that the spread plays
the main role here. A tight spread can really make a difference.

Anyways, I'm having a hard time making any profits using a spread betting broker.

Are there any spread betting daytrades around? Please leave a comment.

Is spread betting the complete wrong approach for daytrading?

Thanks.

(I mainly trade forex)

IMO, it's possible to win, but unlikely, unless you're holding positions over a few hours and get it right! Anything remotely like scalping on indices is doomed to failure, although you might get away with it using small stakes.

Prospreads would be the best option if the initial spreads weren't so wide, but for currencies FXCM looks good if the orders really don't go through dealers, as claimed.

 

[Falken]

Yes I would say it is possible. If you are not successful daytrading with SB you will probably not succeed daytrading direct market access either.

Exactly. This is something I truly believe in. I trade from a perspective of price action and supply & demand and I only use candlesticks. No fancy indicators just pure behaviour patterns.

Worth to mention is that I am able to execute trades very good, I'm actually a bit proud, but the spread does a really good job killing my profits. This is why I started this thread.

I guess the only reason why I still trade with a bookie is because of the tax-free solution.

But to be honest, I'm not sure if this tax-free solution really applies in Sweden. It's much uncertainty. Guess I took it for granted when I started.

Do you have any vital information about this gle101 ? I can see you're from Sweden aswell.

 

[gle101]

Exactly. This is something I truly believe in. I trade from a perspective of price action and supply & demand and I only use candlesticks. No fancy indicators just pure behaviour patterns.

Worth to mention is that I am able to execute trades very good, I'm actually a bit proud, but the spread does a really good job killing my profits. This is why I started this thread.

I guess the only reason why I still trade with a bookie is because of the tax-free solution.

But to be honest, I'm not sure if this tax-free solution really applies in Sweden. It's much uncertainty. Guess I took it for granted when I started.

Do you have any vital information about this gle101 ? I can see you're from Sweden aswell.

To be honest, if larger stakes doesn't matter, and you can accept higher deposit and margin requirements, I would in fact myself, in most cases go for DMA trading. Even if you have to pay the taxes, it is vital when you increase the stakes to get rid of all uncertainties in your trading. I have said before, to pay tax is not a bad thing, and after a year of trading you end up in the minus, you can deduct the losses from your taxes, also by paying tax you can add value to your social security and private status. On the other hand if you feel that you are too unexperience and stakes are too high, until you are comfortable with your strategy, go for SB. The difference in spread today, between SB and DMA does not make it vital to trade DMA in order to succeed.

Financial SB is as far as I know still (even in Sweden) considered to be gambling. You are right, if SB would become your sole and only income, this could change the way tax official regards your way of making a living. I think we will have to wait for the first court ruling on a SB case, to get a reliable praxis to follow in future.

Yes, it is nice to have a fellow Swede on the forum.

 

[gle101]

IMO, it's possible to win, but unlikely, unless you're holding positions over a few hours and get it right! Anything remotely like scalping on indices is doomed to failure, although you might get away with it using small stakes.

Prospreads would be the best option if the initial spreads weren't so wide, but for currencies FXCM looks good if the orders really don't go through dealers, as claimed.

Yes, I would be very surprised if FXCM do not under any market conditions have dealer intervention. They will probably slip you like anything during news trading. Ok, I do not trade with them, but a little investigation on the net will probably give a more accurate picture of the company and their execution policy. I guess, the only way to know for sure, is to try them out in real live trading.

 

[Black Swan]

Yes I would say it is possible. If you are not successful daytrading with SB you will probably not succeed daytrading direct market access either.

Valid point, often repeated but never tire of seeing it made. IMHO (having tried several methods, to varying levels of success) I'm back to swing trading currencies. Day trading; market open/to close on shorter TFs, leaves me exhausted - mentally and physically. Swing trading by its vary nature gives you a lot more time to consider your trade. Although you may not get in at the b of the bang of each trend/swing it is the only way to trade. I thought, at the start of this month, I'd go back to 10-15 min TFs, binned it Friday and so glad I did.

 

[gle101]

Valid point, often repeated but never tire of seeing it made. IMHO (having tried several methods, to varying levels of success) I'm back to swing trading currencies. Day trading; market open/to close on shorter TFs, leaves me exhausted - mentally and physically. Swing trading by its vary nature gives you a lot more time to consider your trade. Although you may not get in at the b of the bang of each trend/swing it is the only way to trade. I thought, at the start of this month, I'd go back to 10-15 min TFs, binned it Friday and so glad I did.

Yes I agree, short term trading takes its toll on the energy level. I often myself wonder, is it really worth it. I am kind of jealous of the guys who are successful swing trading, so much time over to do other things.

 

[tenbobtrader]

with a sb firm, scalping short runs with discretion = crazy imvho

trade method for ATR targets is the only one that makes any sense to me

plenty goes on inside the sb spread = your taking part in the sting and your on the receiving end !

minimum tf - M15

just my opinion of course

Andy

 

[Falken]

Yes I agree, short term trading takes its toll on the energy level. I often myself wonder, is it really worth it. I am kind of jealous of the guys who are successful swing trading, so much time over to do other things.

It will always be about personalities. Some traders aren't simply made to swing trade and they all end up losing money. A big part of trading success comes from choosing a strategy, timeframe & rules that fits one's personality, and above all, pscychology.

This is probably one of the main reasons why 95% are consistently losing. I fear many traders ignore this simple fact.

And yeah, short term trading is quite time consuming. You just gotta love it to survive.

 

[tenbobtrader]

It will always be about personalities. Some traders aren't simply made to swing trade and they all end up losing money. A big part of trading success comes from choosing a strategy, timeframe & rules that fits one's personality, and above all, pscychology.

This is probably one of the main reasons why 95% are consistently losing. I fear many traders ignore this simple fact.

And yeah, short term trading is quite time consuming. You just gotta love it to survive.

Hi Falken

some guy on this site once advised me regards this one ~

"are you not just imposing your own will and weaknesses upon the market "

he was dead right imvho

thanks

Andy

 

[Black Swan]

Yes I agree, short term trading takes its toll on the energy level. I often myself wonder, is it really worth it. I am kind of jealous of the guys who are successful swing trading, so much time over to do other things.

It's not that you have more time it's simply that the time (and consequently the trades) can be managed better. It's impossible to manage 6-7 currency pairs trading off 10-15 min TFs, whereas with swing trading I can manage 10-11 with ease...I'ts still a full time job; throughout the day and early evening night, but TBH I never switch off anyhow, so longer TFs fit fine...

 

[gle101]

It's not that you have more time it's simply that the time (and consequently the trades)can be managed better. It's impossilbe to manage 6-7 currency pairs trading off 10-15 min TFs, whereas with swing trading I can manage 10-11 with ease...I'ts still a full time job; throughout the day and early evening night, but TBH I never switch off anyhow, so longer TFs fit fine...

I guess, it all depends on what you define being swing trading.

 

[Plaste]

My experience is that daytrading indexes with SB firms can be done profitably but I've never made more than 1 trade per day, started early in the day and attempted to capture trend days.

 

[ibex666]

day trade

Yes I would say it is possible. If you are not successful daytrading with SB you will probably not succeed daytrading direct market access either. Be aware of the risk involved (such as trading during news releases, very tempting for Forex traders). Apply proper money management to protect your capital. Still swingtrading, could be a better alternative, due to the fact that the spread in percentage, take a bigger toll on short term positions. I like Dealingdesk and ggmarkets, both could suit you being located in Sweden. Ggmarkets (iflexmarkets) servers are located in Sweden which is very good for short term traders. Beware not to get flagged as a scalper though, SB's are not to fond of having these in their client base.

sb,s HATE scalpers daytraders, whatever you want to call short movements. Theyre bookies and dont have time to hedge on short movements. DMA,s a different matter, most futures trading is done in small time movements.

 

[TAjammy]

yeh im looking to start SBing soon with IGindex. i swing trade currencies ( well i've been doing so on demo ) so the spread doesn't take much out of profits, but rolling daily charge could because im holding typically 3-5 days.

 

[ProSpreads]

sb,s HATE scalpers daytraders, whatever you want to call short movements. Theyre bookies and dont have time to hedge on short movements. DMA,s a different matter, most futures trading is done in small time movements.

We like scalpers and day traders, as we have fixed spreads on all products, either futures or spot fx.

 

[Technically Fundamental]

Lol